PlatinumFX Review: platinumfx.io an Unregulated Forex Broker

There are many firms in the forex trading markets nowadays. One of those upcoming companies is PlatinumFX. But who is behind PlatinumFX, and what do they deal with? PlatinumFX is a company that provides brokerage in forex and other trading markets.

It operates from the Islands of St Vincent and Grenadines. They also have an additional office in the United Arab Emirates. They claim to be one of the most trusted and transparent brokers in the forex industry. However, many scammers claim the same to unsuspecting investors.

If you are new in the business of forex and trading markets, then beware. You must do enough research before investing with such companies. There are thousands of scammers in the forex market that promise investors the best of returns. However, most such companies are fraudulent.

Fortunately, there are many legitimate forex brokers in the market. They operate with full transparency and have a safe trading environment. Such companies have in the market for a long time. In the meantime, here is our review of PlatinumFX.

PlatinumFX Review

PlatinumFX is a company that claims to offer brokerage services for various markets. These markets include stocks, indices, cryptocurrencies, and commodities. They also deal with CFDs. Therefore, there’s a wide range of assets that you can trade on the platform. This is appealing to customers who want to spread their risk.

However, this is not as exciting as it seems. Having all these options means nothing if there is no safe trading environment.

PlatinumFX has a live chat link on the website. However, this is just for aesthetics. The functionality does not work. The link takes you to a contact form to fill. The company is only using this as a marketing tool.

Additionally, they have an email and phone number for client support. You can reach them via the email support@PlatinumFX.io. Further, you can reach them via the number +971567691024.

However, we tried calling the number and but we couldn’t get through. The number was offline throughout our several tries. Moreover, the company does not guarantee to respond to customer emails.

This is very worrying for a company that claims to be transparent with its clients. This is the sign of a scam in the cooking. All legitimate forex brokers offer fantastic customer support for their clients.

Account Types

PlatinumFX offers a variety of trading accounts for novice, professional or corporate traders.

Platinum FX offers three main account types. The mini account, the classic account, and finally, the premium account types. Let’s have a look at what they offer in each of these accounts.

First is the mini account. Here they offer 1.2 pips with no commission. The minimum deposit is 100 dollars with a minimum trade volume of 0.01 lots. Additionally, for clients of this account type, the EA (Expert advisor) is available. The Islamic account is also available.

Next, we have the classic account. It offers clients variable spreads from 1 pip, no commission. The Expert Advisor is also available with a minimum trade volume of 0.01 lots. Additionally, the Islamic account option is there. The minimum deposit is 1000 dollars.

Lastly, is the premium account. It offers variables spreads from 0.8 pips, with no commission. You can also get the services of the expert advisor software.

Platinum FX also offers a live account. Additionally, it offers accounts for VIP and Corporate clients who actively trade larger volumes.

VIP accounts get access to special services. These include a dedicated account manager, comprehensive market analytics, better spreads, and fixed accounts.

PlatinumFX Founders and Physical Location

Knowing the founders of a company is very important. This guarantees full transparency in case of anything. Moreover, it gives you insight into what to expect from the company.

Sadly, PlatinumFX.io is not transparent in this sector. They do not introduce us to the founders or other team members. Most fraudsters do this to avoid facing the law in case of anything. Knowing who you are working with is very important.

Also, the company operates from St Vincent and the Grenadines. This is a hotbed for scammers and cons. It’s a jurisdiction with very lax laws. Anyone can easily register their company in this offshore country. Do not invest your money with this company. They are operating in this jurisdiction for a reason.

Regulation and Fund Safety

It is important to invest only in regulated companies. Regulatory bodies ensure companies meet legal requirements to provide their services. Otherwise, fraudsters would be all over the market.

PlatinumFX claims to be a regulated entity by FCA. However, searching on FCA’s website yields no results. Therefore, the company is lying about its regulatory status to attract customers. There is nothing this company will not do. The people behind this company do not care about customer satisfaction.

Additionally, the company claims to have regulation from DFA. Following DFA rules, PlatinumFX partners with Tier-1 banking institutions. This includes Barclays Bank and SAXO bank. This ensures that customer funds are safe from the bank’s financial status. Moreover, it ensures the company has segregated bank accounts. These are reputable banks. However, there’s no solid evidence to support the company’s claims.

PlatinumFX Domain insight

The official domain for this company is PlatinumFX.io. The company claims to have 7 years of experience in the financial market. However, a quick search on Whois.com reveals a different story. Whois records reveal the website’s year of registration as 2020. Clearly, they are lying to investors about being in the market for seven years.

Furthermore, the company’s domain holds a one year registration period. Clearly that have no intentions of sticking around that much. You should only invest in companies that commit to providing services for a long time.

Amazingly, this site ranks very low in terms of traffic on Alexa ranking. It ranks 5,185,065. This is extremely low for a company that claims to be one of the best in the market. It is also low for a company that claims to have over seven years of experience in the market.

Only invest in companies that have high traffic. Only such companies have reliable liquidity.

Final Verdict

Platinum FX is a very suspicious company. First of all, they are operating in an offshore country known for its lax laws. Also, this jurisdiction is well known as a hot-bed for scammers and fraudsters. Customer care phone number is always unavailable.

The information they give about the live chat is also a lie. All we get is a simple form that no one gets to reply to. Even worse, we do not know who the founders are. Not even one name of the members is available on PlatinumFX.io.

If they are as legal as they claim, they’d have nothing to hide. However, this company lies about its establishment date. Additionally, they lie about their regulatory status. We can conclude that they are preying on investors. They are only interested in stealing people’s funds.

Thankfully, there are many legitimate forex brokers in the market. They offer investors a safe environment and are well regulated. Additionally, they operate in countries with reliable regulatory laws.

 

Tags: PlatinumFX Review, platinumfx.io Scam Review