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BlackTrade500 Review | Technology Advanced Platform or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 1
BlackTrade500 - logo

“Get the most of your trading experience using technology advanced platform, highly experienced team members, low fees, and spreads” – an interesting proposition to start trading in financial markets from BlackTrade500. If the information on the official website is to be believed, the broker has been operating since 2015 and has two headquarters in the UAE and Switzerland, as well as a trading office in the United Kingdom. The company also holds a license from ASIC, which is strange, as there is no representation there. Deep within the site, one can also find mentions of the FCA and CySEC. Moreover, the firm confidently claims to operate under MiFID. Well, our review’s task is to find out whether all this is true or just another lie from scammers?

Highlights

🏛️ Country United Arab Emirates, Switzerland, United Kingdom, Ireland
⚠️ Regulation
🖥️ Website https://blacktrade500.com/
🎲 Demo Account Yes
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:10-1:200
⚙️ Trading Platform WebTrader
📨 E-mail info@blacktrade500.com
📞 Phone +441884210604, +97142473751, +32460247161, +61735204242

First Impression of Blacktrade500.com

The official website did not interest or impress at all. BlackTrade500 uses clichéd and trite images of high technology, skyscrapers, urban landscapes, and people engaged in animated discussions. As if this is a mandatory attribute for any broker and without it, a website cannot be created.

Additionally, the company uses a phrase from the great investor Warren Buffet to manipulate the minds of novices and create in them a desire to replenish their deposit as soon as possible, in order to finally create an additional source of income.

BlackTrade500 - site

BlackTrade500 has translated its site from English into French, German, and Dutch. And where is Arabic? There is a headquarters in the UAE. Isn’t the broker focusing on the Middle East and Asia regions? It’s also worth noting a certain clutter on the resource; it contains a lot of text, most of which is meaningless and unnecessary. All this complicates navigation and studying information. And by the way, copying, highlighting, and performing other actions with the text is not possible.

Partnership and Bonuses

The affiliate program is not mentioned on the site. As if this option does not exist. Although such a feature is an excellent tool for attracting new clients and rewarding existing traders. As for bonuses, BlackTrade500 offers bonuses to all clients starting from 5,000 euros.

Account Opening on Blacktrade500.com

Account creation begins with providing personal information: name, email, phone, country, and password. However, BlackTrade500 did not ask to agree to the terms and did not send an email to confirm registration and activate the personal account.

Registration

After a quick registration, a personal account opens, where traders can perform basic operations:

  • Monitor current balances and trading statistics.
  • Edit personal data.
  • Top up the deposit and create withdrawal requests.
  • Upload documents for KYC.
  • Receive a referral link and track referral statistics.

After all, there is an affiliate program at BlackTrade500, which implies receiving a 100% bonus for both the partner and the invited client. However, more detailed conditions are not outlined.

The interface of the personal account is quite primitive. Clients have access to only basic functions. The firm also offers a demo account, as such an option is found in the account and mentioned in the FAQ section.

BlackTrade500 - client portal

Verification

In BlackTrade500, there is a standard procedure for identity verification, which also includes verification of the payment method. Therefore, traders need to upload not only documents proving identity and residential address but also a photo/scan of the bank card with partially obscured numbers and hidden CVV.

The process of uploading documents occurs in the corresponding section in the personal account. There, the types of documents that can be accepted as proof of identity and residential address are described. Clients need to select the type of document and indicate the path to the file on the computer.

BlackTrade500 does not disclose the exact processing time for KYC. The broker also reserves the right to refuse verification without explaining the reason. Also, we recommend not rushing to provide personal information until the firm is fully verified. It’s unknown into whose hands your data may fall.

Pros
  • Convenient process for uploading documents.
Cons
  • The verification check time is not specified.
  • The firm requires uploading a photo/scan of the bank card.

Trading Software

The trading platform of BlackTrade500 is nothing interesting or advanced, contrary to all the broker’s statements. It is a standard WebTrader, which incorporates the Tradingview service, meaning traders have access to multifaceted technical and graphic analyses. Clients can also change the color theme from dark to light, create lists of favorite assets, and use pending orders, including stop-losses and take-profits.

Terminal

The terminal is available only in a web version, so it’s impossible to download and install it on a computer or smartphone – a significant drawback and a clear inconvenience for users. While the platform is adapted for mobile browsers, this approach is significantly inferior to a separate application for smartphones. Moreover, the BlackTrade500 terminal does not allow the use of advanced tools, for example, uploading custom indicators or auto-trading with advisors.

Features BlackTrade500 XCGIN Endurings Markets
Demo Account ✔️
Mobile App
Own Development ✔️

How Can I Trade With BlackTrade500?

The set of available assets for trading is broad: stocks, cryptocurrencies, indices, currencies, metals, and commodities. Next, it’s necessary to analyze the types of accounts offered by the broker to understand how favorable the conditions are here.

All Info About Accounts

Regarding tariff plans, it is not entirely clear what types of accounts BlackTrade500 offers traders. There are two sections on the website describing the tariff plans. The first one, “Self trading account”, describes three tariffs:

  • Mini. The minimum deposit is $1,000.
  • Standard. At least $2,500.
  • Premium. From $10,000 and more.

No details regarding the conditions are specified, apart from leverage of 1:200 and spreads from 2 points. In another section, BlackTrade500 offers a more diverse range of tariffs:

  1. Silver. The minimum deposit is 10,000 euros. Additional service includes only monitoring by a personal manager.
  2. Gold. From 25,000 euros. Monthly cashback of 1,000 euros, and there are trading sessions within one quarter.
  3. Platinum. At least 100,000 euros. Risk management team, summary report, analyst meeting, accountant and tax specialist, and hot and prime trades package.
  4. Diamond. From 250,000 euros. The same opportunities as in “Platinum”, but on more favorable terms.
  5. VIP. From 0.5 million euros. Special risk group, credit cards monthly limit, and two yearly meetings are added.

Account types

Understanding these trading conditions is almost an impossible task. Leverage from 1:10 to 1:100, although elsewhere it’s 1:200 – so where is the truth? Meanwhile, the minimum deposit size at BlackTrade500 is staggering, and there’s also no clear information, whether it’s 10,000 euros or $1,000. Even the currency is different. And in the FAQ, it’s stated as $250.

Additionally, there are two types of fees, which look extremely unfavorable: management fees up to 3.5% and performance fees up to 10%. And what does this have to do with trading if such conditions apply to management and investment? Where are the historical data and statements showing the results of BlackTrade500’s management?

It’s worth noting that there are no trading commissions, and spreads are described as low. If we remove trust management, then how does the broker earn? Looking at the high leverage, which, by the way, is prohibited by regulators, and numerous bonuses, one can assume a dealing desk business model. And this means a conflict of interest.

For those who can afford a deposit of more than 1 million euros, the company offers a VIP Club. However, we will not consider it, as there is no sense in doing so. There are big doubts that there will be people willing to invest even 10,000 euros in BlackTrade500, which is a little-known and unpopular brokerage firm.

Pros
  • Not found.
Cons
  • The broker adheres to the principle of extortion of money “pay more to get more”.
  • Business model with a conflict of interest.
  • Different conditions are stated in different places on the website, which contradict each other.

Market Analysis and Education With Blacktrade500.com

The company does not provide ready-made training courses and free fresh analytics. All additional services are described in the types of accounts, but the broker offers basic information about traded market classes, FAQ, and small guides on trading and investing. BlackTrade500 could have provided an economic calendar and a news feed, but it didn’t.

Deposit, Withdrawal, and Fees

Firstly, the broker claims zero commissions for all transfers, but at any moment can start charging fees. Secondly, BlackTrade500 supports bank wire transfers, debit/credit cards, and electronic wallets. However, at the bottom of the homepage, there are icons for the cryptocurrencies Bitcoin and Ethereum. Thirdly, the processing of withdrawal requests lasts until the end of the next working day from the moment of submission, but the firm warns that this may take more time.

Features BlackTrade500 AU Venture LEMAKEN
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

Contacting BlackTrade500’s managers can be done in several ways. The firm shares four phone numbers and several emails for different purposes: info, legal, and compliance.

However, we are interested not in the quantity but in the quality of these contact details. The email, for example, turned out to be fake.

Fake email

Moreover, the phone numbers listed on the BlackTrade500 website were also noticed with another broker, with a negative reputation as a scammer. A certain iToroStocks provided exactly the same details.

Phone number

Pros
  • Not found.
Cons
  • Fake email address.
  • The phone number appeared with another company.

Is BlackTrade500 Dangerous?

Fake email and unclear phone number – aren’t these signs of fraud? And trading conditions that are stated one way in one place and completely differently in another? The broker does not look serious, it contradicts itself. We believe that all licenses, as well as insurance up to 2 million euros and nearly 10 years of operation, are fake. Now we will analyze these aspects of BlackTrade500’s activity and find out for sure whether it is a scammer or not.

How Long Does The Broker Work?

Date of establishment – 2015. This is what is stated on the firm’s website. However, how can BlackTrade500 confirm this? Online reviews are scarce, and the domain of the site was only registered in September 2023. In addition, the company does not provide registration documents or screenshots of certificates, and we will check the legal information in the next section. So, everything points to false information about the period of operation.

Domain

How Is BlackTrade500 Regulated?

Offices in the UAE, Switzerland, and the United Kingdom, and licenses from the FCA, CySEC, and ASIC – such a set looks great but requires thorough verification. We will conduct a check not only by the name BlackTrade500 but also by the legal entities iCapital LLP and MAYFIELD Investments Limited, which are also mentioned on the site in the regulation section.

So, BlackTrade500 is nowhere to be found. Neither in the FCA, nor in CySEC, nor in ASIC is there such an organization. The firm is also not found under other names. Therefore, we can conclude false data. Not only fake licenses but also the addresses of the headquarters, because such a company is also not found in the registries of legal entities.

BlackTrade500 - ASIC

Features BlackTrade500 ArbiTrustCapital Modus UK Limited
European Zone ❌️️ ❌️️ ❌️️
Asian Zone ❌️️ ❌️️ ❌️️
American Zone ❌️️ ❌️️ ❌️️
African Zone ❌️️ ❌️️ ❌️️
Offshore ❌️️ ❌️️ ❌️️

Frequently Asked Questions (FAQ)

How to Trade With BlackTrade500?

First, you need to register an account, and then deposit funds. Identity verification will also be required.

Is BlackTrade500 Legit?

No, the firm operates illegally because all the stated licenses turned out to be fabricated. The broker has no regulation.

How Risky Is It?

We have identified the presence of false data, so the risk of losing money here is 100%. Scammers often resort to deception to lure gullible traders with money.
Kevin Berry
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Expert Opinion

They fabricated the founding date in 2015, attributed to themselves non-existent licenses from the FCA, CySEC, and ASIC, claimed fake insurance up to 2 million euros, and invented several offices in Switzerland, the United Kingdom, and the UAE. However, the scammers forgot that all this information is very easy to verify. 5 minutes and the verdict is received – the scammers from BlackTrade500 are engaged in illegal activity and stealing money from people. And I was still wondering why there are so few reviews on the internet, although the company has existed since 2015 and is regulated by all authoritative financial commissions. And it turns out that all of this is fake.

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The level of trust
Quick withdrawal of funds
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1 review about BlackTrade500

Sandler December 13, 2023 - 13:40
Apparently, I gave away $1,000 forever to some anonymous scammers
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Damn, how do I get my money back? I transferred $1,000 to the scammers from blacktrade500, and now they won’t return my deposit back. I didn’t like the conditions, and I found a better use for my money, but I can’t withdraw it back. Are there any options to pull the deposit out of this fake platform? Or is it time to bravely accept the fact of fraud and move on, despite the loss?

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