Marketrip Review 2020
Marketrip is an offshore forex broker that provides its clients with access to online trading of forex and CFDs via the MT4 trading platform as well as its proprietary web based platform. The broker offers multiple account types, over 300 trading instruments as well as a variety of educational resources. However, they are not regulated and do require a high minimum deposit when compared to other brokers.
Marketrip Review 2020, Pros & Cons
- Two trading platforms which includes a proprietary WebTrader & MT4
- Multiple trading account types
- Educational materials are provided
- Access to trade over 300 trading instruments
- Breaking news & trading signals are available to account holders
- Broker is not regulated & based offshore
- Spread mark-ups
- Inactivity fees of $100
- Insufficient trading tools
- High minimum deposit
In this detailed Marketrip review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Marketrip is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Marketrip.
Marketrip Review: Summary
Marketrip was set up in 2019 in Saint Vincent and Grenadines to provide online platforms for forex and CFD trading. The broker gives its clients access to the trade of more than 300 trading instruments which includes forex, stocks, commodities, cryptocurrencies and indices. All of these instruments can be traded on the well-known MT4 trading platform which is available as desktop, web and mobile platforms. Clients can also trade via the proprietary WebTrader platform.
The broker offers different educational resources including video tutorials, webinars and an e-book. There are six live account types that cater to different traders as well as unlimited demo accounts on Marketrip.
Marketrip Review: Regulation
Marketrip is an unregulated broker. Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
The broker secures its platform with 256-bit SSL encryption which protects its clients while dealing with Marketrip. 3D-Secure is used to authenticate card transactions.
The broker states that clients from Europe, Canada and the Middle East have their accounts completely segregated from those of the broker.
Marketrip Review: Countries
Residents and citizens of the United States of America are not allowed on Marketrip. Some Marketrip broker features and products mentioned within this Marketrip review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Marketrip Review: Trading Platforms
Marketrip offers the MT4 trading platform which is one of the most widely used forex/CFD trading platforms globally. It has a simple interface but packs in a lot of features which include useful trading tools, technical analysis and advanced charting capabilities.
Clients can trade manually or with trading robots (expert advisors) which automates forex and CFD trading. Clients who prefer to create their own custom indicators and trading tools can do this from the built-in MetaEditor using the MQL4 programming language. EAs and indicators can also be acquired from the MQL market which is embedded on the desktop version of the MT4 trading platform.
The MT4 platform comes preloaded with multiple technical indicators, charting on up to 9 timeframes and around 24 analytical objects. Order management and risk management tools are available. Up to 4 pending order types can be used to place orders.
There is a Virtual Private server (VPS) service available on the MT4 enabling trades to continue despite internet service or power disruptions. MT4 also supports mobile trading apps developed for iOS and Android devices. The apps can be downloaded from the respective app stores.
Marketrip’s WebTrader enables trading without the need to download any trading software. This platform which has a simple interface works on any web browser and can be accessed from different devices at different locations.
The charting package comes with 6 chart styles namely candlesticks, Heikin-Ashi, HLC, Line, Area, Dots. The charts can be displayed on up to 9 timeframes from 1 minute to 1 month. There are over 20 analytical tools and about 56 technical indicators.
Account management options are available such as real-time account balance, deposit options, withdrawal requests, account verification and switching between real and demo accounts. Order management is available and it includes pending orders and risk management tools such as ‘stop loss’ and ‘take profit’.
Marketrip Review: Trading Tools
Marketrip offers account management services for clients who cannot or do not have the time to trade. Clients’ funds are traded by in-house traders. The minimum deposit for this service is $5,000. It should be strongly emphasised that there are no guarantees on the performance of managed accounts and you should have a clear understanding of all the significant risks involved with trading online.
Trading signals are available for all account holders on Marketrip. These signals serve as a guide for traders on the market direction for the instruments in focus. Again, there are no guarantees on the quality of these signals.
Marketrip provides market and economic analysis and reviews on its Facebook page. One can also get these updates by subscribing through email. Unfortunately, they are not updated on a regular basis.
This is a platform tool that displays the percentage of traders that have bought or sold a selected asset within a given time. This is important to traders who combine sentiment analysis along with other strategies and often used as part of a contrarian trading strategy.
Marketrip Review: Education
This is a collection of articles that seek to provide basic education about Forex/CFD trading. There are only five articles on analysis principles, forex pairs, trading platforms and trading tips.
Marketrip has provided beginners with the definitions of some commonly used terms in Forex/CFD trading. However, the glossary currently only has 13 forex and CFD trading terms.
This section comprise of the most commonly asked questions on Marketrip. Clients can view the answers to these questions and learn about Marketrip services like account types, payment options available, trading questions and how to open a new account.
Marketrip has a free Bbook titled ‘Guide to online forex trading’. It provides the basics about trading forex/CFD. It can be downloaded in PDF format or read on the website. The 21-page eBook uses illustrations and examples to teach about forex intro, leverage, trend, lot size, hedging, money management. It ends with a glossary of related terms.
Unfortunately, the videos on this section were not made by Marketrip. They were made by ‘Spotware Systems’ as introduction to forex/CFD trading using their cTrader platform. Though a beginner might learn the basics of forex and CFD trading from the videos, they are specifically created for the cTrader platform. There are 19 videos in all which teach basic forex trading principles and terms including technical analysis strategies using selected indicators.
Marketrip holds periodic webinars/seminars where clients are tutored on various aspects of trading online.
Private Analyst Sessions
Clients have the opportunity to get individual attention through private analyst sessions. Individualised solutions can be offered for each client’s trading challenges.
Marketrip Review: Trading Instruments
There is a range of trading instruments available to trade online with Marketrip. These consist of 55 currency pairs, 48 crypto assets, 17 commodities, 24 indices and 205 stocks.
Marketrip Review: Trading Accounts & Fees
There are six different live account types on Marketrip:
This account requires a minimum of $250 to be opened. Clients have access to trading signals, video tutorials and e-books. Spreads are standard and the highest leverage is 1:100.
$5,000 is the minimum requirement needed to activate this account. Clients have access to trading signals, video tutorials and e-books. Account management services are available and account holders can take advantage of webinars and seminars once a month. Spreads are standard and the maximum leverage is 1:200.
This account needs at least $15,000 to be activated. Account holders get trading signals, video tutorials and e-books as well as access to account management services, once a month pass to webinars and seminars and a monthly session with a private analyst. A financial plan and risk management plan are available. Spreads are standard with the maximum leverage being 1:300.
A minimum deposit of $50,000 unlocks access to this account as well as trading signals, video tutorials, e-books, account management services. There is also access to premium trading events, weekly access to webinars and seminars and monthly access to a session with a private analyst.
A financial plan and a risk management plan are available. The swap free version of this account is available to qualified clients while account holders have priority access to breaking news and withdrawals. Spreads are competitive and the maximum leverage is 1:300.
$100,000 is the least amount required to open this account. All the features of the lesser account types are fully available. Financial and risk management plans can be requested while Muslim clients can access the swap free version of the account. Account holders get complete access to webinars and seminars as well as weekly session with a private analyst. Clients also get priority with breaking news and withdrawals. The spreads are competitive and the leverage is up to 1:400.
Access to this account is by invitation only and requires a deposit of at least $250,000. Account holders are granted trading signals, video tutorials, e-books and account management services. They have the opportunity of accessing premium trading events as well as complete access to webinars, seminars and private analyst sessions.
Financial and risk management plans are available while clients of the Muslim faith can access the swap free versions of this account. They get priority with breaking news and withdrawals, get minimum trading spreads and have leverage up to 1:400.
A demo account is also available for practice purposes and strategy fine tuning. Demo accounts come preloaded with $25,000 in virtual currency.
Marketrip doesn’t charge trading commissions but have fixed trading spreads with an average of 3 pips on major forex pairs.
There is a monthly charge of $100 for accounts that have been dormant for more than 45 days. Users of auto trading software will have to pay $100 if they want to close their account before they attain 20 trades.
As broker fees can vary and change, there may be additional fees that are not listed in this Marketrip review. It is imperative to ensure that you check and understand all of the latest information before you open a Marketrip broker account for online trading.
Marketrip Review: Customer Service
Customer Queries on Marketrip are attended to on weekdays between the hours of 9am and 5pm GMT. The customer service team can be contacted through phone, email, live web chat or the contact us form on the brokers website.
Marketrip Review: Deposit & Withdrawal
The main methods for deposits and withdrawals on Marketrip are bank transfer, credit/debit cards and e-wallet. The minimum deposit allowed is $250.
Deposits and withdrawals can be done through bank transfer/wire. USD, GBP and Euros are acceptable. Deposits are processed between 1-2 business days while withdrawals takes 5-7 days to be processed.
The cards acceptable are Visa and MasterCard. Deposits using this method take up to 24 hours to be processed while withdrawals take 5-7 days. There is a 3.5% handling fee charged on these cards.
The only e-wallet acceptable on Marketrip is Skrill. Deposits are processed in one business day while withdrawals take 5-7 days.
Marketrip: Account Opening
The account opening process at Marketrip involves clicking on the ‘Sign up’ tab. A popup form will appear for you to fill. Once you submit the form, you are automatically logged onto the web trading platform. From there, you can create your personal profile by filling more form. You can also verify your account, make deposits, create more accounts and commence trading online.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Marketrip Review: Conclusion
Marketrip is an offshore and unregulated brokerage that offers the MT4 trading platform which has a range of trading tools to assist traders with their daily trading activities. Marketrip provides limited educational resources along with account management services and trading signals. There are multiple account types to choose from.
However, Marketrip has a number of shortcomings; prominent among them is the lack of information about its regulatory status. Many traders would avoid unregulated offshore brokers as they cannot offer the same protection that a regulated broker can. There is also limited information on the company profile and ownership of the Marketrip brand.
Furthermore, there are no free market tools or market analysis on the Marketrip website. The brokers minimum deposit of $250 is not the lowest and spreads are not the tightest when compared to other competing brokers. Charging $100 on dormant accounts can also deter prospective clients.
Trading Foreign Exchange (Forex) and Contracts for Differences (CFDs) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital; therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.