Beware! SpringMT5 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Dont put all your eggs in one basket. Open trading accounts with at least two brokers.
What kind of a name is SpringMT5 for a broker. It is obviously advertising the MT5, which is, in fact, available here, but this is not the way of doing things. By including the MT5 in the title, the broker strips a chunk of its identity and sells it for some very limited time in the spotlight. The short-lived fame is due to the fact that the website is half-broken, and users will notice this in a matter of seconds. The half-broken website is the first thing we noticed here and is the perfect introduction to SpringMT5, a sloppy and risky broker. Read the review for all the necessary details about this one.
The account creation tool was in Chinses with no way to translate it. So we could not create an account because the process kept giving us some error message that we could not translate for the life of us!
Without a way to register, we have to take all trading info from the website, as well as the payment ones. This would be normal if we had any trust for SpringMT5, but the broker has already proven to be a huge disappointment and even a bigger failure.
Allegedly the leverage is capped at either 1:400 or 1:200; we are not sure which value it is, because sources on the website claim different things- not too big of a surprise, seeing the condition of the broker.
The promoted tradeable assets are stock indexes, stocks, forex currency pairs, and probably other undisclosed assets. The spread is asserted as 2.2 to 2.7 pips for the average account, which is kind of worthless. The next account in the tier is one offering a cost of trade of 1.2 to 1.8 pips, which is better, but to activate it users are told to invest a minimum of $20 000! This is a great way to lure users into making a bigger investment.
The website is only available in English.
SPRINGMT5 REGULATION AND SAFETY OF FUNDS
We located an ASIC logo, as well as a claim that the broker is licensed by the NFA! There is also a subtle reference to FINTRAC, which is the Financial Transactions and Reports Analysis Centre of Canada, the nations national financial intelligence agency.
The latter of these three has nothing in common with the FX market, let alone with the regulation of it. As for the NFA license, first of all the US-based agency just to work with the CFTC to regulate a broker, and second, SpringMT5 cannot in a thousand years be licensed to offer trading conditions in the US.
Last but not least, we have ASIC, the national FX regulator of Australia. No, the overseer does not license the broker.
And anyway, a broker with such a poor website cannot be regulated. No one would take it!
SpringMT5 is nothing more than an UNLICENSED broker, and a risk to all deposits made in it.
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! Whats special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to 20 000 per person, while the FCA guarantees up to £85 000.
SPRINGMT5 TRADING SOFTWARE
Somehow the broker was able to get its hands on an MT5
We did not open it due to our inability to create an account, but we do vouch for its presence. However, the MT5 is not nearly enough to redeem the broker.
SPRINGMT5 DEPOSIT/WITHDRAW METHODS AND FEES
$7000 is the minimum deposit according to the website. This is preposterous and outrageous. No one can expect to invest this much money into such a sloppy broker!
Unfortunately, there is no further payment information! We find no payment methods, no withdrawal fees, nor any processing times.
The lack of payment details is just one reason why users should stay clear of this scammer broker. All your money will be lost should you invest!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a account managers, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
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