JPY500 claims to have SEC approval to offer investment advising services. Furthermore, the company says to have over $1 billion under its management, as well as allocation of management funds for NFTs.
Is any of this true? Let’s find out in our unbiased JPY500 review.
In its T&C, the brand says to be owned by JPY500, LLC. The address provided in the legal documents is in Los Angeles, CA, US. However, on the Contact Us page, you can find two head offices – in Ireland and Saint Vincent and the Grenadines.
Hence, our search for the JPY500 regulation started with the US SEC, going through the Central Bank of Ireland and the register of SVG. None of these have any mention of JPY500 or its alleged owner.
What’s more, Forex trading in the US is under CFTC and NFA regulations, meaning that SEC is not an appropriate regulator in this case. Also, SVG has no regulations for the Forex market, which explains a lack of results. Finally, the US has a leverage limit of 1:50, while JPY500 allows up to 1:100 on its platform.
All this implies you should stay away from the trading fraud in question.
JPY500 is advertising all over social media, including Facebook, Instagram, and Google Ads. The company is mainly targeting the following countries:
Our main goal is to warn investors and pressure the authorities to issue a ban.
We’ve reviewed the JPY500 trading platform and can say it’s relatively solid. The company offers a decent WebTrader with built-in news and an economic calendar. You can check your active orders and history, as well as see margin, spread, and leverage.
However, this is not even close to what you’d get with a sophisticated terminal like MT4, MT5, or cTrader. Each of these enables several types of orders, has numerous charts and indicators, and more tools suitable for in-depth market analysis.
Furthermore, they all support advanced features, such as social trading and EAs. Finally, they have mobile and desktop apps on top of a browser-based solution.
If you opt to trade, you can choose one of the following asset categories:
The company also claims to offer NFTs, but we didn’t find them on the platform.
In addition, they claim to offer fund management services, including wealth management, crypto ventures, tokenized staking fund, index, and NFT funds. Allegedly, you can invest in a pool of assets and earn passive income. However, since they don’t really have SEC approval for such a service, we wouldn’t trust they offer it.
The spread on the platform is relatively low, standing at 0.1 pips for the EUR/USD benchmark. There’s no mention of other commissions, meaning you can pay a lot to cover low spreads.
Knowing that legit brokers earn their commission through charges on your trading, we’re sure that this one has another goal. Vanishing with your entire deposit.
There’s quite a broad range of JPY500 account types, including:
Each higher account brings in more bonuses and higher leverage, along with lower fees. Only from the Gold account can you access all trading assets, while the Diamond one introduces WhatsApp support. The last three accounts allegedly support bot trading, with customized offers of trading features.
Unfortunately, you cannot use a JPY500 Demo account. You can review the platform upon registration and review the trading terms but without the ability to place trades.
Unregulated brokers, such as Ipgate Trade, often have such a setting as they don’t want you to test the system and discover all its malfunctions. Additionally, they don’t want you to have enough time to read reviews and change your money regarding trading.
You can choose between two viable payment options:
The first one allows chargebacks within up to 540 days if something goes wrong. On the other hand, crypto transactions are difficult to trace and cannot be reversed through traditional means. This is precisely why scam brokers insist on using them.
JPY500 withdrawal can be performed through the same payment means, however, without specified terms. Allegedly, one withdrawal a month is free, while others have unspecified fees. Since the transactions are made in crypto, your broker can quickly try to manipulate you that you’ve provided the wrong wallet details, and it’s your fault you never got the money back.
If you find yourself a victim of a JPY500 scam, it’s important to react immediately. File a complaint with Global Fraud Protection, and we’ll do anything we can to assist with the recovery.
We have teams of chargeback experts and CipherTrace crypto analysts able to review your case during a free consultation and find a way to help. Don’t give up! Submit the form below, and let us find a solution for you, as we did for thousands before!
JPY500 is not a regulated trading brokerage. In case of any withdrawal issues, we’re at your disposal to resolve the matter.
JPY500 offers a decent-looking WebTrader with basic platform functionalities.
The company requires a standard minimum deposit of $250.
JPY500 is not a regulated trading brokerage. In case of any withdrawal issues, we’re at your disposal to resolve the matter.
JPY500 offers a decent-looking WebTrader with basic platform functionalities.
The company requires a standard minimum deposit of $250.
The post Elaborating On Issues Behind JPY500 Broker appeared first on Global Fraud Protection.
