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PlatinumCFD Review - is it scam or safe?

PlatinumCFD Review - Is platincfd.com scam or good forex broker?

RATING: 1 / 2 REVIEWS PlatinumCFD
PlatinumCFD is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

Account type Minimum deposit Maximum leverage Spread
Beginner €1,500 1:200 Around 4 pips
Pro €5,000 1:200 Around 4 pips
Expert €20,000 1:200 Around 4 pips
VIP €50,000 1:200 Around 4 pips

 

PlatinumCFD (which operates from the platincfd.com domain) is a forex broker, which offers the account types listed above. The company utilizes a popular web-based platform, which isn’t that impressive in our eyes. That being the case, we have some even bigger issues with this broker. As usual, we will first take a look at some of the positive things about the company.


PlatinumCFD Advantages


CFDs on a lot of assets
PlatinumCFD provides access to a lot of markets. Other than the expected forex offering, indices, specific stocks, cryptocurrencies, commodities and bonds are also available. This almost covers the entire financial sector.


Alternative payment methods
The ways to deposit funds to PlatinumCFD aren’t that many, but some of them are interesting. The list includes Credit Cards. Bitcoin and ecoPayz. Notably Bank Transfers and the more popular e-wallets are missing.


1:200 in leverage available
This will always be a hard topic to objectively address. On one hand, newcomers to the world of trading often get into trouble with leverage, but some trading systems require taking a lot of positions. Experienced traders like to sometimes use high rations and the one provided at PlatinumCFD should suffice most.


Platinum CFD Disadvantages


Unregulated, offshore company
Are biggest concern with PlatinumCFD is the legal environment in which they operate. The company is registered in the Dominican Republic and not affiliated with any financial market regulator. Frankly, this is enough for us to disregard them as a serious competitor.


>>Why we don’t recommend offshore brokers<<


Platform is not ideal
Trading at PlatinumCFD is done with a popular web-based interface. This particular platform is one which we don’t find that attractive. We have also seen some brokers offering binary options on it, but this is not the case with PlatinumCFD. The software isn’t that bad, but there simply are quite a few better options out there. Here is a preview:



PlatinumCFD’s trading platform


One of alternatives, which we enjoy is the time-tested MetaTrader4. It is offered by a lot of brokers. It’s main strength is the charting package, which is far superior to the one provided by this company. Technical analysts can customize a lot of options or even code their own indicators, or find ones offered by others at the MQL marketplace. Furthermore, the mobile app is quite impressive.


>>A list of brokers offering MT4<<


Inconsistent spreads
PlatinumCFD does not state the average spread they offer. Instead, we had to look at their platform. When we say the spreads are inconsist4end, we don’t simply mean they are floating – the quotes simply update way too slowly. We saw the EUR/USD being “stuck” at very different levels for minutes. This is absurd for the most liquid market in the world. The average difference between the bid and the ask (whenever they updated) was around 3.9-4.2 pips, which isn’t competitive. Most brokers have levels around 1.0-1.5 pips.


High deposit requirement
A “Beginner” at PlatinumCFD will have to invest €1,500. This is a rather high level, considering people should only trade with the so called “risk capital” – money they are willing to loose.


CFD info not specified
Offering CFDs comes with a certain responsibility. The company must provide detailed information on the size of each contract and the leverage ratios available. PlatinumCFD only provides a basic guide to the asset class.


Conclusion


PlatinumCFD is a Dominican forex and CFD broker. The company offers a rather slow web-based platform, packed with a plethora of assets. The costs of trading exceed the current industry standard by far.


Still, our biggest issue with the broker is the lack of regulation. Simply pu, this means, you may not see any funds you deposit with them back. We are not saying this broker is a scam, but you will only have their honest word to rely on. This isn’t the case with regulated entities. We will mention the two most important rules of the UK’s Financial Conduct Authority (FCA) to illustrate.


>>FCA brokers<<


They are the principle of segregated client accounts and the Financial Services Compensation Scheme (FSCS). The first one implies, every deposit made by a trader, must be kept separate from the company’s balance. This means, they can’t access your funds and potentially steal the. The FSCS will protect you, in case your FCA regulated broker goes bankrupt. If that happens the mechanism will compensate you for your account value, limited to £50,000.


The pros and cons of PlatinumCFD one more time:

Pros Cons
CFDs on a lot of assets Unregulated, offshore company
Alternative payment methods Platform is not ideal
1:200 in leverage available Inconsistent spreads
  High deposit requirement
  CFD info not specified

 

Latest news about PlatinumCFD
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Traders` reviews for PlatinumCFD

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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It is scam

According to my dealing with them it is only scam ,I transfare 500 sr and they are not answering my calls even,just group of people pretending to be at london in fact they are in middle east,please share it

Ahmed joda 09/05/2018

!!worring!! PlatinumCFD is scam and deceitful

This company is fraudulent and targets Arab customers and I am one of the victims who anesthetize the client to make profits in order to transfer money to them
They balance their profit and loss just as high losses you have to deposit a lot and this is their goal from time to time
I searched for them on English sites. I did not find either Arab sites to be banned or unreliable
You have to go to the black list, and you must be sure to search the Arab sites to find problems from them
you can follow this arab website
just go to search than write "platincfd" u can copy pest to google trans.

http://www.2dahab.net/protection/scam-advisor

http://www.tadawlacademy.com/%D8%AC%D9%85%D9%8A%D8%B9-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%81%D9%88%D8%B1%D9%83%D8%B3-%D9%88%D8%A7%D9%84%D8%A7%D9%88%D8%A8%D8%B4%D9%86-%D8%A7%D9%84%D9%86%D8%B5%D8%A7%D8%A8%D8%A9/

http://www.fxsolve.com/black-list-of-forex-and-binary-options-brokers/

https://forexarabonline.com/best-forex-brokers/

https://twitter.com/nadie_sabb03

samo 06/27/2018
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