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Palm International Review - is it scam or safe?

Palm International review - Is palmuk.com scam or good forex broker?

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

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Palm International says to be a top foreign exchange broker, licensed and authorized by the National Futures Association (NFA) in the U.S. And they also say to be offering a great variety of forex pairs and various other CFDs with leverage of up to 1:100 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account n/a

1:100

n/a

 

Such an offer might certainly seem attractive and yet there are a few key issues about Palm International that make us question their credibility. So if you are about to open a trading account with them better read the following review.

 

Palm International Advantages:

 

Supposedly a large selection of trading instruments

 

As we always try to start our reviews on a positive note, a possible advantage about the broker might be the comprehensive selection of forex pairs –  we counted 69, lots of which exotic or minor like USDZAR, USDTRY, USDRUB, USDPLN, USDMXN, USDILS, USDHUF, USDHKD, USDCNH, USDCCK, USDSGD, USDSEK, USDNOK and USDDKK. 

 

And the broker also offers plenty of other CFDs on gold, silver, oil, natural gas and 29 indices. As we see not crypto currencies on the list however, here you may also check our link with brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader4 supported

 

Palm International do offer the MetaTrader4, which is by far the most popular trading platform on the market. It comes with many features, among which the specially designed trading robots and market indicators, with the help of which one can easily run algorithmic trading sessions. And because MT4 is equipped with an advanced set of charting tools as well, here you may always check our list of brokers, supporting the platform as well:

 

>>MT4 Brokers<<

 

Palm International Disadvantages:

 

Falsely claims to be regulated in the U.S.

 

We got suspicious the moment we saw that Palm International claims to be authorized by NFA. Bear in mind that obtaining a U.S. forex license is a serious business. To start with, a U.S. regulated broker must maintain at all times a minimum operational capital of no less than 20 000 000 USD – basically the same amount as required for the Swiss banks by the regulatory authorities in Switzerland - which explains why only a handful of brokers are authorized to offer  their services to U.S. citizens. 

 

On top of that a U.S. regulated broker should be licensed as a Retail Foreign Exchange Dealer (RFED) and a Futures Commission Merchant (FCM) by the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association.

 

So when we checked the NFA registers it turned out Palm International, which are owned and operated by the Hong Kong based Palm International Ltd, are only registered as Exempt Commodity Pool Operator and an Exempt Commodity Trading Advisor, which does not give them the right to offer forex and other financial instruments. More over Palm International is not a NFA member and is not supervised by the Association. See for yourself:

 

 

So basically what we have here is a unregulated website, which deliberately tries to mislead investors that they have a U.S. license.

 

Skrill not supported as payment method

 

Palm International seems to accept payments only with credit and debit cards like VISA and MasterCard and bank wire, but not major e-wallets like Skrill and that is worth noting because of the new anti scam policy adopted by the money transfer company. According it only legit and properly licensed brokers can offer Skrill to their customers, and as we already discussed Palm International does not have a legit license. In any case, here you may check our list of brokers, where you can pay with Skrill: 

 

>>Brokers accepting Skrill<<

 

No demo account directly available 

 

Unfortunately we were not directly able to open a demo account so we can not comment on the broker's spreads. In any case, here you can always check our link with brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement 

 

This is another piece of information missing on the broker's website. Just bear in mind that with most brokers you will be able to open a live trading account with about 250 USD, while with some well known players like FBS and IG you will be able to start trading with just 5 USD or even less.

 

Conclusion:

 

Palm International is not a broker we can recommend for one single reason – not only that they are not regulated, but also they deliberately try to mislead investors that they are licensed the U.S. So our best advise, as usual, is to avoid such unregulated websites at all cost and to trade only with legit and licensed brokers, supervised by 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). 

 

Here for example you can check our list of FCA regulated brokers, where your funds will even be covered by an insurance of up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<< 

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Traders` reviews for Palm International

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