Trade5000. Everything you need to know
Trade5000 are one of the many brokers that you can choose to trade with. But, the question that you should be asking is if they are the best brokers to use. There are a huge variety of brokers that you can use, but only a couple of them are reliable and recommended.
You should make sure that you are getting as much information as possible about Trade5000 before you choose them for trading. This is the only way that you can make sure that you are choosing the right broker.
There isn’t much information about them, but it seems like they are forex and CFD brokers. There are a couple of cryptocurrency pairs that they are mentioning on their site.
They are offshore brokers and situated in Dominica. They do give an address that seems to be a valid address, and they are giving an official phone number and email address as well. They are giving more than one telephone number, but we can’t say which ones are the right one to contact for assistance.
Registration and regulation information
Trade5000 isn’t registered. And, they are an offshore broker as we said before. This means that this is really risky to use them. Just like any legit business, online brokers should be registered as well. Otherwise, you are doing business with someone that isn’t legit.
If you want to make sure that the brokers that you are using are really recommended and safe to use, you should use those that are regulated. They are being regulated by regulators to ensure that they are staying legit and trading legally. Trade5000 isn’t regulated, because they aren’t registered.
Account and minimum required deposit info
A great thing about Trade5000 is that they are offering five different accounts. Five different accounts like green, silver, gold, platinum, and VIP. You should make sure that you are choosing the account option that is best for you and your trading needs.
With each of these accounts, you need to pay a minimum required deposit in order for you to start trading. With the green account, the deposit is reasonable and not high at all. The deposit starts at $250. However, with the other accounts, the deposit is a lot higher, and this is making the risks a lot more.
No information about the platform that they are using
It is really important to know as much as possible about the platform that traders are using. Trade5000 doesn’t give all the necessary information about the platform that they are offering to traders. It isn’t even possible to see if they are using the most popular platform MT4.
With further investigation, it became clear that they don’t make use of the MT4 platform, and that the platform that they are currently using isn’t really reliable. Making it even riskier to use Trade5000 for trading.
No demo accounts
When traders are making use of a new broker, it is important to use the demo account first. This is to make sure that you are able to see how they are working, the fees they are asking and the platform that they are using.
Trade5000 doesn’t have a demo account. You can’t use their services without paying real money before you can decide if this is a broker that you want to use.
High trading costs
When you are trading, and making use of brokers, you are going to pay some trading costs. However, most of the brokers don’t ask high trading costs. With Trade5000, you are going to pay much higher trading costs as normal. Meaning that you are going to pay higher costs than with any other reliable broker.
At the end of the day, most of your profit will go back to the broker because of all the fees that you need to pay.
High withdrawal fees
If the high trading costs isn’t enough, you are going to pay high withdrawal fees as well. Every time that you want to withdraw some funds from your account, you are going to pay fees. This is because they don’t want you to withdraw money as often.
What are regulators saying about brokers
What are regulators saying about Trade5000? Are these brokers that you can trust, or should you stay away from them? Most regulators are warning against using Trade5000. They are saying that there are too many irregularities about these brokers to be able to use them safely. The most important thing to know is that there are regulators that have blacklisted these brokers from being used. Meaning that you should really not consider using them at all.
Trade5000 isn’t the best and recommended brokers on the market. If you are thinking about trading, the last broker that you should consider using is Trade5000. They aren’t registered, regulated and they are an offshore broker. There are many reasons why you should rather use brokers that are recommended by regulators and that are giving you the benefits of trading. Trade5000 will not be the best brokers to use when you want to make a success out of trading.