555 Markets is a forex broker that is located in the Marshall Islands. In the review below, we take an in-depth look at the features 555markets.com allegedly offers. 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 555Market.
Table of Contents
555Markets Trading Platform
The website looks good enough to pass as professional, they are some information provided that can’t tally with what they promise.
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This broker claims that it supports the Sirix and the MT4 trading platform. 555 offer assets such as Forex (with leverages up to 1:200) CFDs, Indices, Stocks, and Precious metals
This are few reasons why this broker thinks traders should be interested in them
- Over 250 instruments
- Innovative trading applications
- Security and protection
- Quality customer service
- Trading Tools
555 Markets 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 could not find anything concerning account types
555 Market 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 payment section of the website, users can can deposit through the following payment options: Visa, MasterCard, directa24, Yandex Money, Alfa Bank, QIWI, and a range of cryptocurrency addresses.
This broker might claim not to have any withdrawal fees but if a person were to go through the legal documentation they would find the claim to be false.
Another 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 555Markets 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.
The information on the website claims that 555Markets is a registered brand of Glastrox Trade Ltd. And that Glastrox Trade Ltd. Is a licensed Investment Firm regulated by the Marshall Islands Business Corporation Act with authorisation number 91438. It also claims tga Glastrox Trade Ltd. Is located at Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960.
Marshall Islands is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body. Aside from the fact that this Broker is located in the Marshall Islands we lsi discovered that 555Markets has been officially reported by the Comisión Nacional del Mercado de Valores (CNMV), the Spanish financial watchdog.
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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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 555Markets as they don’t give any information concerning if they are a regulated broker.
555 Markets 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.