PFX Markets Review Is pfxmarkets.com a Scam or Legit Broker

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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.

SUPPORT

This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.

CONCLUSION

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

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 Review – is pfxmarkets.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread*
Standard $100 1:200 1.2 pips
Premium $2 000 1:400
Pro $5 000 1:200

*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

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.

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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,

Conclusion

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:

Pros Cons
Seemingly good trading conditions No legit license
Access to MT4 Company information missing
Good selection of CFDs Spreads not disclosed on website
Broker Advantages

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.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

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.

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