CeloMarkets Review: Signs That CeloMarket.Com Is Fraud
CeloMarkets is a suspicious offshore broker that operates under the guise of being based in Austria. Despite its German-translated web page, its legal documents are in a language that is not easily readable by Austrian clients. This is questionable!
It’s not licensed and has a clause in its Terms and Conditions that makes withdrawing funds nearly impossible, further indicating that it may be a scam. Also, its brokerage services are lacking. There are only two types of CFDs available on its basic platform. Take a look at this CeloMarkets review to see why this broker is bad for you.
|Headquarters||Vienna and London|
|Platforms||web trading platform|
License and Safety of Funds at CeloMarkets
CeloMarkets is a shady offshore broker with a questionable reputation. Not only is it unlicensed and operating illegally, but it’s also offering bonuses in breach of Austrian regulations. Such bonuses are known to be abused by scammers. So, it’s essential for you to avoid dealing with businesses like this.
Similarly, CeloMarket’s platform is deficient, with a limited range of CFD offerings, and no details on leverage, and spreads. The lack of transparency and regulatory oversight only heightens the risks linked to this broker.
Always trade with regulated brokers for your safety and peace of mind. Never fall for the attractive promises of bonuses and easy profits, as they could lead you down a dangerous path.
CeloMarkets Trading Platform
This broker’s web trading platform pales in comparison to the widely used MetaTrader 5. It provides only rudimentary charting capabilities, lacking the advanced features required for automated trading. You should remember that a premium platform is just one piece of the puzzle when it comes to profitable trading. One must also think about the credibility of the broker they partner with.
Note that even legitimate platforms can be subjected to fraudulent practices, such as inflated trading volumes, by unscrupulous brokers. Essentially, what appears to be happening on their software is just an illusion. In reality, your money is rapidly slipping through their grasp.
MT5 stands as a leader in the trading industry, thanks to its widespread use and a multitude of useful features. One of its key strengths is the rich technical analysis suite with an impressive 21 timeframes for traders to utilize. Still, automated trading truly sets MT5 apart from the rest.
Trading Accounts Available at CeloMarkets
Let’s take a look at the diverse account options offered by CeloMarkets.
With the Bronze account, starting at 250 EUR, you’ll receive basic benefits but no extra bonuses. On the flip side, the Silver account, beginning at 10,000 EUR, grants you a 50% bonus on deposit courtesy of CeloMarkets.
The Gold account, starting at 100,000 EUR, includes a 75% bonus. And finally, the Platinum account, requiring a minimum investment of 500,000 EUR, offers a full 100% bonus, along with the personalized support of a dedicated trading expert.
It’s important to note that CeloMarkets’ claims of guaranteed monthly returns. You should take this with a grain of salt. No one can guarantee returns in the volatile market. So, any claims to the contrary are a warning sign of potential fraud.
At CeloMarkets, the bonuses vary greatly depending on which of their trading accounts you choose. Their Silver account includes a 50% bonus on deposit.
The Gold account includes a 75% bonus. Also, there’s the Platinum account with the so-called full 100% bonus.
Keep in mind that this broker is questionable. These bonuses don’t have any value after all.
CeloMarkets Deposits and Withdrawals
CeloMarkets breaks away from the mold of traditional scam brokers. It does this by offering the option of depositing funds via a credit or debit card. Yet, it is essential to note that the payment process occurs through their site, rather than a secure payment system. This raises some red flags, mainly because these brokers often request additional personal details from their clients.
It’s not hard to imagine that they may try to make unauthorized payments on your behalf. Still, there is some hope. If you used a Visa or Mastercard for the deposit, you can reverse the transaction within 540 days of the initial payment. In this case, reaching out to your card issuer for help retrieving your funds would be highly advisable.
When it comes to protecting your financial investments, caution is key. It’s always better to be safe than sorry!
The Deceptive Lure of a Scam: How It Entraps New Investors
The scam begins with a seemingly innocent encounter. A broker promising huge profits and favorable trading conditions catches your eye. Out of curiosity, you open an account, unknowingly handing over your email and phone number to the scammers.
The calls and emails start pouring in, pressuring you to make a deposit. The scammers, well-trained in the art of persuasion, use their charisma to convince you to invest more and more cash. For some time it may seem like everything is going well. The platform may show profits and everything may seem too good to be true.
But it is. The instant you try to withdraw your money, the illusion of prosperity crumbles. The scammers use many tactics, such as hidden clauses in the Terms and Conditions or additional taxes, to stop you from accessing your money.
By the time you realize that something is terribly wrong, the broker has vanished.
The Best Foreign Exchange Brokers
With the right broker by your side, trading can be an exciting journey. To help you find the best fit, we’ve compiled a list of some of the top forex brokers in the industry.
Whether you’re a seasoned trader or a newbie, this list will help you find the best broker to meet your needs. So, look at the table below and start exploring the world of forex trading today!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
CeloMarkets is a broker scam. According to many complaints, this broker promises enormous profits and superb trading conditions. Still, it is actually a fraudulent firm that lures traders with false promises and ultimately steals their money. You should stay away from it.
FAQs About CeloMarkets Broker
Is It Safe to Use CeloMarkets?
This is not a regulated broker. Keep in mind that it is not safe to use its services or give out your data.
Is my Money Safe with CeloMarkets?
The safety of your funds is a top priority, and with multiple red flags surrounding CeloMarkets, it’s advisable to avoid it altogether.
Does CeloMarkets Offer a Demo Account?
No, this broker does not offer a demo account. They don’t even include a decent live platform.