Beware! Pulstrade 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.
We find that Pulstrade has chosen a rather inappropriate title for its brokerage services. Brokers should always pick names that clearly mirror the industry, and should stray away from wordplay. At least, that is our opinion. Of course, there are some exceptions to this rule. The website is ok, yet does not go anywhere, and thus doesn’t try to distinguish itself from the flock. However, we are here to talk about the conditions that Pulstrade offers to its users. And by our first impressions, there is nothing here to get your hopes up. Read on.
The registration process was dull and slightly off-putting. As a result of this, the process produced an error page. We tried multiple times to register, and always the same result. When this happens we always start theorizing that the broker picks its customers based on how susceptible they are to manipulation. That or the process is actually broken.
The end result is that there are no trading conditions. And so we will quote the ones on the website but we cannot make sure that they apply to the broker.
After some time spent with the website, we can confirm that there is absolutely no trace of any trading conditions; no spread, no leverage, no tradeable assets. The more time we wasted on this alleged broker, the more we realized just how little its website had to offer.
English is the sole language in which the website is available.
PULSTRADE REGULATION AND SAFETY OF FUNDS
Pulse Markets Ltd is said to be located in Mauritius as indicated in the footer, yet the Terms and Conditions and non of the other legal documents mention this.
In Mauritius, it’s the Financial Sevices Commission (FSC) that authorizes and regulates wanna be brokers. Candidate have to provide a capital ranging between €25,000 and €250,000, for one, which is quite the requirement. It was not a surprise when the register of regulated entities had no results of a Pulstrade.
There is further mention in the T/C that the broker function under the laws of Vanuatu. There the Vanuatu Financial Services Commission (VFSC) is the only regulator of FX firms. The VFSC is an offshore regulator, and there are some shady firms that still operate there, however it has taken responsibility by introducing stricter forex regulations.
However, the official register of the VFSC offers no mention of Pulstrade.
The last nail is the following clause. What does the broker mean by XXXXX?
Need we give more evidence? This broker is clearly UNREGULATED, and as such poses a risk to all investments!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
PULSTRADE DEPOSIT/WITHDRAW METHODS AND FEES
The extent to which the website’s information limitation was expressed best when we attempted to find payment details. The only thing that we dug out is a supposed $5000 minimum deposit. All the other information was taken from the legal documents. A $5000 minimum deposit is both laughable and very insulting. This puts Pulstrade into the higher leagues, and that does not help it with its, already negative, image.
The methods for funding an account are credit card, debit card, bank transfer, and undisclosed alternative payment methods.
There is a 3% withdrawal charge, and the minimum withdrawal amount is claimed to be $100. Furthermore, it takes some 48 hours for the full withdrawal amount to reach a client’s account.
Finding a good reason to invest in Pulstrade is close to impossible. This unregulated broker will take any money you have deposited, and will either ask for more and never allow you to withdraw, or will just disappear with your initial deposit!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.