de | cn | ru

Pacoxr Review - is it scam or safe?

Pacoxr review - Is pacoxr.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Pacoxr
Pacoxr is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Pacoxr is presented as a top online forex broker with years of experience, which offers a selection of currency pairs and CFDs on precious metals, energy commodities, indices and stocks with a choice of three account types, leverage as high as 1:200 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Mini Account $500

1:200

n/a
Classic Account $5 000 1:200 n/a
Premium Account $20 000 1:200 n/a

 

And Pacoxr even offers to manage your accounts with specially designed artificial intelligence software, which is supposed to generate you annual returns of no less than 25%.

 

Unfortunately we have some seriously doubts about the legitimacy of Pacoxr – their website is virtually anonymous – we know nothing about the company behind the broker - there is no company name, no contact address, not even a phone number. On top of that we have serious concerns about the Pacoxr managed accounts as well, so if you are considering whether to invest any funds with them be sure to read the following review.

 

Pacoxr Advantages:

 

Non that we can think of.

 

Pacoxr Disadvantages:

 

Anonymous, unregulated website

 

As we already noted, Pacoxr does not bother to provide their customers with any concrete information about their business – we are not told which is the company that runs the broker, where it is based and incorporated, nor what is their physical address. We are not even given a contact phone number, and that is a clear indication that what we are dealing here is yet another scam website.

 

Needless to say that  Pacoxr does not have a license, which means they have no legal right to target customers on regulated markets like the European Union for example.

 

Bear in mind that proper regulation is the single most important factor that can guarantee the safety of your funds. Well respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) require brokers to follow strict financial and ethical rules, among which to file regular reports, to allow external audits, to keep their clients' capital in a segregated, protected form creditors, trust account, to maintain at all times a certain minimum operational capital, and in some cases even to insure traders' funds. 

 

And because with a FCA broker, your funds will be covered by an insurance policy of up to 85 000 GBP, payable in the unlikely event your broker files for bankruptcy, here you may check as well our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Managed accounts

 

Pacoxr offers its clients, what they call, algorithmic trading. Basically, they claim a specially designed artificial intelligence will take care of your trades, with a promise of guaranteed annual returns.

 

Bear in mind that virtually all brokers, legit ones including, act as market makers, which means they make money whenever traders lose. So if a market maker like Pacoxr offers you to manage your account (with or without their trading software), they will surely have an incentive to lose your money in their own pockets. This is called a conflict of interest.

 

Trading bonuses

 

The practice of offering trading bonuses is highly controversial and has already been banned on most regulated market like the European Union for example. The general problem with all trading bonuses steams from the fact that they always come with some additional withdraw conditions, most probably a minimum trade volume requirement, which quite too often scammers use as a pretext to cancel any withdraw requests. 

 

Unusual withdraw conditions

 

Pacoxr says it will take them 5  business days to process your withdraw request, while with legit brokers this will happen within 24 hours. Also, be aware that Pacoxr will charge you a  monthly tax of 36 USD in case you have not traded for just 30 days. This is highly unusual, legit brokers may charge you a dormant fee only if you have not traded for over a year.  

 

Finally, be aware that Pacoxr charges a fee for every withdraw, without however bothering to specify what.

 

TeamViewer offered

 

TeamViewer is a software that allows any one to access your computer from afar. So if you agree to install it and share your settings with Pacoxr, they will gain full access to your PC including your personal bank details like your credit card number and online banking password. This means Pacoxr will be able to steal money directly form your bank account. See for yourself:

 

 

MetaTrader4 provided by a third party

 

It is true that you can download the MetaTrader4 from a link on the Pacoxr homepage, but it is branded and provided by a third party - Trading Technologies Ltd., and that is not a usual practice. Otherwise MT4 is a highly reliable trading platform, featuring over 60 market indicators and trading robots with the help of which one can easily run automated trading sessions. On top of that the MetaTrader4 comes with an excellent pack of advanced charting tools, so here you may check as well our list of brokers, which do support the platform:

 

>>MT4 Brokers<<

 

Excessive minimum deposit requirement

 

Pacoxr asks for a minimum deposit of at least 500 USD and that is about twice the amount most brokers would require with their standard account. What is more, with some big and well known brokers like FBS and IG you will be able to open a live account with just 5 USD or even less.

 

No demo account

 

Unfortunately we were not able to directly open a demo account and that is the reason we can not comment on any spreads. In any case here you can always check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

As it turned out Pacoxr accepts payments with major cards like VISA and MasterCard and bank wire, but not Skrill – the most popular e-wallet in Europe. And the absence of Skrill is notable, because of the new anti scam policy adopted by the company about a year ago. According it Skrill partners only with legit and licensed brokers, and as we already established, Pacoxr is just an anonymous, unregulated website. Here you may check our list of brokers, where you can deposit your funds with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

Pacoxr  is an obvious scam – their website is virtually anonymous, they are not regulated and they offer managed accounts while acting as market makers. Our best advise is to avoid such unregulated websites altogether and to trade only with legit and properly regulated brokers, like the ones, licensed and authorized by the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Latest news about Pacoxr
No news about Pacoxr. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Pacoxr

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru