Looking at the Group 500 broker’s website, we’ve got an instant feeling that something is not right. First, the broker is forcing financial independence a bit too much, which is not something legit companies need to do. Their regulation and results speak for themselves.
Therefore, we’ve done a Group 500 review and checked what’s behind all the lovely stories this company is selling.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FCA, FINMA|
|Headquarters Country:||Switzerland (allegedly)|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Group 500 Regulations and Security
Group 500 is an anonymous brokerage without an owner, allegedly based in Switzerland. However, since there’s no FINMA regulation nor the official owner, we cannot confirm that Group 500 belongs under any regulatory jurisdiction. And that’s a first red flag among many others. If a broker is not regulated, there’s no security of the funds, and you have no guarantees that you will ever get your money back, even the funds you invested, not related to profit.
Group 500 Warnings From Financial Regulators
Since there were many complaints against Group 500 and their scam, Swiss FINMA and the UK FCA published official warnings against the brokerage.
According to FINMA, Group 500 is not in their commercial register, and they denied Group 500’s existence as a Swiss company.
On the other hand, FCA warned UK citizens not to fall for Group 500 scam and to file a complaint immediately in case of fraud.
Fund Withdrawal Issues
As expected when dealing with a bogus broker, Group 500 doesn’t let clients withdraw their funds. According to Group 500 reviews, clients can invest their funds at any time. As a matter of fact, they are being encouraged to invest more and more. But once they want a payout, their accounts are being suspended, the account manager is suddenly unavailable, while the support department doesn’t answer emails or phone calls.
Beware of Group 500 scam and do not accept any offers coming from this broker.
Besides withdrawal issues, traders complain about broker’s employees, a web trader that is nothing more than a TradingView chart, and lots of lags in the system. Apparently, broker’s employees force clients to connect to their PC or mobile device via AnyDesk or TeamViewer and transfer all the funds from their bank accounts and crypto-wallets.
If you’re ever being approached to install such an application, let us know.
How Does Online Trading Scam Work?
Unfortunately, with an increased number of online trading assets, cryptocurrencies entering the market as an unregulated asset itself, and offshore countries providing a safe haven, there’s been a lot of online trading scams. All of them start from an ad showing what you could possibly have. But the problem is not to make it; it’s to withdraw your funds. Making a profit, believe it or not, has become the easiest part of the process. A bit of following the news and reading charts can launch you to tremendous profits. If you’re dealing with fraud such as Group 500, you will never see this profit in your bank. And that’s an actual issue with online trading. Since many companies are unregulated, traders need to look for alternative money-back solutions and fight on their own.
Scammed by Group 500?
If you are a victim of a Group 500 scam, let us know. Our support department will schedule a free consultation where the experts of chargeback procedures will evaluate your case and help you file a dispute.
But what is a chargeback?
It’s a way for you to get your funds back to your credit card if you can prove you were scammed. For that, it’s best to let professionals collect the evidence and file a dispute for you.
Contact us via online chat immediately, and let’s get started before it’s too late.
What is Group 500?
Group 500 is an online trading brokerage without a license or a regulation.
Is Group 500 a scam?
Yes, Group 500 has been marked as a scam in the UK and Switzerland by official authorities.
Is Group 500 regulated?
This trading platform doesn’t have any kind of regulation for providing financial services.