A brokerage company may boast the best conditions, various advantages, offices in reputable jurisdictions, and many clients. However, often behind this attractive facade lies a fraudulent nature. That’s why we invite you to this Iron500 review. This organization claims to have its headquarters in Switzerland and to offer 100% transparency. In reality, this is not true, and here’s why.
Key Features
- Company Name: Iron500
- Website: https://iron500.com/
- Available Contacts: [email protected], +441953667662
- Foundation: 2024
- Services: CFD Trading
- License: no
- Initial Deposit: $5,000
From Sign-Up to Payout
The Iron500 official website can be described as having a minimum of useful and important information and a maximum of meaningless phrases and pseudo-advantages. For example, “Tight spreads”, but no specific values are provided, or “Professional tools” – what does that even mean?
The website structure is typical – a header with main sections at the top, with their repetition at the bottom, along with a risk warning and contact details. There are buttons for logging in and registering, but no option to change the language. This means the website interface is only in English, despite the firm confidently claiming to serve 62 countries.
Alright, we’ve figured out the layout of iron500.com; it’s a typical brokerage portal without unique details or individual style. Let’s move on to personal account registration. This is a quick process, as you only need to provide a name, phone number, email, country, and password. Interestingly, the company does not ask you to agree to any terms.
After successful registration, you’re immediately prompted to fund your account, but for some reason, there’s no option to choose a deposit method. However, you can see the supported payment methods in the “withdrawal” section. And here’s where it gets interesting – only cryptocurrency (BTC, ETH, and USDT) is available.
If the broker disappears with your funds, government regulatory bodies won’t be able to help you recover the money as they could with traditional banking systems through deposit insurance or court-ordered refunds. Additionally, cryptocurrency transactions are generally irreversible.
Our Trading Experience With Iron500
Next on the agenda is a review of the trading platform. We can immediately warn experienced traders – the broker’s software won’t suit you, as it’s not designed for serious and advanced trading. Iron500 offers a basic webtrader. Its capabilities are limited. Users have access to only basic functions:
- Technical and graphical analysis.
- Pending orders.
- Take-profit and stop-loss.
- Seven types of charts.
In essence, the only real use of the platform is for opening and closing orders. The software has no other notable advantages.
Compared to other, more well-known terminals, this platform doesn’t come close in terms of functionality and features. Traders cannot upload their own indicators or customized settings templates. MetaTrader, for instance, covers almost all user needs.
The Reality Check
Now it’s time to verify the legitimacy of the broker. This is a very important part of the Iron500 review, as it essentially determines whether or not they are scammers. Here’s a piece of advice for traders, especially beginners – you should choose a company that has official registration as a legal entity and holds a license from reputable government regulators. Additionally, the company should provide all the necessary documents and fully disclose all information. Now let’s take a look at our broker.
The first thing to note is the lack of any mention of licenses. How is that possible? Is the firm operating without regulation? This means illegal activity. If the broker were truly under financial supervision, they would provide all the necessary details: the license number, a link to the regulator, and the name of the regulatory body. So the first key reason not to trade here is the absence of a license.
Alright, but why doesn’t a company headquartered in Switzerland have a license? It would seem that FINMA, the Swiss regulator, oversees the activities of all Swiss brokers. Could there be something suspicious? Indeed, there is. Look at the screenshot below – this is a search of the Swiss legal entity registry. It’s clear that Iron500 does not exist in this jurisdiction.
A fake legal address and the absence of a license are the two most important negative factors. Under no circumstances should you trust such firms with your money. They can take your funds and disappear into the sunset.
How Long Has Iron500 Been in the Game?
You might think that the company has been in the market for a long time, as it claims to operate in 62 countries, but that’s not the case. In reality, this is a very young broker that launched in June 2024, or even later. This is confirmed by the domain registration date for iron500.com and the dates of the first online reviews. The scammers registered the domain on June 4, 2024. You can see this in the screenshot.
Only after the website went live did the first comments start to appear. Therefore, the firm is very new, and its claims of extensive experience are false.
Extra Fraud Indicators
Well, perhaps Iron500 has other signs of being a scam? If the previously mentioned aspects of this platform’s illegal activity aren’t enough for you, here are more.
Trading conditions clearly indicate whether a company is safe and beneficial or not. For example, the minimum deposit here is very high. To open the first pricing plan, you need to deposit $5,000. That’s a lot. However, in the FAQ section, the minimum deposit is listed as $250 for some reason. So the scammers can’t even decide on their own entry threshold. A leverage of 1:400 is another guarantee of the absence of a license, as this is a serious violation of regulatory requirements.
Would you trust a company that provides fake contact information? Probably not. The subject of our review has given a non-existent email address. Try sending a message there – you’re unlikely to succeed.
And the last red flag, though there are truly countless more, is the business model itself. It has a conflict of interest. Simply put, Iron500 benefits when traders deposit funds and then lose them. And you can be sure the platform will work against you. This is how the dealing desk business model is designed.
Is Iron500 the Right Fit?
The company is not suitable for safe and serious trading. It’s only fit for losing money, but you’re unlikely to want to hand over your funds to some anonymous scammers. The Iron500 review presented clear arguments pointing to fraudulent activities by this firm. We hope this helps you protect your money and avoid investing in this trap.
I started trading here, but it was a serious mistake. I initially deposited $1,000, but they told me that the minimum deposit for the first plan was $5,000. Fine, I topped up my account to $5,000 to start trading. Let me tell you right away — don’t try to trade here. It’s not profitable. You’ll have bid/ask spreads of 5-6 pips for major currency pairs. For cryptocurrency and exotic currency pairs, the spreads are 10-20 pips or more. On top of that, you’ll have to pay a commission. Trading here is unprofitable. Even if you’re a top-notch trader, you’ll still end up losing money. Plus, the platform is definitely rigged against clients. Sometimes, random spikes appear that knock you out of your position. But the most important thing is the inability to withdraw funds. Iron500 still hasn’t allowed me to withdraw the remaining $3,500. I don’t know what to do. These are scammers, and you shouldn’t do business with them.
I was scamed by iron500.com to. I don’t know what todo. he took advantage of me and played a good part. not a nice man at all.
They are scammers and fraudsters! Their platform is fake. They publish fake positive reviews about themselves to lure naive traders and investors. They have nothing except a website, where they give you a crypto wallet address to send money. 100% fraud!
they took all my money and blocked me. they are scamming many people. not good ppl at all
Cannot get my money back…cannot even login. I’ve been blocked from entering. They were convincing at the beginning but all contact after sending funds disappeared. Do not trust these people.
They’re all doing their business on the beach in Barbados now.