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How about Marketiva

Discussion in 'Scam Alerts' started by Michael Okogho, Aug 24, 2011.

  1. Michael Okogho

    Michael Okogho Recruit

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    Please can anyone tell if Marketiva is good or is scam. And please include the list of good forex brokers in your reply.

    Thank you!

    AsstModerator Note: The Scam Alerts folder is not the place to ask whether or not a company is a scam. It is for posting information about how you feel a company has mistreated you. How would you like it if you owned a good company and someone posted about your company in this folder and in this way? Your company and the word "scam" would then be permanently linked in Google.

    I was going to dump this thread. I see that the person who responded has provided information suitable to keeping the thread in this folder, so I'll leave it here for now.
     
  2. athenafx

    athenafx AthenaFx Representative

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    You should first do your homework

    1/ You may find some customers reviews on this page
    Marketiva | Marketiva.com reviews and ratings by Forex Peace Army

    2/ They say that they are located in Montenegro

    3/ they operate under a limited liability company incorporated in Montenegro with number 5-0557722.

    You find this info on the regulatory page but it does not mean that they are regulated. In fact, they inform you that they do their best to be compliant with EU laws

    3/ They say that they are market makers but you don't know how much capital they have in their limited liability company.

    You don't know as well who are their liquidity providers.

    4/ They don't use the words "segregated funds". They say that the customers funds are placed on a separate account at a Montenegro bank

    At this point, you know that they are not a bank and that your funds are not really safe.

    5/ They don't describe various types of accounts but they say that you can start trading with $1 !!!

    6/ They don't let you know much about margin requirement but they say "if a market instrument is very volatile, a higher margin requirement would normally be justified"

    7/ Their platform is a propietary software (Streamster)

    8/ They don't send daily confirmations. So all your trades are at risk even in the past. They can do whatever they want.

    "Trader agrees and acknowledges that Marketiva may in Marketiva's sole discretion take one or more, or any portion of, the following actions: (i) close Trader's account; (ii) suspend Trader's account for an indefinite period of time; (iii) carry out an investigation on Trader's account for an indefinite period of time; (iv) charge a penalty fee to Trader in the same or greater amount of money that resulted from Trader using Market Timing Practices. "

    9/ Take care about margin call due the modification of margin requirements

    "Trader is aware and acknowledges that the requirements for margin vary, and may be changed from time to time, at Marketiva's sole discretion, based upon account size, volume traded, and market conditions."

    10/ You should also notice this rule

    "Marketiva retains the right to limit the amount and / or total number of open positions that Trader may acquire or maintain at Marketiva."

    11/ They are supposed to provide a reliable datafeed and to be responsible for the price but the facts are different

    4.10. Quoting Errors ....Marketiva will not be liable for the resulting errors in account balances. The foregoing list is not meant to be exhaustive and in the event of a quoting error, Marketiva reserves the right to make the necessary corrections or adjustments on the account involved ....

    We might continue to examine their terms and conditions but at this point, I have enough information to say that I will NOT recommend to open a real trading account with Marketiva.

    Marketiva's accounts should be reserved to novice traders for education or entertainment purposes with a very small deposit.
     
    #2 athenafx, Aug 24, 2011
    Last edited: Aug 24, 2011
  3. fxfrench

    fxfrench FXOpen AU Representative

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    A friend and colleague of line had a disagreement with Marketiva in their chat rooms. The company then closed his carry trades without consent then paid him in multiple small installments with an admin fee charged for each installment.

    The company is pretty much finished and off the radar these days anyway.
     

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