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PTFX Review - is it scam or safe?

PTFX review - Is ptfxcapital.com scam or good forex broker?

RATING: 1 / 0 REVIEWS PTFX
PTFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


PTFX is a forex and CFD broker, offering a number of currency pairs and CFDs on spot metals and energy commodities on the MetaTrader4 platform. If you are thinking about investing with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $1000 1:200 1,3 pips

 

PTFX Advantages:

 

A good selection of trading instruments

 

PTFX offers a selection of 27 currency pairs, as well as CFDs on spot metal like silver and gold and energy commodities like oil. However, as we do not find any crypto assets in the list, here you may want to check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

Leverage of up to 1:200, as offered by PTFX, is more than enough to accommodate even the most aggressive trading strategy. Yet, keep in mind that higher leverage is associated with higher risk and traders should use it with extra caution. 

 

We should note as well that from August 1st the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex trade to 1:30 and for CFD trade to 1:20.

 

Competitive spreads

 

As tested with a demo account the benchmark EURUSD spread fluctuated between 1,1 pips and 1,3 pips, which is basically inline with what traders would expect with a standard account. Still here you may want to check our list of brokers, offering even tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 supported

 

MetaTrader4 is the most widely used trading platform, since its launch almost 15 years ago. The program is light and intuitive, featuring more than 50 in-build market indicators and the option to run automated trading sessions with the help of customizable trading bots – Expert Advisors. Here you may check our list of brokers, also offering the MetaTrader4:

 

>>MT4 Brokers<<

 

PTFX Disadvantages:

 

Shady regulatory status

 

PTFX says it is partnering with Pruton Mega Berjangka – an Indonesian based broker, registered with the local  Commodity Futures Trading Regulatory (BAPPEBTI). PTFX, however, does not bother to tell us the name of the company behind it, neither do they provide us with a physical contact address. 

 

So unfortunately we were not been able to establish a connection between Pruton Mega Berjangka and PTFX and to check if PTFX  really operates as a white label of the Indonesian broker.

 

Apart form that we should note, that the regulatory system in Indonesia is still fairly young and does not enforce a formal set of rules for the financial service providers, except that they should be registered with BAPPEBTI and to abide by the Sharia law. So basically even if PTFX is an official representative of  Pruton Mega Berjangka, that does not make the broker much more credible.

 

Because proper regulation is the single most important factor for the safety of any investment, we strongly advise traders to invest only with brokers, holding a license by respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

Those institutions enforce strict regulatory regimes and traders can definitely feel safe about their investments, when trading with FCA or CySEC regulated brokers for examle.

 

FCA and CySEC even run trader compensation schemes, which insure traders money in case a broker files for bankruptcy. With the CySEC backed scheme traders are entitled to a compensation of up to 20 000 EUR, while with all FCA brokers, traders can receive back up to 50 000 GBP of their investment. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

No information about the payment methods accepted

 

PTFX does not provide us with information about the payment methods they accept. Keep in mind that with most brokers you can deposit or withdraw funds via major credit or debit cards, like VISA and MasterCard, bank wire and popular e-wallets like Netellerand Skrill. Also, here you may check our list of brokers accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Excessive minimum deposit requirement

 

To open an account with PTFX you will have to invest at least 1000 USD and that, in our view, is excessive. Have in mind that with most brokers you can start trading with about 250 USD, while with some well established players like FBS and IG you can star trading with 5 USD or less.

 

Conclusion:

 

We are not satisfied with the regulatory status of PTFX and that is a major setback for the credibility of the broker. As we already mentioned, they do not bother to disclose the name of the company behind the brokerage and that, we should note, is highly unusual as all legit brokers are fully transparent about their ownership. 

Latest news about PTFX
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Traders` reviews for PTFX

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