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PlatiniumFX Review - is it scam or safe?

PlatiniumFX Review - is platiniumfx.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit   Max. leverage Spread
Mini  $250 1:100 N/A
Bronze  N/A 1:100 N/A
Silver  N/A 1:200 N/A
Gold  N/A 1:200 N/A

 

PlatiniumFX is a Bulgarian forex brokerage offering three account types with a leverage of up to 1:200 and the Sirix platform. Unfortunately, they are not regulated, and also haven't made clear essential parts of its offer. So, if you are thinking about trading with them be sure to read this review first.

 

 

PlatiniumFX Advantages

 

Trading on Sirix, solid leverage

One of the few possible benefits of this broker is the support of Leverate’s Sirix - an innovative and interactive platform, which ensures secure trading, while remaining friendly for maximum ease of access. Some of the platform’s key features include advanced charting, seamless social trading and Visual Trends -  a tool that provides a visual interpretation of major market trends and conditions.

 

 

Click on the image to zoom in.

 

Furthermore, PlatiniumFX provides leverage of up to 1:200, which could be viewed as an advantage, as such leverage ratios will suit most trading strategies.

 

Wide range of assets

We also find the broker’s portfolio quite broad in terms of tradeable assets – it includes forexpairs, as well as CFDs on indices, commodities, precious metals and stocks.

 

 

PlatiniumFX Disadvantages

 

No regulatory oversight

PlatiniumFX says it is owned and operated by Platiniumfx Ltd, registered in Sofia, Bulgaria. As this country is a EU Member State, the broker should be licensed by the Bulgarian Financial Supervision Commission (FSC), or by another EU financial regulator, but they aren’t.

 

 

Trading with unregulated brokers like PlatiniumFX has always been extremely risky – such companies are completely unaccountable for the way they handle your money and basically, if you trade with them, you will have to trust the integrity of the people, who operate the website. That said, our experience shows that the majority of unregulated brokers are simply con-artists, searching for ways to rip off naive investors.

 

Blacklisted by Italian financial regulator

As PlatiniumFX doesn’t hold a legit license, it is not entitled to operate on any regulated financial market such as the EU, USA, Canada, Australia, etc. Nonetheless, the broker seems to target European investors, as it was blacklisted by CONSOB, the Italian financial watchdog. Furthermore, the regulator ordered the access to the broker’s website to be blocked from the country.

 

 

Click on the image to zoom in.

 

Not enough information 

As was mentioned above, the website of PlatiniumFX does not contain information on any of its trading conditions – initial deposit required for the different accounts, reference spreads, transfer fees, etc. Such lack of transparency lowers further the credibility of this broker.

 

MT4 not available

Although Sirix is a solid choice of s platform, most traders still prefer trading on the MetaTrader4, as they know the software and praise it for its reliability, intuitive interface, and advanced functionality. It is very popular for its great charting and automated trading bots, called Expert Advisors.

 

 

>> Check out the top-tier MT4 brokers <<

 

 

Conclusion

 

PlatiniumFX is an unregulated, low credibility Bulgarian broker. It does a rather poor job at presenting its trading conditions, but what bothers us more is that it operates under no regulatory oversight whatsoever which means the safety of the clients’ funds is in serious jeopardy.

 

It is always best to deal only with properly regulated brokers and check the authenticity of their licenses in the registers of the respective financial authority or with us on forexbrokerz.com. Doing business with licensed brokers has a lot of advantages – they are obliged to follow a strict set of financial and ethical rules.

 

For example, one of the preferred jurisdictions in Europe now that UK is leaving the EU is Cyprus. They are licensed and overseen by the Cyprus Securities and Exchange Commission (CySEC), which has imposed certain rules for forex brokers that provide significant assurance or the security of their clients’ funds.

 

 

>> A list of forex brokers licensed by CySEC <<

 

 

Let’s sum up the highlights of our review of PlatiniumFX:

 

Pros Cons
Trading on Sirix, solid leverage No regulatory oversight
Wide range of assets Blacklisted by Italian financial regulator
  Not enough information 
  MT4 not available

 

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Traders` reviews for PlatiniumFX

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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