Beware! 0PIP Broker 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.

 

0PIP Broker did not initially seem like a legitimate broker – their website looked bad and provided barely any essential information. That suspicion was quickly confirmed by the fact that the broker lied about being regulated and about providing a decent trading platform. If you start trading with such a company, you will definitely end up robbed – which is why we would recommend that you check out some legitimate brokers instead of wasting time on scammers.

0PIP Broker Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
0PIP Broker
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

0PIP Broker claimed to be regulated by two very respected financial authorities – the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) of South Africa. However, when we checked the registers of both of these regulators, we got zero hits for the company name and license numbers this broker has provided.

0PIP Broker is supposedly based in the UK and registered with the local authority, the FCA – and as you can probably guess this was another lie. As it turned out in the end, this broker is completely unregulated and definitely not a reliable investment solution. No legitimate company would ever lie about something as serious as regulation. If this one does, it is because they are unregulated scammers that definitely cannot be trusted.

Trading with an actual, legitimate UK broker is a much better idea. Legitimate UK brokers are obligated to keep client money in segregated accounts to prove that they are not using your deposits in their own financial operations, and offer negative balance protection – you could never lose more money than you have in your account. All UK brokers must also maintain minimum operational capital of €730 000 to prove that they are well-capitalized and financially stable. Finally, UK companies are obligated to participate in the Financial Services Compensation Scheme (FSCS) – this means that if a broker becomes insolvent, each of their clients would be able to claim a compensation of up to £85 000.

0PIP Broker Trading Software

Analytical toolsAuto tradingCustom indicatorsMobile apps
0PIP Broker platform
MT430+ indicatorsAndroid
MT550+ indicatorsAndroid
cTrader40+ indicatorsAndroid and iOS

0PIP promised access to the leading trading platform MetaTrader 5. We were indeed able to download the software from the broker’s client area – however, what we got was not 0PIP Broker’s own terminal. Instead, we were presented with the generic version of MT5 – the one you can download for free from the MetaQuotes website without the help of a broker. This makes opening an account with 0PIP Broker quite pointless since you would not actually be able to trade.

Definitely see what MT5 has to offer – with a legitimate, regulated broker. This is currently the most popular platform in the industry beloved by beginners and professionals alike for its effortless combination of functionality and ease of use. MT5 offers:

  • a full charting and analysis package
  • multiple order execution types and pending order types
  • Expert Advisors
  • VPSs
  • a multi-threaded Strategy Tester,
  • customizable signals
  • the possibility to create custom scripts
  • a built-in community chat
  • an economic calendar

0PIP Broker Trading instruments

CurrencyStocksIndicesCryptoCommodities
0PIP Broker
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

0PIP Broker does not offer its own trading terminal – which means that talking about trading instruments is a bit pointless. After all, this broker does not seem to offer any sort of actual trading opportunities.

0PIP Broker Spreads and cost of trading

0PIP BrokerXMFBSFXTM
Spread EURUSD0.611.1
Spread GBPUSD1.31.21.4
Spread USDJPY1.31.21.4

Since we could not actually access 0PIP Broker’s own MT5 terminal, talking about spreads is a bit pointless. However, we would like to mention that the broker promised spreads of around 2 pips on EURUSD on all of its account types. This is a bit too high – most brokers try to keep their spreads around 1.5 pips or even lower.

0PIP Broker Maximum leverage

ForexStocksCryptoGoldIndices
0PIP Broker broker
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

Since 0PIP Broker did not seem to offer its own trading terminal, the category of leverage becomes quite pointless. However, we would still like to point out that this broker promises rates as high as 1:400 in all of its account types. No broker regulated in the EU or the UK – which is what 0PIP Broker claims – could legally offer such high rates to retail traders.

Trading with high leverage is a gamble – it could potentially result in much bigger profits but also in much bigger losses. That is why the financial regulators of many countries have tried to limit the size of potential losses by imposing leverage restrictions. Brokers in the UK and the EU can offer no more than 1:30 on forex majors to their retail clients – which is much lower than the 1:400 this broker promises.

0PIP Broker Deposit and withdrawal methods

Deposit timeWithdrawal timeFee
Crypto24 hours24 hoursFees depend on the crypto

0PIP Broker only accepts cryptocurrency deposits which is quite bothersome but hardly surprising. There is a reason why so many scammers prefer to receive money in crypto. First of all, such transactions are completely irreversible which means that you would never be able to get a chargeback. Secondly, they are fairly anonymous and can only be traced to a wallet address and not to a specific person or company. Both of these things make crypto a preferred payment solution among scam brokers.

0PIP Broker Minimum deposit

0PIP BrokerXMFBSFXTM
Minimum deposit$300$5$10$5

0PIP Broker asks for a minimum deposit of $300 in order to open the most basic of its account types. That might not sound too bad but it is actually a lot – plenty of legitimate brokers would open an account for much less, even for as little as $10.

0PIP Broker Withdrawal requirements

0PIP Broker did not provide us with any sort of Terms and Conditions or other legal documentation and as a result, we are not quite sure about all the conditions the broker offers. This is especially dangerous when it comes to withdrawal requirements. Many scammers ask you to reach insanely high trading volumes in order to allow withdrawals. Some scammers would also charge crazy high withdrawal fees of 20-30%. Such horrible conditions are another reason why you should always carefully read a broker’s Terms and Conditions.

Trading volumeFee/Tax on withdrawalMinimum withdrawal
0PIP Broker / offshore brokersNo informationNo informationNo information
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *