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PFX Markets Review: Is pfxmarkets.com a Scam or Legit Broker?
PFX Markets Review: Scam or Legit Broker? PFXMarkets is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency pairs and cryptocurrencies. They have their address at 34, 18-21 Crawford Street, London, United Kingdom W1H 1PJ and they claim to be regulated on the Seychelles.
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PFX MARKETS TRADING PLATFORM
This broker uses its own webtrading platform.
DEPOSIT AND WITHDRAWAL METHODS
The broker accepts major cards like VISA and MasterCard, bank wire and Neteller. The minimum deposit is $100
Is PFXMARKETS LICENSED?
NO! PFX Markets broker is not licensed, though they claim so. The truth is that no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.
This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.
PFXMarkets is an unregulated broker, this is a source of major concern. We are convinced that Pfxmarkets.com is run by a bunch of scammers, this is why they are anonymous and also don’t accept payment in Skrill. When trading forex, cfd and cryptocurrency we always recommend you use a regulated broker that is licensed to trade financial instruments.
COMPARE WITH A TRUSTED BROKER
ETORO has registered addresses in London United Kingdom, Tel Aviv, Limassol, Australia and USA. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. eTORO has the best social trading platform in the forex industry where you could copy the trades of successful traders. You could also earn additionally if your trades are copied. ETORO is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, NBRB in Belarus and ASIC in Australia, which makes client funds safe. They accept traders worldwide.. visit their official website
PFX Markets PFX Markets Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread*|
*This is the spread on the broker’s demo accounts.
PFX Markets presents itself as a UK-based forex broker and offers its clients a choice of 3 account types, as well as access to the MetaTrader4 platform. Although its trading conditions appear attractive, we cannot recommend this broker, mainly because it is not regulated. This detailed and unbiased review will shade some light on the PFX Markets’ service.
PFX Markets Advantages
Seemingly good trading conditions
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One can open a live account with PFX Markets by depositing $100, which is a reasonably low amount. Besides, clients of the broker are offered high leverage levels, up to 1:400 on Premium accounts, and reaching 1:1000 on demo ones.
Click to zoom in.
Although PFX Markets has not presented any reference spreads on its website, when we tried out the broker’s demo MT4, we found the benchmark EUR/USD spread floating around 1.2 pips, which a a competitive pricing, in line with the average trading costs in the sector.
As usual, the presence of the MetaTrader4 (MT4) platform, is viewed as an important advantage in a forex broker’s offering. This piece of software is still the most popular forex trading platform, although its successor lately gains popularity among brokers and investors. The MT4 is highly praised for its top-notch charting, numerous customizable indicators and Expert Advisors available, the MQL marketplace, and more.
Good selection of CFDs, many coins
Another possible benefit of using PFX Markets is that the broker offers good selection of assets for trade. It includes more than 30 currency pairs, as well as CFDs on indices, commodities, precious metals, and wide range of cryptocurrencies. A product portfolio that diversified allows for better risk management, yet it does not change the fact that this broker is not regulated. So, you might take a look at our list of licensed forex brokers which also offer trading in wide range of assets, Bitcoin included.
PFX Markets Disadvantages
No company name
PFX Markets’ website does not feature any corporate information, other than a contact number and an address in the UK. So, it is unclear which is the company operating the brand, which is very disturbing, because anonymity is quite common when it comes to scamming.
When we downloaded the broker’s MT4, we saw that it is provided by ProFXMarket limited, a company that runs unregulated brokerage Profx Market. It is possible that the same company is operating PFX Markets.
No legit license
Forex brokers in the UK have to be licensed by the Financial Conduct Authority (FCA) or by another financial authority in a EU Member State and have to adhere to a number of requirements, set out in the common framework, as well as in the national legislations of each country. However, PFX Markets’ website does not mention anything about regulation, so we can safely conclude that whichever the company behind the brand, it does not hold a legit forex broker license. In our view, this is the most serious disadvantage of PFX Markets.
Given the number of investment scams in the forex trading world, regulation is the most important thing to look for in any financial services provider.
Spreads not disclosed on website
PFX Markets` website lacks information on the most important details of its offer – the spreads, and that is another negative, which is very common among shady offshore brokerages. Investors have the right to know what are the prices of the services offered by the company, which means typical spreads,
All in all, there is nothing special about PFX Markets’ offer. Thousands of brokers offer similar trading conditions for trading on the MT4. If you are wondering how to choose the best one, our advice is to select a company that is licensed by a reputable financial authority such as UK’s Financial Conduct Authority (FCA), Cyprus’ CySEC or Australia’s ASIC.
Here is a summary of the advantages and disadvantages of this broker:
|Seemingly good trading conditions||No legit license|
|Access to MT4||Company information missing|
|Good selection of CFDs||Spreads not disclosed on website|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
PFX Markets Review – 5 things you should know about pfxmarkets.com
Beware! PFX Markets is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
PFX Markets is an offshore forex and CFD broker that claims to be regulated on the Seychelles. They offer over 30 currency pairs, and a selection of CFDs on commodities, precious metals, indices and crypto coins with three account types, leverage of up to 1:400 and a web based platform.
As tested with a demo account the benchmark EURUSD spread floated about 1,3 pips and that looks good, in case the demo account mirrors their standard account, which we were not able to verify.
Unfortunately we have some issues with the regulatory status of the broker, so if you are thinking about investing with them be sure to read the following paragraphs.
PFX Markets regulation & safety of funds
PFX Markets says to be licensed and authorized by the Financial Services Authority (FSA) Seychelles. That however turned out not to be true. We diligently checked the FSA registers and were unable to find PFX Markets there. On top of that the corporate details on PFX Markets website are quite scarce – in fact we do not know the name of the company behind the broker and that is also a problem – their website is virtually anonymous.
In any case a license by the FSA on the Seychelles can in no way be compared to a license issued by the regulators in the European Union, the US or Australia, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) .
For example the Seychelles regulator does not have a minimum operational capital requirement, nor does it require brokers to keep their customers money in a segregated, trust account, to mention few of the standard requirements with financial watchdogs like the FCA in the UK or CySEC in Cyprus.
On top of that with a FCA broker you will even get an insurance, covering up to 85 000 GBP of the funds accumulated in your trading account.
PFX Markets deposit/withdrawal methods and fees
The minimum deposit requirement to start trading with PFX Markets is 100 USD and that is acceptable. And you may pay in various ways – the broker accepts major cards like VISA and MasterCard, bank wire and Neteller – a popular e-wallet.
PFX Markets however does not work with Skrill, and that is notable, because of the new anti scam policy of the payment company – since last October, Skrill requires all brokers, targeting customers on the European market ,to prove they hold a legit license. As we already noted PFX Markets is not a licensed broker.
How does the scam work?
Among the various techniques scammers use to hook for new victims we should mention the so called robo scam websites like Crypto Revolt and Bitcoin Evolution . Those websites are usually all about a nicely cut video ad, promising you fast and easy returns in exchange of a modes investment with some innovative trading software or an application that will trade instead of you.
Of course, you will be promised as well that everything is completely risk free and you might even be offered a managed account – a controversial practice, prohibited in the European Union and on many other regulated markets as well.
Bear in mind that most brokers, including legit ones, actually operate as market makers, which means they make money whenever you lose. So if a market maker offers you to manage your account, this is called conflict of interest, as the broker will actually have an incentive to lose your money.
But let us go back to our scam scenario. If you get hooked by the robo scam website ad and fill the simple registration form, leaving your phone number and e-mail, you will be instantly redirected to the website of a unregulated, offshore scam broker, where finally you will be asked to deposit your first 250 USD.
And take a note that no matter if you are offered a standard trading account, or you have agreed to have a managed account, your initial trading results will be spectacular and the money in your wallet will surely double in just a few days. That however will all be fake. Scammers will be manipulating your trading results with one clear objective – to trick you to deposit a more substantial sum.
And that is exactly what your “senior account manager” will be trying to convince you on the phone or with the help of a live chat – to deposit like at least 10 000 USD, “if you really want to make some serious cash”.
And strange as it may seem, but at that stage most people do invest that kind of money, without ever realizing they have been scammed until the very moment they try to withdraw some of their funds. Then all of a sudden it turns out they are unable to withdraw, because of some minimum trade volume requirement they have agreed with, when they have accepted their welcoming bonus in the first place.
The excuse might certainly be different, but basically you will not see a single penny back.
And be aware that scammers will be trying to squeeze you until the very end – they will ask you to pay some account manager’s fee or a withdraw fee, so be aware of that too – do not pay anything in addition.
What to do if scammed?
In case you have been scammed there is only one viable course of action – file for a charge back with your credit card company. The good news here is that recently both VISA and MasterCard extended the maximum period, in which you will be allowed to do that to 540 days.
Besides, scammers might even try to steal money from your bank account directly, if they have tricked you to tell them your credit card number or online banking password. If that has happened, immediately block your credit card and change your banking password.
And one more piece of advise – do not rely on the so called recovery agencies. They will not render you any service, but will simply charge you some money in advance and basically you will end up even deeper into the red.
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