Superfive(super-five.com) is a crypto currency trading platform that operates in a vague manner. Owners of this organization are unknown. The number of trading instruments available is not mentioned by them and as far as leverage is considered, the information about it is also scarce.
One look at their platform is enough for experienced traders to find everything wrong with them. Unfortunately, the newbies cannot identify all the pitfalls and they are the ones who are most vulnerable to unregulated brokerages like this one.
User feedback about them does not paint them in a good way and some of the traits they display is concerning to say the least. Clearly, the things which are wrong with them are many and we will discuss the important ones in the following paragraphs.
Moreover, this broker also works with a few auto-trading software that are operating in the grey area of law. Conflict of interest is obvious and with the kind of trading environment provided by them, it will be hard for anyone to be consistently profitable with them.
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In case, if you are wondering, know that they do not support social trading and copy trading as well.
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Is Superfive Regulated?
Superfive as we mentioned above is not a regulated exchange. Perhaps, the most scary thing about them is that they do not care to give enough details about their legality. For example, the address of their offices are not revealed, they do not offer telephone support. The only real way of reaching out to them is via email only.
Considering the way this platform refuses to provide clarity on their whereabouts along with lack of transparency, we must say that it does not instill confidence in any manner. Regulated brokers and entities always stick to certain standards and their main goal is protection of clients funds.
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This one does not offer any kind of insurance schemes and the funds of the users are not held in segregated accounts. In case, if they go bankrupt, the protocols are not clear and it is highly likely that people will lose all of their money.
So, for obvious reasons it is better not to go big with any unregulated parties because they have a lot of arrows in their qeer which can and will make the traders bleed drastically.
Superfive and Auto-Traders
Humans love automation. In the last few decades, numerous people have experimented with a lot of different styles and yet the perfect algorithm is still not found. Trading using scripts and bots certainly has a lot of merits, but the flaws are not something that can be completely eradicated.
This brokerage works with a lot of shady auto-trading programs. They aggressively promote themselves and push the clients towards spending more money with them. Needless to say, they are operating in the grey area of law and are putting their own interest above the financial well being of their clients.
The kind of behaviour they showcase proves that they are not reliable by any means and as such, one needs to have a very conservative approach towards them. Any Auto-trader that does not share the past verifiable trading history is not transparent. Also, keep in mind that past results do not necessarily guarantee anything.
So, the best thing to do would be to get a tight grasp on risk management by diversifying the portfolio. Lastly, any trading software that exaggerates the gains with little to no proof must be avoided because the good algorithms are never offered for dirt cheap prices.
Available Assets and Leverage
Unlike a lot of platforms, Superfive does not offer a glimpse of their web based trading interface. The exact list of instruments available is not shared with the public. They do feature the top 14 cryptocurrencies along with the price charts on their homepage.
Sadly, the leverage conditions are not straightforward. Using leverage by itself is a very risky thing to do. Professional traders rarely use more than 1:20 leverage, but as cryptocurrencies are volatile and double digit changes occur frequently, one needs to be careful while enhancing their exposure.
We do not know whether the amount of leverage made available by them is the same for all assets or it depends upon other conditions. The lack of details is disturbing and if the newbies make the mistake of initiating positions without understanding the terms, then chances are it will end very badly.
At the time of publishing this post, there are over 10,000 currencies. Meme coins have taken over social media platforms and the swings experienced by this asset class can be called “Toxic” in some sense. People that use fundamental analysis are likely to benefit from the current scenario.
If you are investing because of FOMO, then it is better to talk to a licensed financial planner before allocating the funds. For execution of the trading plan, always stick with licensed brokerages. More importantly, read and understand the conditions and obligations before making any sort of move.
Charting and Trading Interface
This broker offers charts and trading tools that are outdated. The web based app might look good, but as far as functionalities go, it does not offer many things. For starters, custom tools and indicators are not supported. Algorithmic trading is not available and the spreads are unknown.
They say that certain instruments might have additional fees, but the names of those specific things are not mentioned. As the social trading feature is not there, anyone with active day jobs cannot make full use of the trading world and that’s a deal breaker for many people.
Making use of a third party charting solution will be a must for anyone that likes to indulge with this platform. In case, if you are wondering, know that things like grid trading and crypto ETFs are not available as well.
Superfive Contact Details
Nowadays, it is not easy to set up a crypto exchange because the established platforms are always coming up with new innovations to keep the user both satisfied and engaged. To please the customers, popular exchanges offer multilingual support, telephone assistance, Live chat and much more.
The main thing all the reputable entities want to accomplish is provide exceptional support to instill trust and enhance the brand image. Superfive interacts with their audience through email only.
If you ever need help with something urgent, then it will be almost impossible to get hold of them within the required timeframe. Lack of quality support team along with blurry legality of the platform should tell you a lot about them.
After all, any firm that does not cater to all the needs of the customers will generally not be around for long, right?
Email – firstname.lastname@example.org
Deposits and Withdrawals
To find the minimum deposit requirement, we had to dig up a lot of data on their platform. For standard accounts, $200 is the minimum capital required and for micro accounts, $10 is the minimum capital. The difference between the account types is not clear and apart from their own support staff, no one can explain the way it works.
They accept payments via credit card, debit card and wire transfer. Minimum withdrawal amount depends upon the payment method chosen by the client and it usually ranges between $100 to $250. Many people have mentioned that they also accept cryptocurrencies.
However, as we couldn’t open an account with them, we haven’t seen the crypto option personally. During our investigation, we couldn’t find any bonuses or other kinds of promotions.
Nonetheless, we strongly advise people never to sign anything on their platform without reading the documents thoroughly. Keep in mind that conflict of interest is a big thing and it usually hurts only the retail side.
Humans undeniably are social beings. A lot of the decisions we take are also dependent upon the social proof and that is why many platforms showcase the testimonials on their homepage. Superfive is roughly around 1 month. The data suggests that they are experts in marketing.
However, if you check for their reviews or try to look for user feedback, most of the concerned data will be negative. With so much heat from the clients, it is clear to us that their operational model isn’t working out well and they cannot survive for long in this manner.
To get a sense of the latest developments with them, checkout this Trustpilot page. Initially, they were able to get good ratings, but gradually the complaints are getting more and more. At the end of the day, thanks to the digital world we live in, the truth just cannot be hidden for long.
Reckless and Mis-managed. It isn’t a scam as the prices are live though I would say I was suckered in.
I put my faith into them and after testing them time after time I put all of my savings into my account (my fault) and watched it all disappear.
I was given free reign over the use of my account though when I lost everything, both my initial investment and my ‘recovery loan’, it happened when I was asked to ‘have faith’ in their professional researchers. So I did and I am now left struggling to find living expenses.
Just before I lost my ‘recovery plan loan’ they stopped engaging with me and I was left floundering as I was isolated in a world I did not understand.
Even after loosing everything I cannot get angry without being depressed so all I will say is please please please be careful.
Is Superfive a Scam?
Superfive appears to be a hustle which is operating in the grey area of the law. They associate themselves with fraudulent platforms. Sales pitches created by them are aggressive and are usually targeted towards the newbies.
Customer support and user experience are things they do not seem to be bothered about which means their future is not that bright. Segregated bank accounts are not present, details of anyone on the management side is not shared. The more you look at small details, it becomes obvious that they are trying their best to stay under the radar.
Given their declining user base and ratings on third party forums, individuals really must think twice before depositing with them. Moreover, as their policies are loosely structured, it gives them a lot of control over things and they can tweak anything at any time without providing much time for the users to react.
So, it is a no brainer that people should avoid them. In case, if you have already opened an account with them and are unable to get the funds out, then we have a quick remedy for you.
Gather the transaction details and use the contact form on our website to reach out to us. Our team will carefully assess the data and help you not only trace the funds, but also assist you in the recovery process.
Cryptocurrencies are the most debated thing in the markets right now. It does open up traders to a world of opportunities. With new projects coming in almost everyday, there is a lot of potential. Nonetheless, it does not mean you should get started with it without doing solid research.
Start by choosing a good strategy and focus on ways of managing risk. Maintain a portfolio with derivatives and never invest a huge sum especially if you are starting out. When it comes to execution, deal only with regulated firms and regardless of the things unregulated brokerages offer, never take chances with them.
Superfive may be offering tighter spreads and other low trading fees for the time being, but your funds will never be safe with them.