Thinking of investing in step-up Markets? Then think again. We will tell you why…!
Step-up markets is just like any other fraud company which aims at fooling people for their own financial benefits. The only difference between step markets and other scam companies is that the former plays smart. Some hoax brokers leave many loopholes and weak links which can make the investors doubtful about their authenticity. However, the people behind step-up markets know how to lure investors and which strategies to use. Nonetheless, we will clear up all their ambiguities in this review so that you do not become a victim of this scheme.
Step-up Markets An Unauthorized Firm
The very first indicator to differentiate between a genuine firm and a hoax company is their authorization. If a company has authorization from the country’s financial regulatory body in which it is situated, then most of the doubts regarding the firm can be erased.
The investor can rest assured that the company is authentic because, under the regulatory bodies, the trading firm is liable to and answerable to each of its clients. So before investing with any brokerage company always look for their license first.
However, in the case of step-up markets, it allegedly associates itself with Saint Vincent and the Grenadines (SVG). SVG is a huge company representing numerous brokers and due to a lack of checks and balances, it represents many disreputable brokers as well.
The reason Switch Market is associated with this company offshore is that such brokers work in countries where trading laws are not strict and regulations are not applied, especially in third-world countries. As a result, they would not be bound to make our investments safe in the absence of any regulatory body.
Absence Of Feedback And Reviews
The second indicator of a firm’s authenticity is that of the client reviews and feedback. Previous reviews and feedback pave the way for new customers in any field especially in the digital arena. It helps the client to trust the firm so they can invest accordingly.
However, it should be kept in mind that these reviews and feedback are also bought and are tailor-made for many firms, so they are not always trustworthy. Nonetheless, it is one of the ornaments which many genuine and experienced firms use to affirm their credibility. However, with step-up markets, we couldn’t find any positive reviews or feedback probably because there aren’t any.
Step-up Markets Misleading And Dishonest
Another factor that proves the credibility of any forex trading firm is its honesty. If the firm has the audacity to lie and deceit on their website regarding their reliability, then no wonder they will cheat the investors at the first chance they get. An example of this can be seen with step-up markets.
Did You Know?
In simple terms, Forex Trading is the conversion of currencies in one another. It is one of the most dynamic worlds of the trade. The net worth in Forex Trading is $6.6 Trillion, which includes banks, individuals & firms.
They claim on their website that they have years of experience in this field and have “the most trusted and transparent brokers in the industry”. This clearly dictates their dishonesty as Stepupmarkets.com is a newly formed investment company. The company registration took place only in May 2021. The domain name will expire in May 2023. This shows how much experience and trust they have in this market.
Lack of Fund Safety Plans
Many forex trading firms usually provide a fund safety plan for clients. This gives assurance to the investors that in worse-case scenarios and setbacks how they will receive compensations and reimbursements. For instance, due to any unforeseen reason if the firm shuts down, how the investors will get their refunds? However, with step-up markets, no such planning is provided as their aim is to leave you empty-handed.
Deceit Through Appearance
Usually, the scammers try to convince their customers of their legitimacy through too- good-to-be-true appearances. However, in the virtual world, this is done through user-friendly and appealing software. This is true with step-up markets as well. In order to hide their flaws and dishonest intentions of plundering their clients they have used the latest software on their platform.
The MetaTrader 5 (MT5). This software is known for its standard in the trading market and well-established firms use MT5 for their trading operations. Using the best trading software was the easy way out for step-up markets to make up for their unprofessionalism and illegitimacy.
Tempting Leverage
Another captivating technique that the step-up market use to attract new clients is leverage. Mostly it has been observed that unregulated firms offer high leverage of up to 1:500 to allure investors. The figures attract clients, and they only look at the profits which they might get with such high leverage. However, it should be kept in mind that high leverage is a double-edged sword, it has the same ratio of losses to profits.
In fact, high leverage is even more dangerous with unregulated firms as in case of loss the firm would not be liable to compensate or counteract because they are not bound by any regulatory authority. Hence don’t be alarmed if the step-up market immaterializes suddenly or does not respond in case of withdrawals, it is very much expected with such companies.
Alluring Trading Tools
If anyone looks up “things to consider while looking for a genuine brokerage firm” there are many points given to consider. Amongst these points, one is that of tools. It is believed that if a firm provides various trading tools with the opening of an account, it is a positive indication of the firm as it reflects that the firm is working towards the profits and success of its clientage.
However, it should be noted that this point comes way down the line. Market tools are only an added advantage only if the firm is authentic and legal. If the firm is not regulated or endorsed by a regulating body, then eventually such tools are impractical as it won’t save you from the disappointment and suffering of being cheated.
Underhand Commission and Withdrawal
It is usually observed in any business that when it comes to paying money to any firm many procedures are put forward for the payers and the process is usually very smooth. However, this is not the case when it comes to withdrawals or refunds.
The way to withdraw money is always complicated and specifically with scam companies there is never any hope for withdrawal or pulling out of the company without any potential loss. Hence, it is obvious with set-up markets that as easy as it is to create an account with as low as a 100$ deposit taking only a few minutes it is going to be 10 times more difficult to withdraw the amount as they probably wouldn’t respond in such cases.
