Markets.com (Safecap Investments Ltd)

[Trader1_NO]

I opened an account at markets.com since I am an Norwegian citizen and markets.com seems trying to be among the more famous brokers trying to enter the Norwegian trading market. Others that have had advertising on television and trying to enter the market in 2015 includes IG, CMC and Plus500.

Markets.com offer 200NOK free just to open an account at theirs. I though well ok I give their service a test. they have their own quite intuitve platform and support mt4 as well. Spreads are not low, but ok, typically 30-40. What I liked was the wide range of instruments available. Their own platform was also quite neat, and I though such a nice platform must have cost quite some money to develop so it lowered my scam alert. Feedbacks here on FPA is average 3 star typical...so ok I though 200NOK (aprox 20USD), I can give them a test. I am basically just anyway practicing my new manual trading system. I also made sure with chat support that everything was ok for me to open an account with my full name and approval of all validation documents which was approved. I then asked specifically that I was allowed to withdrawl any profit of the initial bonus of 20$, -chat support assured me this as well.

So I used their markets.com platform and turned my 20$ into about 50$. Then I turned my 50$ into about 70$. I asked if it could get some more questions answered and then chat support told me that I would get a AM as soon as I deposited some money. I said ok and deposited 100NOK (10$) just to get an AM to contact me - total balance now of aprox 80$. No contact happened ofcourse. I then asked chat support if I could get an mt4 account and transfer some funds from my markets.com account over to the mt4 account since I wanted to use trailing stops. Live support created an mt4 account for me and said this was no problem.

I transfered over about 50$ to my mt4 account.

Now the fun began with the trading.

I turned 50$ into about 100$, and two weeks story short i turned my initial 20$ bonus (+10$ deposit) into about 300$ in two weeks!(quite provd of that). This was with old school totaly manual trading, no robots, scalping or anything. Average trading time about 13 hours.


So 3 days later after requesting my 70$ withdrawal, I contacted chat support again to ask status of my withdrawal and why on earth suddenly my mt4 account had been disabled. Chat support told me that I should have recieved an email from their management, and that the disablement of my account was a management decision. 2 minutes after he stated this I recieve an email, saying I have violated their rules of trying to exploit their deposit bonus and that Safecap Investments Ltd had decided to terminate my account(s).

Here is a copy of the last chat dialogue with their online live chat:


"Welcome to Markets.com!

Razi H.Support Agent
Good

Razi H.Hi there! How may I help you?
ClientHi. I requested a withdrawl a few days ago of 70$ which I wondered about the status for. For unknown reason that mt4 account has now also suddenly been disabled without my approval or request, so I am wondering what is going on?
Razi H.what is your trading account number ?
Client4381136
Razi H.thanks
please hold on
Clientthanks
Razi H.your withdrawal request is under review
and your account has been terminated and you will receive an official letter regarding the termination from the company
Clientwhy on earth has my mt4 account been disabled?
Razi H.it is a management decision
please check your email soon , you will receive an official letter
Clientyeah well correct. What about my markets.com account 4378074 ?
Razi H.your registration with the company was terminated .
ClientI have followed all rules for trading, and made sure that my profits can be withdrawn with you here at chat support
Razi H.sir , it is a management decision
Clientwhat account are you reffering to regarding multiple accounts. I made sure with you before opening this account that everything was ok
Razi H.your registration with Markets.com is terminated
ClientPlease make your management aware that I am a Norwegian citizen and have a lot of connections in the Norwegian financial market. If your company have any though about entering the Norwegian market you should treat us carefully. This account was mere at test account to make sure you are not a market maker. Please be aware that this will be reported to Forex Peace Army and CySEC as well.
I am quite sure FPA will contact you and invite you to chim in on the scam alert
Razi H.anything else I can assist you with ?
Clientyes please email me a copy of the chat dialogue as well, thanks. Read
Razi H.have a nice evening
Razi H. has closed the chat.
Start the chat again"



I have not recieved my withdrawl request, and expect them now to return only my depoisted 10$ (100NOK) if anything at all.


I have attached an screenshot of my accounts and the recieved email from live support as well.


Be aware..market maker that strangely enough care about small amounts rather than getting their name on the scam radar in Norway as well.

 

[Kerobokan]

I'm a fund/money manager and emailed this company about opening an IB (Introducing Brokerage) to trade my client book.I emailed twice and to 3 different email addresses and got no answer whatsoever,that's when I realised that Markets.com are nothing more than scammers who only want clueless first-time traders to steal money from!
You need to send them or their customer service or your Account Executive/Manager a link to this thread to give them a right to reply and explain the situation.I don't know the full procedure on here but for sure someone in charge will be along shortly to advise you on exactly how to go about it,good luck!

 

[Trader1_NO]

I'm a fund/money manager and emailed this company about opening an IB (Introducing Brokerage) to trade my client book.I emailed twice and to 3 different email addresses and got no answer whatsoever,that's when I realised that Markets.com are nothing more than scammers who only want clueless first-time traders to steal money from!
You need to send them or their customer service or your Account Executive/Manager a link to this thread to give them a right to reply and explain the situation.I don't know the full procedure on here but for sure someone in charge will be along shortly to advise you on exactly how to go about it,good luck!

Yes, thanks for your reply. I've just sent them an email as well;

Hi,

Regarding your email to me below, please be aware:

Step 1: https://www.forexpeacearmy.com/community/threads/markets-com-safecap-investments-ltd.44158/

Then there will be

Step 2: Filled official case at FPA

Step 3: CySec will be notified

Step 4: This was mere a test procedure with this account. I am an experienced trader and a normal personal trader account for me would be 10K$+. My business friends here in Norway(quite some) will be notified of your fraud activities.

Step 5: The biggest Norwegian business magazines will be notified as well; DN.no and kaptial.no. I am sure they will find end customer trading providers an interesting new topic to write about, there are still not so many of them here in Norway.

To sum up, I really hope this was still worth those 70$ I requested a withdrawal of. I further wish you good luck with entering the Norwegian market and your business in general. I hope all your marketing money in Norway has been a good investment, and that it have given you great profit so far, because it will probably soon come to an end.

Regards,

xxx

 

[Pharaoh]

I wonder if they'll have the nerve to show up here and try to explain things.

 

[Trader1_NO]

I wonder if they'll have the nerve to show up here and try to explain things.

I doubt that, they just run their Safecap daughter company scams all over the world from country to country in the world, and target the newcomers that have no experience with brokers. I really do not understand how someone have the
conscience to run their broker serviceas an casino or even worse.

I had this coming and never invested any money of course. Seems the only reliable broker services today consist of small groups of traders that get fed up of all these bucket shops, and gater their own trusted liquidity providers..

 

[Trader1_NO]

I actually received an email today, where a representative told me they take all complaints very seriously.

Let's see what they come up with (if anything).

Here's the email:


Galina H. (markets)

Feb 22, 13:23

Dear xxx.

We hereby would like to confirm receipt of your complaint dated 18/02/16 submitted to ]www. markets.com regarding the termination of your account.

We can confirm that a full investigation led by our relevant department is being currently conducted with regards to the allegations you made. All the circumstances in your case are being considered and all independent third party materials are being reviewed to ensure objectivity. Please be assured that we take all complaints very seriously.

We will contact you within 3 business days informing you of the outcome of the investigation and whether your complaint will be upheld or not upheld accordingly.

Please note that we reserve the right to contact you should additional supporting documentation and evidence be required. We would like to request for your cooperation in such requests as the contrary may lead to delay in the conclusion of the investigation for your complaint.

If you have any further questions, please feel free to contact us via email at complaints@safecapltd.com or through Live Chat on our website.

Best Regards,
Galina H.
Customer Support Department

 

[Pharaoh]

I'm looking forward to seeing how seriously they take your issue.

 

[Trader1_NO]

I received an reply to day;

Let's meet on the middle way they propose, and do not claim any guilt in this case. I will fill out the withdrawal form and return it to them to wait for the payment to be received..


Dimana D. (Customer Support)

Feb 24, 11:30

We refer to your complaint dated 19.02.2016 regarding the trading activity in your account.
We can confirm that a full investigation led by our relevant department has been conducted with regards. All the circumstances in your case were considered and all independent third party materials have been reviewed to ensure objectivity.
Following an investigation into your complaint we have concluded that there was no fault on the part of our Company and therefore we cannot uphold your claims.
Please note that the final decision on your case is as follows:
1. Your trading account with us will remain closed.
2. You will be allowed to perform a withdrawal of the remaining profits for the amount of 163.05 USD by filling in the attached Withdrawal Request Form and sending it back to us.
We hereby confirm case closure.

Best regards,
Dimana D.
Customer Support

Attachment(s)
Withdrawal_Request_Form_en.pdf

 

[Trader1_NO]

I wrote the following email back to markets.com today:


Hi again,


Thanks for your reply.


Please be informed that I had two accounts registered at yours on my email northinvest111@gmail.com. The account was fully validated with passport and
proof of address.


I used both your own markets.com platform and after asked for it, was given an mt4 account as well from you chat support.


I switched between these two accounts daily to try adapt to your own platform which I found intuitive and informative.


Please check the total remaining amount on both my mt4 account and markets.com account. Allow me to withdrawal the combined
total amount of these two accounts which are rightfully mine. You can deduct the bonus amount of 20$ from the total amount, as I was instructed would be done before opening
the account from you chat support if volume requirements were not met before the withdrawal.


Please also state any proof for why you think it is not your fault that the account was closed as you state in your email below.



If you let me withdrawal the total amount of my two accounts minus the initial bonus, I will hold back my formal complaint to CySec and FPA.



I am awaiting your feedback within the 26th of February before preparing the letters mentioned above.



Regards,

 

[Trader1_NO]

Belive it or not, but after telling these guys I had letter ready to be sent to both CySec and FPA, they started paying. They went from offering 160$ to about 230$ of the 300$ total. I said 230$ and not a penny less...first I got (lol) like 10$ then 160$then 60$ more transfered back to my bank account.

I don't really care how they will do their business as long as they are rightful about how they do it. They want to be a market maker, then ok, it's not the worst...we got a lot of casinos over the world as well. But if you do business as a market maker then you need to pay up and act accordingly when a good trader comes around as well! It will be a loss of profit for your business...and you have to give an thoughtful explanation of why your account is being terminated - in other words such a business should admit the fact! I know that wouldn't be the best advertising for them...but at least say it in a somewhat honest way to the client itself and have a clear statement about it somewhere in the client agreement. -It's nothing new anyway how casionos make money is it? so it can't be the worst thing to do to admint either if one is betting againt the market or the house, or what?

Anyway as firstly stated, this was just an test, the whole account. And noone should put any considerable amount in to a market maker broker's accounts if they're not honest with their business as any wellknown casino would be as well. If you win - it's the house's loss - bucket shop brokers should be fear and square about it...makes it easier for both the trader and the broker, than acting like something else is the situation.