Brand Review: Is The5ers Prop Trading a Scam to Avoid?

The5ers is a proprietary trading firm that has attracted the attention of the public due to its diversified funding programs. Still, the legitimacy of the site is scarcely convincing. This review will highlight some of the points that, from the outside, look like potential pitfalls and warning signs on The5ers.

Brand Review: Scam Funding Conditions

The5ers is quite a supportive firm; everyone gets a lot of financial support. Still, the situation is less optimistic. Most traders are just losing their fees and never getting the promised funding. There has to be the possibility of hard conditions since it is an unregulated company, and very often, such things can lead traders to lose their first investments. Since these trading programs come at relatively high fees, most traders find it very hard to meet their set goals and to access the advertised funds. As a result, they lose a lot of money.

Brand Review: Scam Regulation and Safety

Still, The5ers was established in 2016, and there is a real risk that this company is operating in the market without being regulated. A non-regulated environment is very dangerous for a trader. With no regulatory framework, traders are exposed to many dangers. That is surely going to be the biggest red flag for any potential client. This is a good reason to consider this company a scam. In the absence of a guarantee or general supervision by the regulator, all kinds of unscrupulous practices in the form of fraud are possible.

Brand Review: Scam Trading Conditions

The5ers use the MetaTrader 5 platform, and the trading software is relatively good. Still, this company brings the imposition of harsh conditions on traders who work with them. For example, a trader must make a certain level of profit within a specific period, or else his account is at the risk of being closed. This is coupled with leverage of up to 1:30 – and what you have is an equation that many traders cannot satisfy the requirements of the firm. All of these are conditions created with the intent of favoring the company at the expense of the trader, and therefore, it becomes quite tricky for anybody to succeed in this situation and still retain their funding.

Brand Review: Scam Customer Support

Customer support at The5ers is equally a nightmare. With the limited hours and no live chat feature, one can find it very challenging to get prompt assistance. Besides, the firm’s offices in Israel and the UK come with little comfort owing to the lack of any regulatory backing. The shambolic support infrastructure thus leaves the trader without the support one needs whenever they meet challenges, therefore further complicating their trading experience, which makes things even more frustrating.

Brand Review: Scam User Experience

User satisfaction is nothing to write home about, given the experiences of traders. Whereas some appreciate the educational resources and trading tools, most others never express their happiness with both the funding conditions and their struggles whenever they attempt to make withdrawals. Something must be fundamentally wrong, and with sheer inconsistency, the conclusion is that the platform might not be reliable and fair – something a trader would never want a cocktail with.

“Many traders find themselves unable to meet the stringent profit requirements, resulting in their accounts being closed and their initial investments lost.”

Brand Review: Scam Fees and Commissions

According to The5ers, they offer low trading fees. The account holder is only charged the spreads and a pitiful commission on every trade. Owing to the high initial deposits required and the strict profit conditions, one can thus end up into nothing since the gains can easily be eroded by these conditions. Add this to the mandatory fees for going through educational programs and the hidden expenses associated with maintaining an account, and what you have is a feature that makes the platform financially unattractive to many.

Brand Review: Scam Educational Programs

While The5ers prides in the educational programs it offers, the programs come at a cost. The education program mandatory fee creates more demands on the pockets of traders. Generally, traders find the input interesting, though it casts doubts over the value due to other challenges. Most of this kind of program has failed to live up to their promise in terms of worth, leaving an added cost to the traders with very little to show for their better trading performances.

Conclusion

While The5ers has an interesting offer through funding programs and educational resources, the risks associated with the platform can far outweigh the benefits. Unregulated environments with very challenging trading conditions, poor customer support, and concealed fees make it a risky proposition for any trader. Potential investors have to bear these in mind and continue looking out for a better and regulated alternative.