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Dow500 (Dow500.com) is another brutal online broker professing to offer the best trading conditions. Dow 500 is claiming to have knowledgeable experts and trading tools at their disposal. These are well generated sales pitches to drive unsuspecting investors to sign up with them. And the biggest threat of them all is the broker rarely allows members to withdraw funds. And this is why an investigation was underway to expose them. Read this detailed DOW500 Review and find out more information.
The broker is claiming to set the global standard for providing secure CFD and Forex trading experience. According to the company profile page, the broker claims to be a leader in financial services. What is missing with their company description is who is actually behind the platform. Other important parts of the company remain hidden which is a huge block. And this is one of the main reasons to stay away from the broker. It is recommended to trade with reliable and top rated brokers with a strong online reputation.
Apart from having a well-designed website, the broker is failing to provide accurate data. No one knows where the brokerage firm or institution is located. And this leads us to believe we are dealing with an anonymous online trading platform. With this in mind, it is best to trend carefully with any anonymous online trading platform. The anonymity enables scam brokers to walk away scotch free with members’ funds. With no actual location details, it makes tracking them even harder.
Visitors are urged to select from the hundreds of trading instruments available on their platform. They claim to have a cross-platform that enables traders to trade with over 200 different assets. Members are promised CFDs, Commodities, Forex, Indices, and Stocks as part of the trading assets. They have multiple types of CFDs including global indices such as NASDAQ and trading products. Some of the trading products listed include crude oil and stocks from leading companies such as Twitter.
Dow500 is also offering raw energy products a good example being precious metals such as gold and silver. Members can also trade agricultural products such as cocoa, coffee, and corn. A variety of major, minor, and exotic currency pairs is also available for Forex trading. Members are also promised indices from all over the globe. The indices include German Dax, Hong Kong Hang Seng, among others. Major stocks are also listed from online companies such as eBay and Amazon.
Anonymity is one of the biggest obstacle facing online investors. With an anonymous broker, nothing is ever guaranteed. The problem with Dow500 is they fail to give members actual company information. No one knows the CEO or CFO of the company which operates and runs the trading wing. Without names of founding and staff members, investors are depositing funds to unknown persons. And the end result is members facing huge problems trying to withdraw ad recover funds deposited.
Records show their website was created on 14th January 2019. And this is why majority of the complaints started coming up at the middle of last year. The broker allowed the first members to trade and withdraws funds. And this in turn gave the broker a good name and more and more investors signed up. After getting a handful of members, the broker decided to start blocking withdrawal access. And this is a classic scam broker’s move.
What is shocking with their website is lack of any information regarding license and registration. One would expect the broker to post their license or registration number for all to see. And this is what is missing from the platform which is a huge problem to investors. Without proper license and registration details, the broker is not falling under any compliance. Dow500 IS NOT LICENSED OR REGISTERED to offer any trading services. Without a valid trading license, anyone who deposits funds should know there is no insurance.
Another disturbing feature with their license details is what regulators are planning. A closer look at the Italian Financial Watchdog reveals a plan is underway to blacklist the broker. Other regulators in the region including BaFIN, CNMV, CySEC, and FCA plan to follow suit. Without a valid trading license the broker is offering unlawful trading services. And this is concrete proof we are dealing with a hoax. It is best to stay away from such a hostile broker.
There is no information regarding the types of accounts available on their platform. And this is another concrete proof we are dealing with amateurs. Lack of account features is also a huge problem facing anyone who opens an account. The broker fails to mention leverage and spreads available on the trading platform. Other missing information includes the acceptable minimum trading requirement.
What is weird with the broker is lack of proper communication channels. A closer look at their contact page leaves a lot to be desired. The broker does not offer live chat support or a telephone number. What they do is use email services which demands visitors to leave their contact details. And this is another scheme to harvest personal data from unsuspecting investors. The broker is using the data and selling it to third parties.
Dow500 is offering a demo account to anyone who signs up with the platform. The demo account is a light touch as it uses MT4 demo platform. Once they sign up with the demo account, all seems to work fine as the broker borrows from MT4 Demo. Stay safe and avoid a broker with such a suspicious trading platform.
The broker has done a good job with their funding channels. Depository channels listed include Maestro, MasterCard, Skrill, Visa, among others. What the broker fails to mention is the withdrawal process and how long it takes. A real trading platform will have details of the withdrawal process already revealed. Most of the members have gone for months without withdrawing a penny. And this is proof we are dealing with a cold broker who is out to steal from members.
Dow500 is claiming to use MT4 trading platform on their website. The truth is they are just a bunch of liars. A closer look at one of the victims trading account reveals the broker is using a custom built terminal. The problem with custom made trading platforms is they lack proper security features. Lack of DDoS protection and SSL encryption puts traders at risk from third party attacks. Hackers will use such loopholes to steal valuable information such as credit card details.
With most members complaining of withdrawal issues, funds are far from secure. The broker is not segregating accounts as dictated by trading regulations. Another problem with Dow500 is pooling funds in one account. Members are depositing funds in one account which belongs to the broker. And this is what makes the platform a problem to most traders. It is best to stay away from Dow 500.
Dow500 is a scam as the evidence is clear as day. The broker has no valid trading license and the withdrawal complaints are too many to ignore. These are professional scam brokers whose intent is to steal funds from unsuspecting investors. Thanks to our investigation prowess, we can finally expose their tricks. Warn your family and friends from signing up with any of their scam tactics. Mark their emails as spam and never sign up with any of their affiliate programs.
At the end of the day, we have to add Dow500 to our scam blacklist. These are scam brokers who will stop at nothing to steal funds deposited with them. Only authorities can shut down their website and stop the spread of the scam.
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All the best from our trading experts.
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