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Pcmtrades Review - is it scam or safe?

Pcmtrades review - Is pcmtrades.com scam or good forex broker?

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

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Pcmtrades is presented as an award winning forex and binary options broker, offering access to over 200 markets with a choice of five account types, generous welcome bonuses and a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Basic Account $250

n/a

n/a
Bronze Account n/a n/a n/a
Silver Account n/a n/a n/a
Gold Account n/a n/a n/a
Platinum Account n/a n/a n/a


If that sounds attractive to you, bear in mind that the Pcmtrades website is not regulated, as it should be, and its owners seem to be connected to a couple of known scam brokers. Before depositing any funds with Pcmtrades be sure to read the following review first.

 

Pcmtrades Advantages:

 

The structure of our reviews require us to fill this section with any possible advantages a broker might offer its clients, and yet in the case of  Pcmtrades there are simply non.

 

Pcmtrades Disadvantages:

 

When we browsed through Pcmtrades website we noticed that in one section they say to be owned and operated by Pcmtrades Tradings, in another by Poseidon Tradings and in a third by Wise Banc. See for yourself: 

 

 

Bear in mind that both Poseidon Tradings and Wise Banc are notorious scam websites, that have been exposed in the past and are no longer operational. Obviously Pcmtrades is run by the same people.

 

Otherwise from the Pcmtrades Terms and Conditions we learn that the website is owned and operated by Orion Service EOOD, which is registered in Bulgaria, but all payments are processed by TLC CONSULTING LTD, which is based offshore on the Marshall Islands.

 

And as we already noted neither of the two companies is licensed and authorized to offer financial services, as they should be, if the want to target customers on regulated market like the European Union for example.

 

So our best advise is to avoid, unregulated, shady websites like Pcmtrades altogether and to trade only with properly regulated brokers, like the once that are licensed and authorized 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).

 

On top of that if you chose to trade with a FCA regulated broker for example, your money will be protected by a client compensation fund basically insuring your trading account for up to 85 000 GBP. Here you may check our list of brokers, licensed and authorized by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Unusual charges and fees

 

As it turned out Pcmtrades charges its customers a whole variety of fees, which are not usual for the industry. For example all withdrawals are subjected to a 3,5% service fee, and there is also a 0,5% profit clearance fee and a monthly maintenance fee. On top of that if you have not traded for just two months, you will have to pay a 200 USD monthly dormant fee. Besides, the website reserves the right to change those fees on its sole discretion. See for yourself:

 

 

Trading bonuses

 

Pcmtrades offers trading bonuses of between 40% and 100% and we have a problem with that too. In general the practice of offering trading bonuses is highly controversial and that is the reason trading bonuses are banned on most regulated markets like the European Union altogether. Trading bonuses always come with additional withdraw conditions as for example some minimum trade volume requirement, which scammers use as a pretext to cancel your withdraw requests.

 

MetaTrader4 not supported

 

MetaTrader4 is something like an industry standard – it is well known to most brokers and comes with a variety of features, among which the numerous market indicators and trading robots with the help of which one can easily run automated trading sessions. On top of that MT4 is equipped with an excellent set of advanced charting tools, so here you may check our list of brokers, which do support the platform:

 

>>MT4 Brokers<<

 

No demo account 

 

And this is the reason we can not comment on the Pcmtrades trading conditions. In any case you can always check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

False awards

 

On their homepage Pcmtrades displays a list of awards they have supposedly won, but all of them turned out to be fake.

 

 

Conclusion:

 

It looks like Pcmtrades is part of a serial scam – the website is clearly connected to two other scam websites, which have already been exposed. So here we will repeat our usual advise to trade only with legit brokers, authorized by an official financial regulator such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for Pcmtrades

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