Beware! PixPal 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.
PixPal may seems like a legitimate entity, but this is all part of the illusion that scammers are known for. The likes of PixPal are experts at concealing their true nature, but the cannot escape our gaze. Following is a review that exposes PixPal to all.
PIXPAL REGULATION AND SAFETY OF FUNDS
The first legal statement is the one that makes the biggest impression in that it can manipulate the user. We are talking about the Financial Services Commission of Belize’s fake certification that we find on the website. We know that it is fake because we found no results of the broker in the regulator’s registry of licensed entities. So, essentially, PixPal is not regulated in Belize, and whatever it says it is a lie!
Next, we can move on to an odd section in the footer, where we are told that PixPal has a liquidity provider called FBS Markets Inc. FBS is one of the biggest and most regulated brokers, so we don’t really know what it is doing here. It’s obviously a statement meant to mislead, but still it’s inclusion is strange. It is not a legitimate legal claim, meaning that users should not rely on it.
PixPal is an obvious scam and a risk to all. It is unregulated, and a waste of time.
Getting stuck in the scammer cycle is one of the worst things that can happen to any internet user today, and it’s quite difficult to escape it. Unregulated brokers are an order of magnitude more numerous than legit ones, so chances are you have stumbled on at least one. It’s a mess of a scammer industry that wants to steal tour money; all the economy here is sustained through acts of constant theft. So, the best advice we can give our readers and all users is to check for a license when dealing with a broker, any broker, no matter how clean it looks or plays out. As we have see, modern investment scams tend to polish their sites. Might we recommend any one of the European, UK, US, or Australian regulated brokers, all excellent, but with differences that make them unique.
PIXPAL TRADING SOFTWARE
The main web trader is actually the biggest surprise with this broker, and it is really a shame that the broker is a scam. We really liked the web trader and becasue of this we cannot forgive PixPal for being unlicensed.
Not only is it decent looking, but it also has a bunch of excellent features that should not be overlooked. If you find this web trader someplace else, with a licensed broker, then go for it. But not with PixPal.
We said “main” earlier because there is actually a second web trader:
But compared to the first one it really cannot compare, and not only that but we also find this web trader to be common with scammers. We do no recommend it, also because it isn’t decent in terms of practicality.
We recommend, as always, the MT4 and MT5; just make sure the broker offering them are regulated.
PIXPAL TRADING CONDITIONS
We registered easily which in the case of scammer is not a good sign. Even worse was that we were immediately redirected to the depositing section; it’s a popular scammer approach.
The web trader reveals that the available assets are forex currency pairs, commodities, cryptocurrencies, indices, and stocks. The EUR/USD cost of trade is 0.1 pips, and it’s the same on the second platform. Such a low spread is definitely not final, as it is either commissioned or manipulated; in the case of PixPal we believe it’s manipulated since there are no mentions of commissions anywhere.
Last but not least, the leverage is capped at 1:500, a good leverage but one used by a scam meaning that it is useless. Check these out instead.
PIXPAL DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we learn that the depositing methods are BetaTrasfer, crypto wallets, credit cards, and debit cards,. The minimum deposit is $50 for the credit and debit cards. All crypto deposits are straight into a shady crypto address that is definitely untraceable, and the minimum deposit is $1. All other methods require around around $40 as a minimum deposit.
In all honesty, we could not find the withdrawal section anywhere, which means that there really isn’t a way to take out money, at least for us. Not being able to withdrawal is a defintie sign that the broker is a scam.
There were no mention of fees anywhere, which we found to be quite a shady thing to exclude considering that most unlicensed brokers profit greatly from all sorts of hidden fees.
How does the scam work
We understand that everyone wants to get rich fast and without any load, but the real words does not work in such a way. In fact, scammers profit mostly from the fantasies that they sell, but whereas in certain industries for a high price you get a taste or a bite of luxury product or services, in the scammer investment industry the physical gratification is never achieved because the user ultimately loses all the money that he or she invests. So, it’s obvious that fraudulent actors rely greatly on promotional and marketing materials to attract and lure an audience.
But that is just the beginning; what all scammers are after is that first initial deposit, the one that will device for further investments. The first deposit is the hardest to get from any user, and the road to it is paved with lies and charismatic actors that will mislead and deceive you at every turn.
But once the first deposit does happen, and it happens most often than naught, the fraudulent actor will push for a second, or third deposit, by continuing his lies, until that moment comes when the user realizes that he or she has been swindled. But by then, the money will be lost.
What to do when scammed
So, the first thing that you can do is to file for a chargeback, which works only id you previously invested via a credit or debit card. To combat frauds MasterCard and VISA have extended their chargeback periods to 540 days.
If invested by bank transfer, then your safest bet is to contact the bank and try to figure out a plan of action. But the chances aren’t as high. Also, remember to change your bank account password and username.
Crypto-based investments are, unfortunately, lost with no way to get them back. That’s why most scammer mainly utilize cryptocurrency based payment methods.
Last but not least, do not pay for so-called recovery services or agents, which are essentially extensions of pre-existing scammers or standalone fraudulent services.
