Let’s take a fresh look at Group 500 broker and see the new information that emerged. The domain of the said firm was last updated on the 10th of February, 2023, indicating the possibility for the scheme to return.
Our in-depth Group 500 review will show you all the details about the company’s operations and help you avoid being conned. Or should we say conned again?
We also want to invite you to read updated QuantumMarket, Fenix Securities and IGC Markets scam broker reviews. For those unaware, their investment offers are too good to be true!
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||FCA, FINMA, FINACOM|
|Broker Owner:||Six Swiss Exchange Limited|
|Mobile Trading:||Not Available – only via web|
|Minimum Deposit:||250 USD|
|Crypto Trading:||Available – BTC, XRP, USDT|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is Group 500 a Scam Broker Without Regulation?
Straight out, yes, Group 500 is a scam broker without regulation. The brand’s owner, Six Swiss Exchange Limited, was allegedly registered in Switzerland. However, for this to be true, we’d need Group 500 regulation to be with FINMA. And this regulator denied it, which we will explain later on.
Another proof of a broker’s illicit status is trading terms. As an EEA zone country, Switzerland complies with rules imposed by the European watchdog, ESMA. According to their directive, leverage for retail traders cannot exceed 1:30 due to high risks. And yet, Group 500 promises ten times more.
We’d like to share more information now that we’re on the same page. Namely, there’s word out there that Group 500 and Genesis 11 may be a part of the same scheme. Genesis 11 was based in the UK but ran the plot without an FCA license. And according to Group 500 T&C, England was a country in charge of dispute resolutions. It’s worth noting that both firms received official warnings from the UK regulator, with Genesis 11 being shut down by courts in July 2022.
If you have any more information about the broker, don’t hesitate to share them with us.
Group 500 was allegedly a Swiss-based broker without FINMA regulation. The company has been rated negatively among investors, with some horrible reviews describing the scheme.
Warnings Against Group 500 Scam
As mentioned, Group 500 earned regulatory bans in Switzerland and the UK. FINMA added group-500.com to their list of fraudulent domains, stating that such a firm has never entered their commercial register.
In August 2021, FCA issued a similar warning, stating that the broker was not authorized to offer, promote, or sell financial services in the UK, but it’s targeting people from that country. The authorities urged citizens to be aware of such scams and reject any offers.
Finally, an independent Hong Kong regulator, FINACOM, raised their own concerns regarding Group 500.
Where Do Group 500 Victims Live?
The domain of the broker was registered in the GoDaddy WHOIS database on the 23rd of July, 2020. We’ve received the majority of complaints from the following countries:
In addition, we’ve checked customer reviews and discovered that the broker is rated poor on Trustpilot. Out of 88 reviews at the time of writing, 74% were 1-star, with the majority coming from Canada and the UK. Clearly, this broker doesn’t have a good reputation, and if we see its comeback, you should avoid it by all means.
What Trading Platforms Are Available? – Trading Software
While promising its clients the best of the best – MT4 and MT5, this broker doesn’t deliver. Instead, the only Group 500 trading platform available upon account registration is WebTrader. It offers several features, such as trading news, a list of gainers and losers, and opening pending orders. Other than that, it cannot come near the real MetaTrader.
Be quite cautious with unregulated firms. They often abuse the names of good platforms, preferred by a large number of traders such as yourself, to entice you to deposit. And once you do, you will find out how bogus their offer actually is.
Group 500 Mobile App – Can I Download It?
Since only browser-based software is available, there are no mobile apps. Both iOS and Android users will have to use their mobile devices to access their trading accounts.
Not just that this is outdated, but it also increases your chances of missing profits as you’re wasting precious time on login.
What Can You Trade With a Broker? – Trading Instruments
Let’s take a look at the list of available trading instruments, just for the sake of this review.
- Currency pairs – EUR/USD, USD/ZAR, GBP/JPY
- Commodities – gold, silver, natural gas
- Indices – AU200, BE20, IBEX35
- Shares – Amazon, Alibaba, Netflix
- Cryptocurrencies – BTC, LTC, ETH
While quite solid, this list doesn’t make up for the lack of a license to offer trading in the first place.
Fees and Spreads Overview
Well, let’s just say that whoever was involved with the broker paid heavily for it. Namely, the spread starts at around 5 pips for EUR/USD benchmark, compared to the industry average of 1.5 pips. Other than that, we know nothing about trading commissions.
Group 500 Demo Account – Can I Trade For Free?
Sadly, risk-free trading is not an option. The Group 500 Demo account is unavailable, requiring you to pay first. The minimum deposit to start investing with the broker is $250, which is a lot compared to what you’d need with legitimate firms.
Most legal brokers have Micro accounts requiring as low as $10. In addition, they offer testing accounts as they have nothing to hide. Fraudsters like Group 500 falsely advertise better terms and platforms, so they don’t want you to realize what they actually provide. At least not before you pay the money.
I Lost Money With Group 500 Scam, What to Do?
If you lose your money with Group 500, you’re not alone. Many people are in the same situation, trying to recover their funds. Global Fraud Protection is here to assist you and help you find a solution.
We can assist you in filing a dispute for a chargeback, but you ought to know that the process is time-limited. Therefore, it’s essential to act quickly and not miss the deadline. Book your free consultation today, and let’s begin!
All In All, Don’t Let the Scammers Get Away for Free!
Is Group 500 a Legit Broker, and Should I Invest In It?
Group 500 is not a legit broker and should be avoided. In case you already fell for the telltale and lost your money, we may be able to assist you with the recovery.
What Is the Group 500 Minimum Deposit?
Group 500 requires a minimum deposit of $250 for beginners.
Does Group 500 Have a Mobile Trading App?
Group 500 promises MT4 and MT5 but, in reality, offers only WebTrader with no mobile apps.
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To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/07/group-500-review-an-epilogue-of-a-scam-story-by-group-500-com/.