OnlineMarketShare is a name that can be attributed to every broker out there, with the exception of binary options traders and crypto-only brokers. All the rest could easily be called OnlineMarketShare. Yet there is only one that bears such a name, and it does not wear the name all too good… It is not as bad as previous brokers, but OnlineMarketShare still has its downs… Read the review to find out if you should invest in this one.
To register at OnlineMarketShare, one must pass through a oversimplified sign up process that takes less than 10 seconds to go through. After that, the user dashboard quickly flashed before our eyes, and was quickly blocked by a message stating that our account needs to be verified. We did not get verified, becaue the broker probably figured out that we are not investors. So any trading info will be taken from the website.
In turn, the website gives us very bad spreads, of up to 2.8 pips for the Bronze account, which technically is the standard account. Really the only accounts with the most decent cost of trade, 1.5 pips and 0.1 pip, are the Gold account and the Platinum account (respectfully), and there the minimum deposit requirement for these is probably in the thousands (it has not been revealed).
The leverage is supposedly capped at 1:300, and the trading assets are revealed to be forex pairs, indices, commodities, futures, and shares. Cryptocurrencies are missing, which should not be because they have become a must for any modern broker.
ONLINEMARKETSHARE REGULATION AND SAFETY OF FUNDS
The footer of the site locates the broker in the Commonwealth of Dominica, while working also under the laws of England.
The Commonwealth of Dominica has an agency that oversees the banking sector, yet there is no forex trading license issuer. It is no real hassle to register a FX firm there, but to get a license is a completely different story. Aside from that, the alleged UK applicable laws, are as imaginary as an FCA licence.
As a last point before concluding, we just want to say that there is no real claim anywhere on the site that the broker is in fact a licensed entities.
With that out of the way, OnlineMarketShare is one UNREGULATED brokers, immediately rendering it a risk to all investments.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
ONLINEMARKETSHARE TRADING SOFTWARE
The user dashboard gives its users the opportunity to use the MT4, yet as unverified clients, we had no access to it.
One cannot go wrong with the MT4, as is it is the most used platform in the industry and very rightfully so. With a huge array of chart customisation capabilities, advanced charting package, technical indicators, a back-testing environment, Expert Advisors, and hundreds of other elements, the MT4 has it all. Sometimes in may seem like there is too much, and that is why we advice you spend time with it, becasue the more you do the faster you will become an expert on it.
Be ware that the firm can close down positions, trading positions, if the margin level of a user drops below 50%!
ONLINEMARKETSHARE DEPOSIT/WITHDRAW METHODS AND FEES
All the following details have been taken from the website, and not from a user area, and so we are still questioning their accuracy.
The minimum deposit is $250, according to the Deposit Declaration: the only source of info we could find with this piece of information. Bank Transfer, Credit card, and Debit card are the only methods through which one can fund an account. The ever popular bitcoin deposition option is not present, which is one of the most popular payment gateway ever for illegal brokers.
The minimum withdrawal amount is $50. The processing of a withdrawal is done within the first 30 days of the initial deposit, with no clear answer as to what happens if a user wishes to withdraw after 30 day.
The turnover requirement for bonus withdrawals, even if at a minimum with OnlineMarketShare, is still a sign that the broker is not regulated. The requirement that must be met is (the bonus divided by 4)
There are multiple mentions of fees, for both withdrawals and an array for different things, most of which the broker has not detailed. So please be aware of such charges, that can be issued at any time!
We are aware that the Terms and Conditions of OnlineMarketShare are limited and do not provide any scammer clauses. However, the length of the document is indicative of the shady nature of OnlineMarketShare. By comparison, regulated brokers have extensive 40-50 page T/Cs, and on top of that a dozen or more additional legal documents. Anyway, we digress from our main point, and that is that OnlineMarketShare is not at all a place where one should deposit. Without a regulation a broker is as good as any scam!
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
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