MARKETRIP-Overview of Minimum Deposit, Spreads & Leverage

General Information

MARKETRIP is allegedly a broker based in the UK that provides its clients with a web-based trading platform, leverage up to 1:400, fixed spreads on a variety of forex pairs and CFDs, as well as a choice of six different account types.

Market Instruments

MARKETRIP advertises that it offers a wide range of trading instruments in financial markets, including forex pairs and CFDs on indices, commodities, precious metals, stocks and cryptocurrencies.

Account Types

There are six live trading accounts offered by MARKETRIP, namely Basic, Silver, Gold, Platinum, Diamond and VIP (invitation only). Opening a Basic account requires the minimum initial deposit amount of $250, while the other five account types with the much higher minimum initial capital requirements of $5,000, $15,000, $50,000, $100,000 and $250,000 respectively.

Leverage

Traders holding different account types can experience quite different maximum leverage ratios. Clients on the Basic account can experience the leverage of 1:100, the Silver account with the leverage of 1:200, the Gold or Platinum account with the leverage of up to 1:300, while the Diamond or VIP account can enjoy the maximum leverage as high as 1:400. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads

As we tested on MARKETRIPs web-based trading platform, we found the spread for EUR/USD pair is fixed at 3 pips. Other more detailed information about spreads is not involved directly on its official website.

Trading Platform Available

When it comes to trading platforms available,MARKETRIP says to give traders two choices: Metatrader4 and a web-based platform. However, we can only get access to the web-based trading platform. MT4 is known as one of the most successful, efficient, and competent forex trading software. While the web-based platform offered by this broker is just as the following screenshot shows.

Deposit & Withdrawal

MARKETRIP accepts deposits via credit/debit cards like Visa and MasterCard. The minimum deposit amount is $250. Note that there is a $25 charge fee per transfer, and withdrawals via credit card will attract a fee of 3.5% as a standard processing rate fee by Visa/MasterCard.

Fees

Also, MARKETRIP charges some other fees. For example, if traders haven‘t traded for 45 days, the broker will charge an inactivity fee of $100 monthly. Besides, there is also an extra fee of $100 for those using auto-trading software who haven’t traded certain volumes.

Customer Support

MARKETRIP‘s customer support can be reached by telephone: 442038079032, email: support@marketripmail.com. However, this broker doesn’t disclose other more direct contact information like company address while most brokers offer.