Plus500CY (Plus500cy.com) is another Crypto Currency and Forex brokerage scam committing some serious offence. Plus 500 CY is purporting to furnish traders with actual analytics and high speed trading. Most members are crying foul after signing up with them. Why are members complaining in regards to signing up with Plus500 CY? What we discovered regarding this broker is shocking to say the least. Read this detailed Plus500CY review for more.
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After receiving numerous email complaints from this broker, we decided to investigate. Over twenty members have been complaining about lack of proper communication. Most of them swear to have their accounts blocked with funds still in them. Dealing with such brokers has been a major issue with most newbie traders. Why are investors signing up with scam brokers in the first place? Lack of proper background check is a leading cause. Make sure to read this entire review and find out tricks used by this broker.
Professional scam artists know for a fact we all want to make a quick buck or two. And this is why they create over the moon claims and promises to lure investors. What are some of the tricks used by this scam artist? Creating a visually compelling website is their first step in enticing newbie traders to sign up. By cloning a real website, they drive investors to believe they are offering real trading services. Make sure to stay away from brokers who share similar characteristics.
According to their contact page, this broker claims to be owned by Fintrade Limited. The disclaimer continues to state this company is based in St. Vincent and the Grenadines. By their admission, this is an offshore based trading entity. Offshore brokers are known throughout the world for breaking industry regulations and rules. To be clear, investors are depositing funds to an unknown third party. Make sure to stay away from brokers, who are based offshore, they shouldn’t be trusted.
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Have you noticed lack of proper details concerning their names? Who are the founding members of this platform? Can users get the actual names of people running this show? Whoever signs up with this broker is going to lose all their deposits. These scam artists know how well to hide their real names. They are mostly afraid of the backlash they would face from authorities and victims. Why deposit your hard earned cash with an unknown third party? Simply stay away from this brokerage firm.
Being an offshore broker, we don’t expect this broker to be fully licensed. After checking with leading regulatory bodies, none of them had ever licensed this broker. Some of the regulatory bodies we contacted include ASIC, CySEC, FCA, FSC, and NFA. None of these regulatory bodies has ever licensed Plus500CY. Investors who sign up are dealing with an unauthorized broker. This is a broker who is committing some serious fraud. Stay away from this broker at once!
Another shocking revelation is how they fail to post any crucial documents. A real broker will post details of their licensing to prove authenticity. Plus500CY is not in any way trying to show originality. Their homepage lacks any details regarding their license. Being offshore brokers, we expect they will hide their real identity. Offshore brokers never meet the required standards to offer trading services. Anyone who signs up should expect nothing but a rough trading experience.
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Depositing and withdrawing funds with this broker is another well laid trap set by this broker. Depository channels include Maestro, Neteller, Skrill, Qiwi Wallet among others. These scammers have ensured depositing is easy and fast. Depository channels are accessible all over the world. These scam artists have ensured they target any trader no matter their country of residence. And this is what makes Plus500CY an international scam outfit. Now you know!
Withdrawing funds is what makes this a total lie. No member has been able to withdraw funds with this broker. Immediately users request withdrawals, their accounts are either blocked or closed. Trying to contact account managers proves futile as they also go under. Only scam artists are known to close accounts when members ask to get their funds. To be safe, you need to confirm whether a broker allows withdrawals. Stay away from brokers who don’t allow any withdrawals.
Another problem with this broker is in regards to their demo account. After signing up with their demo account, we noticed some major flaws. This demo account is rigged to produce over the moon results. We noticed their platform is producing over 95% guaranteed profits with their demo account. Ask any professional trader, no robot or professional can achieve this fete. Market prices are always volatile and prices changes without warning. Placing this high trades is next to impossible.
Plus500CY is furnishing members with four different account types. These account types include Micro, Standard, Premium, and VIP accounts. What we noticed with their account types is how similar they are to each other. With same advantages, why would a broker deposit over $5,000 and get same advantages as one who deposits $100. Before signing up with any account, check how their account types are. Do they hold an advantage over each other? No account types should be the same.
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How can funds be safe from a broker who offers no trading license? Security of funds can’t be guaranteed by a broker who is based offshore. Funds are never secure from a broker who fails to give their actual names. Stay away from this broker as they fail to properly secure their website. Website lacks proper DDoS and SSL Encryption security features. Are users depositing funds straight to owner’s personal bank account? It seems to be the case. Stay away from this broker!
Another perturbing issue is when it comes to segregation of accounts. Merging assets in one account is extremely risky. Plus500CY is pooling funds in one account which is totally uncalled for. Make sure to use brokers who offer safe ways of handling funds. Where do they bank funds deposited by members? Members should not expect any compensation from this broker. Plus500CY does not insure funds deposited as dictated by trading laws. They are openly breaking rules.
After checking all the evidence, we are sure Plus500CY is a scam. Stay away from this broker by ignoring all their pleas to sign up.
Adding this broker to our scam blacklist will help protect our readers. Stay away from this broker and sign up with proven entities at all times.
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Wishing you a successful trading experience.
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