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Platinums Trade Review - is it scam or safe?

Platinums Trade Review - is platinumstrade.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


 

Trading Accounts & Conditions

 

Account type Min. deposit Max. leverage Spread*
Standard $250 1:200 2.4 pips, fixed
Classic $2 500 1:200 2.4 pipsfixed or floating
Premium $20 000 1:200 0.6 pipsfixed or floating
Gold $50 000 1:200 0.6 pipsfixed or floating

 

*As indicated on the broker’s website.



Platinums Trade is a forex and CFD broker that offers the above account types. All of them provide leverage up to 1:200 and fixed spreads. The Classic, Premium and Gold account types also have the option for floating spread and we suspect that some of them also involve commission fees.

 

The default language of the broker’s website is Italian, but English is also available, as well as Russian and Chinese.



Platinums Trade Advantages

 

MetaTrader 4 (allegedly) supported

One of the few strong sides of Platinums Trade is that it offers trading on the most popular forex platform, MetaTrader 4 (MT4). This piece of software has stood the test of time and is highly praised by traders and brokers alike. The reason for this is that MT4 is easy to use and yet equipped with professional tools and features. It provides one of the best charting packages, offers multiple technical analysis indicators, automated trading strategies (Expert Advisors), back testing environment, customization options, and more.

 

However, we could not test Platinums Trade’s MT4 for the purposes of this review, as the broker does not provide free demo accounts. This is just one of the numerous weak sides of this broker, covered in the Disadvantages section of this review.



>> Searching for a better MT4 Broker? <<

 

Reasonable leverage levels

Maximum leverage ratios of 1:200 is more or less the standard in the forex industry and will suffice the needs of most traders. While some brokerages offer significantly higher levels (1:500 and more), they are not suitable for all traders, and especially inexperienced ones. High leverage levels are a double-edged sword – they may multiply profits, as well as losses of a trader.



Platinums Trade Disadvantages

 

 

Unregulated broker

Platinums Trade is owned and operated by West Media Group. Based in Bucharest, Romania with offices in Italy and the United Kingdom, the company is not licensed in any of those countries. Actually, its website mentions nothing about regulation, which actually might be better than making false claims. Nonetheless, this is the main disadvantage of Platinums Trade. Unregulated brokers are not obliged to comply with requirements on client account segregation, transaction reporting, nor to arrange compensation schemes in the event of insolvency. This means that the clients of such brokers are not protected if something goes wrong. Besides, many of those brokers run investment scams, so you’d better stay away.


High fixed spreads

We will comment on the spreads of the Standard account type, as the rest have high initial investment requirement. A fixed spread of 2.4 pips is not a very competitive offer, as one could find a much better pricing with other brokers, like easyMarkets. The latter is licensed in Cyprus and Australia and offers a 1 pip fixed spread on EUR/USD, if you deposit more than $250. Floating spreads on the other hand can go even lower. For more information, check the link below.

 


>> Compare the spreads of 15 top-tier brokers <<

 


No demo accounts
Demo accounts are very useful, as they allow traders to test brokers’ services without putting any real money at risk. Furthermore, such accounts are often used by newbies whoa want to educate themselves and polish their trading strategies. That is why all decent brokers offer free demo accounts as a part of their transparent pricing policy. However, this is not the case with Platinums Trade.


Relatively high deposit requirement
The minimum deposit at Platinums Trade is $250. While this isn’t an amazingly high amount, some major brokers require less or none at all. For example, one can open an account with easyMarkets with a $100 deposit.



Few payment methods
The ways of making a transaction to and from this broker are only Credit Card and Bank Transfer, according to the information on their website. There is no PayPal, Skrill, nor Bitcoin payment options, which are quite popular nowadays.




Conclusion

 

Platinums Trade is an forex broker that uses the MT4 platform and offers mainly fixed spreads, which are quite high. However, its biggest disadvantage is its legal status – the company that owns and operates the brand, Pro Speed Tech LTD., is not licensed by any governmental agency.

 

As this broker seems to target mainly European investors, we would suggest that you select among companies regulated by UK’s Financial Conduct Authority, instead of risking with Platinums Trade.



>>A list of FCA regulated brokers<<

 


Brokers regulated in the UK must adhere to a strict set of rules. For example, they are required to keep clients’ funds in segregated accounts, and to participate in the Financial Services Compensation Scheme (FSCS). In case one of the companies involved happens to go bankrupt, the FSCS is able to compensate each of their clients up to £50,000.


To sum up our review of Platinums Trade:

 

Pros Cons
MT4 supported Not regulated
Leverage up to 1:200 High fixed spreads
  No demo accounts
  Few payment methods

 

Latest news about Platinums Trade
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Traders` reviews for Platinums Trade

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

 

 

truffa west media group i cryptocapitalfx

A me non vogliono restituire deposito di 25 mila euro

Translated by Google:

I do not want to return a deposit of 25 thousand euro

teresa kaminska 04/13/2019

Platinums Trade spariti

Buongiorno,ho un conto con Platinums Trade che francamente era diventato molto rilevante. Da circa un mese non riesco più a contattarli con nessun mezzo, non posso entrare nella piattaforma perchè la PSW non è più riconosciuta. SONO SPARITI !! Se qualcuno ha notizie sarei grato di condividerle. Grazie

Translated by Google:

Good morning, I have an account with Platinums Trade that frankly had become very relevant. For about a month I can no longer contact them by any means, I can not enter the platform because the PSW is no longer recognized. They are gone !! If anyone has news, I would be grateful to share them. Thank you

Gil 02/14/2019
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