555Markets – Are They Safe?

Website URL: www.555markets.com

Founded: 2020

Regulations: Unregulated

Languages: English, Russian, Vietnamese, Arabic, Portuguese, Spanish

Deposit Methods: NasaPay

Minimum Deposit: $100

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Stocks, Commodities, Bonds, Indices

Trading Accounts and Conditions

555Markets seems to offer only one type of trading account. There are no trading conditions mentioned clearly anywhere on this broker’s website. We don’t know the spreads, commissions or any fees you will be charged when you contract with this broker. However, we were able to gather that the leverage offered by this broker may be a maximum of 1:200, but since we were unable to access their platform, we cannot verify this information.

555Markets – Advantages

There are no advantages to trading with 555Markets.

555Markets – Disadvantages

Here are the disadvantages that we have found with 555Markets:

• Unregistered Broker

555Markets claims that it is a registered brand name of Glastrox Trading Ltd, which is a licensed investment company that is registered under the Marshall Islands Business Corporate Act. It is also marketed and operated by the name company.

However, all payments are processed by another company called Keyword Services Limited, which is located in Cyprus.

It should be noted that being licensed to operate under the Marshall Islands’ financial authority is not a valid form of regulation, since this agency does not have laws in place for forex and CFD brokers.

And since 555Markets has not mentioned any other licensing details, we can safely assume that this broker is not regulated in anyway. Basically, it is operating outside the boundaries of the law.

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• Public Warning Issued by CNMV

The Spanish financial authority, the CNMV (Comisión Nacional del Mercado de Valores) has issued a public warning against 555Markets. On its website, the CNMV states that 555Markets is an unregistered broker that is not authorized to offer its financial services to traders in their jurisdiction.

Seeing this warning is enough evidence for us to understand that this broker is not to be trusted.

• Broker Shares Clients Data with Affiliates

Another huge cause for concern is that this broker clearly states that its clients’ data is not confidential. That it will share your information with its affiliates, partners and alliances. However, the broker does not share the names of these entities with which they will share your data.

Furthermore, there is a clause in the Terms and Conditions that when you sign the user agreement, you agree to allow your data to be shared with third-parties located outside the European Economic Area.

• Third-Party MT4 Software Offered

555Markets claims to offer its clients support for the MetaTrader 4 software. The MT4 software is the world’s most popular trading platform. It offers you the ability to carry out market analysis and automatic trading, use various data charts to assess markets, and so on.

Now, if this broker was offering this software under its own name, we would have considered it a huge advantage. However, the MT4 platform that you get from 555Markets is actually licensed to a third-party company by the name of Bokerjet.

This broker also claims to offer the Sirix platform for trading – another very good software. However, when we tried to access that platform, we found that that too was licensed to Brokerjet.

This basically means that 555Markets does not have a trading platform of its own, and that in turn means that it is not safe to use their platform at all.

• Lies About Deposit Options

555Markets website prominently displays the logos of multiple payment providers – Visa, MasterCard, QIWI, directa24, Yandex Money, Cryptocurrencies and Alfa Bank.

However, when we access their payments portal, the only thing we could was click on the Deposit button – there were no payments options given. So, when we clicked on the Deposit button, we were redirected to the NasaPay payments platform. However, that portal required too much of personal information because of which we were unable to complete the transaction.

• Strange Withdrawal Section

The deposits portal wasn’t the only thing that concerned us about this broker’s payment options. The withdrawals section is equally suspect. You can only click on the Submit Withdrawal Request button. There are no payment options given here either.

• Refusal to Accept Deposits if Chargebacks Suspected

This is another clause that is highly suspicious. 555Markets clearly states in its Terms and Conditions that if they suspect you will demand a chargeback, they will not accept your deposit!

• Other Unfair Terms of Service

The payment terms aren’t the only clauses that have caused us concern about this broker. Here are some more very unsettling conditions we found on 555Markets’ website:

• Bonus Withdrawal Conditions

If you accept their trading bonuses, then you will need to complete 1 lot for every $10 bonus you have availed of. If you do not comply with this condition, you will not be allowed to withdraw your funds.

• Banking Conditions

555Markets states that your funds will be held in segregated accounts, but not in the European Economic Zone. And if they go bankrupt, then they will not be held liable for any losses you suffer.

• Legal Loopholes

There are numerous indemnification clauses that are also rather suspicious. Here is one that stood out the most.

If you suffer any losses while using this broker’s services and file a claim against 555Markets, then you will have to pay the broker’s legal expenses!

Conclusion 

555Markets is a scammer and if you trade with them, you will lose your money. They are unregulated, blacklisted by one of the top financial regulators in the European Union, have filled their website with false claims, and the terms and conditions are ridiculously unfair.

We would strongly advise all traders to avoid contracting with this broker.

555Markets

2.6

User Experience

3.3/10

Payment Options

2.4/10

Security

2.3/10

Support

2.5/10

Reputation

2.3/10

Pros

• None

Cons

• Unregistered Broker
• Public Warning Issued by CNMV
• Broker Shares Clients Data with Affiliates
• Third-Party MT4 Software Offered
• Lies About Deposit Options