Warning! 5DaysTrade is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
5DaysTrade ‘s (5daystrade.online) first impressions are that it looks like an online casino. It’s the most colourful broker we have encountered, but that does not make it anything else but what we reveal it to be. Read on for more info.
Upon visiting the website, our expectations immediately became clear, and were met by the fact that 5DaysTrade has no regulatory information. 5DaysTrade is clearly UNLICENSED, making it a risk to anyone who invests in them.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
After opening an account, we were shown the real nature of 5DaysTrade. The broker is in fact one of those deposit to gain interest sites. As such, there are no trading conditions to be applied to its operations. Thus a spread and leverage is out of question. There are no tradeable assets either.
The website is only in English.
As mentioned, 5DaysTrade is a company that promises unrealistic returns on deposits. A user is to chose a plan in which there is a minimum deposit and a return percentage that is way to high to be believed. For example, a user chooses the 4% plane in which he is required to deposit a minimum of $151 in order to get a 140% return in 35 hours. This is pure fantasy.
5DAYSTRADE MINIMUM DEPOSIT
The minimum deposit is $5; that is, you need a minimum of $5 to initiate a plan.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
5DAYSTRADE WITHDRAWAL TIME AND FEES
The shallow Terms and Conditions mention that withdrawals are instant. There are no fees to speak of.
ADDITIONAL FEES AND TAXES
The T/Cs do not offer any clauses worth of attention.
Nevertheless we are compelled to say that unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defence for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
5DaysTrade is a pure scam, if ever there was one. Any money invested in 5DaysTrade will be lost!