We hope you’ve seen right through the false presentation on this fraudster’s website. If not, then you are at the right place.
In the Costa Markets Review, you’ll find all the info about this online trading scam. Please read about the fraudulent background of this unlicensed con artist.
We believe that Costa Markets is an unregulated scam broker. The website says that Costa Markets Limited is registered in Australia and Seychelles.
However, we checked the database of the Australian Securities and Investments Commission (ASIC) and didn’t find any such entity. Seychelles’ Financial Services Authority hasn’t got info on this company either.
Hence, the Costa Markets regulation doesn’t exist at all. That’s reason enough not to invest in this shady trading scheme.
Instead, find a reputable broker licensed to provide services by top-tier authorities such as ASIC, FCA, CFTC, or any regulator under the jurisdiction of the European Securities and Markets Authority (ESMA).
That way, you’ll benefit from negative balance protection, segregated funds, a compensation scheme (e.g. up to 20,000 EUR), and leverage restriction (1:30). Your broker also has to maintain a substantial operating capital (730,000 EUR for ESMA, 1,000,000 AUD for ASIC).
Costa Markets lied about being registered to provide services in Australia. This online trading scam, active since 2020, has been aimed at traders from the US, UK, Germany, Canada, and Costa Rica.
It seems that Costa Markets cares little about not having a trading license. This unscrupulous broker tried to infiltrate some domains with tight regulations:
Perhaps Costa Markets is situated in Costa Rica if you think about its name and logo. Nevertheless, if you reside in any of these countries, beware of this scammer that’s lurking online.
Costa Markets claims to offer the famous MetaTrader 5 for desktop and mobile trading (Android and iOS). MT5 is a renowned trading software with cutting-edge tools such as automated trading, a user-friendly interface, advanced charting, live market reports, etc.
It’s a huge advantage if a broker offers MT5, albeit the platform has to be legit. This isn’t the case with Costa Markets’ platform – the download link found on the broker’s website has no real MT5.
A non-functional platform and a lack of an official trading license. Need any other reason to stay away from Costa Markets?
For the sake of this review, we’ll outline what Costa Markets offers in terms of trading instruments:
According to Costa Markets’ website, the broker’s spreads are ultra-tight. For instance, Costa Markets advertises variable spreads starting as low as 0 pips for EUR/USD.
The ECN account also offers spreads from 0 pips. As for the commissions, Costa Markets didn’t say how much it charges, just said “near to zero”.
Costa Markets offers three basic account types:
In addition, Costa Markets offers a PAMM (Percentage Allocation Master Module) account, which assigns an account manager to trade for you.
All the made profits are split between you and the manager (you get the lion’s share) but we wouldn’t trust unregulated brokers with our account and funds.
As for the leverage, Costa Markets’ cap is at 1:500, which is a clear sign that this is an unregulated broker. The regulatory limit in Australia, Costa Markets’ alleged home, set by ASIC is 1:30 for retail clients.
You see a demo account option on the website. However, the link is broken, i.e. doesn’t work. The legal section links are broken as well.
So basically, Costa Markets doesn’t offer a free demo account. It’s just a ruse. Don’t fall for this trap and don’t open a live account with Costa Markets.
For the available payment methods, Costa Markets listed the following:
Online banking for India and Pakistan? That’s weird but then again, nothing surprises anymore with Costa Markets.
When it comes to the fees, there are none, allegedly. But there’s a discrepancy in the minimum deposit amounts; Costa Markets put 100 $ on the Home page and 10 $ on the Funding Options page.
The Costa Markets withdrawal process takes up to 12 hours and the minimum withdrawal amount is 10 $, according to the broker’s website.
If you’re having withdrawal issues or if Costa Markets violated any terms and conditions, please let us know. We know how frustrating it is to deal with dubious scam brokers.
In case you need help getting your money back, Global Fraud Protection has your back. Namely, our experts can help you with your bank chargeback or recall. They are also skilled at tracing crypto transactions using software such as CipherTrace.
If this broker steals your money, contact us for help. If you want to book a free consultation with us, Online Chat is the easiest and fastest way to do it.
No, Costa Markets is not a regulated broker and doesn’t have a legit trading platform. Do not invest in this trading scam.
No. Despite Costa Markets promising a free demo account, the link is broken.
Costa Markets claims to offer Android and iOS versions of MT5 but the platform itself is not functional.
No. Costa Markets is an unregulated scam broker that will steal your funds the first chance it gets.
No, Costa Markets is not a regulated broker and doesn’t have a legit trading platform. Do not invest in this trading scam.
No. Despite Costa Markets promising a free demo account, the link is broken.
Costa Markets claims to offer Android and iOS versions of MT5 but the platform itself is not functional.
No. Costa Markets is an unregulated scam broker that will steal your funds the first chance it gets.
The post Costa Markets Review – Costa Markets’ Online Trading Fraud appeared first on Global Fraud Protection.
