Can Trade5000 be trusted? Learn in this Trade5000 review
Looking at the offerings and features of Trade5000 Forex broker it might seem that it is a good idea to sing up with the broker. The minimum deposit with the broker is not very low but at the same time falls in the standard of the most Forex brokerages. One can open a standard account with 250 USD. The leverage is 1:200, and the broker claims to provide over 1000 trading instruments for FX and CFDs traders. Traders have the possibility to choose from the six account types based on their needs and goals. Trade5000 also has bonus offerings based on the account types. There are various payment methods listed on the website and the broker seems to be paying a lot of attention to educating its customers. At first glance, everything seems to be legit and looks good, however, it takes some time to dig into the offerings and find out that these nice looking offerings are part of the Trade5000 scam. This review reveals the features of the brokers in details to answer the question if the broker is trustworthy or not.
The information about the brokerage is very limited, there is not much to see on the website either. The about us page of the brokerage does not provide valuable and needed information about the company only states that Trade5000 is a leading broker. The company behind Trade5000 FX brokerage is International Payment 5000 Ltd. Which has an operational address in Tallinn, Estonia. However, the brokerage itself is registered at The Commonwealth of Dominica. Longtime readers or people who are more experienced in Forex trading are well aware that scam brokerages always choose offshore destinations for registration. There they are met with loose regulations and cheap licenses. But while making Trading5000.com review I could not find the license number anywhere, meaning that the broker does not have a license at all and is operating illegally.
A website can serve as a good indicator to see if you can trust the broker or not. In most cases, scam brokers are not putting much money and effort to make a good website that has a good design, relevant content, and works flawlessly. This approach can be seen on the website of Trade5000 as well. The design of the website is bad, but it is the least problem that you can face there.
There is no information whatsoever that describes the features and offers of the broker. For example, you cannot find information about the trading platform, spreads and etc. That makes us think that the broker deliberately hides the information and Trade5000 fraud is real. Half of the pages on the website are not working. There is a section for education where the buttons redirect on the same page again and one cannot access the education page. Same goes for social media accounts. There are sings of Facebook, Twitter, Linkedin, and Google plus, but none of them work. In fact, the broker does not have any social media account. This indicates that either the brokerage is just established, or it chooses not to be present on social media, as it is a perfect space for angry and scammed customers to state their opinion about the broker. Out of these two versions, the second one appeared to be true, since while searching the broker on social media, you can find posts made by the customers who are talking about Trade5000 scam in 2018.
Trading with Trade5000
The traders who want to open an account with this broker have a choice between Green, Silver, Gold, Platinum, VIP, and Black accounts. The green account is standard one that can be opened with a minimum deposit of 250 USD. The most expensive account that Trade5000 offers is the Black account where traders are required to deposit 100,000 USD. There is a very big difference between the minimum deposits of different accounts, but there is a very small difference between the features which lowers the Trade5000 rating even more.
Unfortunately, we cannot review how spreads look like with the broker or what are the currencies and CFDs instruments that are offered for trading. Somehow, the traders need to register first to have access to this information, since it is not displayed on the website.
As many traders love to get different bonuses, scam brokers make it sure to showcase them on their website to lure the customers into investing with them. Trade5000 bonus is called a welcome bonus, but in reality, it is a bonus on deposit since it is measured in percentages. For example, for opening the green account with the broker, one can get 30% bonus, for silver account 40%, for gold account 60%, for Platinum account 80%, and for VIP 100%. While for some the bonus offer might seem good, it must be considered that the conditions of the bonus and the withdrawal policy for the profits made with the bonus are not indicated on the website, which is a very bad sign.
On the front page of the website, there are multiple payment methods mentioned, traditional ones such as debit and credit card or wire transfer, as well as Skrill, Neteller, WebMoney, Qiwi Wallet, YandexMoney, Paysafecarc, and Astropay. Usually, all of these payment methods require different commissions and have different time for transactions, this information must be mentioned in the withdrawal policy, but Trade5000 does not provide these details. The only information one can learn about Trade5000 withdrawal on the page dedicated to withdrawal policy is that the broker needs 7 working days to process the request. It is already bad, as most of the brokerages process withdrawal requests in one or maximum two days. The broker also has a withdrawal fee of 30 USD per withdrawal, but this information can only be found on the terms and conditions website. This is a very important detail and must be indicated on the page.
Trade5000 provides false information about the commissions, as the website states that trading with the broker is commission free. But can Trade5000 be trusted when it makes this claim? Obviously not. There are several fees that will be deducted from your account if you decide to trade with the broker. There is a profit clearance fee that is charged per trade, it can be from 1.5 USD to 5 USD for every trade you make. There is a monthly verification fee of 5o USD. Also, there is an account maintenance fee which is 20 USD, this is a monthly fee as well. It means that if a trader has a Green account and deposits 250 USD it will be charged with 70 USD directly and will be left with 180 USD to trade.
Not surprisingly our Trade5000 opinion is very negative. There is nothing that can even slightly increase the rating of the broker. Trade5000 is offshore brokerage offering unauthorized services. The website of the broker is made badly and serves as a trap for the inexperienced traders that are not able to see the scam behind the nice looking offerings. The broker hides all the needed information from the visitors and does not provide enough details on its services. Trade5000 scam seems to be real as the broker provides false and misleading information to convince traders to open an account with the broker. Last but not least, it charges various fees simply for having an account with Trade5000.