Pitchforex.com Review: this is the website of a Forex and CFD broker that also offers traders Binary Option. Is it safe to trade with PitchForex? Read this revealing review to find out important details about this Forex trading company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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PitchForex mentions that it is a broker based in St. Vincent and the Grenadines, an offshore region. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of PitchForex
Although the location of PForex casts doubts on its legitimacy we found some advantages listed on the website. Its platform is fast and reliable and deposits are kept safe with encryptions. Withdrawals are allowed at any time.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
PitchForex Trading Platform
There is no mention of the type of trading platform offered to clients of Pitch Forex. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are bitcoin, forex, CFDs, and Binary Option. We find this information important because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is not stated and while some may seem generous, they are not advised. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on PitchForex
The means of making deposits and withdrawals with this broker are not made known on the page. We find this to be unusual and thus shady because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $2000 is required to start trading with this broker. We find that this is higher than the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees and charges are not disclosed. We prefer it when brokers are transparent with these details.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is PitchForex Licensed?
No. PitchForex is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the broker or a representative of the customer service, dial +19412006135 or email at firstname.lastname@example.org.
PitchForex is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. We found the many trading instruments offered encouraging but asides this, the broker does not inspire confidence. The minimum deposit requirement is higher than we are used to.
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- Many Trading Instruments Offered
- Not Licensed
- High Minimum Deposit
- Offshore Located Broker
- Transaction Methods Not Mentioned