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Pelliron Review - Is it scam or safe?

Pelliron Review - is pelliron.com scam or good forex broker?

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

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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Standard Unknown Unknown Fixed, from 3.0 pips

 

Pelliron is a forex and CFD broker. One of their most unique features is the fact all accounts are swap-free. This doesn’t feel like it is done for religious reasons, as the company appears to be targeting the Russian market, but it reaffirms the general feeling this broker is a market maker.

 

The Company. Security of Funds

 

Company Country Regulation
Pelliron Universal Ltd. British Virgin Islands N/A

 

 Pelliron is registered as Pelliron Universal Ltd. on the British Virgin Islands. The company doesn’t claim affiliation with any regulatory authority. The combination of an off-shore company, with a lack of oversight is extremely dangerous. So much so, we would not recommend trading with this broker.

 

You may already know this, but just in case there are reader who don’t, financial regulation is a very important factor when comparing forex brokers. Most countries have a specially designated agency, which acts to protect clients’ interests and guarantee a fair in competitive environment in the financial services sector.

 

For instance, in Cyprus, this role is taken by the Cyprus Securities and Investments Commission (CySEC). It forces brokerages to implement “segregated accounts” - a policy which dictates a company must keep clients deposits in accounts, which are separate from the firm’s own funds. This prevents shady brokers from “borrowing” money out of trading accounts. Another key rule is the mandatory participation in the local compensation scheme – a mechanism which guarantees the investments made with a broker, in case they happen to go bankrupt. In the case of CySEC each account is covered up to €20,000. 

 

Furthermore, Pelliron appears to be targeting manly Russian clients. That being said, the Central Bank of Russia, which also serves as the financial regulator, may block access to their website.

 

Trading Conditions

 

Minimum Initial Deposit

There is no information regarding the minimum deposit at Pelliron. No matter if the level is high or low, most brokers at least mention it. Some even use it as a marketing tool – like FXTM, where you can open a cent-account with only $5.

 

Do keep in mind the minimum initial deposit shouldn’t be much of a factor for experienced traders. A serious trading strategy should have serious funding behind it.

 

Average spreads & Commissions

Spreads at Pelliron are fixed and starting from 3 pips on EUR/USD. This is incredibly high for the current state of the industry. For instance, you can gain access to a 1 pip fixed spread on the same pare, if you deposit more than $250 with easyMarkets.

 

Leverage

Pelliron doesn’t provide ant information on the leverage it offers. Again, most brokers willingly put this information up on their website and some advertise the high levels they provide. Take XM, who offer 1:888 leverage, which is both extremely high and super catchy. 

 

Remember leverage can be a double-edged sword. It amplifies your loses the same way it dose your winning trades, so proceed with caution before risking your hard-earned money. 

 

Trading Platforms

 

Pelliron offers the Utip trading platform. It is an interesting alternative to the popular MetaTrader4 (MT4) solution, which many brokers prefer. One of Utip’s key selling points is the integration of binary options directly in the platform. This can be viewed as a positive or a negative, depending on your opinion on binary options.

 

Other than that the platform feels very similar to MetaTrader, although it lacks the variety of custom made technical indicators and Expert Advisors. Here is a preview:

 

 *we must note this is not Pelliron's offering of the platform, as we coudn't get it running

Methods of Payment

 

There are several payment methods available at Pelliron. They are: Bank Transfer, Credit/Debit Card, Skrill and Neteller. Given the company’s strong focus on Russia, we are surprised Weboney is not included, but the current options are rather sufficient.


Conclusion

 

Pelliron is an unregulated, off-shore broker. That is enough for us to not recommend trading with them. Furthermore trading conditions (at least those which is revealed) are extremely poor, given the contemporary offers by others. There is a high probability this broker is a scam (or “kitchen” as Russian traders would put it). Here is a list of this broker’s positive and negative characteristics:

 

Pros Cons
Several payment methods Off-shore regulation
  High fixed spreads
  Marker marker model
  Unusual trading platform
  Lack of clear trading conditions on website

 

 

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Traders` reviews for Pelliron

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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