Trade5000 review discussing features and weaklings of FX broker
One of the ways to distinguish a good broker from the one you cannot trust is to see how much information does the broker provide about itself. Trade5000 is a good example of it. There is very limited information about the brokerage as well as the services the broker offers to its customers. If you have been thinking of trading with it, make sure to read Trade5000 review that showcases everything that the broker is hiding from the eyes of traders.
Trade5000 offers Forex and CFDs trading to the worldwide audience but targets English speaking people, residents of Poland, and Russia mostly, as the website can be viewed in these languages. The minimum deposit required is 250 USD and the leverage can be as high as 1:200. As Trade5000 claims the broker provides over 1000 trading instruments to its customers. Apart from this information, there is a very little description of the services itself which makes us think about Trade5000 scam, therefore, let’s go straight to business and see how legit the company is.
Is Trade5000 legit?
Trade5000 is the branding name of the company “International Payments 5000 Ltd”. The brokerage is registered in Dominica. As it claims it is registered with the Commonwealth of Dominica and showcases the registration number on the website. Unfortunately, the broker does not claim if it has a valid license or not. The absence of the license number points out that the broker does not have the authorization to provide trading services. The information cannot be found on the website of the regulator as well. It means the broker does not have a right to operate. Even if Trade5000 had a license, it would not change much as it is registered in Dominica, a place where the scam brokers find their haven. Can Trade5000 be trusted as it does not have a license?
According to the broker “International Payment 5000 Ltd” is operating from Talin, Estonia from the operational address Tornimae 5, Tallinn, 10145, Estonia. There is no indication if the company is regulated, meaning that Trade5000 is not operating legally. One more thing to mention about the broker is that there are no reviews or Trade5000 opinions made by the customers. It indicates that the broker is either very successful with its fraud or is newly established.
The webpage experience
The website of the broker does not convince us that the brokerage is anywhere near to the trustworthy broker. The design looks very sketchy, and simple in the negative understanding of this word. It makes visitors feel that the broker did not put much time or effort into making it. The information you can find on the website is limited to “products” page which is nothing more but a definition of Forex and CFDs trading, information about account types, “Education”, and “About us.” For other information, one has to read multiple pages of legal documents.
The website has multiple problems and errors. For example, for making Trade5000.com review I wanted to check the social channels of the broker but the links to them do not work on the website. I searched the page of the broker directly on Facebook, but there was none. However, I found the posts made by the customers stating that the broker scammed them. Most of the posts were made in Russian and some of them were Polish. The broker also claims it has other social media account such as Twitter, LinkedIn, and G+, but does not have an account on any of them.
Last but not least, the broker claims that it provides education with different sources including eBooks, videos, and webinars. But if you try to see any of them you won’t be able, as there are no pages available for any of those. The fact that the website is so bad and unprofessional confirms that Trade5000 fraud is real.
Trade5000 account types and offerings
Now let us talk about what the broker offers to the traders. It is not an easy subject, as there is not much information about it. The broker claims to be offering 1000 trading instruments, but there is no information about them. A trader cannot know what are the currency pairs or CFDs instruments available for trading, until signing up with Trade5000. There is no information about spreads as well, how tight or wide they are. The only hope left for acquiring information is the FAQ section. Unfortunately, there are four questions only and all of them have the same answer. This reduces the Trade5000 rating even lower.
As for the account types the broker offers six types of accounts but none of them impressed us. First of all, CFDs trading is not available for the first two accounts, meaning that someone who wants to trade both FX and CFDs with Trade5000 has to open an account that requires a high minimum deposit.
The account types are as follows: Green, Silver, Gold, Platinum, VIP, Black. The minimum deposit for Green account is 250 USD, the highest minimum deposit is for the black account which is 100,000 USD. All accounts get the basic features that are limited to 24/6 customer support, Education center, demo account, daily market review, webinars, and price alerts. The difference between Trade5000 Forex broker’s accounts is very small, Platinum, VIP, and Black accounts get the major market event updates, more trading signals and unlimited one on one expert sessions. Seeing that the broker does not really provide education, one needs to think about how many features described are real, my guess would be that none of them.
The broker offers “welcome bonuses” for the traders with any account types. The idea of the Trade5000 bonus is confusing, it shows that Green, Silver, Gold, Platinum, and VIP accounts get 30, 40, 60, and 80% bonuses respectively. It means that one needs to deposit money to receive the bonus, so it is not a welcome bonus but a deposit on bonus and the broker misleads customers or fails to provide information in a proper way. The other problem of the bonuses is that there is no more information about them, every bonus comes with the terms and conditions and they should be showcased in a very diligent way.
Trade5000 withdrawal policy
Trade5000 withdrawal is another reason why you should not think of trading with this broker. The withdrawal processing time is 6-7 business days. After the withdrawal is confirmed, there is still time needed for the transaction. Meaning that you might not be able to receive your funds for two weeks or so. Moreover, there are charges for withdrawing your money. The broker proudly states it has commission trading, in reality, there are commissions that cannot be found on the website, but is described in the terms & conditions document.
Trade5000 withdrawal fee is 30 USD per withdrawal. There is also an account maintenance fee which is 20 USD, verification fee that must be paid every month, which is 50 USD. The broker also has a profit clearance fee that is between 1.50 USD and 5 USD per trade. There are too many commissions for the broker claiming to be “commission-free.”
Trade5000 review summary
Trade5000 FX brokerage is kind of broker you need to stay away from. The broker is not regulated and operates illegally, providing unauthorized financial services. It is registered in Dominica and is an offshore broker. The service and features are not described sufficiently and contain misleading information. The broker falsely states there are no commissions when it charges fees for maintenance, profit clearance per trade, verification fee, and withdrawal fee. To say simply, there are a lot of signs of Trade5000 scam and everyone should keep their funds away from this broker to stay safe.