MarketsYes is a recently established boutique, Forex and CFD broker. The CFD trading service is provided by WISETRADE GLOBAL Ltd, company number 17922, licensed and authorized as Dealers in Securities by the Republic of Vanuatu. Binary Options service is provided by Settlement Company Corp. 23214 IBC 2016 St. Vincent and the Grenadines with its registered office at Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent & the Grenadines.
As far as contacts go however, we have a UK address in London, so that’s probably where the operation is formally based. As such, one would expect it to be licensed and regulated by the FCA (Financial Conduct Authority) which has strict directives in place concerning the transparency of the activity, company reporting, segregation of client funds etc. A closer look will reveal though that MarketsYes isn’t listed by the FCA and neither is its parent company. As such, one could draw the conclusion that MarketsYes isn’t regulated. However, according to the broker, they are in fact licensed in Vanuatu, which indicates they are an offshore broker.
The problem with that is that financial regulations in Vanuatu are so lax they almost do not exist. Companies operating there are exempt from all taxes, as well as from exchange and capital controls. Accounts don’t have to be filed and thus obviously, financial accountability does not exist. Whether this Vanuatu license exists or not, it’s safe to conclude that MarketsYes is an unregulated, offshore broker.
MarketsYes Trading Platform
The broker has its own, proprietary trading platform, which is web-based, meaning that it doesn’t have to be downloaded. It can be accessed directly from one’s browser. That’s all they really have though. They do not offer their traders access to popular trading solutions like the MT4 platform, or the MetaQuotes software, yet. There is a separate platform available for the trading of binary options. The switch can be made from the main MarketsYes interface, at the click of a button.
The trading platform also offers access to a handy selection of the most and least profitable traders. One can also compile personal favorites’ lists. The Live TV and the news section can also be accessed directly from the trading interface. All-in-all, the MarketsYes platform acquits itself well of the features that are absolutely necessary for trading, and it even throws in a few extras. It does not go all the way though, and in this day and age, not having an MT4 platform alternative can hardly be excused.
Due to its offshore license, MarketsYes can afford to offer traders a sign-up bonus, which is a fixed $25 per account deal. According to the latest MiFID directives, regulated binary option brokers should no longer offer their traders bonuses of any sort, especially of the kind that encourage them to deposit and to trade more. MarketsYes extended this promotion to CFD trading only, leaving Binary Options trading aside.
In order to grab the $25 bonus, traders need to complete the registration process and they need to activate their account by providing the required documentation along with a phone verification. Only new clients are eligible for the bonus. The deal is valid for 30 days. In order to redeem the bonus, traders will have to generate a trading volume in excess of 50 times the amount of the bonus. It has to be noted that leverage does not count toward bonus redemption.
The bonus is only valid for Forex and CFD trading, and only traders from certain jurisdictions are eligible to receive it. To make a long story short, the MarketsYes bonus is a rather shady deal indeed. In addition to the above listed terms and conditions, there are some terms according to which, the bonus money cannot be withdrawn at all. Whether this refers to before or after the redemption requirements have been met, is unclear. As always, our recommendation in this respect is that traders should simply forego the bonus.
MarketsYes Tradable Assets
There are apparently more than 450 assets which can be traded through the MarketsYes platform. These assets cover Forex, stocks, bonds, commodities, ETFs and indices. The currency pair selection is massive, as is the commodity list, which is usually on the short side at other brokers. At this platform though, traders can trade coffee, Brent oil, cocoa, cotton as well as rice and a bunch of other commodities.
MarketsYes Account Types
In this respect, MarketsYes has quite a few options up its sleeves. The Basic account is what most rank-and-file customers will sign up for. Deposits in the $250-$999 range all fall into this category. Unsurprisingly, this account does not give traders access to most of the perks offered by the broker. Still, Basic account holders will gain access to an economic calendar, to help them with their fundamental analysis. The 24-hour customer support is a given for everyone, being advertised as an extra feature here means they are providing second-level of support.
Those who want to gain access to the Standard Account, will have to make a minimum deposit of $1,000. For this money, they will be given access to 3 webinars, a trading bonus, as well as a selection of eBooks.
The next step up the account ladder is the Intermediate account, which takes a minimum of $5,000 to register. Those who fall into this account-category get reduced spreads on most tradable assets, as well as reductions on margin maintenance, swap and top out level. Intermediate account holders also gain access to various video tutorials, case studies, strategies and daily market reports.
The Diamond Pro account is for those looking to invest more than $10,000. The reductions on all the above mentioned features and fees are even greater with this account. In addition to that, traders get a personal account manager too (whose role in this instance may be different from that of a binary option personal account manager), 1-on-1 trading sessions and access to trade seminars and the trading academy.
The top account is the Black one, and it’s for traders depositing more than $50,000. It offers full access to everything and it features by far the best spreads and leverages.
The MarketsYes Academy features two sections about various trading tools, one for beginners and the other for advanced traders. The beginner section covers all the basics, from an introduction to the markets, to trading psychology, capital management and technical analysis. The information is delivered in the shape of educational videos, very easy to understand and to memorize. Most of these educational videos are off limits for the general public though: only those with an actual account at the site can access them.
The In-depth course section does a foray into financial management too.
There’s an eBook on offer as well, and a number of strategies based on technical analysis, to get newbies going. While strategies like the Tunnel strategy, the Zigzag strategy and the Fractal strategy are all beautifully presented through videos, they’re all locked for the general public.
MarketsYes KYC and AML Policies
Despite its offshore regulation, the broker observes strict KYC (Know Your Customer) and AML (Anti Money Laundering) policies. The KYC policy is essentially about providing a binder-load of personal documents, all with the aim of attesting identity. The AML policy is also mostly about identification. While these policies are implemented with a legitimate goal, they are often abused (especially by unregulated operators) towards making it harder if not impossible for traders to withdraw from their accounts. These practices are not observed by the MarketsYes compliance actions.
Headquartered in London, the MarketsYes support staff can be reached via an email form, a direct email (firstname.lastname@example.org), a direct phone number (+44 (0) 208068 0688) and a live chat.
MarketsYes Review Conclusion
MarketsYes overall looks like a nice Forex/CFD broker. It has a great selection of account types, a truly impressive selection of tradable assets, as well as a decent trading platform. The fact that it has an offshore regulation could be a major turn-off for some.
A demo account, by the way, is available for depositors. It’s a good idea to get used to the platform by using the MarketsYes demo account for a few days before getting started with real trading.
Back to our Forex Reviews page.
|Trading platform||Proprietary, web-based|
|Supportemail@example.com, email form, phone, live chat|
|Trader Demographics||All, besides the countries listed below|
|App compatibility||Android, iOS, Windows, Mac, Linux|
|Minimum required deposit||$250|
|Customer service||Eager to assist, available 24/7|
|Bonuses||Yes, $25 sign-up, 300% Tradable Bonus|
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