Read our Pureforexcrypto review to see if this broker is a scam or legit. Just to clear doubts, this is a pureforexcrypto.com review.
Do you want to trade in the financial markets? Nowadays, many people are taking an interest because there is a lot of money to be made here and they can give higher returns, as opposed to other forms of investment. The process is also not very complex because you just need to open a trading account with an online broker to get started.
However, opting for a broker is a step that you need to take very carefully because even a little misjudgment can land you in hot water. You can go through this Pureforexcrypto review to see just how different the reality of a broker is from its portrayal.
Everyone is well aware that the internet is a hotspot for scams and the financial markets have also seen their fair share of them. One of the top tactics that these scammers use is portraying themselves as legitimate brokerages to draw in traders, take their money and then vanish completely. Therefore, you have to be extremely cautious when you are looking at brokerages in order to ensure that you choose an authentic one.
The problem is that most of these scams seem to be quite similar to legitimate platforms on the surface. They advertise similar features and services and this can make it difficult to distinguish between scam and authentic companies.
But, you have to look underneath the surface and when you do so, it will become evident that you are dealing with a shady company. This is because these brokers have some worrying aspects that immediately sound an alarm.
No matter how hard they try, they cannot be the same as genuine companies, so all you have to do is look at them closely. You should take the same steps in the case of Pureforexcrypto that claims to offer CFD trading, but as it turns out, this is just a lie. There are a number of worrying aspects that you will find and these are highlighted here.
False claims of licensing and regulation
Every expert and professional you ask will recommend that you opt for a licensed and regulated broker for your trading. It is the safest option because it ensures that you can get quality services and also provide you protections in terms of safety of funds and fair and transparent services. You will also discover that most of the scams that happen in the market are done by unlicensed and unregulated companies, so it is best to avoid them.
This has prompted scammers to claim that they are also licensed and regulated because this allows them to fool people. It seems that Pureforexcrypto is using the same tactic because it claims to be licensed and regulated, even though this is not the truth. According to their website, they are regulated and licensed by the Financial Conduct Authority (FCA) in the United Kingdom, one of the top regulatory authorities in the world.
Also, Pureforexcrypto claims to be licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). You can check the online registers of both entities and not find the broker mentioned at all. This means that it is lying about its licensing and regulation. This also becomes apparent when you check its offerings because Pureforexcrypto is breaking the rules of the FCA.
The broker is offering crypto derivatives that the FCA has forbidden. In addition, if you look underneath the surface, you will eventually find that Pureforexcrypto is based in the Commonwealth of Dominica, which is known as an offshore scam haven. Since it does not regulate its forex markets, scam companies set up there quite easily because they do not have to worry about accountability.
Lack of trading software
The most prominent aspect of a broker is their trading software and it shapes most of your trading experience. This is because you spend most of your time using this software for making trades and also for analysis and other activities. Thus, it is a given that you want to have access to the best trading platform possible and this is exactly what Pureforexcrypto has advertised.
According to the Pureforexcrypto website, signing up with the broker will give you access to the MT4 trading platform, which is known as one of the best software that can be found in the market. However, you will quickly discover that this is a blatant lie and this is yet another worrying aspect of the broker. Pureforexcrypto does not appear to have a trading platform at all.
The only thing that you do find on the Pureforexcrypto website is a chart that does not offer you an option of trading. It just contains a bit of basic information and a couple of tools for technical analysis. These charts can be found online freely and you do not need to sign up with Pureforexcrypto to access them.
No trading conditions
Yet another worrying aspect that you will discover about Pureforexcrypto is that it has no trading conditions. This should not come as a surprise because there is no trading platform, which means there can be no trading. Therefore, it does not matter what kind of spread or leverage the broker can offer because you will not be able to do any trading altogether.
Only crypto assets supported
The next worrying aspect that you will find at Pureforexcrypto is when you check out their payment methods. You want to be able to make your deposits and withdrawals safely and easily. Most brokers offer variety in terms of payment methods, but you will not find that here. The only payment option that Pureforexcrypto supports is cryptocurrencies.
Crypto assets have become common amongst scam and shady platforms because these payments tend to be final and do not come with a chargeback option. This means that there can be no refund after you have made a deposit with Pureforexcrypto and there is a problem.
All of these worrying aspects that you discover about Pureforexcrypto point to the fact that the broker is not one you should choose for your trading experience.