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Paragon Traders couldn't be further away from what it tries to emulate. Read the review to find out how far this company goes.
It turns out that there are three separate companies operating here.
Two of these are allegedly incorporated in Estonia. now, Estonia is no exception to the rule that all local FX broker shave to have an official license. These are issued by the local Finantsinspektsioonacts (FI), a legit and respected regulator. As it turns out, quite expectedly, none of these exist. The broker is simply not regulated nor registered in Estonia.
The other remaining company is based in Luxembourg, or so we are led to believe. 9It'c actually not true at all. The Luxembourg the Commission de Surveillance du Secteur Financier (CSSF) – the official regulator- has actually issued a warning about the broker so we can completely rule out that the company is licensed there.
Last but not least, the contact address of the firm is in the UK, which should put it under the authority of the FCA, but it doe snot. One more lie to add to the growing list.
Paragon Traders is unregulated and a risk to all!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were not burdened by the registration; it was by far one of the easiest yet.
From the web trader we learn that the broker is a crypto-only trading firm, allowing user to trade exclusively with crypto-bases currency pairs. So, the website wasn't lying when it said that it offers crypto assets as its ole tradeable category of instruments, although it might have exaggerated when it said that it's the word's fastest growing crypto market.
There was no leverage value revealed, although with cryptocurrencies these values do not exceed the 1:10 range. Yet, Paragon Traders is unregulated meaning that it may have gone overboard on this one thing, and we would not be surprised if the leverage cap turned out to be something ridiculous.
However, we must not forget to mention the fees that the broker includes, although they have been disclosed in a very shallow and ambiguous way. These fees are a 0.30% trading fee (pertaining to god-knows what); crypto assets fees that have no reason to be charged in the first place, as well as fiat currency commissions. If you look at the fees document you would be dumfounded as much as us, for there is nothing that gives any logical explanation; as is typical for scammer brokers.
PARAGON TRADERS LOGIN
What we have here is a typical shady web trader, that is a prototype of most offshore broker softwares.
One of the main issues we have with this platform is that it utilizes a third party chart, which is not of its own making. So, the trading value may not be of the company own going but taken from some irrelevant source. Thus we do not know if it offers solid trading conditions.
PARAGON TRADERS MINIMUM DEPOSIT
The depositing area in the portal for registered clients was not available, perhaps because we had not verified or account; the broker does not make it too clear. Therefore, we have no other choice but to site the website on all depositing methods, as well as the withdrawal ones. Be aware that what we are about to discuss may be misleading information.
So, the website reveals that the minimum deposit requirement is €3, although we took this from the terms and conditions.
It seems that the only payment method is centered around a couple of crypto wallets, which immediately sets our radar. All crypto deposits are untraceable and a big risk!
There are no depositing fees, as explicitly revealed by the fees document.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
PARAGON TRADERS WITHDRAW TIME AND FEES
Withdrawal third part fees apply, meaning those issued by the payment systems themselves. However, the broker claims not to issue its own commissions on withdrawals.
The typical processing times depends on the withdrawal options, ant can range from 2 to 5 days.
Shady payment methods, all in all.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Paragon Traders is a true scam down to the bone. Do not invest here!
Paragon Traders compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines