SL Markets Review – Is Sl-prime.com a Scam

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SL Markets Review – is sl-prime.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
General $100 1:500 from 3.2 pips
Standard $5 000 1:500 from 2.2 pips
Zero $10 000 1:500 from 0 pips

SL Markets is a MT5 forex broker offering a choice of three account types. Yet, they haven’t provided much details about the company operating the brand, so If you are tempted to sign up with this brokerage, keep in mind that they are not regulated and might be involved in scam.

Here is everything you need to know about SL Markets

SL Markets Advantages

Trading on the MT5, generous leverage

Although we wouldn’t recommend dealing with SL Markets, there are still a few benefits the broker can offer traders, provided that it’s not a fraudster.

As we already noted, SL Markets provides access to MetaQuotes’ latest software, the MetaTrader5 (MT5). The MT5 has kept most of the features of its predecessor, the MetaTrader4: the top-notch charting, the support of automated trading strategies, the easy customization and more. Besides, the platform is especially popular for its option for dealing in exchange-traded stocks.

Furthermore, clients of SL Markets are allegedly offered leverage levels as high as 1:500, whioch is more than enough to suit any trading strategy.

SL Markets Disadvantages

Contradicting company information. Not regulated

SL Markets presents itself as a forex broker headquartered in Cyprus and claims to have representative offices in Sydney, London, Hong Kong, Shanghai, Korea and Malaysia.

Yet, at the bottom of the broker’s home page, we find an address in New Zealand.

First of all, such inconsistencies in the information about the company operating a financial services provider are worrisome, and certainly don’t inspire a lot of trust. Second, we diligently checked in the online registers of financial regulators in New Zealand (FMA) and Cyprus (CySEC), and can safely confirm that SL Markets isn’t regulated by any of them. This is a major issue with forex brokers, as clients of such entities have absolutely no assurance for the security of their funds.

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Exposed by the FMA as a clone

Furthermore, we found out that the FMA has officially warned investors that SL Markets may be involved in a scam.

More specifically, the FMA expressed its concerns that SL Markets is using National Cloud Service Co Limited’s financial service provider registration details on their website and claims to be regulated by the Financial Regulatory Authority of New Zealand.

In its notice, the FMA also noted there is no such regulatory body in New Zealand, and that SL Markets is not associated with National Cloud Service Co Limited. In other words, this dubious broker is illegally using the details of a legitimate company, with which it isn’t associated in any way – a scam tactic also known as “a clone firm”.

Unbranded version of the MT5

When we downloaded the MT5 offered on the broker’s website in order to test it, we saw that this is in fact an unbranded version of the platform. So, it isn’t directly connected to SL Markets, and the trading conditions are not indicative of the broker’s offer.

Speaking of trading conditions, we should also note that the spreads announced on the broker’s website are anything but attractive. Those on the most basic account type start from 3.2 pips on EUR/USD, and even if you make an initial investment of $5k, and sign up for the Standard account, you won’t get any decent spreads.

That said, the majority of forex brokers offer spread within the range of 1.0 – 1.5 pips for this pair. For further information and comparison, check out the below link:

Conclusion

An unregulated website blacklisted by the financial authorities in New Zealand as a clone, SL Markets (also known as Super Lucky Prime/ SL Prime) is an obvious fraudster.

Unfortunately, the forex market is plagued with fraudsters trying to swindle traders in every possible way. That is why we urge our readers to avoid all unregulated brokers and especially those which have been blacklisted by some financial regulator, and provide purposefully misleading information. To that end, always check carefully brokers’ details and the public registers of the respective governmental agencies, and make sure you only deal with properly authorized entities.

To sum up our recap of SL Markets in a few words:

Pros Cons
MT5 available Not regulated
Generous leverage Present in FMA’s warning list
Unbranded version of the MT5
Unattractive spreads
No legal documents
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

SL Markets Review (sl-prime.com)

SL Markets is an unlicensed Forex and CFD broker operating out of New Zealand. It is right that you decided to dig more into this broker. SL Markets is offering trades in global markets on a metatrader platform. Minimum deposit is $100 and spreads extends up to 3pips on EURUSD pair.

What is SL Markets (sl-prime.com)? Either is SL Markets scam or legit?

SL Markets is considered not safe, as it is new and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. For more details, please continue reading our SL Markets review below.

SL Markets Review

  • Aforementioned, SL Markets is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the U.K, Canada, Australia or the U.S.
  • Trading with unlicensed broker like SL Markets hides a lot of risk – there may be commingling of funds, platform intervention, and all type of scam schemes you can think of. And if such a broker decides to scam you and keep your money for themselves, there isn’t much you can do about it, because they are anonymous.
  • We confirm that SL Markets is a scam, we saw that it has been blacklisted by the New Zealand Financial Market Authority (FMA) as a potential scam.

Since now it is clear that SL Markets is a scam, so we have Blacklisted sl-prime.com.

FMA New Zealand Warning

Questions to ask to avoid a forex trading scam

  • Is the broker regulated?
  • If regulated, how trustworthy is the regulatory body?
  • Is the broker offering profits or rewards for opening an account?
  • Is the broker offering a cash bonus for opening an account?
  • Is the broker offering automatic trades or signals to guarantee profits?
  • Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
  • If awards are cited, can I verify their authenticity?
  • If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?

Is SL Markets Scam or Legitimate Forex Broker?

SL Markets Broker is not a licensed broker.

Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.

In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. We encourage our readers to invest funds only in properly licensed brokers in order to exclude any risk of foul play.

Review Verdict: SL Markets is an Offshore Broker. Your Money is not safe

SL Markets scam broker is unfortunately nothing new on the market, there are many similar brokers, like 247GlobalTrade, Luxstar Group, FXTrader, Pais Capital Group. They all work the same way. They do not have appropriate licensing.

Conclusion

As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

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SL Markets Review – Is Sl-prime.com a Scam?

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