Beware! Superfive is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Superfive is a very inappropriate name for a Forex broker, and we wonder what made them chose such a character. They claim to offer safe, fast and straightforward Crypto trading technology, but we were unable to have a look at their web trading platform because they didn’t let us create an account. In fact, most of the countries are banned from registration which makes us question how they conduct their business. There are some red flags that we detected, however, which we are going to share with you in the full Superfive review.
Superfive REGULATION AND SAFETY OF FUNDS
Superfive is an offshore Forex broker that is allegedly owned and operated by PivoTech Global Ltd- a St; Vincent and the Grenadines company. SVG is known not to control the Forex brokers operating from the island, and the financial regulator of the isle explicitly stated that it would remain so in the foreseeable future. In some of the legal documents bestowed, however, we learned that the laws of Dominica govern the agreement between the parties. It comes out of nowhere, but it’s a typical feature of the offshore Forex brokers- each of them will display tons of bamboozling information for some purpose of theirs. Dominica is also known not to regulate its financial sector strictly, and as a result, the Forex brokers are not supervised either. Your funds are not safe if you make a deposit with Superfive, it’s an unlicensed, unauthorised and unregulated offshore Forex broker.
Your choice should always be a transparent, legitimate and regulated Forex broker, preferably in Europe, holding CySEC(Cyprus) or FCA(UK) license. These jurisdictions created the safest financial environment for your deposits and the authorized true Forex brokers will treat your funds with utmost care. Most importantly, however, there are deposit insurance funds established throughout Europe, such as ICF(under CySEC) and FSCS(under FCA), which guarantee the protection of the clients’ funds. In Cyprus, you can make a claim of up to 20 000 EUR per client, while in the UK the guarantees are of even up to 85 000 GBP per client.
Superfive TRADING SOFTWARE
MetaTrader4 and MetaTrader5 accounts are not available for the customers of Superfive. It’s a strange choice because Metatrader is the most successful Forex trading platform, which is indeed used by some banks and other financial institutions, as well. It allows the implementation of many sophisticated trading tools including Expert Advisors, Trading Robots, Complex indicators and others. Metatrader even maintains its own marketplace where you can buy or use for free a variety of additional third-party tools, which can help you achieve better results in the FX market.
Superfive gives web trading terminal to the traders, which we weren’t able to reach so we cannot show what the real conditions are. Superfive also fails to specify anything about the spreads or the leverage offered, which is a warning sign itself! These two are the fundamental trading specs that each broker has to determine clearly. The spread forms part of the trading costs, while the leverage is a way to amplify the potential profits. The latter, however, also dramatically increases the risk for the trader and it’s not prescribed to use higher levels such as 1:100 or 1:500. EU and UK capped the leverage level to 1:30 for major pairs (EUR/USD or GBP/USD) and to 1:2 for Crypto pairs as a customer protection measure. The Cryptocurrencies are volatile and prone to fraud, that is why FCA- the British financial regulator will completely ban the digital coin derivatives trading, which comes in effect in the spring of 2021.
Superfive DEPOSIT/WITHDRAW METHODS AND FEES
Superfive does not have minimum initial deposit requirements. The funding methods available include Credit/Debit cards and Wire Transfers if we rely on the information in the Terms and Conditions. They also claim to accept Cryptos and e-wallets funding, but we cannot verify that it’s a valid statement.
The minimum withdrawal is $100 for Credit/Debit cards and $250 for Wire Transfers. No minimum requirements for Cryptocurrency withdrawals, but that’s a hazardous and complicated method that includes currency conversion that might significantly reduce the amount you are going to receive. The Superfive withdrawal policy is not fair, because most of the legit Forex brokers will let you pull out any sum that you want, not imposing any minimum restrictions. That’s why you should always trust regulated brokers and imagine that you want to try out so that you can see how things work. With a legit broker, you will safely be able to test their system, while if you trade with Superfive, you will have to withdraw at least $100!
The withdrawal process is said to span between 10 to 14 days until you actually receive your money, which is a lifetime compared to the legit Forex brokers. No fees specified, whatsoever, but in a few places in their legal documents, they indicate that fees might be applicable!
The dormant account policy is not favourable, either. Your account will become dormant after only 60 days of inactivity and will be charged by a one-off maintenance fee of $200, which will be followed by monthly deduction of 5% or $20 if the available balance is below $250! The legit brokers will let a year to pass before they make your account dormant and will charge you with no more than $20 per year!
No bonuses offered at the moment, and we did not find an indication that trading incentives are available.
HOW DOES THE SCAM WORK
The scam is a criminal activity, and the scammers are trying to defraud people by making them believe that the markets are simple, and it’s no hassle to make huge amounts of money. Mostly, the scammers are hiding behind offshore companies, offshore Forex brokers, trusts and so on, trying to remain anonymous and difficult to trace. It is also little or no FX regulation in the offshore domains such as Vanuatu, Marshall Islands, Commonwealth of Dominica or St. Vincent and the Grenadines- the most popular destinations for shady and illegitimate enterprises. The lack of regulation makes the scammers invincible, as they are not going to bear the consequences of their felonious actions. Also, they are enabled to include many scam clauses that will utterly make it impossible for you to make a withdrawal or stop trading for a while. There will be unbearable trading, withdrawal and inactivity fees that will shrink the available balance in your account. Regulation and authorisation mean customer protection and safety, no financial regulator such as CySEC or FCA will make it possible for a scam Forex broker to conduct illicit activities.
WHAT TO DO WHEN SCAMMED
No one is immune to scam; anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Further, we would like to advise you to be very cautious in your attempts to retrieve your funds, as there are loads of scam companies and individuals who introduce themselves as recovery agents. Be very vigilant, and do thorough research to avoid being scammed twice!
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience; it is essential to protect others, as well. Be responsible!
John
Super-five.com: Do not use them if you want to keep your money!
They constantly use persistent and aggressive tactics to get you to invest more and more money at every opportunity they can in order to get you to move up from standard account to silver, gold, platinum and VIP, saying each level reduces your trade commissions and swaps etc. and to get you more experienced analysts to help you trade with your account etc.
They have several ways in doing this, one is with what they call their reserve Bitcoin bonus fund, this is bitcoins that they have bought previously say at $20,000 its now worth $24,000 so if you deposit $20,000 they will then credit you with the difference $4,000, they may even offer you 2 or 3 bonuses like this. The second way is similar but by way of a credit which shows up as a bonus on your account say the $20,000 and then the difference $4,000 credited to your account. BEWARE of this trick as this will lock your account and stop you withdrawing any monies out your account until you have made a trading Volume of $18 Million open positions for every $1,000 credit (work that one out for yourself).
They tell you that they will risk manage your account by not exposing more than 10-15% of your account capital at any one time. Not so, when your account manager and his annalist recommend trades and they go the wrong way, and your P/L goes into a big negative they will try get you to open more trades saying this is what we need to do to counteract the losses or again try to get you to deposit more funds into your account.
I eventually ended up with 8 sells (shorts) and 1 buy all being bad recommendations from my account manager in a buoyant market at the time and eventually lost all. I was then handed over to another account manager in recovery’s and his recovery plan was similar as above, if I put a further amount money into my account, they would credit my account with the same from their reserve Bitcoin bonus fund.
Ian
This sounds very dubious which is worrying as I’ve only just signed up about 10 mins before !!!
Thank you John for the above info.
Adam
The biggest scam ever. Do not give these guys your money. They make you open account with Kraken a Cryptocurrency converter. Then they try to get you to invest each time more and more money to supposedly move you up the levels. They will refuse to give your money back unless they can access your desktop and look into your bank account. Do not let then. They are not regulated and I have never heard of any company trying to get a hold of my desktop with any desk to give me money back? They do not have a physical address nor any numbers where to call. They use fake names, titles and pretend they are calling you from one of their make believe departments. They will never email you any info, nor leave you a voicemail with a number to call back as all of their numbers are blocked! Run as fast as you can and if you had a bad experience with these scammers please take the time to write as many reviews online as possible to help others not fall for their tactics and tricks.