Warning! Dow500 is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Dow500 is presented as a simple but effective broker, one that follows industry standards. Upon closer inspection, however, users will begin to notice some irregularities that quickly pile up. Read on to find out more.
The only information worth considering here is found in the Terms and Conditions. Indicated there is the fact that Dow500 is a company registered in the Marshal Islands. Let’s get one thing out of the way. The Marshall Islands do not have a financial regulator, so Dow500 is not licensed there, even if registered. Another thing to consider is that a registered company does in no way mean that it offer legitimate forex trading services. So Dow500 might be registered in the Marshal Islands, but that does not mean that is safe for users.
Seeing that there are no other mentions of a regulation, we have to conclude that Dow500 is UNREGULATED and is therefore a huge risk to investors.
Brokers that do not have a license are capable of stealing your investment. We urge traders never to deal with such fraudulent brokerage firms. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We opened a live account and were able to access an MT4 browser-trader. However, upon further inspection it was revealed that Dow500 falls to a common trope of illicit brokers. More on that bellow. What’s important to remember here is that there are no trading conditions applicable to the broker.
The languages are English, Arabic, and Spanish.
The simple explanation of the non-applicable nature of the alleged trading conditions if found in the URL of the the webtrader. The URL read that the web-MT4 belongs to a TechInvest, which is not indicated anywhere as a company name on Dow500’s website. What ever this TechInvest is, it seems to have nothing to do with Dow500.
Furthermore, when we tried to download the desktop MT4, we were met with the same name in the form of an .exe file.
So we are left to conclude that there is no trading platform to speak of, and hence, no trading conditions.
DOW500 MINIMUM DEPOSIT
According to the client are the methods for depositing are through Credit Card and bitcoin, the latter of which is an untraceable method.
The minimum deposit is $1, since we were able to continue the funding process with it.
This broker is unregulated, and if you choose to fund an account with it, it will put you directly at risk of losing all investment money. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
DOW500 WITHDRAWAL TIME AND FEES
There is no information on clear withdrawal fees.
As for processing times, the withdrawal section in the payment terminal claims them to be 2 days.
ADDITIONAL FEES AND TAXES
The Interest, Fee & Commissions sub-title in the Terms and Conditions reveals a number of applicable fees that have not been detailed, as well as giving the broker the right to change them without notice, and also adding a small indemnifying sentence to tie everything.
Further down the T/C there is the full Indemnification clause which renders the broker guiltless if any financial damage occurs to the trader(s)
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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 defense 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!
Dow500 is unlicensed and a risk to any deposit made. You money is not safe!