Piper FX Review
Beware! The broker Piper FX is based overseas. Your investment could be in jeopardy.
Keep your diversification in mind. Establish trading accounts with a minimum of two brokers.
Any trader who is thinking about using Piper FX should be informed that this broker is not permitted to provide financial services. Additionally, the Financial Conduct Authority, the UK’s official regulator, revealed it as an unreliable and unregulated organisation.
Additionally, Piper FX does not disclose any information regarding its trading terms and requests that you register an account with them in order to learn more. Keep in mind if you don’t want to provide such personal information because it also asks for an ID to be supplied upon registration.
Regulation and financial security
Being completely anonymous, Piper FX has no information about the business that operates this website. We are unable to locate the name of the company or the address, thus we have no idea where this broker is located. Since Piper FX provides a UK phone number, we can only assume that the company is based there. Noting that you know nothing about this broker, it should be noted that it would be utterly foolish to risk your money.
Additionally, Piper FX is listed as an unapproved firm and may be offering financial services without licence by the UK’s financial watchdog, the Financial Conduct Authority (FCA). Check it out yourself:
Despite Piper FX’s claims that it is completely regulated in some countries, the situation is rather different. As you can see, in addition to not having a licence, the company has also been shown to be unreliable.
Additionally, as the FCA has already indicated, “if you engage with illegal organisations, you will have less protection in the event that something goes wrong.” If you trade with a reputable broker situated in the UK, for instance, you may be eligible for compensation up to 80,000 GBP in the event that the broker files for bankruptcy. Licensed brokers are also required to keep your money separate from their own capital and protected from any form of misuse in segregated trusted accounts. If you trade with dodgy brokers like Piper FX, none of these things will be achievable.
Everything was going fine during registration until we were prompted to provide an ID image. We just didn’t establish an account since, needless to say, we would never give such personal information to a shady broker like this one. This is exactly what we suggest you to do; only reputable, approved companies should receive your ID information.
We don’t really know what kind of trading programme you can use at Piper FX because we were unable to register an account there. The broker claims to offer MetaTrader 5, the industry standard, but given that this company also falsely claims to be regulated, we are quite dubious of anything it may say. Scam brokers like this one typically provide inadequate or extremely basic web-based platforms, so be on the lookout and be prepared for anything.
The majority of trustworthy brokers frequently use more complex trading platforms like MetaTrader 4 and MetaTrader 5. They have already been downloaded by millions of individuals and are currently the best piece of software for trading purposes.
The most well-liked trading platforms globally are MetaTrader 4 and MetaTrader 5. They are praised by both brokers and traders for good reason, mostly due to how safe and reliable they are. You can always count on them to carry out your instructions quickly and effectively. Additionally, all crucial data, including transactions and your IP address, is encrypted.
Although MetaTrader 4 and MetaTrader 5 have several exceptional features, experts agree that Expert Advisors are the best. These bots only have one job: to look for specific conditions and begin trading as soon as they are discovered. A feature that only MT4 and MT5 can claim to have in its entirety.
Both novice traders and more experienced traders can benefit from MetaTrader 4 and MetaTrader 5. With a wide range of instructional tools and daily forex news, you can stay informed. You don’t need any prior experience to utilise them, and they are also incredibly simple to navigate. Downloadable versions of MT4 and MT5 are available for PCs, cellphones, and tablets.
Unfortunately, Apple just banned both of them from its AppStore, making MT4 and MT5 no longer available for download on Android smartphones. We truly hope that this action is only transitory. Users who have already downloaded the software are still able to use it, but no further updates or upgrades will be available. You can still download MetaTrader 4 and MetaTrader 5 from the Google Play Store.
There isn’t any information on Piper FX’s trading terms, such as spread, leverage, or minimum deposit, among all the other superfluous material on this page.
Even though Piper FX asserts to have won 15+ international accolades and to be “unquestionably one of the most trusted and transparent brokers in the forex industry,” this can’t possibly be the truth. This broker is everything from transparent; as you can see, it knowingly withholds important information regarding its trading terms and effectively forces its consumers to register before learning the terms and submit an ID even though they have no idea what to anticipate from the company. This sounds absurd and incredibly unfair, of course. Reputable brokers would never put you in such a situation; on the contrary, they would show you all the pertinent details about your trading history and let you choose whether or not to make an investment.
No matter what trading conditions you encounter, if you decide to sign up with Piper FX, just keep in mind that you shouldn’t put your trust in this broker. As you are aware, always seek for leverage about 1:30 and spreads less than 2 pips (it is not too expensive) (this is the limit set by the financial regulator in the UK). Also keep in mind that most reputable brokers have a normal minimum deposit of roughly $250 USD, so starting an account with a bigger initial deposit would be useless.
You can take a look at some of the offshore subsidiaries of reliable forex brokers here if you still wish to trade with bigger leverage.
Methods and costs for deposits and withdrawals
A few logos of well-known payment options, including Mastercard, bank transfers, CoinDesk, and cryptocurrency transactions, are displayed on the Piper FX website. View them all below below:
We are unsure of your exact payment options because we were unable to register. However, given that this broker is entirely open and has been placed on the FCA’s blacklist, we doubt every claim it claims.
Cryptocurrencies are a particularly tricky payment option because they are 100% irreversible and anonymous, so even if you are tricked, you won’t be able to get your money back. Be wary if the broker only accepts them for deposits.
There is no information available on the costs this broker charges, however keep in mind that the majority of reliable brokers often don’t charge a fee for credit/debit card payments.
How does the con operate?
Never underestimate internet con artists since they are really creative and come up with new ways to trick people practically every day. The most crucial thing to keep in mind is that offshore brokers are not interested in helping you succeed and have no intention of investing your money. Their primary objective is to get you to invest as much as you can before entirely disappearing (with your money of course). You should simply run as quickly as you can if you come across any techniques that raise a red flag.
First off, scammers will try to contact you by phone or email, thus it is not a good idea to provide such information carelessly. However, if they are successful in obtaining this information, be prepared to receive numerous phone calls and emails from them promising to double your investment—truly “risk-free.”
Additionally, they might promise a very high return on investment without requiring any effort from your end. Any investment in the currency market carries risk and necessitates knowledge, which already seems ludicrous. In fact, regulated brokers are required to include a disclaimer regarding the hazards of trading on their websites.
The next stage of scammers’ dishonest behaviour is to modify their trading software so that it appears as though your money is being invested while you also make enormous profits. This is also unquestionably a lie. Scammers will take advantage of you to the fullest extent possible in order to continually get you to invest “a little more.”
Additionally, they might provide a welcome bonus of some type to entice you to play. Be aware that these bonuses have strict conditions, including a very high volume requirement that you will undoubtedly not be able to meet. Furthermore, due to this dishonest conduct, respectable brokers in the EU are prohibited from providing such bonuses or promotions.
The truth is, most people only come to this realisation after it’s too late. You will discover that it is difficult to withdraw any money from your account once you try it. Scammers may initially demand a 10% or even 20% charge upon the withdrawal request. Be aware that the majority of trustworthy brokers don’t request any fees at all. In any case, there is no use in paying this fee since you still won’t be able to withdraw your money even if you do. The result could be that you lose everything.
How to respond if conned
If you were duped by Piper FX or become a victim of other scams such as the forex scam, cryptocurrency scam, binary scam, and so on, file a complaint right away by filling out the form above. A team of Scam Helpers will assist you through the process of filing your case and obtaining assistance with fund recovery.
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