Is Milton Markets Scam or Legit Broker?

No, it is not safe to trade with Milton Markets. The company operates with an offshore license from Saint Vincent and the Grenadines, which is considered the highest risk if company solely based offshore. The payment agent of Milton Financial Services is MFSC Managements Limited, located at 30 Tempon Street, Engomi, Nicosia, 2408, Cyprus, however it is only used for payment processes and has nothing to do with regulation of the Forex Trading operation of the company itself. 

  • In fact, scammers frequently target offshore areas because of the absence of proper oversight and regulatory guidelines, so there is high risk to fall into one of those proposals. Overall, dealing with offshore companies, such as Milton Markets and others (OsprayFX, COIN-ROYAL, etc.) with a license from Saint Vincent and the Grenadines demands caution due to their typical lack of transparency. Learn more about why signing in with brokers from Saint Vincent and the Grenadines is not advisable.

About Milton Markets
🏢 Registered inSaint Vincent and the Grenadines
🗺️ Type of LicenseOffshore
🛡️ Is Milton Markets safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Milton Markets?

Registered in 2021 Milton Markets is a Forex and CFD broker. According to the website, Milton Markets provides highly favorable trading conditions for traders of all skill levels, catering to both beginners and day traders (Read about Day trading in our detailed article). Also, it states that there are no hidden fees, making the trading experience transparent and reliable. It offers to operate trades on the market's popular MT4 platform, enabling leverages as high as 1:1000.

However, there are a lot of issues we were able to reveal while researching the broker, and some of the most important ones including:

  • Lack of proper registration: In Forex trading the most crucial aspect is registration. Traders are urged to choose brokers that have a license from top-tier agencies. What does this give? This is a guarantee for the highest safety and reliability, granting the customers the reassurance that their funds and profits are safe.
  • Withdrawal and Deposit Issues: There is no need to mention that the funds’ accessibility is essential in Forex trading. Unfortunately, many brokers from offshore zone lack in this respect. It is common for them to operate for a certain period, then disappear from the market together with their clients’ investments. To avoid financial losses, it is always preferable to choose a regulated broker, that provides a package of financial protection (Different Compensation schemes, Negative Balance protection, etc.)
  • Restricted access in a wide list of countries: Milton Markets mentions that it does not accept clients from the US, Canada,  Iran, North Korea, St. Vincent and the Grenadine Islands. It also might be restricted in North Korea, Afghanistan, American Samoa, Belarus Burundi, Central African Republic, Congo - Brazzaville, Cuba, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar (Burma), Puerto Rico, Rwanda, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.
  • Negative Review from clients: While choosing a forex broker it is crucial to consider review and feedback from actual traders. This will help to have a better insight into the brokers’ offerings, trading conditions, and standing in the market. Based on available reviews, Milton Markets is not a reliable broker. Many traders mention it being a total scam. The main issue mentioned is the inappropriate deposit and withdrawal processes.

Milton Markets - official website

Overall Milton Markets Ranking

Based on our Expert Opinion, backed by over 10 Years of experience in Forex Trading, we have uncovered notable concerns regarding Milton Markets' regulation and reliability. As a result, we cannot provide a positive ranking for Milton Markets.

  • Milton Market Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

RankingMilton MarketsFP MarketsInteractive Brokers
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading Platforms

Milton Market Alternative Brokers

Due to the significant safety issues with Milton Market, we highly recommend considering much better alternatives that boast tight regulations and excellent trading conditions. We select Good Brokers and reliable options for your comparison below: 

Deposits and Withdrawals

Milton Markets deposit methods are limited to Bitwallet and a wire transfer within Japan. These payment methods may not be suitable for a wide range of traders due to their constraints. This is perhaps one of the reasons why residents from a wide list of countries cannot sign with the broker. In fact, the availability of different deposit and withdrawal options is crucial for any broker, making it more accessible for traders.

  • As to withdrawals, there is a specified 3-5 days period, which could be considered relatively lengthy for some traders.
  • Also, it is impossible to overlook the fact, that there are many dissatisfied traders with the deposit and withdrawal processes offered by Milton Markets.

Account Types

Milton Markets offers two account types: Flex and Smart. The Flex account demands a minimum deposit of $50, while for the Smart account, the minimum requirement is $100. Both accounts come with high leverage - the Flex account at 1:500 and the Smart account at 1:1000. Additionally, the spread on the Flex account starts at 1.7 pips, which is slightly higher compared to the Smart account (Check our article on Low Spread Brokers).

  • The leverage of the Smart account is determined based on the account's balance.
  • When depositing funds in a currency other than JPY /USD / EUR), the conversion will be done at the prevailing rate at deposit reflection.

Milton Markets Review Conclusion

Based on the gathered information about Milton Markets, there are evident concerns regarding the broker's reliability and trustworthiness. Its Saint Vincent and the Grenadines registration makes the broker an unreliable offering, raising the possibility of it being a financial scam.

We recommend avoiding brokers with questionable registrations and giving preference to those with well-established reputations, known for consistently providing excellent trading conditions and reliable services over the years. Traders should prioritize brokers holding top-tier licenses such as FCA, ASIC, or CySEC, as these licenses offer a higher level of security and protection.

  • Overall ranking and experience for Milton Markets is Negative

 

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