Warning! Platinium Fund is an offshore company! Your deposit may be at risk.
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Platinium Fund is a glistening broker that allegedly offers legit trading conditions, yet as we explored it we found some very suspicious things. Read the review for more.
We start by saying that the broker has not mentioned that it is regulated by any agency. It claims to be located in Austria, where the Financial Market Authority (FMA) regulates the local forex market, yet there is no mention that Platinium Fund is located there. We nevertheless checked the FMA’s official online database of regulated brokers. Needless to say, we found no trace of Platinium Fund there. We can conclude that this broker is UNREGULATED, and thus a risk to all investors.
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 the job.
We were able to open an acount and were presented with a very useful client dashboard, where we were able to download a MT4 desktop terminal. There we got a EUR/USD spread of 3 pips, immediately reminding us of this broker’s illicit status. What’s more is that we could not get a specific leverage; the website claims that the leverage is capped at 1:50.
The trading assets as per the MT4 are as follows: Forex Pairs, Indices, Commodities, Equities, Indexes, Spots, and bitcoin.
Users cannot change the language from English.
PLATINIUM FUNDS LOGIN
The classic MT4 makes a return here. MT4 is abundant with great features that make it the powerhouse it is today. Expert Advisors, numerous order types, customizable charts and indicators, drag and drop chart and a plethora of other features.
According to the website, all ECN accounts are levied with a $7 commission per standard lot. However, it does not say if the charge is per side or rounf turn.
PLATINIUM MINIMUM DEPOSIT
According to the client area, there are 2 ways of depositing: Cashier and WorldVoucher. We were not able to get a hold of a minimum deposit from the client area, so we will stick the website claim: the info is contradictory. At one place it says that the minimum is $250, while another subsection of the site claims it to be $500. This info should not be dealt with such ambiguity. Another hint at the broker’s scammer intetnions.
This broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
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
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 software 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.
PLATINIUM WITHDRAWAL TIME AND FEES
Withdrawal methods are Credit Cards and Wire Transferm quite different from the ones used for depositing. There are fees according to the legal documents, however it has not disclosed the actual fee amount. The same legal documents state that the withdrawal is processed up to 5 days, and after that it may take some 10 days for it to reach a client’s account.
ADDITIONAL FEES AND TAXES
There are no big clauses that shook us, yet we have to again mention that Platinium Fund is illicit. Regardless, it’s in Platinium Fund’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain, either by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
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 only way to recover is by filling for a charge back, and hoping it’s not too late.
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.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
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!
Do not invest here! There is nothing for you here but financial anxiety!