Today’s review will cover a Forex broker from Nigeria called ACTmarkets aka Alpha Cosmos Trading Markets.
ACTMarkets claims that they’re “traders’ first choice”. And to ascertain whether this is true or not requires an in-depth review of the service.
ACTmarkets.com is the name of the website where this broker is offering their service from.
They have 4 account types with minimum deposit starting at $5 only, plus customers can also deposit in local Nigerian currency.
The broker offers trading in Forex, Indices, Shares, Metals, Energy and Crypto.
ACTMarkets would like traders to know that they offer a wide range of LP pool as well as a NDD/STP trading environment.
In addition to this, they provide MT5 trading platform for trading.
The problem is that ACT Markets is an offshore broker operating from a region that is infamous for hosting scams, and is therefore not suitable to join our list of recommended Forex brokers.
And their regulatory status is also questionable.
So before you invest with this broker, it’s advisable that you read our review to understand the concerns that we have against ACTmarkets and why we feel your funds are at risk.
Note: Once you have found a good broker, you’ll need these trading/investing products and services to help you make money.
ACTMarkets Review (Alpha Cosmos Trading Markets)
Despite running this service from an infamous offshore location that is associated with scams, this broker has a professional website, and is also promising attractive features to its customers.
They’re currently offering or at least claiming that ACT Markets will guarantee the following features:
- Trading of major Forex pairs with spreads starting 0.0 pips.
- No re-quotes or market execution delay.
- The best trading environment for professionals and beginners.
- PAMM account feature for experienced traders
- MT5 trading platform
- Bonuses and cashback
We’ve gone through ACTMarkets’ websites and understood the features they offer.
We feel that this broker is somehow not fair when it comes to how they handle customers who deposit small amounts of money to their trading accounts.
The following is a breakdown of the features that ACT Markets offers to its customers when they sign up.
From what we can see on the above table, ACTMarkets is not providing an affordable trading environment for traders with a small capital or those who are not willing to deposit at least $10,000.
This is a way to pressurize traders to upgrade to the next account with better features.
However, these days there are broker who will provide better spreads even with a small deposit of $100.
So we don’t see why you should give your money to a broker that charges a minimum of 2.5 pips just because you deposited less than $10,000.
In short, trading with Alpha Cosmos Trading Markets is too expensive.
In order for this broker to fairly compete with the rest, they must bring down the cost of their spreads.
Is ACTMarkets regulated?
When we went through the official website of this broker, we established that they are incorporated in Nigeria.
However, we didn’t find evidence of this company being an officially regulated broker.
Furthermore, we’re not even sure whether there is an established government regulatory body in this country.
This leave us with no choice but to conclude that it is dangerous to trust a broker like ACTMarkets.
Apart from operating without a Forex broker’s license, they’re generally doing business in an offshore location that offer a safe haven for scammers.
The only good thing that this broker offers is the MT5 trading software, a pretty website and several methods of crediting money into the “customer’s account”.
They currently support Visa, MasterCard, Bank wire, Flutterwave and QuickTeller.
However, this does not mean they will guarantee safety of their customers’ funds.
It looks like ACTMarkets does not provide any form of accountability to their customers.
In this case, their only mission would be to scam internet users who are interested in trying their hands in online Forex trading.