500 Trade Review – An Honest Evaluation Of the Broker’s Case
There’s surely not much we can tell you in this 500 Trade review except that your money is probably gone. This anonymous branch allegedly operated from Luxembourg. They’ve tried several domains and eventually disappeared.
But is it the end for you? Let’s hope not.
Is 500 Trade Legit Trading Brokerage? – Brief Overview
The company was established in 2020, allegedly registering its headquarters in Luxembourg. However, we’ve got official denials of that in the form of a CSSF warning in December 2020.
Furthermore, without legal documents, an active website, or any helpful information, we cannot claim that the 500.trade was ever real. It could easily be someone’s vicious idea of a boiler room.
|Broker name||Reliable Broker Must Have|
|Legal name:||N/A||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in:||Luxembourg (allegedly)||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2020||The older the domain – the higher the possibility the company is trustworthy|
|Domain should be from local or international zones, no .xyz etc.|
|Financial Authorities Warnings:||CSSF, FCA, DFSA||None|
|Contacts:||[email protected]||Phone, email, social media, web form|
|If withdrawal is possible:||Highly unlikely||Yes|
|Fees:||Hidden fees||Transparent fees – list of spread and commissions|
|If Active on Social Media:||No||Often present on social media|
|Investor Protection:||No||Compensation fund|
What About 500 Trade Regulation?
As you can see, the official regulator of the residing country, Luxembourgish CSSF, denied having any connections with 500 Trade. Then, the same warning was republished in Denmark, further spreading across the EU.
Finally, the UK FCA issued its own notice against the 500 Trade scam in July 2021, closing the case for us. So, what should you do next?
500.Trade Features and Accounts
As you can expect, we cannot tell you much about the broker’s features simply because the company vanished. However, we do know that they were luring clients through fraudulent Bitcoin ads placed all over social media.
If you are one of the victims of 500 Trade fraud, you’ve surely been offered to invest in:
- Currency pairs – EUR/USD, GBP/AUD, SEK/NOK
- Commodities – gold, silver, natural gas
- Indices – AU200, BE20, DAX30
- Shares – Amazon, Tesla, Microsoft
- Cryptocurrencies – BTC, BCH, ETH.
The main accent was on crypto, and each package contained more perks related to digital currency investing.
|Financial Instruments On Offer:||Forex, commodities, indices, shares, cryptocurrencies|
|Education or Extra tools:||No|
Traders Reviews – Honest Evaluation From 500 Trade Customers
If you take a deeper look at 500 Trade reviews, you will find lots of fake ones. Namely, one person – Daniel Rothschild, stands out as the go-to guy for your trading success. And yet, when you ask for a withdrawal, this same guy just disappears, leaving you disappointed.
Let’s examine some reviews together if you don’t trust our word for it. At the time of writing, we found 43 comments on Trustpilot, with a poor broker rating. At the same time, there have been 33 reviews on Sitejabber, with no positive comments in the last 12 months.
No need to wonder why, right?
How Did 500 Trade Scam Spread and Where?
According to our research and website traffic analysis, the majority of 500.trade customers come from:
- United States,
- United Kingdom,
- South Africa.
Of course, this list is far from complete, as the illicit firm spread its paws everywhere. They advertised free Bitcoins, guaranteed daily gains, and more. And, of course, delivered nothing. This probably leaves you wondering, can you ever get this money back?
Deposit and Withdrawals With 500 Trade
The company wasn’t as generous on withdrawals, as we had already established. The only way to invest was via Bitcoin, with the minimum deposit being $250. From there, the brokerage promised $100 daily profits, trading assistance, and everything that regulated firms such as HYCM can offer.
On payday, they ensured to decline all client requests, ask for additional fees, and close user accounts. So, what’s your next step?
Can I Make Money Trading Online?
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Is 500 Trade a Legit Online Trading Broker?
No, 500 Trade is not a legitimate financial services provider and has been banned in several countries for offering financial products without a license.
Where Is 500 Trade Based?
According to its website, 500 Trade was based in Luxembourg, but CSSF denied it.
Can I Make Money Even After I Already Lost?
Once you lose money while trading, you start doubting yourself. Stop with such psychology and turn your luck over. Choose the right broker, utilize the latest tools, such as AI, and start being successful.