Selected Markets has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Addresses: Suite 17 Beachmont Business Centre Kingstown Saint Vincent and the Grenadines This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.selected-markets.com.
I found Selected Markets after reading several online reviews and the initial impression was positive. But since I retired last year later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Dedicated account manager|Clear documentation|Low minimum deposit|Real-time alerts
Cons: No integrated tax optimization|Limited social trading features
The hidden fees at Selected Markets are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Educational resources|Regular platform improvements
Cons: No fractional shares
I signed up with Selected Markets after a family member had a good experience and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Multi-currency support|Portfolio tracking tools
Cons: Desktop app not available on Linux|No phone support on weekends
After for the past year and a half with Selected Markets I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Portfolio tracking tools|Great customer service
Cons: No dark mode on mobile|Limited cryptocurrency options
Selected Markets had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Regular platform improvements|Real-time alerts
Cons: Account statements could be more detailed