77markets.com review: legit or scam?

Site URL: https://77markets.com/

Review:

77Markets is a trading platform that has garnered significant attention in recent years, but unfortunately, it has been flagged as a potential scam by numerous users and regulatory bodies. In this review, we’ll delve into the details of this platform to help you make an informed decision about its legitimacy.

Background:

77Markets is an online trading platform that offers a range of trading instruments, including foreign exchange (Forex), contracts for difference (CFDs), and binary options. The website claims to be operated by a company called 77Markets Ltd., which is allegedly registered in the Marshall Islands.

Red Flags:

1. Lack of Regulation: 77Markets is not regulated by any reputable financial regulatory body, such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). This raises significant concerns about the platform’s ability to provide adequate protection for its users’ funds.
2. Poor Reputation: A quick search online reveals numerous complaints and negative reviews from users who claim to have been scammed by 77Markets. Many users report difficulties in withdrawing their funds, while others claim to have been subjected to unauthorized trades and excessive fees.
3. Unrealistic Promises: The website makes unrealistic promises of high returns with minimal risk, which is a classic red flag for a scam. No legitimate trading platform can guarantee such outcomes, as trading always involves some level of risk.
4. Lack of Transparency: The website lacks transparency about its operations, including its physical address, ownership, and contact information. This lack of transparency makes it difficult for users to hold the platform accountable in case of any issues.
5. Unprofessional Website: The website appears to be poorly designed and lacks essential features, such as a comprehensive FAQ section, a genuine contact page, and a clear overview of its services.

Safety and Security Concerns:

1. Unsecured Website: The website does not have a valid SSL certificate, which means that any sensitive information, such as login credentials and personal data, may be intercepted by third parties.
2. Lack of Fund Protection: 77Markets does not provide any information about its fund protection policies, which raises concerns about the safety of users’ deposits.

Conclusion:

Based on the numerous red flags and safety concerns, we conclude that 77Markets is a scam website that should be avoided at all costs. The lack of regulation, poor reputation, unrealistic promises, and lack of transparency are all indicative of a platform that is not interested in providing a genuine trading experience.

Alternatives:

If you’re looking for a reliable trading platform, we recommend considering alternatives that are regulated by reputable financial authorities and have a proven track record of providing a secure and transparent trading experience. Some examples of legitimate trading platforms include:

• eToro
• AvaTrade
• Plus500
• IG Markets

Final Verdict:

77Markets is a scam website that poses significant risks to its users. We strongly advise against using this platform and recommend exploring alternative trading options that prioritize user safety and security.

Rating: 0/10

Recommendation: Avoid 77Markets at all costs and choose a reputable trading platform that is regulated by a trustworthy financial authority.