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SL Markets Review – is sl-prime.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
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 |
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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 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 safeSL 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. ConclusionAs 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). Cryptocurrency trading robots are a sure and vetted way of making money with digital currency. Start the success journey with approved and tested Crypto currency trading robots. Start making bold decisions with top rated Cryptocurrency trading robots. Make sure you sign up with credible and dependable Crypto currency trading robots. Go for Cryptocurrency trading robots which are genuine and honest. Your chance to sign up with real trading robots is now, what are you waiting for? SL Markets Review – Is Sl-prime.com a Scam?Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503) Reason: Access from your area has been temporarily limited for security reasons. If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click “Send”. You will then receive an email that helps you regain access. Click here to learn more: Documentation Generated by Wordfence at Sun, 5 Apr 2020 9:47:51 GMT. Best Binary Options Brokers: 2020 Ranking
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