Table of contents
There is a certain charm about Platinex.io and its website, even if we knew from the first look of it that the firm is ultimately a complete scam. Nevertheless, we started slow and tried to dissect the broker as much as we could, separating the important elements into different sections. The result is the following review. Please read it carefully, and whatever you do, do not invest without first having read it!
Regulatory details are pretty easy to break down. The footer of the site claims the broker to be registered in the Commonwealth of Dominica. The broker may be located there, and it may operate as a full-on compnay. But this does not change the fact of things: the Commonwealth of Dominica does not have an FX regulator, and thus cannot license Platinex.io as a legit FX broker. The firm might be operational there (or not) but it definitely is not licensed by anything.
Moreover, users are led to believe that Platinex.io abides by the Markets in Financial Instruments Directive (“MiFID”), a legislation that all EU-regulated brokers must follow., suggesting that Platinex.io is licensed in the UE by something. Although we would like to believe this, this is another reason why we should not trust this broker. There is no proof of a EU-based license, which means that Platinex.io is not a MiFID-abiding broker, and is therefore not licensed in Europe.
Overall, Platinex.io is definitely unlicensed and a risk to all users and their money!
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 came across a very easy registration, which allowed us to enter a simple user dashboard and, subsequently, a web trader. From the software, we read a 3 pips EUR/USD spread, a value was too high to be of any use to traders. The available instruments were forex currency pairs, commodities, stocks, cryptocurrencies, and indices. The leverage was maxed out at 1:100.
Platinex.io uses one of the most popular trading software used by unlicensed brokers. We cannot stress how many times we have seen this platform being used by scammer brokers. The number is in the hundreds.
Aside from some useful options and features, the web trader is actually very limited in scope. It has a cool visual aspect to it, but otherwise, it's pretty unexciting.
PLATINEX.IO MINIMUM DEPOSIT
All deposits will be lost with this scammer broker! Be very careful how you proceed.
There was no way to get payment info from the user area. What happened was that the broker detected us that we are not a typical user, and did not grant us access to any of the payment portals.
On the website of the broker, we find that the promoted payment options are: bank account, credit cards, debit card, and some e-payment probably. Crypto wallets might also be available, although we don't know for sure.
We find on the site, that the minimum deposit is supposed $250.
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.
PLATINEX.IO WITHDRAW TIME AND FEES
All withdrawals will not be available here. Unlicensed brokers lose money when users withdraw, so there is no reason why Platinex.io should give it all away.
There was no way to get any withdrawal information from the user area. The only place where one can find such details is the Deposit and Withdrawal Policy
The set of provisions does not reveal that much, and in fact, they say a lot but much of what is said is useless. We found nothing worth of value on them. The rest of the website was equally useless.
We are left with very little withdrawal information.
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!
Here we have a broker that does nothing special. Platinex.io is a common ad typical investment scam! All deposits will be lost, while any provided personal details will be mistreated.
Platinex.io compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines