Beware! Platinumhitech 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.
Platinumhitech is FCA blacklisted, which means it’s an exposed scam, so you should stay away. It’s introduced as a broker with offices in Britain, Switzerland and Germany, but that’s falsehood. The warning aside, we found too many red flags, which we’ll discuss in the full Platinumhitech review, so make sure to read it before you’ve mistakenly believed that the broker in question is a good one.
Platinumhitech REGULATION AND SAFETY OF FUNDS
As already mentioned, Platinumhitech pretends to be a European broker, which it’s not. In fact, those scammers may work from Europe, but that doesn’t matter at all, as the broker is still a scam. The British regulator FCA detected it and issued a warning against it, exposing it as a scam scheme, so your funds will be in danger if you deposit. We recommend that you should avoid all brokers and other companies being blacklisted by either regulator worldwide.
So, consider the high-rated EU brokers and British brokers instead. We recommend them as they are competently regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. Europe is safe, and it’s worth opening accounts with companies holding EU or UK licenses.
Platinumhitech TRADING SOFTWARE
Platinumhitech’s trading software is web-based, and while assessing it, we detected evidence of a scam. First of all, in the Client Area, the broker has put a MetaTrader download link, but the distribution we got was not functional. Apparently, those scammers are trying to take advantage of the platform’s spotless reputation, which is a red flag nonetheless.
Anyway, the web trader we accessed is suspicious by itself. It’s slow, challenging to use and has too few unreliable trading tools. On the other hand, though, the EUR/USD spread is 0.1 pip, which is arguably the best possible Buy/Sell difference, only if the broker were legit. Thankfully, many reputable companies are also offering cost-reducing spreads of 1 pip and below, so it’s not challenging to find better options.
Speaking of software, check the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are also delivering the best distributions available. We recommend MT brokers as their terminals are packed with sophisticated features such as Expert Advisors, complex indicators, and excellent charting tools. MetaTrader also comes with a peerless advantage- a Marketplace with more than 10 000 apps and other trading solutions, which is an unrivalled advantage.
As for leverage, Platinumhitech offers 1:200, which is evidence of a scam in this case. That’s because regulated British FX companies are no longer allowed to offer such a ratio to retail clients like ourselves, which shows there is something wrong with Platinumhitech. We know what it is: that’s a scam!
In fact, many legit brokers are now restricting leverage usage as there are regulations in place. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while the US brokers to 1:50. In contrast, high-leverage brokers are either poorly regulated or not at all, so you’d better be careful with such entities.
Platinumhitech DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, which is slightly higher than the regulated brokers’ standards. However, if you are new to trading, you’d better follow the links provided throughout the review to find reputable and also less demanding brokers (some will accept clients for as little as 5$).
As to funding, Platinumhitech claims to accept Credit/Debit cards and Wires, but we can’t validate this information. If we wanted to test their deposit system, we had to submit copies of personal documents to verify our identity, and we naturally refused to do so. Platinumhitech is a scam, so you should neither reveal personal information nor send even a penny to those criminals.
Anyway, while on funding, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are competently regulated, and you won’t see scammers if you choose among the high-rated ones.
Platinumhitech doesn’t specify minimum requirements for withdrawals, but the fees imposed are strictly fraudulent. Namely, each withdrawal will be subject to an “advisor fee” of 5% to 15%, which is totally unacceptable. Well, as Platinumhitech is a scam, no withdrawals should be expected at all.
The inactivity fees are also intimidating. According to the clause, an account becomes dormant if there are less than 3 positions opened for 30 days and will be charged $100 per month. That’s a scam!
Platinumhitech offers a Welcome bonus after a deposit from new clients, but we can’t discuss it as there is no information about the campaign. The absence of further provisions indicates that the bonus is nothing else but merely a fraudulent marketing tool. Moreover, EU and British brokers can’t provide incentives, which once again confirms that Platinumhitech is illegal.
Overall, Platinumhitech is an exposed scam, so you should avoid it.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their tricky deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do a thing to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!