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500Markets is a cryptocurrency broker that will defraud anyone who deposits with them. Those who have attempted to deposit with 500 Markets are crying foul. Our detailed 500-markets.com review will expose all red flags found on this platform.
The broker undoubtedly uses anonymity to block communication with investors. And that has led to several members lodging complaints against the broker. In addition, we have seen how many users despair after signing up with this platform.
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The about us page talks about how 500-Markets believes trading should be open for everyone. You will quickly fall for their introduction if you go through the page. These are professionals with a background in investing and trading.
We see a broker professing to offer thousands of cryptos and a selected group of exotics. But, from what we see, this broker does know how to sell the package. And that is why most users fell for the empty promises.
You have to be an expert to spot the red flags found on the platform. Most newbies make the mistake of failing to properly vet a broker before signing up. You must research the broker before moving forward.
The website’s aesthetics is also another reason why most signed up. It has an enticing interface, and navigating through all pages is straightforward. In addition, the information needed to convince members to sign up is available on the homepage.
Experts recommend doing due diligence before making a final decision. You must weigh the pros and cons and also try and read reviews on the broker. Get firsthand experience with the broker before signing up.
The broker links the Traderoom trading platform on this account. And that brings about some problems for naïve traders who don’t know how to use it. Instead, the broker should have started with a reputable and world-class trading platform.
We recommend using MT4 and MT5 trading terminals when investing in the markets. These terminals offer the best and most advanced tools. In addition, you get to increase your skills thanks to the tutorials available.
MT4 and MT5 offer solutions that are not seen on any other platform. The homepage claims the broker also has a unique web-based trading platform. However, after testing the platform, we found it unstable and hard to use.
Newbies don’t get 21-time frames or technical indicators. You also can’t use any robots on the trading terminal. Instead, most newbies are driven towards using an account manager to trade on their behalf. And this is unacceptable for traders who want to learn the skills.
The broker offers one account type for all. However, the broker fails to provide much accountability and transparency. These are some reasons why we must expose the broker for failing to offer reasonable trading accounts.
There’s no distinction between newbies and expert traders on the platform. Each gets the same trading features which are unfair to all parties. As a result, we have a trading platform that will likely fail to offer much credibility.
You should go for accounts that have all the necessary information available. These include leverage and spreads. The broker hides these details from members for a reason. They want members to sign up without having to know the full features.
We opened an account to see what the broker offers regarding leverage and spreads. And it turns out the broker is putting trading positions at risk with the overall conditions. These include high leverage and slow execution.
Leverage on these assets is 1:1000, which is far from acceptable. In addition, the broker claims to offer fixed spreads, but we saw variable spreads on opening an account. And that’s why we insist on getting to know all features before signing up.
The slowness in executing means you will likely not get the desired results. And this has happened too many times before. Therefore, you MUST check the account features and ensure the broker offers fair trading conditions.
Members go in not knowing the acceptable minimum deposit. The broker takes advantage by claiming the more you deposit, the higher your chances of winning. And the broker will insist on a deposit of more than $1,000.
Newbies should know the acceptable minimum deposit for crypto should be $500. Anyone asking for more is taking advantage of you. The broker earns all commissions through trades hence, the high leverage.
Information on who owns or runs the show remains unknown. And that is why we raised the red flag regarding anonymity. You shouldn’t invest in a platform whose owner fails to give their full name or credentials.
Avoid anonymity at all costs, and you will likely fail to have much when you go for this type of broker. There’s no one to hold responsible when things go south. As is the case now, no one knows who to request answers regarding withdrawals.
Due to the severity of the complaints, we have to zero-rate the broker. The reasons include no withdrawals and lack of support from the platform. No member has heard from support ever since they requested withdrawals.
You also won’t find any positive aspect of the broker anywhere on the web. No independent user or reviewer has rated the broker highly. And there’s a good reason for it, and the broker is not offering any meaningful investment solutions.
As indicated earlier, the broker fails to offer any support to members. You don’t get much when a broker is unwilling to respond to queries. Despite their attempts to appear professional, there’s no live chat.
All members get is an email and a no listed phone number. The contact page is a message board where members are to leave their contact details and expect the broker to respond. We see this as an avenue to collect data from users.
There are several deposits and withdrawals listed as available on the platform. Most of these are crypto channels. However, the broker fails to give details on withdrawing funds using crypto.
The broker fails to give details of the wallet used to withdraw funds. You don’t even get to see whether there are any fees incurred during deposits or withdrawals. The broker only wants members to deposit funds and ask no questions.
500Markets is not a legit trading platform. No one can get to invest in an unregulated platform and claim security. The broker enjoys no license from any reputable regulator. And that’s why we have to flag down the broker.
You deposit funds and wait for the broker to trade on your behalf. The broker will trade and earn profit. When you decide to withdraw funds, the broker blocks all attempts. Lastly, the broker will block access to your account by deleting your login credentials.
Please stay away from 500Markets.
PS: Invest in genuine crypto investments.
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