Beware! Pips Pro FX 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 are reviewing Pips Pro FX, another brand of a shady company we have already encountered. The broker is allegedly founded by a group of experienced financial background professionals, but the information about their services is scarce. We only know they purportedly provide cTrader, insane leverage levels and zero spreads. Well, that’s not precisely true, and you’ll see why in the full Pips Pro FX review.
Pips Pro FX REGULATION AND SAFETY OF FUNDS
Pips Pro FX is a trading name of Market Viewer Limited– a St. Vincent and the Grenadines company also operating a suspicious broker we recently reviewed- TradeFxMarkets. As you’ve probably guessed, Pips Pro FX is equally suspicious and even more, but we’ll discuss why later in the review. Still, the company running this business is registered in a shady tax haven jurisdiction that doesn’t regulate Forex brokers and is indeed overcrowded with scammers. The absence of regulation means that your funds won’t be safe if you deposit with Pips Pro FX.
As the broker is fishy, have a look at the high-rated EU brokers and British brokers on both lists if you are interested in trading and investments. The European companies are suitably regulated, but most importantly, covered by deposit insurance funds protecting investors’ money. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. So CySEC (Cyprus) and FCA (Britain) licenses are trustworthy, and you should keep this in mind while looking for trading opportunities.
Pips Pro FX TRADING SOFTWARE
As you can see from the screenshot above, we couldn’t even register due to security reasons. So, we can’t verify that the broker can provide any trading software whatsoever, which is an argument enough to steer clear of Pips Pro FX. However, the Pay Now button on the website is fully functional, and that’s fishy nonetheless. In fact, they will accept deposits from people with no registration, which is strong evidence of a scam!
So, you’d better avoid Pips Pro FX and consider the high-rated genuine MetaTrader4 brokers and MetaTrader5 brokers by following the links provided. MetaTrader distributions are market-leading platforms featuring advanced tools such as Expert advisors, many indicators, and excellent charting. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions.
Nevertheless, Pips Pro FX claims to offer spreads starting from 0.0 pips, but that’s most probably not true. In fact, there are too few companies offering zero spreads, and they usually charge commissions. On the other hand, leverage is said to be up to 1:1000, which is a ratio no one should utilise. 1:1000 is actually gambling because every position executed becomes an all-or-nothing option as the margin call level will be a handful of pips away from the opening price.
In fact, leverage is so dangerous that many financial authorities regulate it to reduce the risks related. As a result, the EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are safe but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. However, the rest of the high-leverage companies are poorly regulated and very likely a scam, so you need to be careful.
Pips Pro FX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $100, a requirement pretty much in line with the industry standards. However, many reputable companies offer micro accounts starting from 5 to 10 dollars, so it’s not worth wasting your time with suspicious brokers anyway. Pips Pro FX advertises many funding methods, but actually, only VLoad and Globe Pay are available. Well, both mentioned are not as popular, and we have evidence that those payment processors are not secure enough and provide services for shady businesses, including scammers. Beware!
Anyway, while talking about deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
The information about withdrawals, fees, inactivity procedures and bonuses is scarce, and there is nothing specified in size and scope. The only thing we managed to unearth is that Pips Pro FX offers bonuses that are classified as non-deposited funds, which clients can’t withdraw. However, the broker fails to specify anything further such as minimum trading volume provisions or else.
Overall, Pips Pro FX is unregulated, which is more than enough to avoid this suspicious offshore entity.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are overcrowding the Internet and social media. Their offers look legit and present exciting opportunities to invest money in the Forex market. Traders would get reassured that the people behind the broker have an excellent track record, who can secure high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal the money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or directly cut the communication. Whatever the case, people are going to lose some or all of the capital invested. At the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to evade further risks. Deactivate your bank card immediately, contact the bank and ask for advice.
Report what happened, file a complaint, contact the financial regulator, contact other government institutions overseeing trading and investments, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible