Table of contents
The reason why PfhMarkets.com is dangerous is because the firm does a very convincing job with its website design. These kind of scammer brokers are rather rare, but we do come across them from time to time. It shows that the people behind the idea have actually put some thought into the whole scheme meaning that a) this is definitely not the first scammer project of theirs, and b) they have taken this seriously. So it's especially crucial to read this review before you do anything with PfhMarkets.com. Even registering with it is a risk.
The crucial point is to unravel the lies that define the broker. We have two claims revealed by the broker that help us out here.
First of, an alleged UK registration is unlike a real one. To qualify as a UKL broker one cannot just ignore a license; the FCA will sniff you out and report you to the authorities. Or it will blacklist you. However, for all its glamour, PfhMarkets.com does not possess an FCA license. We checked firsthand with the regulator.
And second, the company claims that a second parent firm engaged with the whole thing, this one apparently registered in Saint Vincent and the Grenadines. Now here it may seem like a blurred line for a while, but in truth things are quite simple to grasp. Saint Vincent and the Grenadines is an offshore zone with no FX regulator in place, meaning that even if PfhMarkets.com was incorporate there it would still not be regulated. And a regulation is what matters. Moreover, just about any scammer entity can register as a company there; we have seen some of the biggest forex scams with addresses there.
The two alleged parent companies are both unregulated, and might not even exist. PfhMarkets.com is definitely without a license and is a risk to all. Not to mention that it's also a scam.
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 encountered a very annoying issue that we come across every once and a while. We were able to register, or at least were told so, but when we tried to log in with our fresh credential the broker told us that they were wrong. Either the system is broken, or PfhMarkets.com has judged us unworthy of its scammer services. Whatever the case, we had no way to open an account.
So, we must rely on the website for all details; be aware that the website is not the best source for trading conditions, for the broker can easily manipulate these anytime it wants.
And so, the site states that the available assets are forex currency pairs, stock indices, oils, metals, and cryptos. A 0.2 spread is revealed as the typical EUR/USD spread which we find hard to believe, while the leverage is 1:500. Low spreads usually entail some sort of commission, although it is not unknown for scammers to manipulate spread values.
The download link for a trading platform on the website is unresponsive and thus a complete waste of our time. There was no access to a terminal through the website,
Meanwhile, the user area was blocked to us, so we cannot be sure there is a software from their either.
Ambiguity around the presence of a trading software is a trademark of any scammer broker.
PFHMARKETS.COM MINIMUM DEPOSIT
The minimum deposit is said to be $100, which is pretty decent, but how can we truth the site considering that there are no further depositing details anywhere to be seen.
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.
PFHMARKETS.COM WITHDRAW TIME AND FEES
No withdrawal details exists. This is the point where we just say that all withdrawals won't be achievable, and we wont't be wrong about that.
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!
Despite its looks, PfhMarkets.com is the typical scam and a risk to all!
PfhMarkets.com compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines