Pari Fx Trade
Pari Fx Trade Details
Table of contents
Pari Fx Trade talks the talk, but does it walk the walk? Read on to find out more.
The broker, that is a trading division of Pari Fx Trade Holdings PLC, suggests that is is regulated by basically every major European financial regulator, which accounts for more than 30 licenses. These include the FCA and CySEC.
We believe that if we find the Pari Fx Trade name in both agencies’ registers, we will find the company on the lists of the other 30.
Is it a surprise that both searches had zero results? At the end of the day, to consider a broker with over 30 licenses is a ridiculous endeavor. And if it did, it surely would present itself with a higher demeanor, and a more reputable interface.
Furthermore, the holding companyEXPERT Ltd claims to be located in Seuchelles. Meanwhile EXPERT Markets serves as the back-office branch (where payment transactions are handled) which is located in Mauritius, and is regulated by the FSC. Needles to say both entities had zero results when we searched to both EXPERT Ltd and EXPERT Markets in the respective financial regulators.
But we digress… what matter here is that Pari Fx Trade is UNREGULATED. Brokers that do not hold a license are dangerous to all investments made with them.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for job. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
What’s more is that none of the Legal documents open. Instead we are greeted by the infamous “Not Found” page.
The leverage on the website is capped at 1:400. This is of course impossible for a European broker to offer anything larger than 1:30, as ruled out by ESMA.
We cannot prove any of the information regarding a spread value. And so we must quote what we see on the website. The EUR/USD cost of trade is 1.2-1.4 pips, according to a spread table on the Forex section of the website.
Trading assets are indicated as being limited to only Cryptocurrencies, Forex Pairs and Shares. We took this from the tabs that form the navigation bar. We found another source in the website that added to the above list Commodities, Indices and Equities. We cannot confirm any of these because there is no trading platform made available to us.
The only language here is English.
PARI FX TRADE LOGIN
Without properly registering we were not able to access a personal dashboard, hence we were stopped from toying with a trading platform. There is mention of a trading terminal namely the MT4, yet all buttons either will redirect you to the broken registration page or to an error page.
We are given but a glimpse of a trader in the form of a short tutorial on how to place a trade. It looks like a refined version of the metatrader:
It’s all very obvious. There isn’t a way to place and execute trades. It’s all a sham.
PARI FX TRADE MINIMUM DEPOSIT
There is not separate payment page that is reserved for laying out essential deposit/withdrawal information. There are no terms and conditions to expand on said page. There is no personal dashboard available. We are left with an FAQ page to supply us with details.
According to the FAQ, the minimum deposit is $200, and that the methods for funding are Wire Transfer, Credit Card, Sofortüberweisung, Skrill and “others”.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
PARI FX TRADE WITHDRAWAL TIME AND FEES
The following information was taken from the FAQ section exclusively.
The minimum withdrawal amount is $10, which is very agreeable.
There is no mention of any processing times.
There are some fees however. Undisclosed fees occur when the customer wishes to withdraw from an account that he/she has not traded with. The second fee is applied when the trader has more than $100 in his/her account and wishes to withdrawal less than that. If this happens, then a fee of 5% is withheld from the total withdrawn amount by the broker.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned, and there are no legal documents. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. he most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
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. Do not expect anything of the king from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
Pari Fx Trade is as broken as one can be. The website creates the illusion that it functions wheel, but the truth is that half the domain is defective. Furthermore, the company is not regulated. There is no sense in Pari Fx Trade… leave it be!
Pari Fx Trade compared to other brands
Pari Fx Trade
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines