Bears Markets Review
Hungarian broker Bears Markets has its focus on the cryptocurrency trading. It offers five trading accounts to cater to all sorts of trading styles. The minimum deposit required, maximum leverages and spreads provided are high compared to the market average. The broker is low rated and is unregulated. It has also blacklisted by Belgium based financial authority. This Bears Markets review is one of a kind and unbiased. It will provide with all knowledge traders need to know before they start trading with it.
About Bears Markets:
The offered five different trading accounts are Mini, Silver, Gold, Diamond, and VIP. The minimum initial deposits required to open the above-mentioned accounts are up to 2BTC, 10BTC, 20BTC, 45BTC and above 45BTC. The maximum leverage level is from 1:200 to 1:400 mentioned on the official website. But we saw 1:5 leverages on the provided trading platform. The spreads are not mentioned on the official website. There are many advantages and disadvantages of Bears Markets and we will discuss them one at a time.
The broker Bears Markets offers a multitude of tradable assets. It is consists of CFDs over many crypto coins, indexes, commodities, and stocks. Unfortunately, foreign exchange trading in not placed among the other offerings. The leverage provided of up to 1:400 are quite lucrative. Nevertheless, the leverage levels differ from what is advertised and present on the trading platform. We saw leverages of up to 1:5 on the platform. The cryptocurrencies are volatile in nature and this provided leverage is beneficial.
The broker Bears Markets is a brand owned by the company called Danha Solutions KFT situated in Hungary. The broker situated and operational from Hungary must be regulated by the country based national back called Magyar Nemzeti Bank. The Bears Markers does not hold regulation by MNB or any other financial authority. The worst part is, it is blacklisted by Belgium based Financial Services and Markets Authority as a cryptocurrency scam. The broker fails to provide complete knowledge of spreads provided and the nature of its services offered. The broker offers a web trader trading platform instead of professional MetaTrader. The broker also fails to provide foreign exchange trading.
Is Bears Markets scam or legit?
The broker Bears Markets is not regulated by MNB despite situated in Hungary. It has been blacklisted by FSMA. The trading condition is undisclosed and the initial investment is large. A poor performing web trader platform is offered. All these factors of Bears Markets make us believe that it is a potential scam cryptocurrency broker.