500 Index is a forex broker plays fast and loose regarding valid information. In the review below, we take an in-depth look at the features 500-index.com allegedly offers. This review basically answers the questions: is 500 index legit? Is 500 index good? .The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about 500 index forex broker.
Table of Contents
500Index Trading Platform
Although the website looks professional and well-designed, it feels empty as necessary and required information isn’t provided. At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. In fact it does not mention what platform or instrument that it provides.
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500 Index Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking we couldn’t find anywhere in the documentation where it mentioned an account type but the FAQ says that you can invest a minimum of $500.00 to a maximum of $100,000.00
One thing to mark is that the amount for the entry account is twice the acceptable minimum the industry has set.
500 Index Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
According to the website,500 Index cites its deposit methods as WesterUnion, MoneyGram, Bitcoin, Litecoin, and Ethereum.
One thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal.
Is 500Index Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
We do not think this broker knows where it is located because it first mentions in the footer that is authorized and regulated by the FSC under the Securities and Investment Business Act, 2010 License#: SIBA/L/12/1027. And the FSC regulates brokers in Bulgaria
In the same footer it gives its address as HE256089, Klimentos, 41-43, KLIMENTOS TOWER, 2nd floor flat/off.25, Nicosia, P.C.1061, Cyprus CY. In this instance it claims that it is located in Cyprus.
In its FAQ it claims that 500-index is registered in Switzerland as “Bull Invest AG” with CH-ID CH60030176849 and in the about us the website claims that it is based in Germany.
So in order to ascertain if this broker was licensed, we had to check several regulatory bodies. We checked the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others. At the end of our search we didn’t find any licensing information concerning this broker.
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Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with active brokers as they don’t give any valid information concerning if they are a regulated broker or not.
500-index.com is likely a platform run by scammers, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.