Beware! Palmer Finance Company 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.

 

Palmer Finance Company is nothing more than another shady, unregulated broker that presents a huge treat to you and your investments. If you would like to trade safely and turn a profit, definitely stay as far away from this broker as possible.

Palmer Finance Company Regulation and safety of funds

Palmer Finance Company is a shady company that managed to remain mostly anonymous. The broker did not give us reason to believe tо believe that they are in any way regulated or worth our trust. They claimed to be based in Colorado, the US but when we checked the database of one of the financial regulators responsible for licensing forex brokers in this country, the NFA, we found no proof that they are actually regulated or even registered. Moreover, the broker offered conditions, it could not legally offer in the US – like extremely high leverage.

Working with unregulated brokers is dangerous because you would have no guarantees that such brokers will treat you fairly or in accordance with all laws. Regulated brokers have to meet many requirements in order to obtain and keep their licenses while such shady companies can conduct business in any illegal manner they see fit.

Guaranteed FundsSegregated AccountsNegative balance protection
Palmer Finance Company
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

Regulated brokers in most jurisdictions have to keep client funds in segregated bank accounts – this proves that the broker would have very limited access to your money, could not lose it if becomes insolvent, or use it for its own financial purposes. In the UK, the EU, and Australia, negative balance protection is ensured – this means that you could never lose more money than you have in your account. Moreover, such brokers (other than those in Australia) participate in compensation schemes. In case the broker becomes insolvent, each of their clients would be entitled to a compensation of up to €20 000 in the EU and £85 000 in the UK.

Palmer Finance Company Trading Software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Palmer Finance platform
MT430+ indicatorsAndroid
MT550+ indicatorsAndroid
cTrader40+ indicatorsAndroid and iOS

Palmer Finance Company offers a very generic web-based trading platform that hardly managed to impress us. Such platforms offer few tools and features, and very few possibilities for effective trading.

Instead, we would recommend that you start trading on a more functional trading platform such as MetaTrader 4, MetaTrader 5, or cTrader. All of these platforms offer extensive charting and analysis packages, as well as many additional features. You would, for example, be able to track markets and trade automatically with the help of preprogrammed trading bots or create your own trading bots and indicators. Such platforms simply offer far more possibilities – so trade with a broker that offers them.

Palmer Finance Company Trading instruments

CurrencyStocksIndicesCryptoCommodities
Palmer Finance Company
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

Palmer Finance Company offered access to some standard markets – forex, metals, cryptocurrencies, and CFDs on stocks, indices, commodities, and equities. Surprisingly, however, we were unable to trade gold or oil.

Palmer Finance Company Spreads and cost of trading

Palmer Finance CompanyXMFBSFXTM
Spread EURUSD0.60.611.1
Spread GBPUSD1.31.31.21.4
Spread USDJPY1.41.31.21.4

Palmer Finance Company offers fairly standard spreads compared to most legitimate brokers in the industry. However, decent spreads are definitely not reason enough to open with a shady scam broker.

Palmer Finance Company Maximum leverage

ForexStocksCryptoGoldIndices
Palmer Finance Company 200:110:110:110:110:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

Palmer Finance Company offers maximum leverage of 1:200 on forex pairs, and 1:10 on all other instruments. This is actually quite high – no legitimate US broker can offer such high rates. Brokers in this country cannot offer more than 1:50 on forex majors and that is actually quite liberal. For comparison, UK, EU, and Australian brokers cannot go higher than 1:30 on forex majors. The reason for such restrictions is simple – trading with extremely high leverage can result in much bigger losses. That is why we urge you to be careful with your leverage settings even when the broker itself offers higher rates.

Palmer Finance Company Deposit and withdrawal methods

Deposit timeWithdrawal timeFee
Bank wire3 business days3-5 business daysNo information
Credit cardInstantNo informationNo information

We could not really deposit with this broker before they had verified our account. In order for the broker to do that, we had to release a ton of personal information and documentation. Needless to say, we were reluctant to do that and as a result, we could not confirm that the payment methods the broker supposedly offers access to would actually be available. On the website, they claimed that we would be able to deposit via wire transfer and credit card – two very secure payment methods. However, we have strong suspicions that this would turn out to be a lie. Scam brokers generally try to stay away from such payment solutions because they do not offer full anonymity. Moreover, recovering your money would be fairly easy if you have deposited with a credit or debit card – chargebacks are possible within 540 days of the transactions if you have used Visa or MasterCard.

Palmer Finance Company Minimum deposit

Palmer Finance CompanyXMFBSFXTM
Minimum deposit£100$5$10$5

Palmer Finance Company asks for a minimum deposit of £100 which is once again fairly standard. However, we would like to state the facts here and say that some of the best brokers in the industry offer accounts for the same amount of money and sometimes even for less.

Palmer Finance Company Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Palmer Finance Company10 mini lots for every $10 bonusNo informationNo information
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Like many other fraudulent companies, Palmer Finance Company offers bonuses – but has not missed the chance to attach some fraudulent clauses to those bonuses.

If you have received a bonus, you would have to reach a turnover of 10 mini lots for every $10 bonus before placing a withdrawal request. This means you would not be able to withdraw anything, including your own profits and deposits. No legitimate broker would ever have such ridiculous conditions or try to prevent you from getting access to your own money. Be careful and always look for such shady bonus-related clauses in scammers’ Terms and Conditions.

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