500-index – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
500-index - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
The only piece of information we have about the trading conditions set by 500-index is that the minimum deposit amount is $500. We do not have any information about the spreads, leverages, commissions, roll-overs, or fees.
We were unable to register for an account, so we could not check what these details were.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.500-index.com
Founded: 2020
Regulations: Unregulated
Languages: English, Arabic
Deposit Methods: Bank Transfer, MoneyGram, Western Union, Bitcoin, Litecoin, Ethereum
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Cryptocurrencies, Stocks, Commodities, Indices
Trading Accounts and Conditions
The only piece of information we have about the trading conditions set by 500-index is that the minimum deposit amount is $500. We do not have any information about the spreads, leverages, commissions, roll-overs, or fees.
We were unable to register for an account, so we could not check what these details were.
500-index – Advantages
There are no advantages that we have found in 500-index.
500-index – Disadvantages
Here is the list of disadvantages of 500-index:
-
Unregulated Brokerage
500-index mentions a company called E-Global Trade & Finance Group. And then, there is an address provided which belongs to a company by the name of TFG Global Limited, which is based in Cyprus. The broker states that there is a partnership agreement between these two companies. However, the way the information is worded, we cannot be sure which of these two companies owns and/or operates this brokerage. The telephone number provided on the Contact Us page has a California, US code.
Furthermore, this broker claims to be regulated by the Bulgarian FSC (Financial Supervision Commission), and provides the license number SIBA/L/12/1027.
When you read through the broker’s About Us page, there is a third country mentioned – Germany. According to the information given on that page, this broker claims to be regulated by the BaFIN (Federal Financial Supervisory Authority), the regulator in Germany.
And when you check their FAQ section, the broker claims that it operates out of Switzerland, which means that this broker will need to be regulated by the FINMA (Financial Market Supervisory Authority).
We checked the FSC’s online register, but found that this broker (or even the companies mentioned by it) was not listed there. Furthermore, since this broker has also provided a Cyprus address, we also checked the online register of the CySEC (Cyprus Securities and Exchange Commission). Once again, we found that this broker was not listed there. We also checked the BaFIN’s and FINMA’s online registers – with the same results.
All the research we did on 500-index’s regulatory status just proved one thing to us – this broker is operating illegally. It is not regulated and it has lied about its regulatory status.
Furthermore, the kind of information that this broker has provided is so confusing that it looks like a cover-up for anonymity. We don’t really know which company runs this brokerage. And there is no way by which you can contact them – except through a telephone number that looks fake.
This is a not a broker that is trustworthy and contracting with an anonymous and illegally operating broker is a sure way to lose money.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
No Information on Trading Platform
We could not find a link to any kind of a trading platform on 500-index’s website – anywhere. We tried to register for an account, but because the broker required us to submit our personal ID details, we did not go any further. And since there was no demo account offered, we could not check anything that way either.
As a side note, it is never a good idea to submit your ID documents with a broker right at the outset. They can use it against you in case you file a complaint against them at a later date.
Anyway, most brokers clearly advertise the kind of platform they offer support for. But in this broker’s case, once again, there is a clear lack of any information. There is nothing mentioned about its trading platform.
-
No Information on Trading Conditions or Account Types
As we mentioned earlier, 500-index has provided no information on the types of trading accounts it offers. We only know from their FAQ page that the minimum deposit amount is $500.
Beyond that, we know nothing about the leverages, spreads, or any other fees or commissions that the broker may charge.
-
Confusing Information on Deposit Methods
On its homepage, 500-index displays the logos of the following payment providers: Visa, Verified by Visa, MasterCard SecureCode, MasterCard, Maestro, Skrill, Neteller and V Pay.
However, when you check their FAQ section, the broker states that they offer the following payment methods: Western Union, Bank Transfer, MoneyGram, Bitcoin, Litecoin and Ethereum.
Since there was no way for us to access the payments area, we cannot verify what the truth is.
-
No Information on Withdrawals
500-index has not provided any information on how you can withdraw your money.
-
No Legal Documents
There is no legal section on 500-index’s website! Literally none! There are no terms and conditions, withdrawal policies, KYC or any other legal documents that are necessary to establish terms of service.
-
FAQs Only Source of Information
The only source of information on this broker’s website is its Frequently Asked Questions page. And even there, you will find only the most basic of information.
Conclusion
500-index is a scammer. There is no other conclusion you can reach. This broker’s website has absolutely no information! We don’t know who runs this brokerage, where they are actually located or even how to contact them. The only way to contact them is by requesting a callback.
This broker has lied about its regulatory status. There is no information on any of the critical aspects of an online brokerage such as the account types, the trading conditions, or even the platform that is supported. There are no legal documents on this broker’s website!
The only way you will get further information about this broker is if you register with them and provide all your personal details first.
Do not trust this broker!
500-index
Pros
- None
Cons
- Unregulated Brokerage
- No Information on Trading Platform
- No Information on Trading Conditions or Account Types
- Confusing Information on Deposit Methods
- No Information on Withdrawals
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.