JPY500 Review – Main Reasons To Avoid This Broker
A company with multiple offices worldwide is always a good thing. However, if those offices are fake, that raises some suspicions. In general, JPY500 LLC claims to have offices in two coutnries, Ireland and St. Vincent and Grenadines. Let’s take a closer look at those two and see if we can trust this broker in our latest JPY500 review.
For a better understanding of the trading world, security and refund options, check our Global-Solutions and TradeHUB reviews.
|Address||Georges Quay House, 43 Townsend St, Dublin, D02 VK65, Ireland|
|Bonuses||Up to 100%|
Is JPY500 a Reliable Broker? Regulation and Security
JPY500 claims to be in the business for a long time. Also as the award-winning company in 2022. Thus, their domain is registered in 2023 according to the WHOIS. As the company is allegedly based in the US also, we are checking first with US regulators. Such as CFTC and NFA. Thus, the results were disappointing. None of the searches brought any results about this broker.
Not only that but not even Ireland Central Bank. Since the FSA of St. Vincent and Grenadines is not providing trading licenses, that country is skipped. Thus, what we found during the research is a warning. But not from any regulator. It’s one of the most trusted ones – the Financial Conduct Authority (FCA).
After this, you understand that you can’t trust any words coming from a JPY500 scam broker. Their awards, security, track records, or anything.
Broker’s Trading Platform Overview
The company claiming that it’s an award-winning one is missing one important detail. It’s a trusted trading software. Instead of third-party Meta Trader or cTrader, they offer a web-based one. Since the broker is not offering a demo account, we can’t test it out. But for a scam broker with numerous negative reviews, we are not surprised.
Such software can give them an enormous advantage over traders. Firstly, it’s not reliable and stable. Secondly, it can be controlled by their agents. That’s used mainly to present a false picture of the trading data and to pressure traders into depositing more money.
This software is not accessible to visitors for a reason. Most likely due to missing advanced features like social and copy trading. Of course, they are hiding their flaws for as long as they can.
Account Types Available
Account types with scam brokers are nothing but a clear sign of how much they want to take from you. Most of the time, in exchange for nothing. In this case, they allegedly offer even automated trading from the Premium account. Since it comes from a scam broker, we wouldn’t trust it much. Here are the accounts:
- Basic – $250
- Silver – $10,000
- Gold – $25,000
- Platinum – $50,000
- Diamond – $100,000
- Premium – $250,000
- VIP – $500,000
- Top Member – $1,000,000
Firstly, the company is offering widely banned bonuses. On top of that, they have a leverage of 1:100. Whilst many European regulators allow maximum leverage of 1:30. With lower fees, traders should be satisfied, but only if they can get the money out. Which is not the case according to many JPY500 broker reviews.
On top of all, they don’t have any risk-free options for trading. Such as demo accounts. Not even micro-accounts.
Funding Methods Available
For a broker that claims to be trusted by multiple institutions, they have quite fishy funding methods. The company only accepts two options:
- Debit and Credit cards
Crypto transfers are very popular among scam brokers due to high anonymity. Also, such transactions are irreversible in a traditional way. Unlike with card transfers where you can file a chargeback within the first 18 months.
If you ask any trader, you will see that shady brokers will give you numerous positive reasons why to use crypto. Indeed, they have multiple benefits. But not if you are sending money straight to the scammer’s pockets.
How Does the Scam Implement?
As you can see, the broker promotes automated trading or bots. That’s how they attract traders to register. In general, who wouldn’t like software to make money for them? Once traders register, they are given the freedom to start low. Still, too much for a scam broker like JPY500. With their web-based software, they can manipulate market data and make traders believe in gaining some profits.
But once they start depositing more for bigger profits, the magic happens. Either the market crashes or the broker is asking you for more. These con artists have multiple ways to trick traders. One of those is a withdrawal fee. Which is most of the time non-existent. But also with a bonus policy.
Unfortunately, the Client agreement is not publicly available. Most likely due to malicious clauses that they want to hide from everyone. But bonuses usually prevent traders from withdrawing profits. Unless they make an insanely high turnover.
JPY500 has all the necessary signs to be marked as a scam. Without regulations, but with a warning from the FCA that’s obvious. Also, non-reliable software and a missing withdrawal policy are making them questionable. After all, JPY500 reviews are the cherry on top.
To sum it up, nothing to hope for with them. If you already feel like the victim, don’t worry. Our specialized fund recovery team is there to advise you. Whether you need CipherTrace to track crypto or assistance with a chargeback, we are available. The first consultation is free of charge. Get in touch now.
FAQs About Global-Solution Broker
Is JPY500 Regulated?
No. The company doesn’t have any licenses to provide any FX and CFD trading services.
Is My Money Safe with JPY500?
No. There is a warning against them, but also many negative user-experience reviews.
Does JPY500 Offer a Demo Account?
No. Another shady thing about this broker is the missing transparency about the trading software.