Trade5000 Review – can you trust the broker or is it a scam?
Trade5000 Forex broker offers trading currency pairs and CFDs trading. The brokerage is registered at the Commonwealth of Dominica but as the website claims is operating from Talin, Estonia. The broker does not disclose much information about itself, for example when it started operating or which countries does it provide its financial services. There is limited information about the services and products itself. The visitor of the website cannot attain the needed information to be convinced that the broker is legit and trustworthy.
As the broker itself claims customers can have access to more than 1000 trading instruments. One can open an account with the minimum deposit of 250 USD, and trade with the leverage up to 1:200. There is no information about which trading platform can be used while trading with the broker, probably trade5000 is offerings its customer web trader. Since the information about the broker and its services is so limited, make sure to read the Trade5000 review to see if the broker is worth your time or not.
Can Trade500 be trusted?
The main question about the broker is if it can be trusted or not. Let’s start from regulations. The company of Trade5000 is Trading5000 Ltd, which is registered in the Republic of Dominica at the Commonwealth of Dominica. Being an offshore brokerage, Trading5000 does not seem to be legit for the traders, moreover, while it is registered there, the broker does not have a license. There is no license number shown on the website, and it cannot be found on the official website of the regulator either.
Hence, we can already answer the question is Trade5000 legit? Obviously, it is not. The office of the brokerage is in Talin, Estonia, but Trading5000 does not have the right to operate in Europe.
As it seems, the main target for the brokerage is English Speaking people, residents of Russia, and Poland since English, Russian and, Polish are only available languages on the website. Contact us page showcases numbers that are for the traders from Kazakhstan, Russia, Latvia, Poland, South Africa, Malaysia, Switzerland, and Spain. The broker does not have the authorization to provide financial and trading services to the traders from any of these countries. That points out the possibility of Trade5000 scam.
The first impression on the website of the broker is quite bad. The website looks like it was made just now and is designed very poorly. More importantly, it lacks all the pages and information that traders might need. Both technically and contentwise the website is somewhat unfinished, there is the same information provided on the FAQ section for every different question. Most of the links on the pages redirect to the same page and etc. There are many small issues that indicate that either the broker did not want to put much effort into the website, or the brokerage was just established. In any way, Trade5000.com review left us disappointed.
What does the broker offer?
The broker showcases that it offers a wide range of trading instruments up to 1000. However, there is no information on what are the trading instruments, which currency pairs can be traded with it and what are CFDs offered. At the same time, there is no information about spreads or charts that would show how do the spreads look like. Again, there is no information about the trading platform either, and what are the features that come with it. the broker offers educational courses in the forms of articles, books, videos, and webinars, however, after pushing the button to read or view videos it redirects you on the main page again. This really reduces Trade5000 rating, as the broker fails to provide the information and tries to lure the customers only with the appealing headlines.
Trade5000 account types
Account types are not the strong side of the broker either. Trade5000 offers six types of trading accounts: Green, Silver, Gold, Platinum, VIP, and black. It is always nice when traders have various choice when it comes to trading accounts, but Trade5000 accounts are not very different from each other. According to the broker, all the standard features that are applicable to all of the account types are 24/7 support, education center, the possibility to open a demo account, access to daily market review, pro webinars, and price alerts.
The minimum deposit for the Green account is 250 USD. The traders with this account are not able to trade CFDs, hence, this account is for those who want to trade FX only. For the silver account, one needs to deposit 2500 USD, this account does not allow CFDs trading as well. In addition to basic features, it comes with up to 10 trading signals and tan one to one expert sessions. One can trade CFDs with Trade5000 FX brokerage after opening the Gold account with the minimum deposit of 5,000 USD.
The minimum deposit for a Platinum account is 10,000 USD, for VIP 20,000 USD, and for the Black account as high as 100,oo0 USD. The minimum deposit for these accounts is already too high, considering that it does not provide that much of additional value and it would be unthinkable to fund the account with 100,o00 USD with the broker that is not legit.
Trade5000 withdrawal and other fees
On the website, there is no information about the withdrawal policy, or about the commission that might be applied on the trading account. The broker falsely claims that there are no commissions. The information about those can only be found in the legal documents. According to those, Trade5000 withdrawal processing time is 7 business days. Meaning that the broker needs more than one week to process the withdrawal request. In addition to these 7 days, one needs to consider the transaction time after withdrawal is confirmed. Hence, it means that the withdrawal might take two weeks or more.
The withdrawal fee is applicable on all types of accounts, Platinum, Black and VIP account owners have one free withdrawal. The withdrawal fee is up to 30 USD. This is not the only fee applicable to the traders, there is profit clearance fee ranging between 1.50 USD to 5 USD per trade. Maintenance fee 20 USD, and verification fee 50 USD that is charged in every 30 days.
The commissions itself are very bad, but the fact that the broker claims to have commission free service and does not display this information in a more visible way is even worse. This points out that Trade5000 fraud or scam is actual.
Based on the information that can be seen on the broker’s website it is clear that Trade5000 is not legit and moreover, it is leading some kind of scam scheme. In any way, the products and services are very bad, and even if the broker was well-regulated, I would not advise anyone to start trading with the broker. Trade5000 is an offshore broker that does not have a license but still provides trading services to a wide audience. It has a badly designed website which does not work properly and indicates the possibility of Trade5000 scam or simply showcases how bad and ignorant the broker is. Despite the claim that there are no commissions, the broker is charging its customers for pretty much everything. To say shortly, Trade5000 cannot be trusted as it provides false or misleading information and has badly designed products or services. If you do not want to lose your money and be a victim of a scam, it would be better to avoid this broker at all cost.