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PFX Markets PFX Markets Review - is it scam or safe?

PFX Markets Review - is pfxmarkets.com scam or good forex broker?

RATING: 1 / 0 REVIEWS PFX Markets
PFX Markets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread*
Standard  $100  1:200 1.2 pips
Premium   $2 000 1:400  
Pro   $5 000 1:200  

 

*This is the spread on the broker’s demo accounts.

 

PFX Markets presents itself as a UK-based forex broker and offers its clients a choice of 3 account types, as well as access to the MetaTrader4 platform. Although its trading conditions appear attractive, we cannot recommend this broker, mainly because it is not regulated. This detailed and unbiased review will shade some light on the PFX Markets' service.

 

 

PFX Markets Advantages

 

Seemingly good trading conditions

One can open a live account with PFX Markets by depositing $100, which is a reasonably low amount. Besides, clients of the broker are offered high leverage levels, up to 1:400 on Premium accounts, and reaching 1:1000 on demo ones.

 

 

Click to zoom in.

 

Although PFX Markets has not presented any reference spreads on its website, when we tried out the broker’s demo MT4, we found the benchmark EUR/USD spread floating around 1.2 pips, which a a competitive pricing, in line with the average trading costs in the sector.

 

Access to MT4

As usual, the presence of the MetaTrader4 (MT4) platform, is viewed as an important advantage in a forex broker’s offering. This piece of software is still the most popular forex trading platform, although its successor lately gains popularity among brokers and investors. The MT4 is highly praised for its top-notch charting, numerous customizable indicators and Expert Advisors available, the MQL marketplace, and more.

 

 

>> Top-tier MT4 brokers <<

 

 

Good selection of CFDs, many coins

Another possible benefit of using PFX Markets is that the broker offers good selection of assets for trade. It includes more than 30 currency pairs, as well as CFDs on indices, commodities, precious metals, and wide range of cryptocurrencies. A product portfolio that diversified allows for better risk management, yet it does not change the fact that this broker is not regulated. So, you might take a look at our list of licensed forex brokers which also offer trading in wide range of assets, Bitcoin included.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

PFX Markets Disadvantages

 

No company name

PFX Markets’ website does not feature any corporate information, other than a contact number and an address in the UK. So, it is unclear which is the company operating the brand, which is very disturbing, because anonymity is quite common when it comes to scamming.

 

When we downloaded the broker’s MT4, we saw that it is provided by ProFXMarket limited, a company that runs unregulated brokerage Profx Market. It is possible that the same company is operating PFX Markets.

 

No legit license

Forex brokers in the UK have to be licensed by the Financial Conduct Authority (FCA) or by another financial authority in a EU Member State and have to adhere to a number of requirements, set out in the common framework, as well as in the national legislations of each country.  However, PFX Markets’ website does not mention anything about regulation, so we can safely conclude that whichever the company behind the brand, it does not hold a legit forex broker license. In our view, this is the most serious disadvantage of PFX Markets.

 

Given the number of investment scams in the forex trading world, regulation is the most important thing to look for in any financial services provider.

 

Spreads not disclosed on website

PFX Markets` website lacks information on the most important details of its offer - the spreads, and that is another negative, which is very common among shady offshore brokerages. Investors have the right to know what are the prices of the services offered by the company, which means typical spreads,

 

 

Conclusion

 

All in all, there is nothing special about PFX Markets’ offer. Thousands of brokers offer similar trading conditions for trading on the MT4. If you are wondering how to choose the best one, our advice is to select a company that is licensed by a reputable financial authority such as UK’s Financial Conduct Authority (FCA), Cyprus’ CySEC or Australia’s ASIC.

 

 

>> Check out the best UK forex brokers here <<

 

 

Here is a summary of the advantages and disadvantages of this broker:

 

Pros Cons
Seemingly good trading conditions No legit license
Access to MT4 Company information missing
Good selection of CFDs Spreads not disclosed on website

 

Latest news about PFX Markets
No news about PFX Markets . Check back later.
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Traders` reviews for PFX Markets

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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