AI has become a popular abbreviation over the past two years as artificial intelligence continues to gain more and more popularity. Unscrupulous brokers are taking advantage of this trend, and one such case will be examined in the AIpro500 review. The firm constantly mentions AI as if it were some kind of holy grail for traders, capable of providing them with limitless opportunities in the financial markets. However, the importance of having a license, insurance, and other guarantees has not been nullified. Is the company hyping up a new technology, or is it simply engaging in a scam?
Key Features
- Company Name: AIpro500, 123media LTD
- Website: https://www.aipro500.com/
- Available Contacts: [email protected], +442037726956
- Foundation: 2023
- Services: CFD Trading
- License: –
- Initial Deposit: $2,500
From Sign-Up to Payout
The official AIpro500 website looks like most similar resources. There’s nothing remarkable about it, but nothing particularly off-putting either. The technology of artificial intelligence is mentioned everywhere, but it’s obvious that this is only to attract attention since the topic is currently very popular. The choice of languages besides English is interesting: Arabic, Spanish, and French.
In short, as practice shows, companies using this type of template to create their websites tend to be fraudulent. So let’s find out whether AIpro500 will be an exception or just another illegal pseudo-broker.
Let’s take a closer look, which means registering an account. It’s not difficult; you need to provide your name and contact details and agree to the terms and conditions.
It is recommended to register a personal cabinet using disposable phones and email addresses, as it’s unclear who might end up with your contact information. It’s better to be safe and not share your phone number where it’s uncertain.
The broker also requires identity verification. Documents are uploaded through the personal account, but the same recommendation applies as with registration. You shouldn’t rush to upload your documents until you have verified that the company is legitimate and safe.
Deposits and withdrawals, judging by the account interface, are made through credit/debit cards and cryptocurrencies. While the first option is familiar and understandable to everyone, the second option should be taken more seriously. With a cryptocurrency transfer, you won’t have the ability to reverse the transaction. In other words, chargebacks are impossible.
Our Trading Experience With AIpro500
As a working platform, little-known software is used, which also lacks many advanced and professional features such as auto-trading, copy-trading, market depth, and order book. Traders can draw support and resistance lines, apply a trendline, or a Fibonacci retracement. There’s nothing more serious available.
No download links for the terminal on iOS were found on aipro500.com, only for Android. However, the platform can be downloaded to a computer, though this is not recommended. You might catch a dangerous virus. It’s better to download files only from official and verified sources.
The Reality Check
The next part of the AIpro500 review is dedicated to the main signs of fraud, specifically, an analysis of the company’s legitimate status. Let’s see what this platform really is.
The broker is operated by 123media, registered in the state of Saint Kitts and Nevis, and supposedly operates in compliance with the rules and requirements of the Financial Services Regulatory Commission (FSRC). However, for some reason, such a firm cannot be found on the official websites of legal registries. Were we given a fake legal address? It seems so. Even if the broker is indeed registered in this jurisdiction, it’s more of a red flag than any guarantee of reliability.
The investigation doesn’t end there. Now, the office address in Switzerland. This is simpler. It’s enough to check the Swiss legal registry for the presence of this company and confirm that it’s not there.
A Swiss brokerage firm must obtain a license from FINMA. Has AIpro500 received authorization for brokerage services? You can check the register. Look at the screenshot below. A search by name yielded no results, meaning FINMA is unaware of such a firm existence.
How Long Has AIpro500 Been in the Game?
“Since our establishment in 2020” – this is a phrase found in the “about us” section on the official website. What proof do they have? The broker cannot provide registration details, and finding the actual legal entity has been unsuccessful. So, how can we verify how long the platform has been operating? A good way is to find out the domain registration date. This can be done through a special service that shows all the information about the domain. The scammers created aipro500.com in December 2023. At this point, not even 365 days have passed since the launch of this illegal intermediary.
Extra Fraud Indicators
So, we’ve determined the legitimate status of the company. Are there any other signs of fraud? The reputation of AIpro500 on the internet seems suspicious, as there are a large number of positive reviews about the firm. However, behind them lies a fake essence. Can a broker without serious regulation and with a short operating history have predominantly positive comments? Of course not. Through fake reviews, scammers promote their scambroker activity. In essence, this is the only way they can market themselves, as legal advertising methods are not available to them.
Here’s a little tip: if you see an overwhelming number of positive reviews compared to negative ones, it’s a good sign that those comments are fake.
Is AIpro500 the Right Fit?
It should now be clear to everyone that the company first lures in traders and then scams them out of their money. The firm boasts of being registered somewhere in an unknown offshore jurisdiction with no possibility of obtaining proper and strict regulation, and the office in Switzerland is fake. In short, AIpro500 is full of fraudulent signs.
If you’re ready to lose your money, then welcome to AIpro500. The company was created by anonymous scammers. I learned about them purely by chance when talking to an old acquaintance who decided to try earning money on the forex market but ended up losing all his money. And he deposited it right here. They promised him signals, the best conditions, and top-notch technical support. However, all the promises evaporated after the trader transferred money to the balance. In reality, he didn’t transfer the money to his brokerage account balance but to the scammers’ cryptocurrency wallet. It was a very sad and bad experience. I wouldn’t recommend this to anyone.
I don’t trust such firms, and I don’t recommend them to you either. They operate covertly and anonymously, and such entities cannot be trusted. I might be wrong, but it’s unlikely. I can see through such brokerage firms — they are fake and fraudulent. Their goal is to first kindly invite you into their lair and then strip you down to the last penny. So, trading here is not an option. Find yourself a broker with proper licenses. They should be legitimate — FCA, ASIC, CySEC, and so on.