Note: 5Markets is to operate via the website - https://5markets.io/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
5Markets is allegedly a forex broker registered in China that claims to provide its clients with flexible leverage up to 1:500 and floating spreads from 0.1 pips on the web-based trading platforms via 9 different live account types.
As for regulation, it has been verified that 5Markets currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.16/10. Please be aware of the risk.
Market Instruments
5Markets advertises that it is a forex broker that mainly offers forex currency pair trading. However, more specific information about tradable assets cannot be found on the Internet.
Account Types
5Markets claims to offer 9 types of trading accounts - Student, Pro, Pro+, Professional, Expert, 10+, Business, Platinum and Luxury, with minimum initial deposit requirements of €250, €1,000, €2,499, €250, €10,000, €24,999, €250, €75,000 and €100,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The specified leverage for different account types at 5Markets varies between 1:10 and 1:500. Specifically, 1:10 for Student and Pro+, 1:20 for Pro, 1:100 for Professional, 1:200 for Expert, 1:300 for 10+, 1:400 for Business, 1:450 for Platinum and 1:500 for Luxury. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
All spreads with 5Markets are a floating type and scaled with the accounts offered. For example, the spread starts from 0.1 pips on the Student, Professional and Business accounts, from 0.2 pips on the Expert and Platinum accounts, from 0.3 pips on the 10+ and Luxury accounts, from 1.2 pips on the Pro account and 1.3 pips on the Pro+ account. As tested on the web-based platform, however, the spread the broker offers is 3 pips on EUR/USD.
As for the commission, from €0.2 per 1.0 lots on the Professional account, from €0.7 per 1.0 lots on the Expert account, from €0.9 per 1.0 lots on the 10+ account, from €0.9 to €2.1 per 1.0 lots on the Business account, from €2.1 to €2.7 per 1.0 lots on the Platinum account and €2.7 to €3.5 per 1.0 lots on the Luxury account.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, 5Markets gives traders a web=based trading platform. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
5Markets only accepts payments made in Bitcoin, Ethereum, or Litecoin. The minimum initial deposit requirement is said to be $250.
Bonuses & Fees
5Markets claims to offer some bonuses. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
5Markets also imposes an inactivity fee of a decent size - 30% of the money in your account after just 2 months of no trading activity.
Customer Support
5Markets‘ customer support can be reached by email: support@5Markets.co. Company address: First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines & Tower Hill A100 UK, London SE32R18, United Kingdom. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most transparent brokers offer.
Pros & Cons
Frequently Asked Questions (FAQs)
2023-02-23 12:05
2022-12-09 10:17
