Pure North Markets review – 5 things you should know about purenorthmarkets.com

Beware! Pure North Markets is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Pure North Markets presents itself as an offshore broker offering very favorable conditions for beginners and experienced traders. But in preparing this review, we could not even confirm that this is a legitimate financial services provider. Let’s take a look at why it would be too risky to trust your money to Pure North Markets.

Pure North Markets Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.

The website claims that the Pure North Markets Ltd company is based in the offshore zone of Mauritius and is regulated by the local Financial Services Commission.

This is misleading for two reasons. First, because there is no significant regulatory control over forex brokers in this offshore area. And secondly because we do not find this company on the records of the local financial authorities.

The link to the Terms and Conditions on the Pure North Markets website is blank, although other documents such as the Privacy Policy are available. This is more than a little suspicious.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

In other parts of the world, you can use the services of offshore subsidiaries of established brands.

Pure North Markets Trading software

Pure North Markets claims to offer traders the industry’s most popular software, MetaTrader 5 (MT5). But nowhere is there a link to download the software. All features on the Pure North Markets’ dashboard are blocked if the account is not approved. Therefore, we cannot say whether Pure North Markets has a functioning trading platform at all.

Pure North Markets Trading instruments

Pure North Markets advertises that it offers trading in all major asset classes. But the broker does not offer clear and detailed information on the terms of this trade.

Pure North Markets Spreads and cost of trading

Pure North Markets does not specify what spreads and commissions it charges. We are therefore unable to give an estimate of the most important parameter of trading – the price paid by the client.

Pure North Markets Maximum leverage

Pure North Markets offers leverage up to 1:500. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Pure North Markets Deposit and withdrawal methods

Pure North Markets does not provide any information on payment methods and transaction fees. Experience shows that such shady brokers steer towards cryptocurrency deposits.

Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

Pure North Markets Minimum deposit

Pure North Markets requires a minimum deposit of 200 USD. For that amount or often less, you could open an account with an established and duly licensed broker.

Pure North Markets Withdrawal requirements

Since Pure North Markets  does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.