ANSWER 5Markets is NOT legit and should be avoided at all events. 5Markets claims to be owned and operated by Uncany Services LLC, a company registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) under the registration number: 1499 LLC 2021. We did find a matching result from SVG FSA, but please be informed that SVG FSA does not issue licenses for forex trading nor regulate any forex activities. So this broker is merely a registered broker operating under no valid regulation.What's worse, the Spain's regulator CNMV has added 5Markets to its alert list to warn the public that this firm is not authorised to provide the investment services in the country. You can check the full alert or warning here.As per the evidences above, our verdict is that 5Markets is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders stay away from this broker and trade with licensed brokers.
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