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PCM Brokers Review - Is it scam or safe?

PCM Brokers Review - is fxpcm.com scam or good forex broker?

RATING: 1.3 / 2 REVIEWS ForexBrokerz PCM Brokers
PCM Brokers is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads (& Commission)
Micro $100 0.01 1:500 From 1.2 pips
Mini $2 000 0.1 1:200 From 0.8 pips
Elite $10 000 1 1:100 From 0.5 pips +$6 /lot roundtrip
Fixed Spread $100 0.01 1:200 2.0 pips, fixed
Zero Spread $100 0.01 1:200 From 0 pips +$16 /lot round trip
1000 Leverage $500 0.01 1:1000 From 1.2 pips

 

PCM Brokers offers its clients a wide range of account types. They are able to choose to trade with fixed or variable spreads, zero commission with wider spreads or zero spread with commission, leverage as high as 1:1000 or just 1:100 for those unwilling to risk much.

 

Besides, Islamic (swap-free) accounts are also available with this broker, allowing clients to hold their positions for an undetermined period of time without incurring any interest, however positions held for more than a week will be charged a maintenance fee of $4 (or equivalent) per lot per day.

 

The Company. Security of Funds

 

Company

Country

Regulation

LOITA MANAGEMENT SERVICES LIMITED

Mauritius

FSC

 

Headquartered in Dubai, PCM Brokers offers trading 58 currency pairs, more than 10 CFD instruments and precious metals on several trading platforms. It has offices in Canada, UK and Mauritius. The broker has set no trading restrictions (allows scalping, trading with Expert Advisors, news trading, hedging etc.) and claims to utilize a pure NDD execution model. It operates via fxpcm.com and fxpcm.net websites.

 

Althiough the broker is based in Dubai, UAE, it is registered offshore, in Mauritius. license from the Financial Services Commission (FSC) of the Republic of Mauritius. There are some major forex brokers like Alpari, who hold a Mauritius license, but usually they have multiple licenses, as the Mauritius regulation is hardly very reliable. 

 

Generally, it is less risky to deal with brokers who comply with stricter requirements and are subject to more serious supervision, like the UK's Financial Conduct Authority or even the Dubai Financial Services Authority (DFSA).  

 

Trading Conditions

 

Minimum initial deposit

Traders are required to deposit $100 in order to open an account with PCM Brokers, which is an average minimum initial amount. 

 

Average Spreads & Commissions

Typical variable spreads offered by this broker on Micro and 1000 Leverage commission-free account types are around 1.6 pips for EUR/USD, which is not bad, however such spreads are slightly above average. In fact, trading costs on Zero spread account are similar, if we add the commission applicable of $16 per standard lot round turn. On the other hand, Mini & Elite account types offer tighter spreads, but require higher initial investment.

 

For further information, you may also check out the real-time spreads of 15 major brokers here.

 

Maximum Leverage

This broker offers very high leverage levels, reaching 1:1000 (on a special account). Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, but keep in mind that the higher the leverage level, the higher the risk. That is why leverage levels of 1:400 are considered high, and yet many forex brokers offer leverage equal to or exceeding 1:500.

 

Trading Platforms

 

PCM Brokers offer the following trading platforms: Currenex Classic, EOS Trader and the industry’s standard MetTrader4 (MT4).

 

EOS Trader is owned by Dubai Gold & Commodities Exchange (DGCX). With its state-of-the-art matching engine, EOS is geared to the needs of high-frequency traders, who require ultra-low latency platforms to trade productively and probably.

 

Offering Executable Streaming Prices (ESP™), Request for Streams (RFS), Benchmark Trading, Algorithmic Trading, and complete Prime Brokerage functionality with fully integrated Straight Through Processing (STP), Currenex connects more than 70 global banks to provide one of the deepest liquidity pools on the forex market.

 

MT4 is the most popular forex trading platform, because users are able to entirely automate their trades by choosing from a wide range of Expert Advisors (EA) and let the program do all the work. What is more, it offers a variety of technical analysis indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.

 

Promotions

PCM Brokers offers Get Cashback of up to 55% of the spreads, which is subject to certain trading volume requirements.

 

Methods of Payment

 

Clients of PCM Brokers are able to make deposits and withdrawals via credit or debit card payments, bank transfers, and e-wallets Skrill, Neteller, PayPal, WebMoney, Ukash, FasaPay, Yandex Money, China UnionPay.

 

Conclusion

 

PCM Brokers is a UAE brokerage, which however is registered offshore. It offers wide range of trading accounts and platforms under overall competitive conditions. Here are, in a nutshell, the advantages and drawbacks with regards to this broker:

 

Pros Cons
Choice of trading platforms, MT4 available Registered offshore
STP execution (allegedly) Spreads slightly above average
More than 10 years of experience  
An array of account types  

 

Latest news about PCM Brokers
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Traders` reviews for PCM Brokers

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

 

 

No withdrawal

It is a fraud compamy, I invested 2100 usd but now when I asked for withdrawal phone numbers of aditi and sunil are switched off, no response is given, police complaint is required.

Rakesh Sood 08/09/2018

PCM Brokers: Not Happy with the service

Its been very sad that one doing any type of follow up with me the agent told "Sir" till wednesday the market condition will be very good so i have invested another $100 but after that real story starts with so much execuses like our electricity not working we could not contact you because today is Boss's Birthday then i have been given a date of Friday again no one call because server was down then Monday it was May day so we will contact you on Tuesday till now no one call its sad and very unprofessinal please look into the matter and revert back

Ravikant Sharma 05/04/2017
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