585680.com Review: FCA Blacklisted Scam to Avoid

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585680.com Review
  • Regulated
  • Fund Safety
  • Legit company
  • Trading Conditions
0.5

Summary

The platform claims there are several advantages that come with trading with them. Unfortunately, we cannot see a single one. Therefore, do not waste time with them. Invest with genuine companies instead.

585680.com what a ridiculous name that does not align with the services that the company is offering. The broker is operating as it pleases and we do not see any investment taking place in their entity. Nonetheless, this entity states it wants to help investors achieve their trading goals.

The broker is allegedly dealing with Forex, cryptos, CFDs, Futures, Indices, and Metals. Moreover, there is also a demo account available once you register. Unfortunately, this does not change the fact that you will be dealing with scammers.

585680.com Review, 585680.com Company

The real corporate that is running this scam is MagKing. It is infamously known for scamming innocent investors. The company has also been blacklisted by multiple financial bodies in the market. The fraudsters behind this platform have multiple other websites.

The registration process is speedy and straightforward. The entity markets itself as a leading award-winning venture. It is operating in over 100 countries. The broker is also allegedly trusted by over 60K traders. Unfortunately, these statistics cannot be validated.

Therefore, we suggest that you keep off this entity. There are a number of complaints that have been raised regarding MagKing firm. The dirty scheme is only after defrauding innocent traders. There is nothing good that will come from them.

585680.com Review

The broker brags that it has licenses from reputable financial watchdogs in the market. The entity states that it has competitive prices, flexible leverage, and high liquidity. The company is also allegedly using innovative technology in its trading tools.

Clients are assured of fast trade execution of orders without any delays. Moreover, support is available throughout the week 24/7. They are also offering trading resources for free to their existing customer.

585680.com also allegedly has the best competitive prices. Some of the currency pairs that the company is offering include; EURUSD, GBPUSD, EURGBP, GBPJPY, USDJPY, USDCHF, GBPAUD, etc.

Moreover, this broker also presents a number of awards that it has allegedly won. These include the best forex broker in Europe, the best MT4 firm provider, being the best in the Middle East, and the best EMA Company. However, these are false claims and the scam is a losing scheme.

Trust legit forex trading brokers that do not have to lie to get the attention of investors. These are credible and reliable entities that aims at meeting customer satisfaction. Additionally, they are available for traders across the globe.

Trading Conditions

585680.com states that investors will enjoy the leverage of 1:500. It might appear enticing but the risks associated with it are huge. The entity avails an MT4 trading interface which is one of the best in the industry.

585680.com Review, 585680.com Features

The spread to expect from this platform is 0.4 pips. Scammers use irresistible trading conditions to get more audience. If you are not careful the losses that you are going to get by trusting the wrong company will be tremendous.

585680.com Withdrawal and Deposit

The platform claims there are several advantages that come with trading with them. Unfortunately, we cannot see a single one. The entity states that interested clients can deposit funds via crypto, EPay, BTC, and Payeer.

The least amount of funds that you can deposit is $10. The duration that the 585680.com takes to process a withdrawal is not availed. However, the process can be done via wire transfer, crypto, and Epay.

This is the company that does not have the intention of releasing the money of their customers. The firm payment methods do not allow traders to issue a chargeback. The broker might also charge hefty charges to investors.

The Contact Details

585680.com is a platform that features icons of Facebook, Twitter, YouTube, and LinkedIn. We clicked in hope of seeing their social media pages only to be lead back to the home page. This is indeed a scam that is good at concealing information.

Nonetheless, there is an office address that indicates the entity is based in Hong Kong. The Chinese government has strict measures for investment firms. Therefore, it would not permit this scam to operate freely.

585680.com can only be contacted via email. In this modern age, it is a cumbersome communication channel. It proves that the people running this platform are determined on staying anonymous.

Expect unprofessional treatment from this dirty scheme. The company does not care about treating investors with high-quality services. It can do whatever it pleases. Moreover, the lack of clients’ feedback raises the question of why nobody is interested in their services.

585680.com Regulation and registration

585680.com is a broker that states it has a license from Canadian Financial Transaction and Reporting Analysis Center Board (FINTRAC). Sadly, the recognized financial regulator of Canada is IIROC. The company aims to confuse investors so that it appears to be a legit firm.

The scammers behind this platform want traders to assume that the broker is licensed. However, this is a company that provides false information to get more audience. Moreover, the firm is registered in Hong Kong.

Ask yourself why it doesn’t bother getting a license from Hong Kong Securities and Future Commission (SFC). You will not enjoy fund safety as nobody knows what will happen to the funds that you deposit into this system.

Additionally, there is no segregation of funds in this scam. There is no reason for entrusting your money to this nasty scheme. We suggest that you only deal with a company that has a license. There are multiple advantages that you will get.

The Domain Insight

585680.com is a scam that is a waste of cyberspace. Its registration took place in October 2020. It will expire in October 2025. However, we highly suspect that the entity will exit the market before this duration.

Moreover, the traffic that is vising this venture is not much. Its location as well as that of its target audience is not known. Invest with a company that you have the assurance it is going to be there even in the future.

Client Feedback

Don’t you think it is odd that 585680.com advertises lucrative opportunities on their website yet it does not have endorsement from traders who have tried them out? We searched but all we came across is expert investors warning traders against engaging with this platform.

Therefore, you avoid them, or else you will be a lab rat and we all know how it is going to end. The company only targets to steal money from innocent investors. In most cases, they target novice investors that lack adequate knowledge in the market.

Traders need to exercise caution when dealing with these platforms because most of them are only after their money. It is hard distinguishing a legit entity from a scam especially when you do not know the financial bodies to check.

Final Verdict

Invest with genuine forex trading companies that have been in the market. These are better ventures that will not steal your hard-earned money. Additionally, you will boost your trading skills. There is no point of losing funds as you see.

585680.com is nothing but a Ponzi scheme MagKing is a venture that has already been blacklisted by the FCA. Therefore, trading with them is a blind move. There is nothing positive that will come out of their services. Additionally, the trading conditions of this venture are pathetic.

 

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