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Anmeldungsdatum: 05.02.2023
Beiträge: 133
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 Verfasst am: 27. Feb 2023 08:52 Titel: Pemaxx review |
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Pemaxx review
Pemaxx is not very convincing in its attempts to persuade us that it represents an established forex broker that we can trust with our investments without worry. Behind this website is an offshore company that is not subject to regulatory scrutiny and provides no guarantees for client funds. There are other problems with Pemaxx, which we will look at in detail in this review.To get more news about pemaxx review, you can visit wikifx.com official website.
PEMAXX REGULATION AND SAFETY OF FUNDS
The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.
The financial authorities in Mauritius do not enforce strict regulations on forex brokers. A company can provide such services merely upon obtaining a Global Business License and maintaining minimum capital requirements of 25,000 to 250,0000 EUR. In comparison, brokers in the European Union must maintain a minimum capital of 730,000 EUR and those in the United States must maintain 20 million USD.
Even an unregulated forex broker can be expected to provide access to Terms and Conditions and a Client Agreement. But no legal documentation can be found on the Pemaxx website. Unless you know exactly what the terms of business are, it is not advisable to put your money on the line.
If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.
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 US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK.
PEMAXX TRADING SOFTWARE
On the homepage of the website, we see a statement that Pemaxx offers traders the most widely used platform in the industry, MetaTrader 5 (MT5). But nowhere do we find active links to download the software. Registering a new account or logging into an existing one was also impossible at the time of writing this review. Therefore, we were unable to verify whether Pemaxx actually has trading software.
It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.
The website also promises rewards and bonuses. This is also a practice banned by financial regulators. Pemaxx does not provide specific information about the terms associated with these bonuses. This is concerning because scammers often use promises of generous bonuses to tie their potential victims to hidden fees and impossible-to-fulfil withdrawal conditions.
Pemaxx also promises low spreads, but there is no way to verify this without access to trading software. The website does not provide information on commissions, swaps, tradable instruments and minimum deposit. In any case, it would be wiser to use the services of a duly licensed forex broker. Many leading brands offer beginner traders Micro accounts with very low minimum deposit.
Fake brokers are a type of scam that has spread especially rapidly in recent years, aided by the excitement surrounding cryptocurrencies. People looking for ways to make money online can very easily come across one of the many scam websites of this type. Scammers are very skilled at convincing people to invest – first small amounts of a few hundred dollars, and then larger sums of money. Some of the scam schemes are quite elaborate and even use trading software to convince victims that their money is actually being invested and even racking up profits.
But when you ask to withdraw those winnings, or even your deposit, you’ll find it’s impossible – you’ll be told that a sudden change in the market has wiped out all your money, or that you have to meet impossible minimum trading volume requirements and pay huge fees and commissions hidden in the terms and conditions. Fraudsters can also simply disappear because they use fake names and offshore shell companies for their operations. |
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