| Broker | MarketsWorld |
|---|---|
| Website URL | www.marketsworld.com |
| Trading Platform | Proprietary |
| Minimum 1st Deposit | $20 |
| Minimum Trade Amount | $1 |
| Bonus | $50 Free Trade |
| Payout | Up to 95% |
| Free Demo Account | |
| Number of Assets | Proprietary |
| US Traders Allowed | |
| Overall Score | 80 |
Full Review
The broker is owned and operated by Markets The World Limited, an online casino based in and regulated by the Isle of Mann. The Isle of Mann is home to numerous online casinos, businesses which are regulated in a different way than financial services. That is one reason why I am not fond of this broker. Even though this is a creative way to get around the regulation issue I think the stigma of GSC (Gaming Supervision Commission) that hangs over the broker casts a shadow of illigitimacy to the binary options industry; is it a game to be bet on like craps or roulette or is it real financial speculation based on a working knowledge of finance and the economy. One thing to be said about the status of thisbinary broker is that it opens availability to a much broader client base. Countries that do not allow unregulated binary options and/or binary options period may be more lenient towards an established gaming house. U.S. traders, you are welcome here.
The MarketsWorld Platform
The platform at MarketsWorld is almost OK. The layout and ease of use is fine and I actually like the way it is set up. What makes it not great are the incredible limitations on trading. First there are only high/low options available. That’s it, nothing else. No 60 seconds (not a loss in my opinion), no range, no boundary, no OptionBuilder nothing. That’s Ok for me because I only trade directionally but I know several people with strategies that use range options successfully. An OptionBuilder feature is also something that would be nice, I don’t use it often but it has advantages over the standard trade. MarketsWorld advertises some of the highest returns in the business, up to 95% per trade, but from what I experienced 60-75% is more likely.
I can live with only trading high/low, what I can not live with is the available expiry. MarketsWorld is set up for ultra-short term intra-day trading, and they don’t make it easy. There are three expiry’s available per option (again based on my experience with the platform), one end of day and two that are equal to the next two quarter hours. This is what I mean, if it is 9:17AM local time then expiry’s for the EUR/USD would be 09:30AM, 09:45 AM and then 16:30. Adding to that the number of assets is among the smallest I have seen from a top rated broker. There are only 5 indexes, 8 forex pairs and 3 commodities. Indexes are limited to major U.S. and EU exchanges, all forex pairs are either USD or EU based and the commodities are gold, silver and oil.
Deposits, Withdrawals and Bonuses
Banking is where MarketsWorld may excel. The GSC regulations require the money to be held in third party accounts, similar to CySEC and FSA regulation, and for withdrawals to be hassle free. Deposits can be made by CC, DC, wire transfer, Neteller, Switch, Solo and Maestro. Deposits will instantly credit to your account, withdrawals take about 2 weeks. Requests for withdrawal are processed in one business day and then paid out in 3-7 business day which means that most requests should pay to your account within 2 weeks. As an added bonus there are no fees for any withdrawals, except for wire transfers and those will only be charged by the intermediary banks, not MarketsWord itself.
This broker makes it easy to join and trade, the minimum deposit is only $20 (or pounds or euros) and the minimum trade is only $1. The minimum withdrawal is only $20 too, the lowest of any broker I have seen. There are also no limits to the number of withdrawals you make but only one can be in process at a time. Once the request is cleared another can be made, or you can cancel the first request and withdraw a different amount. One thing that you will want to consider though is how much and how you deposit your funds. This broker requires that all withdrawals be paid back to the original origin of deposit in the order in which deposits were made. This means that if you deposit $100 from a CC, then $100 from a debit card and then $100 from another CC and then withdraw $500 from your account you will get $100 back on each card and then the rest returned to the last source of funding. I recommend using an ewallet and doing all your depositing/withdrawing from there.
Bonuses are available. An intitial deposit bonus up to $300 is automatically given to each new customer. If you don’t want the bonus you can opt out but it may not be neccesary. One of the main reasons I don’t like bonuses are the trading minimums and withdrawal limitations. MarketsWorld bonuses do not affect your withdrawals, you can withdraw your principal amount at any time providing you have balance above any bonus money you accept. As for the trade volume minimum, it is a low 20X the bonus. On top of the cash match there is also a “free first trade” up to $50. This means that if your first trade is a bust, you will be reimbursed up to $50, the only catch is that the money is considered to be bonus and subject to the minimum.
Website Extra’s
This broker comes with one extra that really rocks. A free practice account. All you have to do is sign up, no deposit is neccesarry. Each demo account comes funded with $5,000 credits that can be reloaded if needed. As an add-on to the platform this is really great. As a feature that can be used by the binary public in general, it’s only as great as the platform which I think is very limited.