FiveMarkets.io review – 5 things you should know about fivemarkets

FiveMarkets.io review – 5 things you should know about fivemarkets

Rating: 1

Beware! FiveMarkets.io is an offshore broker! Your investment may be at risk.

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FiveMarkets.io is an average scammer website and broker. That much is evident from its shallow website, on which the least amount of effort has been put; it’s as if the broker was in a hurry and copied a bunch of filler texts onto a ready to user template. So, we are not off to the best of starts, and honestly things are not going to go any better than this. It’s all common scammer broker stuff!

Then we tried to register, and we do not exaggerate when we say that we were able to register within seconds, opening the doors to users doing the same, and we do not think that this by mistake. It’s by design that the broker allows just about anyone in. This way it has higher chances of more deposits.

The user area was a very typical unlicensed broker one, a template actually that hundreds of fraudsters have used it before it. At least we opened a web trader, where we found forex currency pairs, commodities, cryptocurrencies, indices, and shares available as the tradeable assets. The EUR/USD  spread was of 5 pips, a value that is in no way favorable to users; only FiveMarkets.io can profit from it! The leverage was capped at 1:100.

We have to mention that the trading conditions on the site are very different on the website, as though related to a completely different broker. One of the biggest signs of a scam are such inconsistencies.

FIVEMARKETS.IO REGULATION AND SAFETY OF FUNDS

FiveMarkets.io is sure of one thing- its Saint Vincent and the Grenadines registration, which it asserts on multiple occasions. Even if this turns out to be true, the truth is that it makes no difference to our ultimate conclusion for the broker.
Saint Vincent and the Grenadines is the most notorious offshore brokerage location, and it does not have any FX license issuer. Add to that the fact that the local laws allow for a great deal of misconduct, and what you have is perhaps the perfect scammer FX broker jurisdiction. That is why there are literally thousands of unlicensed broker in the country at any point in time.

On top of that, we found an officially issued CONSOB warning, Italy’s regulator. This is all the proof we need of FiveMarkets.io lack of license. Such a big regulator would be risking a lot if it were to blacklist a regulated entity.

So, in the end FiveMarkets.io is without a license and a risk to all! All investments will be lost, and any personal information will be used against the user. Real damage can be caused by using this broker!

If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the EuropeanUKUS, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!

FIVEMARKETS.IO TRADING SOFTWARE

Here you go, the web trader, which turned out to be on of the more popular ones used by scammer brokers nowadays.

But just by the looks of it, you wouldn’t have known that it is so common a scammer entity. There isn’t anything in here that serves the user.

FIVEMARKETS.IO DEPOSIT/WITHDRAW METHODS AND FEES

The user area reveals that the minimum deposit is $250. However, the payment area itself was unavailable for we did not meet some criteria that we thought we did. The withdrawal area revealed that all payments are processed within 24 hours. That’s all from the user area.

According to the website, the payment methods are credit cards, debit cards, bank transfer, and e-wallets. We think that there probably are also crypto wallets as they are the scammer’s favorite.

There are no payment fees for payments issued by broker, but additional fees by payment systems may apply. However, the broker may have been referring to hidden fees; one can never be entirely sure with scammers these days. Do not invest here, for FiveMarkets.io is a risk.

HOW DOES THE SCAM WORK

Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.

The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.

Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.

The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.

Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.

WHAT TO DO IF SCAMMED

The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.

An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!

We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.

Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!

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