SpringMT5 Review: A Forex Broker Not Process Withdrawals

SpringMT5 has one of the worst websites in the market. Here we have another new forex broker that has no business in the market. The people behind this platform will not allow clients to withdraw any of their funds. They are only focused on getting people to invest even more. They are scammers with no morals. Even worse, they are liars and amateurs.

Additionally, the platform is not aesthetically pleasing nor powerful. You can tell that these people are not professionals. They just wanted to put out a website. They did not care about quality. Furthermore, they are using fabricated information to compel people to invest. 

In any case, this company is still very new. Such a company cannot deliver industry-standard services. Nonetheless, they already have victims. Stay on the safe side. You will never regret investing in regulated forex brokers. Only such companies can help you protect your investment. Meanwhile, stick with us as we review SpringMT5.

SpringMT5 Review

The interface provided cannot convince any seasoned trader to invest. Additionally, the founders constantly use broken English on the platform. We can tell they are from a remote country. Moreover, we can tell that they are not professional traders themselves.

Further, a small section of the website is in Japanese. Interestingly, this section contains critical information. No professional would put this out to the world. It surprises us that they have not updated this section to date. Such individuals will never update the trading software. As such, clients will always be behind the rest of the market.

Further, there is simply no transparency on this platform. The company purports to offer trading education. However, nowhere on the website are we introduced to the trainers. We do not know who they are or what their trading history looks like. You should never take trading advice from mysterious people on the Internet. You may be copying the strategies of terrible traders.

Furthermore, the location of this company is a secret. The company claims to have offices in Melbourne and Shanghai. However, there is not much information beyond that. It will be very hard for you to track these people down.

SpringMT5 Account Types

This firm has three main account types. These include the Stand, VIP, and ECN accounts. This is where we have the Japanese sections. Luckily, we have Google translate to help with that. Apparently, the minimum deposit for the standard account is $7,000. On the other hand, the ECN account accepts a minimum deposit of $50,000.

Evidently, these are some of the most expensive accounts in the market. If you choose to invest here, there is too much at risk. Nothing good can come from this company. Furthermore, the trading conditions are abysmal. The spreads go all the way up to 2.8 pips. This means that you will be paying more than the industry standard to invest in a shady broker.

These people are using foreign languages to get you to invest in terrible conditions. They are mixing the Japanese and Chinese sections simply to confuse clients.

The People Behind SpringMT5 

It is never a surprise when a scam operation conceals its founders. SpringMT5 did not care enough to introduce the people behind the operations. There is no mention of who they are or what their trading history looks like. We can only assume they are hiding because of their illegal operations. They do not want anyone to associate them with the firm.

There are too many risks involved in sending your money to mysterious people. You will have no idea who to report to the authorities should things go wrong. Moreover, it will be hard to track them down. Remember that they do not reveal their address.

Furthermore, revealing the founders’ identities only helps win the trust of investors. There is no reason why a company shouldn’t do it. No professional would operate in the darkness.

SpringMT5 Regulation Status

SpringMT5 is one shady company when it comes to regulations. They are presenting a lot of false and misleading information on the website. For starters, the company boasts of having an NFA regulatory license. 

We can assure you that this platform does not meet the requirements of the NFA. There is no way the NFA regulates this institution. On top of that, the company purports to have a license from ASIC. We counter-checked this information and found it was nothing but a lie. It does not get any worse than this.

You should never invest in any company that presents false regulatory information. It will always end with you losing your funds to scammers. In that case, you will have no one to turn to. Remember that regulatory bodies are there to protect investors from criminal organizations. Additionally, remember that regulatory bodies always caution against investing in unregulated entities.

Domain Insight

The official domain for this company is springmt5.com. This website first came online on the 2nd of February 2021. The life expectancy for this platform is only one year. Therefore, we do not expect this company to stick around for long. Most scammers take out short registrations and exit the market when it expires.

Furthermore, this information reveals to us that these people are liars. They claim to have been in the market for over 12 years. They even present fake awards from 2016. It does not get any worse. These people are willing to do anything to look like a legitimate operation.

Customer Feedback

It is always good to listen to the people already using the services of a company. That will tell you precisely what you should expect from the company. In this case, we do not need to look any further than ForexPeaceArmy. 

A user by the name of Naci AKKAYA tells a shocking story. He claims that the company will not let him withdraw his funds. This is a person who has already lost his investment. Investing here will be a bad idea. 

Is Your Money Safe In The Hands of SpringMT5?

No, your money is not safe in the hands of these individuals. No unregulated company can assure you of your funds’ safety. Regulatory bodies ensure that companies have enough liquidity to protect investors from loss of funds. Additionally, regulators ensure that companies have segregated accounts in Tier-1 banks.

Furthermore, this company does not tell us the software and hardware they use to protect client funds. This means that you can lose your money to hackers. There are too many ways to lose your funds here. If the founders do not steal it, someone else will. You are better off keeping your money in your pockets.

Final Verdict

There is no way we can recommend this terrible forex broker to you. It has no regulation, and the founders are anonymous. They are hiding their faces because they know SpringMT5 is an illegal operation. You should never trust such individuals with your money. Furthermore, customers are already complaining about this company. They say that the firm will not let them withdraw funds. 

You are better off investing in legitimate forex brokers operated by professionals. Such companies have regulations and operate with full transparency. They will protect and grow your funds without compromise.

Does SpringMT5 have a License?

No, Unfortunately this is an offshore venture

Is the customer Support of SpringMT5 Sound

No. The characteristics displayed by this offshore entity make us doubt the quality of their services.

Are fund safe at SpringMT5

Your money is not safe. The illegitimate broker does not segregate funds.

Are there complaints from investors?

Yes. The SpringMT5 customers are unpleased with the broker for not processing the withdrawal.