A look at their website reveals that they are not governed by any regulatory body. That is a VERY BIG RED FLAG!! That should be reason enough not to invest with them. They also collaborate with websites that offer “Automated trading software,” which is another red flag because these websites are notorious for scamming schemes.
So Group 500 is just another unregulated forex broker, which means customers are not protected, and it is highly likely that they will get away with your hard earned money with no regulating agency to hold them accountable.
How does it work?
Unregulated forex brokers typically operate in the following manner. They will call people to persuade them to make the initial minimum deposit, using any and all means possible to do so. They will offer deals that seem too good to be true, such as “we will double your initial deposit” or “you will easily make $100 per day.” Please do not believe anything they say!!! It is a FRAUD! After making the initial deposit, people are transferred to a more sophisticated scammer known as a “retention agent,” who will attempt to extract more money from you.
Withdrawal of funds
Because your funds are never safe with an unregulated broker, you should submit a withdrawal request as soon as possible. And this is where things get complicated.
If you want to withdraw your money, regardless of whether you have profits or not, they will delay the process for months. If they delay it for six months, you will be unable to file a chargeback and your money will be lost forever. You will NOT get your money back, no matter how many times you remind them or insist on withdrawing it. And if you signed the Managed Account Agreement, or MAA, which basically authorizes them to do whatever they want with your money, they will lose all of your money, so there will be nothing to request.
How can you reclaim your money?
If you have already deposited money with them and they refuse to return it, which is very likely, don’t worry, there may be a way or two to get your money back.
To begin, keep the emails as proof that you have requested the money back from them but they have not given it to you or have delayed the process for too long with the intent of not refunding your money.
The first step should be to perform a chargeback! And you should do it immediately! Contact your bank or credit card provider and explain how you were duped into depositing money with an unregulated trading company, and they refuse to refund your money. This is the simplest way to get your money back, but it is also the most damaging to them. Because a large number of chargebacks will sever their relationship with payment service providers. We can assist you in preparing your chargeback case if you have never done so before or if you are unsure where to begin or how to present your case to your bank or credit card company.
Make sure to leave Group-500 reviews on other websites
Another way to hurt them while preventing others from becoming victims is to leave negative reviews on other websites and describe what happened briefly. If you have been a victim, please leave a review and a comment in the comment section on this site.
Conclusions of the Group-500 Review
Making the Group 500 review is actually a lot of fun for us, and we hope to save as many people as possible from losing their money. A good rule of thumb is to thoroughly research all Forex companies, as well as any other company, before engaging in any transaction. We hope our Group 500 review was useful to you. If you have any questions or require assistance with the withdrawal process, please do not hesitate to contact us.
