Cooper Markets Review 2023 – Fraud Broker Preying On Traders

CP Markets LTD registered in ST. Vincent and Grenadines (SVG) is the official owner of Cooper Markets broker brand. Since its registration in 2018, they are providing FX and CFD services.

Yet, there is a long list of countries where they are not offering those. Whether it’s due to their limitations or strict regulations required, read in this detailed Cooper Markets review.

Furthermore, we highly recommend that you avoid the scam brokers Bitchain, Atomic Trade, and Volofinance.

Is Cooper Markets a Scam Broker?

Not only that we will say that it’s a scam broker, but also some regulators. Firstly, they can’t be regulated in the SVG since this country doesn’t offer such licenses.

Secondly, they don’t have any Tier 1 regulations either. We went through the databases FCA, ASIC and BaFin as the best representatives. But the results were quite disappointing. With all this in mind, we can already see a pattern of an offshore scam.

Warning Issued by Financial Authorities

If the lack of regulation is not enough for you to forget about this broker, here is another crucial fact. Two financial institutions have issued a warning against Cooper Markets trading company. Firstly, the Securities Commission from Malaysia. Secondly, the Czech National Bank. Take a look.

What Platforms Do Cooper Markets Offer? – Available Trade Software

Cooper Markets broker offers widely used Meta Trader 4. It’s an industry leader in software solutions. Simply because of its high reliability, fast trading executions and tons of trading features. In general, features like copy and social trading are the ones with the highest demand.

However,� the availability of Meta Trader 4 doesn’t make a broker trusted. There are many more things to be considered before we can say that the broker is reliable. In fact, there is no point in a trusted platform if you can’t get the profits out. And that’s the main issue with this scam broker.

The Mobile Version Is Available?

Meta Trader 4 platform is available for all iOS and Android devices. Most importantly, traders don’t lose any functions by trading on mobile. Moreover, it raises their mobility. This means that they can take the opportunity anywhere any time.

Cooper Markets’s Trading Assets and Instruments

Another key point is asset availability. Diversity in trading instruments gives traders an option to properly build their strategy. However, Cooper Markets broker lacks some of the most important classes. Their options are:

• Currency pairs – Forex           USD/EUR, GBP/SGD, AUD/CAD
• Metals                                  gold, platinum, palladium
• Indices                                  UK 100, DE 30, AU 200

With stocks and cryptocurrencies missing they don’t have anything competitive to offer. With many other regulated brokers traders can find these assets. Moreover with better trading conditions and higher security levels.

Cooper Markets Countries Of Service

According to Cooper Markets reviews we can see that they are active worldwide. But mainly they are scamming traders from:

• United States
• India
• United Kingdom
• Malaysia
• Argentina

For instance, to offer services to UK clients brokers must have an FCA license or TPR (Temporary Permission Regime). Cooper Markets doesn’t have any, not to mention Tier 1 regulations.

Cooper Markets List of Account Types

With non-regulated brokers, the only idea of trading account types is to extract as much money as possible. Anyway, Cooper Markets offer is:

• Standard       $100
• ECN             $3.000
• Premium       $100
• Swap-free     $500

The brokers will offer outstanding trading conditions but in exchange for nothing. Mostly all their offers are just fictive. So, stay extremely careful with offshore brokers like Cooper Markets. Think twice before investing any money here.

Information About Demo Account

According to their website, they don’t offer a demo account. Even though they have a low minimum requirement, they are non-licensed broker. Thus, all deposits are immediately at risk.

Therefore, having a demo account in these situations is good to check some facts about the broker. For instance, their trading conditions or trading platform.

Negative Balance Protection

As you can expect from a non-regulated broker, they don’t have negative balance protection. This means that traders can get into debt while trading.

This is the same as owing money to loan sharks. That’s why regulators strictly require companies to have this feature enabled.

Cooper Markets – IB Parntership

Many scam brokers due to low reputation tend to have an “Introduce broker” program. This is designed to lure other clients in exchange for rewards. Traders have the option to become their partners and bring more people.

The problem with this is that often you are rewarded with bonuses.� Those bonuses can’t be withdrawn until you meet certain criteria. Like trading volume for instance. Which fo $100 bonus goes up to $2 million.

Terms of Service for Cooper Markets

A huge red flag for this broker is the lack of trusted funding methods. They mostly accept e-payments and cryptocurrencies. What are they missing is credit card.

This is one of the safest options because traders can get a chargeback. If they get scammed of course. This is most likely going to happen with this scam broker.

Leverage, Spreads and Fees

ESMA rules and EU regulations allow maximum leverage of 1:30 for retail traders. Thus, Cooper Markets provides up to 1:500. Which is insanely high and dangerous.

Spreads comply with the industry average. Starting from 1.5 pips, but still not attractive as with some regulated brokers. Even though they claim not to have withdrawal fees, there are other trading-related fees. But they are not defined.

Scammed by a Cooper Markets Broker? – We Want To Hear Your Story.

Let us know what was your experience with Cooper Markets broker. Many traders report withdrawal issues with this broker. That’s why you have our fund recovery team at your disposal. Get in touch with us today to start your chargeback process!

What Is the Chargeback Procedure?

Generally speaking, it’s a debit/credit card transaction reversal. Only cardholders and merchants can file a chargeback request. In this case, this can’t be an option because they don’t accept cards. But even if you made a crypto transaction, we can trace it with CipherTrace.

Book your free consultation now!