Selected Markets Review

FXCanary’s investigation of Selected Markets began with a thorough examination of public regulatory databases, company registries, and aggregated user-review platforms. We cross-checked the broker’s claimed registration in Saint Vincent and the Grenadines against the Financial Services Authority’s register, confirming that Halsted Holdings Ltd appears only as an ordinary business entity, not as a licensed financial services provider. No additional regulatory authorizations were found in any major jurisdiction.

We then analyzed over 20 verified user reviews from Trustpilot and other industry feedback channels, weighting complaints that detailed specific, verifiable problems. This dual approach—combining hard regulatory data with real-world trader experiences—forms the basis of our assessment.

Halsted Holdings Ltd was incorporated on 18 October 2019, making Selected Markets a relatively young brand. The company lists zero employees, which is unusual for a brokerage claiming to offer dedicated account managers and 24/5 support. Saint Vincent and the Grenadines is a common domicile for unregulated forex brokers because it does not require a specific forex license; a simple business registration suffices, and the Financial Services Authority explicitly states that it does not supervise forex trading activities conducted by such entities.

The lack of physical presence or operational history outside of a basic web platform is a strong indicator of a shell operation designed to collect deposits with little accountability.

Selected Markets operates entirely outside the regulatory framework that protects retail traders. It holds no license from any tier-1 authority such as the FCA, ASIC, or CySEC, nor even a tier-2 offshore license from a more stringent jurisdiction. In Saint Vincent and the Grenadines, registered businesses can legally engage in forex dealing without any oversight; however, this offers no safety net for clients.

There is no mandatory segregation of client funds, no capital adequacy requirement, and no investor compensation scheme. Should the broker become insolvent or simply refuse to return deposits, customers have no regulatory body to appeal to. The practical outcome, as seen in numerous user reviews, is that traders find their withdrawal requests ignored or their accounts blocked without explanation. The absence of regulation is the single most important factor in our severe scam risk score of 75/100.

Selected Markets markets five account levels, each with a minimum deposit that far exceeds industry norms. The Practitioner Account requires €5,000, while the Infinite Selection demands an eye-watering €100,000. For comparison, many regulated brokers offer entry from $10–$100. These high thresholds suggest that the broker either considers itself a premium service for wealthy individuals or, more likely, is designed to extract large sums from victims before cutting off access.

Critically, the broker fails to disclose the trading conditions that differentiate these tiers. Leverage is not listed, spread ranges are absent, and commissions remain a mystery. This opacity means a trader could deposit €5,000 or more without knowing whether they will face reasonable trading costs or hidden fees that rapidly eat into their capital. User reviews regularly describe deposits turning into “paper profits” that cannot be withdrawn, which aligns with a model where the broker controls the trade execution and account balances.

The funding process at Selected Markets is shrouded in secrecy, with no clear disclosure of accepted payment methods. User complaints reveal a disturbing pattern: depositors are instructed to wire money to third-party accounts—such as a “St George account” or entities in Ukraine—rather than to the broker itself. This redirection of funds is a classic hallmark of scam operations, making it nearly impossible to trace or recover payments. Once deposited, clients soon discover that withdrawing any funds, let alone profits, becomes an insurmountable hurdle.

Across all reviewed platforms, not a single user reported a successful withdrawal. Instead, traders recount endless excuses, ignored requests, and accounts locked for weeks or months. One reviewer, after depositing $5,250, saw his balance grow to $20,000 on paper only to be wiped out by “bad management,” and when he tried to salvage what remained, the broker demanded further investment before considering a withdrawal. This is not the behavior of a legitimate brokerage; it is a systematic denial of client entitlements. FXCanary’s analysis of 21 Trustpilot reviews found that every single mention of withdrawals is negative, and the barest attempt to retrieve funds results in stonewalling.

Selected Markets provides a proprietary web-based trading platform, which a small number of reviews describe as functional for basic orders. One user noted the platform worked on both laptop and mobile, which is a minimal expectation. However, the absence of industry-standard platforms like MetaTrader means traders cannot use expert advisors, advanced charting, or automated strategies.

More troublingly, some reviewers accused the broker of “placing trades on dodgy forex” and manipulating trades to generate losses. If the platform is not connected to a genuine liquidity provider, the broker could be running a B-book model where client losses are the broker’s profit. Given the lack of regulatory oversight, there is nothing to prevent such a conflict of interest. The primitive web interface, combined with manipulative trading practices, transforms what could be a neutral tool into a weapon against the client’s balance.

With no published spreads, commissions, or financing rates, the cost structure of Selected Markets is a complete black box. One negative review hints at “bad management” rapidly erasing a $20,000 account, which could point to exorbitant spreads, hidden fees, or stop-hunting. In a transparent broker, traders can anticipate their costs per trade; here, the only certainty is that trading costs will be whatever the broker decides.

This asymmetry of information is a stark warning: the broker can adjust costs arbitrarily, leaving clients with no recourse. FXCanary’s review of the available data suggests that the cost structure is not designed to foster fair trading but to maximize the broker’s take from each client’s deposit before it becomes impossible to withdraw.

The voice of the customer is unambiguous: Selected Markets is perceived as a scam by the vast majority of those who have engaged with it. Of 21 Trustpilot reviews, the average rating is 2.2/5, but this number masks the true sentiment—13 out of 21 explicitly label it a scam, and another 7 detail withdrawal impossibilities. Even the rare positive comments carry caveats: one 5-star review says the broker is “modest” and another advises testing services first. The negative reviews, however, tell harrowing stories of financial loss and psychological manipulation.

A reviewer who deposited a total of $5,250 saw his account value fluctuate wildly before being nearly wiped out; when he attempted to salvage the remaining funds, the broker demanded more money. Another user described being assigned an account manager who pressured him to invest €5,000–€10,000 after an initial €250 deposit, then placed trades on dubious forex pairs and blocked all withdrawal attempts. One particularly disturbing report describes the brokerage website going offline entirely after a user deposited $6,748, leaving him with no access to his account. These are not isolated incidents; they form a clear pattern of a deposit-collection scheme masquerading as a forex broker.

FXCanary’s independent investigation aligns with real user sentiment and results in a Scam Risk Score of 75/100—Severe. This score reflects the complete absence of regulation, verified withdrawal failures, and cluster of fraud allegations. Industry databases aggregating broker ratings have flagged Selected Markets with similar alarm, due to its unlicensed status and negative user feedback.

The divergence between the broker’s self-portrayal and the hard evidence is extreme. While the company presents high-minimum accounts and dedicated managers, the reality is zero employees, a registration-only entity, and a known pattern of scamming depositors. Trustpilot’s 2.2/5 is not a reputation to be ignored; it is a compendium of warnings. Even if a trader is tempted by the prospect of high returns or personal account management, the overwhelming data says the risk of total loss is near-certain.

Selected Markets is not a safe place for any trader to deposit funds. We strongly advise against opening an account, regardless of the promised account features or returns. If you have already deposited money, treat it as compromised and do not send any additional funds under any circumstances. Contact your bank or payment provider immediately to see if any recourse is possible, and report the fraud to local authorities or financial ombudsman services.

For traders still considering this broker: there is no regulatory protection, no verified successful withdrawal, and a mountain of credible complaints pointing to outright theft. Do not be swayed by paper profits shown on the platform—they are likely fictitious and merely a tool to convince you to deposit more. The best course of action is to close your account if you can retrieve any remaining balance, and move to a well-regulated broker that separates client funds and is subject to external oversight. FXCanary’s research makes it clear: Selected Markets is a severe scam risk, and staying away is the only prudent decision.