Beware! Pacoxr is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Pacoxr is a shady broker, with one of the oddest names we’ve come accross to date that does not in any way signify that this broker is actually a “broker”. The company does not reveal trading conditions via its client portal, which leads us to beleive that they give away details only to those that they contact themselves via phone, which is of course, the most common scammer scheme that we talk about below. However, the broker has revealed that the leverage is capped at 1:200.
PACOXR REGULATION AND SAFETY OF FUNDS
We will be short, for the fact of the matter is that Pacoxr has not revealed any regulation information, not once metioned a probable agency that might be underway with its license. The footer pretty much sumarises the whole deal:
Not been directed an any jurisdiction can mean only one thing, and that is that Pacoxr is UNREGULATED and therefore a risk to any investment made with it!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
PACOXR TRADING SOFTWARE
As previously mentioned, the broker does not reveal trading conditons in its trading/client area for the reason that, once we logged in, we were provided with an account number for the trading platform, but not a password for it, which leaves the trading terminal out of our reach. We didn’t even receive an email confirmig our registration.
Speaking of the platform, the broker allegedly hold the MT4 as its primary and only terminal for trades, offering it accross all devices. MetaTrader 4 has proven itslef as being more than capable of satisfying every trader’s need. Users can set automated bots to trade, comes with over 50 customizable trading indicators, great options for managing your charts, auto-trading bots and many more pros. However, as for the Pacoxr MT4, even when we tried to install the desktop MT4, we were given a different MT4 holding broker; in other words, the MT4 allegedly provided by Pacoxr bears the name of another broker/company.
All these details should give you a proper understanding of just how illicit Pacoxr is.
PACOXR DEPOSIT/WITHDRAWAL METHODS AND FEES
The client dashboard reveals to us that users can deposit only via Credit Card, whcih is surprising for an unregulated broker, as credit cards are easily traceable. There is no minimum deposit; users can fund their accounts with as much money as they want. There are fees that goes as high as $15 for each deposit made.
The withdrawals are charged by undisclosed fees that the broker purposely has left out, and not included.
Furthermore, users that use a bonus and wish to withdraw said bonus plus all their profit plus the inital deposit must first complete a enormous trading volume of $20 000 * every bonus dollar, which is a ludicrous request.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.
