500-Markets: Scam or Not?

jonnyglaw

Hi,

I was wondering whether anyone has had any first-hand experience with 500-Markets, who are supposedly on-line traders in crypto, stocks, etc?

Thanks

eskbanker

Does '500' refer to its position on a risk scale from 1 to 10?

ColdIron

Where did you hear of them? Facebook advert?

Aretnap

Unable to find them on Google - Red flag number 1.

It's a difficult name to Google because the term returns a million links for websites covering the S&P 500 market. This is the sort of name that legitimate companies try to avoid (because they want to have a high Google ranking when you search their name) but scammers quite like (because they don't want you to find information on them too easily). Red flag number 2.

I recommend that you don't touch them with a bargepole. And however you found out about them, if you find out about other "investment opportunities" by the same route, don't touch those with a bargepole either. 

tebbins

Googled "500 markets", the closest I can find is Plus500, who are a legitimate platform.
Sounds like a scam.

lozzy1965

And to add to the above, there are a few TrustPilot reviews on them (which is not a reliable source to legitimacy) which vary from 1 to 5 stars.  When reading the reviews the 1 stars say "scam" the 4/5 stars say how wonderful they are.  That's a red flag for me.  Also, all reviews in the last few weeks.

eskbanker

tebbins said:

Googled "500 markets", the closest I can find is Plus500, who are a legitimate platform.
Sounds like a scam.

The site is 500 dash markets dot com, but yes, not readily located via prominent search engines, which is unlikely to be a good sign!

ColdIron

Yet another crypto and CFD website
DNS registered 2022-03-08

Address in Kingstown, Saint Vincent and the Grenadines

I'd rather pan fry my own pancreas

george4064

Don’t even really need to look into them, their name looks and sounds like a scam.

70slad

Hi All,  500 markets hit my radar last week and I have been stung for some cash, seeking more info I hit a Martin Lewis bitcoin ad on Facebook and its linked to them now bombarded with calls all from different 07360,07362 numbers when I call back numbers are not recognised also dodgy emails from different people they also mention a company called Binance any advice guidance appreciated.

Linton

70slad said:

Hi All,  500 markets hit my radar last week and I have been stung for some cash, seeking more info I hit a Martin Lewis bitcoin ad on Facebook and its linked to them now bombarded with calls all from different 07360,07362 numbers when I call back numbers are not recognised also dodgy emails from different people they also mention a company called Binance any advice guidance appreciated.

Martin Lewis does not do ads for bitcoin nor ads for any other financial products. Any ad that includes a recommendation from him is a scam.