1:500 leverage is amazing! Such high leverage is not recommended for beginners. After all, high leverage brings high profits but also high risks. Fraud brokers often use high leverage to induce traders to invest, and they will say very well that you only need to invest $10, but you're actually trading for $50,000 and you can make a lot of money. But the reality often backfires. The probability of losing is much higher than the probability of gaining.