5Markets(5markets.io) is an offshore entity that allegedly offers unlimited trading opportunities. They claim to have the best trading programs and execution speeds. Regardless of what they say, one thing is clear and that is the reality clearly shows otherwise.
From the kind of spreads they charge to the amount of leverage they offer, everything is on the higher side. Moreover, there isn’t any trait displayed by them that reassures investors in any way. User feedback about them is also negligible and consensus is not doing any favors for them.
People appear to be fed up by them and some of them are struggling to get their money back. To get a clear idea about the risks associated with this firm, go through the following content. If you need help with the recovery process, then reach out to us via the contact form provided below.
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Licenses and Certificates
The first thing you have to check when it comes to any investing portal is their regulatory standard. This entity is owned by Uncanny Services LLC and it is located in St. Vincent and Grenadines. Undoubtedly, your money is not safe with them and they have no safety mechanisms like insurance as well.
Moreover, the financial regulatory body of Spain has issued a warning against them. They appear to be offering service to residents of Spain without proper licenses and authorization.
Considering the way they operate, we would not even dare to submit our personal information on their portal. After all, you cannot take chances with an offshore broker for any reason, right?
5Markets Trading Platform
We were hoping to see an established and sophisticated interface on their platform. Sadly, we could not find any familiar names. 5Markets uses a web based trading program that is seriously lacking in many areas. For starters, the trading costs are too high. Plus, we do not even know whether all forms of trading are allowed or not.
Algorithm trading is not present and it will be next to impossible for scalpers to make consistent winning trades with them due to the spreads. Leverage offered by them is 1:100 which is dangerously high. Functionality and practicality is too low in their default software.
Sadly, we cannot even find a single good thing about what they bring to the table. There are tons of better and safer alternatives available out there. Note that trading instruments are plenty, but the conditions do vary which means unless you have talked to the support team, it is not worth it to open any positions.
Charting and Tools
As we mentioned before, the default system is too outdated. There is no support for custom indicators. Charting is a bit too basic. Lack of support for custom tools in most cases is a deal breaker for professional traders. For any reason, if someone wants to proceed with them, then they would definitely need to buy third party charting software or else things will be difficult for them.
Also, the economic calendar is missing. Users are forced to jump from one tab to another just to find all the information they need in real time. For scalpers and short term traders, the entire setup is too withholding and frustrating.
Recover Money from 5Markets Scam
Offshore brokers like 5Markets make it difficult for the retail investor to withdraw their funds. From using vague policies to enforcing questionable policies, they do everything in their power to stop you.
If you are experiencing any difficulty in the withdrawal process, then contact us. We will analyze your particular case and help you in the recovery process for free. Our staff are at your service and they are just a click away always.
This broker has got a handful of mentions on social media platforms. Their ratings are terrible, but surprisingly there aren’t too many user testimonials about them. Reason behind no user input is still a mystery and it is not a good sign.
Ask yourself, are you really willing to risk your money on this platform that exhibits concerning traits with this level of uncertainty? Isn’t it better to look elsewhere and find a regulated broker that suits your trading style?
Is 5Markets a Scam?
5Markets is most likely a scam. Their business model is not transparent and there is no level of regulation present. They are free to literally do anything they want with the feed and investor’s funds. Moreover, even the fees are higher.
Interface provided by them is too basic and out-dated. The list of things wrong with them is indeed huge and we cannot possibly cover them all in one post. We suggest everyone to never take chances with offshore firms like this one.
5Markets broker has got no uniqueness whatsoever. Their platform is decades behind compared to the competition. Plus, the available facts clearly show us what we need to do. So, follow the trail of breadcrumbs and never take chances with offshore brokers.
If you have lost money to 5Markets platform, share your experience by commenting below.