Warning! PForex is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
We urge users to read the review of PForex before making any deposit there, for even with its stunning visuals, this brokers hided skeletons in its closet. Read on to find out more.
Let’s get one thing out of the way. PForex does not posses a license, because it nowhere mentions such a thing on its website. It mentions that it is located in the British Virgin Islands. There the British Virgin Islands Financial Services Commission regulates the forex market. We looked into the regulator to find the name of the broker and found zero result. Thus PForex is UNREGULATED and therefore a risk to all investors.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We opened a, what seemed like a live account. The EUR/USD spread we got from the trading platform, which we accessed very easily without providing any documents, was not available to us for a reason we shall see in the next section. We could not find a leverage amount anywhere. And even if we did, the trader would not have any use for it for the same aforementioned reason. The same thing is applied to the trading assets.
The website is only available in English.
The webtrader at PForex is both extremely basic and not really a trader at all, for the charts, and all the accompanying customizable tools, are a part of a third party forex chart provider. This type of cheating is synonymous with unregulated brokers. This basically means that PForex has no trading platform.
Furthermore, it seems that the third party chart provider uses spread values and assets from the FXCM broker. The fact of the missing PForex trader, we can rule out any spreads, leverages and assets associated with the broker.
PFOREX MINIMUM DEPOSIT
The minimum deposit according to the client portal is $100.
The payment method as revealed by the client is via CoinPayments, or via crypto currencies.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. 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, often times 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.
PFOREX WITHDRAWAL TIME AND FEES
The minimum withdrawal amount is $100. This is the only piece of withdrawal information that we were able to get our hands on. Any other details are left out. Even the terms and conditions mention the word “withdrawal” only once.
ADDITIONAL FEES AND TAXES
Surprisingly, there are no fees or charges mentions in the legal documents. However, even without those, we urge traders to be careful because unlicensed brokers tend to send fees without warning.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The 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.
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!
PForex is a very illicit broker that will not return your deposit. You have been warned! There is no regulation here, and the amount of missing information speaks volume of the company’s illicit nature. Stay away!