Castle Market Ltd is an online platform that claims to offer foreign exchange trading services and is registered in the Comoros Federation. However, after verification, there is no registration information for the company found in the local records. Despite the platform's domain being established on June 22, 2023, its transparency and legality remain questionable, raising concerns about the safety of investors' funds.
Corporate Background of Castle Market:
Castle Market is a platform that provides foreign exchange trading services. Its website is https://castle-market.com/. The domain of this platform was registered on June 22, 2023, and the operating entity claims to be Castle Market Ltd, registered in the Comoros Federation. However, the company's registration information cannot be found, casting doubts on the platform's actual legitimacy.
Regulatory Information of Castle Market:
Castle Market platform claims to be regulated by the Moheli International Services Authority (MISA). However, there is no registration information or regulatory number found in MISA's public records. Given that the platform is not regulated by a legitimate financial regulatory authority, the safety of investors' funds cannot be guaranteed. The false regulatory information further confirms the platform's unreliability. Therefore, we strongly advise users not to conduct any financial transactions on this platform to avoid potential financial losses.
Account Registration Process of Castle Market:
The account registration process provided by Castle Market appears to be simple and straightforward, but there may be hidden pitfalls. The platform requires users to provide personal information, choose an account type, and go through identity verification before making a deposit. Although this process is similar to that of legitimate platforms, due to the suspicious regulatory background of this platform, users should exercise particular caution when providing personal information and funds. As with any high-risk online trading platform, users should thoroughly verify the platform's legitimacy before depositing any funds.
Types of Accounts at Castle Market:
Castle Market offers three different account types: Micro Account, Standard Account, and VIP Account. Each account type has different minimum deposit amounts and leverage ratios. The Micro Account requires a minimum deposit of $20 with leverage up to 1:3000; the Standard Account requires a minimum deposit of $3000 with leverage of 1:1000; the VIP Account requires a minimum deposit of $5000 with maximum leverage of 1:500. Although the high leverage offered by the platform may attract traders with a high-risk appetite, the lack of regulation significantly increases the risk to investors' funds, especially without effective risk management.
Trading Software at Castle Market:
Castle Market claims to use the industry-standard MetaTrader 5 (MT5) trading platform, which is indeed popular and powerful. However, the legitimacy and transparency of the platform itself are in question. Even though MT5 is a recognized software, it does not mitigate the potential risks associated with the platform itself. Although the platform may offer advanced charting tools and technical analysis features, traders should prioritize the platform's regulatory compliance rather than just the functionality of the trading software.
Trading Products at Castle Market:
Castle Market offers a range of trading products including stocks, bonds, commodities, currencies, options, and futures. Although the variety of products is extensive, in the absence of regulation, these trading products may not be traded according to transparent and fair market rules. Investors are at risk of financial loss if they do not fully understand the platform's true background and regulatory status. Therefore, no matter how diverse Castle Market's trading products may be, they cannot offset the potential fraud risk posed by the platform.
Spreads, Leverage, and Commissions of Castle Market:
Castle Market offers high leverage (up to 1:3000) and relatively low spreads (starting at 0.1 pips), which seem attractive, especially for traders looking to trade large amounts with small capital. However, high leverage ratios inherently come with significant risks, and in the absence of regulation, these terms may be deceptive promises to attract investors. Traders should be cautious of such seemingly favorable conditions, as withdrawing funds could be difficult, especially if the funding process lacks transparency.
Deposit and Withdrawal Methods at Castle Market:
Castle Market offers deposit methods including debit/credit card payments through Stripe and Payscout, as well as cryptocurrency payments through Coinbase. Despite the variety of payment methods, the platform's lack of legal regulation renders the transparency and safety of its funding process questionable. Using cryptocurrency payments is particularly risky as they are usually irreversible, making it difficult to retrieve funds once they enter the platform.
Customer Support at Castle Market:
Email: admin@castle-market.com
Phone: +84 2835352630
Conclusion:
Castle Market is a highly risky online trading platform. Its false regulatory information, opaque background, and high-risk trading conditions suggest that investors should avoid any financial dealings with this platform. The platform attracts unsuspecting investors through false advertising, presenting a high potential for fraud. We strongly recommend that investors stay away from Castle Market to prevent irretrievable financial losses. Currently, Castle Market is flagged as "Suspected Fraud" on TraderKnows.
