MarketsWorld (Inactive) Review
On October 16, 2018, MarketsWorld has closed its binary options trading service. The review below is presented for the archiving purposes.
While many binary options brokers blend one into the next, one which stands out as unique is MarketsWorld. MarketsWorld is owned and operated by a company called MarketsTheWorld in the Isle of Man. It is also regulated by the Isle of Man Gambling Supervision Commission. Unlike a lot of regulated binary options brokers, MarketsWorld does accept traders from the USA and around the world.
What makes MarketsWorld noteworthy? They have a no-strings-attached demo account you can use as long as necessary, and they have one of the lowest minimum deposits you will ever find—not to mention a minimum trade size of just $1. Therefore, if you are looking for a broker where you can practice without any substantial risk, MarketsWorld is perfect.
Opening an Account on MarketsWorld
There are no fancy account tiers on MarketsWorld, and you won’t find a lot of bells and whistles like free training and trading signals. While this is something of a detractor, MarketsWorld offers a lot to make up for it in terms of simplicity, transparency, and friendly money management features.
For one thing, you can open a demo account even if you do not make a deposit. You can use it as long as you want, and you can always ask customer service to reload it with virtual cash if you blow the virtual bankroll. This means you can practice your techniques indefinitely without spending a penny. This is the single most important thing you can do to learn how to trade profitably, so this is a fabulous feature. Many brokers limit demo accounts to only short-term use or force you to make a deposit first.
When you do choose to make a deposit, you can use credit or debit card, Neteller, wire transfer, paysafecard, or Ukash, and you can deposit in US dollar, Canadian dollar, Australian dollar, euro, or British pound. The minimum deposit is just $10, whereas on most sites it is closer to $200!
There are no fees currently mentioned anywhere on the MarketsWorld site as far as I can see for deposits or withdrawals. In the past when I checked however, there was a standard fee for wire transfer withdrawals, and likely still is today. But withdrawals made via other deposit methods are fee-free. You can withdraw was often as you need to without penalty. The minimum withdrawal threshold is only $10. Flexibility like this is hard to come by.
MarketsWorld offers a number of different bonuses and promotions:
- 100% match bonus on your first deposit up to $1,000
- $50 risk-free trade with 1x rollover
- $10 no-deposit bonus (just for opening a real account)
- Reload bonuses which are occasionally mailed out if you subscribe to the email newsletter
- Referral bonuses up to $500
On their FAQ, MarketsWorld states:
Unlike with certain other binary options sites who do not let you withdraw until the trade volume to release bonuses gets met, here at MarketsWorld your own funds are never tied up by the bonus awards. Bonus funds are held separately so you may always withdraw the funds in your cash trading account any time you like.
If you still do not want to accept a bonus, MarketsWorld will not force you to do so. All of this is very reassuring as many other sites, which follow shady practices, use bonuses and rollover requirements to trap customers’ funds.
Trading on MarketsWorld
The trading platform on MarketsWorld is proprietary. It is pretty barebones; the only type of trade offered is High/Low, and there are only 18 assets, including commodities, indices, and currencies (no stocks). This really is the biggest drawback with the site. There are no features to control you trades either – which means no Early Close. For some trading methods, that is a real problem.
The good thing is that the limited number of trading instruments features some really rare interesting ones, for example – USD/RUB (US dollar vs. Russian ruble) and USD/TRY (US dollar vs. Turkish lira). Such exotic currency pairs are often omitted by other binary option brokers.
The minimum trade size is just $1, and the maximum is $1,000. This really is one of the most fabulous things about MarketsWorld. The minimum trade size on most sites for High/Low trades is $10 or even $25. If you are a total newbie and/or you have only a very small bankroll, trading $1 may be the best way to get started without violating sound money management principles. This is also great from transitioning out of demo and into live trading. It is typically smart not to invest the full amount you originally plan when you first expose yourself to the pressures of trading with real money on the line.
Customer Service and Resources
As you have likely guessed, educational resources are minimal: a glossary, FAQ, blog, some basic articles on trading, and market news. The only other tool is what is called “self-exclusion.” Basically, if you struggle with problem gambling, you can lock yourself out of MarketsWorld either forever or for a specific temporary time period. This may help you to recover your self-control. The fact that MarketsWorld provides a tool like this is a pretty solid indication that they do have your best interests at heart.
Customer service is not amazing, but seems well-intentioned. On live chat, I was greeted quickly. The agent I spoke to struggled to find answers to what I felt were simple questions, but she didn’t give up until she had given me all the answers I needed.
Conclusion: A Solid Practical Choice for Beginners
MarketsWorld has its downsides to be sure. The site really needs some more trading features, particularly Early Close, and could benefit from more types of trades and additional assets.
Putting that aside, though, this site offers a lot in terms of convenience, ease-of-use, transparency, simplicity, and trust. MarketsWorld is regulated, accepts customers from the USA and elsewhere, and allows for unlimited demo trading. Generous bonuses are offered, but are not used to entrap traders. If you want to trade with as little as $1, you can do so, or you can trade up to $1,000. When you need to withdraw, you can do so for free. If you are just starting out, MarketsWorld may be the perfect choice for practicing on a virtual account or a small real account.