PitchForex Review Is Pitchforex.com Legit Or Scam

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PitchForex Review: Is Pitchforex.com Legit Or Scam?

Pitchforex.com Review: this is the website of a Forex and CFD broker that also offers traders Binary Option. Is it safe to trade with PitchForex? Read this revealing review to find out important details about this Forex trading company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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PitchForex mentions that it is a broker based in St. Vincent and the Grenadines, an offshore region. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of PitchForex

Although the location of PForex casts doubts on its legitimacy we found some advantages listed on the website. Its platform is fast and reliable and deposits are kept safe with encryptions. Withdrawals are allowed at any time.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

PitchForex Trading Platform

There is no mention of the type of trading platform offered to clients of Pitch Forex. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are bitcoin, forex, CFDs, and Binary Option. We find this information important because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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The maximum leverage offered to clients is not stated and while some may seem generous, they are not advised. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on PitchForex

The means of making deposits and withdrawals with this broker are not made known on the page. We find this to be unusual and thus shady because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $2000 is required to start trading with this broker. We find that this is higher than the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees and charges are not disclosed. We prefer it when brokers are transparent with these details.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is PitchForex Licensed?

No. PitchForex is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker or a representative of the customer service, dial +19412006135 or email at [email protected]

Conclusion

PitchForex is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. We found the many trading instruments offered encouraging but asides this, the broker does not inspire confidence. The minimum deposit requirement is higher than we are used to.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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PitchForex review – Is pitchforex.com scam or good forex broker?

PitchForex says to be “one of the most transformative technologies since the invention of the Internet”, offering investment opportunities with binary option, forex trade, and CFDs on various assets including major crypto coins like Ethereum, Ripple, Litecoin, EOS, Binance Coin, Bitcoin Cash, Stellar, TRON, Cardano, Monero, NEO, IOTA, Dash, Tezos, Ethereum Classic, NEM, Dogecoin, Zcash, QTUM, Ox, Bitcoin Gold, OmiseGo, Augur and Bitcoin.

Account type Min. deposit Max. leverage Spread s
Standard Account $2000 n/a n/a

And they promise that with their help you will no longer be “marginalized by governments and financial institutions” and will be rewarded the financial freedom you deserve.

As nice as all of this nay sound, be aware that PitchForex is registered offshore and is not regulated by any financial institution as it should be, if they want to target customers on regulated markets like the EU, including the UK for example.

On top of that they seem to offer managed accounts, while basically acting as market makers, so if you are about to deposit any funds with them be sure to read the following review.

PitchForex Advantages:

In this section of our reviews we always try to list any possible advantages a broker might offer its clients. With PitchForex however, we were not able to come up with anything.

PitchForex Disadvantages:

From their presentation we understand that PitchForex is owned and operated by PitchForex Ltd. – an offshore company based on St. Vincent and the Grenadines. And as we already noted, they are not licensed and authorized to offer any kind of financial services on regulated markets like the EU.

Bear in mind that trading with unregulated brokers is extremely risky as quite too often such brokers are simply involved in scam.

Properly regulated brokers on the other hand can be trusted, because they have to abide by strict financial and ethical rules, as for example to keep all clients funds in a segregated from their own, trust account, to maintain at all times a certain minimum operational capital, to provide traders with a negative balance protection, to file regular reports, to allow external audits, and in some cases even to insure the trading capital.

Thus for example a broker regulated by the Financial Conduct Authority (FCA) in the UK will have to participate in a client compensation fund, basically covering the first 85 000 GBP in your account. Here you may check our list of brokers regulated in the UK:

Market maker offering managed accounts

Honestly we are not exactly sure if PitchForex offers real trading accounts or just managed accounts. See for yourself:

The problem here is that like most other brokers, legit ones included, PitchForex operates as a market maker, meaning that they make money whenever traders lose. So obviously, if a market maker offers you to manage your account, it will be in a conflict of interest – PitchForex will have an incentive to lose your money in their own pockets.

Unusual withdraw conditions

We are not sure we understand the following withdraw condition that we came across in PitchForex Terms and Conditions. In any case we do not like it. See for yourself:

Excessive minimum deposit requirement

A minimum deposit of 2000 USD is about ten time the amount most brokers would require. Besides, some big and well known brokers like FBS and IG will let you start trading with just 5 USD or so.

Crypto payments – the only available option

PitchForex says to accept various payment methods, including credit cards and e-wallets. When we proceeded with our registration however, it turned out the only payment options are crypto coins like Bitcoin and Ethereum. Bear in mind that crypto payments are more or less anonymous and are 100% irreversible, unlike payments with VISA or MasterCard for example, where you can file for a charge back within 540 days in case you realize you have been scammed.

MetaTrader4 not supported

We are not even sure if PitchForex has a real trading platform. What we were offered, after we finished our registration, was some dashboard with charts taken directly form TradingView – an independent financial data provider – without an option to place a trade. See for yourself:

So here we do miss a real, professional trading platform like the Meta|Trader4, which comes with nearly a hundred customizable trading robots and market indicators, which are especially designed to help you run automated trading sessions. And because the platform is equipped with an excellent set of advanced charting tools as well, here you may also check our list of brokers supporting the MT4:

PitchForex is yet another obvious scam. They are not regulated, they offer managed accounts, while acting as market makers, and they do not have a real trading platform. So our best advise here is to stay away from unregulated websites like PitchForex in general, and to trade only with brokers licensed and authorized by well known institutions such as the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) – the three best known regulatory hubs in the forex industry.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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