Forex

Pips-fx Review - Is it scam or safe?

PipsFX Review - is pips-fx.com scam or safe?
1 5 RATING
Find Better Forex Broker
0 REVIEWS

 Trading Accounts

Account type  Minimum deposit  Maximum leverage Spread
Mini $500 1:200

Fixed from 3.0 pips

Classic $5,000 1:200 Fixed from 2.0 pips
Premium $20,000 1:200 Fixed from 1.0 pips

 

Pips-fx offers forex trading through three account types, with fixed spreads. The company behind this broker also presents its services via another trademark, which we have already covered.

 

The Company. Security of Funds

 

Company Country Regulation
Keyds Lydya Ltd Marshal Islands N/A

 

Pips-fx is owned and operated by KEYDS SCOTLAND LP, a subsidiary of Keyds Lydya Ltd. which is registered in Marshall Islands. The company is not financially regulated. That being said it also operates the Nostrobank.com brand, which offers exactly the same trading conditions. It is worth mentioning there are several complaints against Nostrobank in popular online forums.

Financial regulation is something which we advise our readers to look for in a broker. Your funds will generally be safe (against farud, of course, your trading is up to you) if they are deposited with a broker who is regulated by a reputable agency.

 

One of the most respected financial regulators is the UK’s Financial Conduct Authority (FCA). Any broker, operating under its supervision has to keep clients money in the so called segregated accounts. This means the company can not freely access your trading capital and spend it on marketing campaigns or paying salaries. Furthermore your funds will be protected (up to GBP50,000) by the Financial Services Compensation Scheme (FSCS), in case your broker happens to go bankrupt.

 

Trading Conditions

 

Minimum Initial Deposit

Pips-fx has а minimum initial deposit requirement of $500. This level is high by contemporary standards. Take XM, for example – they require only $5. That being said, this shouldn’t be among your main concerns when choosing a forex broker. As you probably know, a long-term trading plan, requires much more capital and stringent risk management. 

 

Average spreads & Commissions

Pips-fx offers fixed spreads, starting at 3 pips for EUR/USD (for the mini account). Other fixed-spread brokers, like easyMarkets offer better fixed spreads. 

 

Leverage

The maximum leverage offered by Pips-fx is 1:200. This is pretty standard nowadays, although it is still more leverage than you will ever need (if you are trading a sensible strategy and not gambling, of course).

 

Leverage amplifies both your winning and your loosing trades. Trading with high leverage and no proper understanding of how it works can lead to serious losses, sometimes even exceeding your initial investment.

 

Trading Platforms

 

Pips-fx provides MetaTrader 4 (MT4) and their own web-based platform to its clients. When it comes to MT4, enough has been said already. Some traders like the charting package, availability of custom indicators and automated systems (or Expert Advisors as they are called). Other seasoned day traders dislike the lack of multiple-monitor support.

 

As for the in-house web-based platform, we weren’t able to log in during our review process.

 

Methods of Payment

 

Pips-fx offers only Bank Transfer and Credit Card for deposits. Funds can be withdrawn only via Bank Transfer. This may be only a temporary issue. Remember, bank transfers and especially international ones may take several business days.

 

Conclusion

 

Pips-fx is a forex broker, registered in the Marshal Islands. However the company does is not under any form of oversight. It also operates the Nostrobank brand, which has several complaints against it in poular online forums. We can’t definitely say they are a scam, but we would advise against trading with them, as the conditions they offer are also not particularly good. Here are the advantages and disadvantages with regards to this broker:

 

Pros Cons
MetaTrader4 Platform No regulation
  Company also has a different broker, with lower credibility
   High fixed spreads

 

 

Forex
Latest news about Pips-fx
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySEC MT4, MT5,
cTrader
$300 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Cyprus, Bulgaria FCA, CySec, FSC Web $150 Review Website

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

 

 

Traders` reviews for Pips-fx

Forex