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PipTrade (out of business) Review - Is it scam or safe?

PIPTRADE Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS PipTrade (out of business)
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 Trading Accounts

 

Account type  Minimum deposit Minimum trade size Maximum leverage Spread 
Mini $50 0.02 1:200 1.8 pips on EUR/USD
Standard $750 0.1 1:200 1.8 pips on EUR/USD
Premium $2500 1 1:200 1.8 pips on EUR/USD

 

PIPTRADE is a retail forex broker offering trading in various currencies, oil/gas, metals, commodities, stock and indices through the renown MT4 and its proprietary PIPTRADE Webtrader platform.

 

This broker offers three basic account types: Mini, Standard and Premium. Mini accounts are tailored to newbies or people who don’t want to trade in high volumes. Standard accounts are suitable for regular traders, and the Premium ones are designed for advanced customers, willing to trade in high volumes. In addition, personal VIP Customer Service is available for account holders maintaining a minimum balance of USD 5,000.


What is more, Islamic Mini & Standard accounts are also available to clients who don’t want to earn interest for religious reasons. These accounts are swap-free, however the spread offered is 2.8 pips on EUR/USD.


Security of Funds


As we have already mentioned, PIPTRADE is authorised and regulated by the UK Financial Conduct Authority (FCA).


FCA is UK’s financial watchdog, applying strict requirements to brokerage firms. They are required to comply with certain rules and procedures covering client funds, order execution and minimum capital requirement. UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability. Regulatory authorities in most jurisdictions set similar minimum capital requirements to providers of financial services. For instance, Cyprus-based brokers are required to possess at least €1,000,000 in order to conduct their business activities legitimately.


In relation to security of clients` funds, we would also like mention that FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here is a list of more FCA regulated forex brokers.


Trading Conditions


Minimum Initial Deposit
Traders are required to deposit just $50 in order to open an account with PIPTRADE ($100 for the MT4 Mini account), which is a comparatively low minimum initial amount. In comparison, FxPro require as much as $500 from their clients to start with, while others, like FXopen for instance, demand just $1. There are even brokers that do not require any initial deposit - like CMC Markets.


Average Spreads & Commissions
This broker offers fixed spreads, which are average for the market – 1.8 pips on EUR/USD. In comparison, Plus500 offers fixed spread amounting to 2 pips on the EUR/USD and charges no commission fees, and Trading212 (also FCA-regulated) provides fixed spreads of 1.9 pips on EUR/USD and variable ones amounting to 0,9 pips on EUR/USD. You may look up real-time variable spreads of 15 leading brokers here.


PIPTRADE charges no commissions, as it gets its remuneration through the spread.


Leverage

Leverage rates with this broker vary, depending on the financial instrument traded. As regards major currency pairs the maximum leverage level is set at 1:200 (and as for commodity CFDs, for instance, leverage is up to 1:30).


Leverage of up to 1:200 is standard for the forex market. In case you need higher leverage, other FCA-regulated brokers provide such: FXCM, for instance, offers leverage up to 1:400 and FxPro – up to 1:500. You can find more forex brokers offering leverage equal to or exceeding 1:500 here.


You should keep in mind, however, that higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit. It is a double-sided coin.


Trading Platform


PIPTRADE offers two trading platforms: its in-house PIPTRADE Webtrader and the renown MetaTrader 4.


PIPTRADE Webtrader is a web-based trading platform with user-friendly interface and provides integrated pricing, charts and trade screen.

 


The MT4 is also offered with this broker, desktop, web and mobile versions being available. This platform is preferred by most traders, because it allows clients to fully automate their trades by Expert Advisors (EA) and let the program do all the work. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.

 

Welcome Bonus
Most brokers offer welcome bonuses in order to attract new clients and PIPTRADE is no exception, providing 15% bonus on first deposit.


Risk Management Options


Since leveraged products involve a high level of risk and traders may lose more than their initial deposit, most brokers provide various risk management tools. One of those tools are guaranteed stops and PIPTRADE offers an option to set such on an open position, allowing their clients to trade safely, without incurring extra losses in case of slippage.


Methods of Payment


PIPTRADE`s clients are able to make deposits and withdrawals via credit/debit cards (Visa or Mastercard), wire transfer, PayPal, Skrill and WebMoney.


There are no charges for depositing funds into the accounts.


Conclusion


Being part of Henyep Group, PIPTRADE is a reliable and well-regulated broker, offering reasonable trading conditions for trading in currency pairs and a variety of CFDs. To sum things up, here are the advantages and drawbacks with regards to PIPTRADE:

 

Pros  Cons
FCA-regulated Mediocre leverage levels
Low minimum initial deposit  
Various trading platforms offered  
MT4 available  

 

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Traders` reviews for PipTrade (out of business)

Spread

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Price feed

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Platform

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