Piptradex Review: the company offers typical features like a free demo, minor deposits for newbies but provides a fake registration license.
A made-up SEC pass automatically marks the offending company as a scam in any jurisdiction. As it happens, we find Piptradex treading the same path. But that is not all the problem with the platform.
If you are familiar with the antics of below-radar brokers, especially as regards online trading, you can spot similar features on this site. Our Piptradex Review finds a shortlist of awards and other laudations from popular rankings sites in the field.
However, the said list does not link any entry to an independent verifiable website. The alleged awards are as follows:
- Best CFD Broker, TradeON Summit 2020;
- Best Execution Broker, Forex EXPO Dubai 2020;
- Also Best Trading Platform, London Summit 2020.
Like we mentioned, all of these are blanks, plain as texts and unrevealing. Between the choice of a well-linked broker for forex/crypto trades and an evasive and unprofessional one, our Piptradex Review pins this platform to the latter.
You might be asking, how is Piptradex a scam? We answer the question here in this article. So read on below for details.
Piptradex Review: Overview
The official website interface is either a minimalist design or a cue to the zero content offered by the platform (despite claims to the contrary). How can you deduce any of these from the site? You merely have to look at it. There is nothing there, which is quite telling for an award-winning broker.
So, what does the company do?
It offers one thing, brokerage. It sums all the company supposedly does. The largely blank pages of Piptradex.com shows supported trade options in areas as foreign exchange, indices, and stocks.
You can see this from the description below.
The story of Piptradex starts in 1999. Regent Markets Group, the founding company, was established with a mission to make online trading accessible to the masses.
But that is as far as the description on the site goes except for a banner-waving Demo account.
Also, our Piptradex Review finds feedbacks (testimonials, in any case) highlighting that Piptradex is a profit anchor. It supposedly proves that you can make profits through the company. We shall get to this part later.
How about feedbacks outside the platform?
None of them is available thus far. So, first to last, every detail about Piptradex points back to the website and relies on it for validation.
Regardless, the organization has been around for twenty-five years (according to the site), bagging at least fifteen Global Awards (capitalized to show it is one award won fifteen times over). It also supposedly offers 24/7 support, although it lacks a third-party review about its performance.
Nothing is overtly engrossing here than the bland webpage brandishing Piptradex as a broker. The features are a general swipe at the awards (unverified), demo, and support vouchers on the site.
Here is how it appears on the official website.
Proven Track Record
It references the above clip about the company beginning in 1999 when Pptyradex booted.
Licenses and Regulated _ refers to alleged regulation licenses from several financial bodies in Europe. They include Vanuatu Financial Services Commission (VFSC), the British Virgin Islands Financial Services Commission, Malta Financial Services Authority (MFSA), and Labuan Financial Services Authority (Labuan FSA).
Fund Protection _ supposedly keeps your funds in a separate account. According to the site, all your money is segregated and held in secure financial institutions. (We will get to this part in the following sections)
Other strong suits include a vague take on risk management. For a start, there are no details of these quasi-insurances, which might’ve stood Piptradex in good stead as a reliable broker instead of a bracket promise to protect funds.
What about the payment media?
Our Piptradex Review finds more than one payment channel for clients on Piptradex.com. Here are the available options:
Moreover, you can trade on your preferred Piptradex account using any of these devices: Android, Windows, Web, or Mac.
Demo, Standard, ECN, and Islamic are the available accounts for traders.
So, can you rely on this platform for profit? Is Piptradex legit? See below for answers.
Red Flags: Cons (see Pros too)
At a glance, here are all the best parts our Piptradex Review makes of this company.
- Supports multiple payment options
- Provides a demo account
- Has a 24/7 Customer Support
- Mentions subsidiaries and fronts in other countries
However, the above pros depend on the unlikely event that Piptradex is a legit broker. The reverse happens, though. See below.
No external links
No proof of trade (which discounts any purpose for a demo)
The website does not link to an audit (as per security encryptions and trading interfaces) or any of the centers that supposedly awarded it best trader et al.
Zero verification for the testimonials on the site
Piptradex Review: Verdict
Our review gives Piptradex a thumbs down. Here is why.
The company mentions it has a regulation license from Malta and Labuan but provides a fake number since it does not appear in the MFSA register. This foolhardy attempt to evade requisite regulation has many legal implications, the least of which designates Piptradex as a scam.
Also, there is the issue of dubbed stock photos enclosed as testimonials on the website. It proves that there is no ongoing trade on the platform discounting provides a demo account from the pros in the above section, which leaves the 24/7 Customer Support as the only unplugged siphon for bilking clients of their funds.
Since Piptradex cannot make good on the above prelims for any legit brokerage, it cannot possibly keep funds safe. So, this part of the features, all your money is segregated and held in secure financial institutions, is a facade that attempts to brand the company as legitimate.
Moreover, the company does not even link its awards to verifiable sources (any at all), proving that it manufactures the laudations. Here is an example: Global Awards.
Global Awards only began in 2018, and its subsequent ceremonies never record Piptraderx as the award winner. It is odd for a trade broker to vie for an entertainment award or even brandish it as recognition.