Choosing a reliable and trustworthy online broker is one of the most important steps for any trader in the forex market. Unfortunately, the internet is filled with scam brokers that aim to cheat traders and steal their funds. One of these brokers is 500-index.com. In this review, we will take a closer look at this broker, its services, and what the internet has to say about it.
Company Overview:
Broker Name | 500-Index |
Website | 500-index.com |
Location | Unspecified |
Regulation | Not regulated |
Warning | FINMA, CONSOB |
Team
Like their website address and location, they did not specify any team member details on their website. We expect at least to know about their CEO or founder’s name. But, no details were found.
Services or Products
500-index.com claims to offer a wide range of financial instruments, including forex, commodities, indices, and cryptocurrencies. The broker provides four account types: Basic, Silver, Gold, and Platinum, with minimum deposit requirements ranging from $500 to $50,000. The broker also offers leverage of up to 1:400 and a bonus program.
Trading Platforms
500 index offers its clients the MetaTrader 4 (MT4) platform, which is a popular choice among traders. The MT4 platform provides traders with advanced charting tools, multiple order types, and automated trading capabilities. But, we could not see any demo account to try the platform.
License and Regulations
License Status
There is no evidence that 500 index holds any valid license from a reputable financial regulatory authority. We searched for their license information through their customer service, but we did not get any response. It is clear that they don’t belong any license. If they have, they will present their license on their website.
Regulation Status
500-index.com is not regulated by any financial authority, which raises serious concerns about the safety of traders’ funds. When we searched with several regulatory organizations, we found two warnings from FINMA and CONSOB. We will show the warnings in the later section.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing With Unlicensed Brokers Is Risky?
Unlicensed brokers, such as 500-index, operate without any oversight from financial regulators. As a result, they can engage in unethical practices, such as manipulating prices, withholding withdrawals, or even shutting down their website and running away with traders’ funds. Dealing with unlicensed brokers is, therefore, extremely risky, and traders should always choose regulated brokers to protect their investments.
Legal Warnings Against 500-index.com:
Several financial regulatory authorities have issued warnings against 500-index.com, including the FINMA in Switzerland and the CONSOB in Italy. The warnings state that 500-index.com is not authorized to provide financial services in their respective jurisdictions.
Client Feedback About 500-index.com
About Trading
There are numerous complaints from traders who have used 500-index.com services, including poor trade execution, high spreads, and price manipulation. Several traders also reported that the broker stopped them from closing their positions or withdrawing their funds.
About Customer Service
Many traders also complained about the poor customer service provided by 500-index.com, including unresponsive support staff and long withdrawal processing times.
How Can FX Farm Update Help You If You Get Scammed?
If you have been scammed by 500-index.com or any other broker, you can turn to FX Farm Update for help. Submit your case through our website, we will evaluate your case and will provide you with a free consultation. We will also provide you with some recovery service recommendations to help you in retrieving your lost funds.
Final Thought
500-index.com is an unregulated and unlicensed broker that poses a significant risk to traders’ investments. The broker has received several warnings from financial regulatory authorities, and there are numerous complaints from traders about its services. Therefore, we strongly advise traders to avoid 500-index.com and choose a regulated and trustworthy broker instead.
