5Markets is another offshore broker without proper regulation. The company is registered with the FSA in Saint Vincent and the Grenadines through an external brokerage. It means it’s just a shell firm covering for an illicit business. Read our 5Markets review and find out all the reasons not to trust this brokerage.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | 5markets.io |
| Blacklisted as a Scam by: | CNMV, FSMA |
| Owned by: | Uncanny Services LLC |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 250 EUR |
| Cryptocurrencies: | Not Available |
| Types of Assets: | Forex, commodities, indices, shares |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
5Markets a Secure And Regulated Platform?
5Markets is owned by Uncanny Services LLC, registered in Saint Vincent and the Grenadines. After we had reviewed numerous brokers from this country, we concluded one thing. A third party establishes all these firms, and the owners probably never set foot on the island. Thus, the registration is shady, and so are the companies. If something happens, you won’t be able to get your funds back from an alleged investment company with an alleged headquarters.
How Unsafe Is An Unlicensed Broker?
Upon reviewing CONSOB, FSMA, FCA, ASIC, and other Tier1 registers, we concluded that 5Markets is not regulated. This means that you have nowhere to file a complaint and there’s no compensation fund. For instance, Tier1 regulated firms must have over 700,000 EUR at any time to reimburse potential victims. With 5Markets and similar bogus firms, you have no guarantees.
Also, we want to invite you to read our recently updated reviews of fraudulent brokersCryptoGo365,GF Marketsand4xhub. Be careful with these brokers.
5Markets Warnings From Financial Regulators
5Markets and its owner, Uncanny Services LLC, were blacklisted by the Spanish CNMV. This authority body stated that 5Markets provides unregulated services, including Forex trading and financial advising.
The same warning was later republished by the Belgian FSMA.
Though, Is 5Markets a Legit Broker or a Scam?
5Markets is a fraudulent online trading brokerage. The firm is registered in Saint Vincent and the Grenadines and has no regulation. The broker was blacklisted in Spain.
Traders’ Experience With 5Markets
Traders are not entirely happy with their 5Markets experience. Thus, it resulted in many complaints and regulatory warnings. According to reviews, 5Markets doesn’t let customers withdraw their funds. Instead, the firm is simply blocking customers’ accounts and stopping responding.
If you notice that you cannot withdraw your funds for over 3 business days and cannot log in to your account for more than a few hours, it’s time to get help.
What Platforms Does 5Markets Offer? – Available Trade Software
5Markets offers a typical WebTrader.
WebTrader Platform – Platform Features
It’s a TradingView chart with several indicators. While regulated brokers provide MT4 or MT5 and ensure that their traders have top-notch trading tools, offshore brokers like 5Markets don’t bother too much. Their goal is to have as many clients as possible, not to keep them long. Therefore, we have basic trading software with little to no functionalities.
All About 5Markets Accounts – Demo Account
5Markets offers 3 Live account types and no Demo account. If you want to start trading, you can choose one of the following:
- Student – 250 EUR
- Pro – 1,000 EUR
- Pro+ – 2,499 EUR
Accounts differ in spreads, leverage, welcome bonuses, and more.
5Markets Broker – Countries Of Service
The broker can be found in:
- Italy
- Spain
- Greece
- UK
- Turkey
5Markets Range of Trading Instruments & Markets
Surprisingly, the broker doesn’t offer crypto trading. Clients can access:
- Currency pairs – EUR/USD, GBP/USD, USD/JPY
- Commodities – gold, oil, silver
- Indices – Dow Jones, S&P500, NASDAQ
- Shares – Amazon, Apple, Google
In the meantime, avoid scammers likeFinanBelt,Empire FXMandCitadelex. If possible, tell us about your scam experience.
5Markets Trading Conditions
Unregulated brokers determine their own conditions, making them appealing to traders so that they will join.
About Leverage And Spreads
Spreads start with 0.1 pips, which is fantastic. However, it means that the broker makes low commissions. This indicates that their utmost goal is not to earn commission but your entire deposit. The leverage is unregulated and goes up to 1:500, against all the rules.
5Markets Deposit, Withdrawal Methods, And Fees
With unregulated brokers, there’s an issue with payment methods as well.
What Payment Methods Does The Broker Accept?
This company accepts only cryptocurrencies. It’s the least safe method. Crypto is hard to trace, and recovering your funds is quite uncertain. Instead, invest with legitimate brokers allowing you to use credit cards, PayPal, or any other safe method.
Why Do Scammers Prefer Cryptocurrencies?
Once you transfer funds from one wallet to another, the transaction itself is encrypted. Thus, tracking the money and finding it is a challenge. Scammers count on people’s ignorance and hope that they will not be able to get the money back.
Minimum Investment Amount
The minimum investment with 5Markets is 250 EUR. While this is the industry standard, giving funds to unregulated brokers is risky. As you can see from the regulatory warnings, the broker is not safe. Furthermore, the firm doesn’t approve any withdrawal requests. Any money you invest could easily be stolen.
Customer Support – Communication Channels
The firm contacts customers using the following channels:
- Phone calls
- Messages
- Emails
- WhatsApp and Telegram
- Social media
If you see the name 5Markets and you’re prompted to invest, just ignore the firm for your own safety.
5Markets Bonuses – As A Method Of Fraud
The company gives a 5.2-12.4% welcome bonus and the same amount for referring a friend. However, the clause about bonuses in the Terms and Conditions is quite blurry, stating that the company can cancel incentives anytime. There are no specifications on the necessary rollover before you can get your money back. And that’s not something you want.
Scammed by 5Markets Broker? – Let Us Hear Your Story
If you were scammed by 5Markets or a similar bogus broker, let us know. Our chargeback specialists will be here to hear you out and assist you with the refund.
But What Is A Chargeback?
This is a way for your bank to recover funds stolen from your credit card. Contact us via online chat to explain what happened and we will find a way to recover the money together. You’re not alone.