5Markets Review

5Markets logoThe stocks, forex, crypto and other financial markets are regularly making headlines nowadays, primarily because of the volatile movements that are offering people an opportunity to enjoy huge returns. Who does not want to do that? Of course, there is no shortage of online brokers who can facilitate you in the process and all you have to do is run a Google search to find them.


How To Get Your Money Back From Scammers?

Want to get your money back from a scam?
Fill in the contact form on the page in this link and you will be able to get help in recovering your lost funds! You will be walked through the entire recovery process by a representative of a recommended fund recovery service after which a case will be opened for you by a case manager.


But, it is also a fact that not all of these platforms are going to be worth trusting. With scammers widespread in the online trading space, caution is a must and this 5Markets review highlights just how these criminals can try to deceive you.

A lot of people make the mistake of assuming that just because they know about online scams, they can avoid them easily. It is not that simple because a number of these fraudsters are extremely sophisticated and can have you in their clutches without you realizing it until it is too late.

It can be devastating to learn that you have been conned and it can discourage many from trying their luck again. Why give them the opportunity to do so? If you play it smart, you can steer clear of untrustworthy brokerages and find the reliable ones.

The only thing you have to do is just take some time to evaluate the online brokerage you are considering. No matter how good things seem to be on the surface, you should peer underneath because the story could turn out to be very different.

If things are what they appear, you can open an account, but if not, you can run in the opposite direction. 5Market is one of the brokerages you will find that seems to have everything that you would want.

Nevertheless, this does not mean that you should believe everything 5Market tells you. This is because when you look closely, you will come across a horde of reasons to not trust this broker at all. What are some of these reasons? You can find some of them here:

5Markets website

Licensing and regulation issues

The first reason for you to not trust 5Market is the problem with its licensing and regulation. You should bear in mind that every legitimate brokerage will always have a license from the regulatory body in their jurisdiction.

It helps them establish credibility because it is an assurance to their clients that they are capable of offering professional, quality and secure services. The chances of you falling into a trap are very low when you are dealing with a licensed and regulated company.

But, you will find issues with 5Market in this regard because when you look into its background, you will find that it is registered in Saint Vincent and the Grenadines.

The offshore jurisdiction has developed a reputation for being a haven for scam companies, which means that 5Market is not credible at all. The financial authorities of SVG have clearly indicated that they do not regulate the forex industry, which means the registration has absolutely no value.

If this lack of regulation was not enough, you will find that things get worse for 5Market because it turns out that CONSOB, the Italian regulatory authority, has issued a warning about the brokerage.

The warning indicates that the company is operating in Italy without proper authorization. No genuine brokerage would ever do that and a warning from a regulatory authority is proof enough that it is not a company you should be dealing with.

Malicious bonus policy

Trading bonuses were immensely popular for a long time, but then regulatory bodies began to impose bans on this practice and this made them a problem. These days, legitimate brokerages are unlikely to offer them because they are not permitted in many jurisdictions.

The reason they were forbidden was because they came with malicious policies that were not in favor of the traders. This is still true and it is exactly what you will find with 5Market when you check out their bonus policy.

The fact that 5Market is offering trading bonuses should already be a big issue because it is common amongst scams and considering that its based in an offshore region, it is a big risk. Plus, when you check out its bonus policy, you will find it to be outright malicious.

It boasts the ‘Non-deposited funds’ clause, which says that you cannot withdraw profits that are earned through funds that you have not deposited i.e. bonuses.

The issue with this policy is that all funds are kept in one account, so there is no way to distinguish what profits you make from your deposits and from the bonuses. Essentially, it means that 5Market can just block your withdrawals.

Trading platform

The most crucial feature offered by an online brokerage is the trading platform and 5Market is offering you a lackluster and oversimplified one that has absolutely no special features to offer.

If you check out genuine companies, you will notice that they offer their clients the top and leading platforms in the market because these are an important ingredient in your overall trading performance. But, the platform offered at 5Market is meant to forward the illusion of a brokerage and nothing more.

Trading conditions

The trading conditions that 5Market offers cannot be defined as competitive in any aspect. As a matter of fact, you will find them to be downright terrible, given that the spreads start from 3 pips, which are three times more than what most companies would have.

As for leverage, the levels go as high as 1:100, which is just too high to be considered good for any retail trader. As a matter of fact, most regulatory bodies limit the leverage ratios because of the risks and this is higher than most.

No refunds

The fact that 5Market only supports deposits in digital assets that come with no chargeback option and refunds is another reason for you to not trust this company with your money.

Final Word

Given that there are so many reasons for you to not trust 5Market, you should look for another broker for your trading journey.


How To Get Your Money Back From Scammers?

Want to get your money back from a scam?
Fill in the contact form on the page in this link and you will be able to get help in recovering your lost funds! You will be walked through the entire recovery process by a representative of a recommended fund recovery service after which a case will be opened for you by a case manager.


Comments to: 5Markets Review – Reasons to not Trust this Broker

Your email address will not be published.

Money Back – Get Your Funds Back!

Claim Justice

https://claim-justice.com/

MYCHARGEBACK

Sterling Law

Recent Posts

Archives

Categories