A Shady Offshore Broker
PitchForex is an offshore broker operated by PitchForex Limited, an offshore company situated at St. Vincent and Grenadines. In the past, potential clients have been worried about the authenticity of this broker. There have been suspicions of this business being a fraud and scamming people. Clients are not sure whether to invest in this business or not. So, to facilitate our readers, we conducted a full-fledged review. This review encompasses all the aspects of this business and facilitates to conclude that PitchForex is a legit business or just a scam.
There is only one type of account option provided by PitchForex and the details regarding that are as under:
|Account Type||Deposit Required||Leverage|
|Standard Account||$ 2,000||NA|
As there is only one type of account available, so the customers are not left with much choice, either they work with this or not. Moreover, there is no option for an Islamic account which is a bad omen for Muslim clients. The Muslims need to invest in such an account type where no interest, commission or leverage is involved as per their religious values. These facilities are not provided by PitchForex so they may not trade with this business.
There is also no option for a demo account hence the clients may not have a trial run to see whether this business is feasible to their needs or not. They just are expected to trust the business blindly and invest in them without knowing what lies ahead.
As discussed earlier, PitchForex is an offshore broker that claims to be situated in SVG. Lately, SVG has made it clear that they do not regulate any offshore companies, hence PitchForex being one that could not be regulated by them. This makes it an unregulated company and makes it dangerous for the clients. Offshore companies are notorious for conducting unethical activities such as scam, money laundering, and fraud. These companies might not completely be trusted as they cannot ensure the security of their client’s funds.
It’s a dare to work with PitchForex as they are not registered with any regulatory agency such as FCA and hence may not ensure the best for their clients. Moreover, in the case of fraud, the clients can not go to any regulatory agency and claim their money as they knew it beforehand that this was not a regulated broker.
PitchForex is a market maker. It makes a profit when its clients lose it. In this condition. They are offering managed accounts to their customers. This means that they would handle, manage and manipulate the account of their clients on their own and will trade for them. They also ensure that by this practice, their clients would earn profit which is a clear conflict of interest. How may a market maker neglect its profit and work for the profit of its clients? This is sheer hypocrisy and is just a way to trap people and scam them.
High Minimum Deposit
Lately, clients have been griping about the huge minimum deposit PitchForex demands. The minimum amount required to trade with PitchForex is $ 2,000 which is very high as compared to many brokers doing a lot better and providing a lot more facilities than PitchForex. The average minimum deposit in the forex market lies between $100- $250, so a minimum deposit of $2,000 just makes no sense other than that the business is just aiming to get as much money from their clients as possible and then make it vanish into thin air.
This is a huge drawback and makes it not only suspicious but also not a favorable option for anyone who wants to trade with a legit broker even if they have $2,000 or more.
The huge drawback of working with PitchForex is that they do not support MT4 or MT5 trading platforms, which are highly regarded among well-known forex brokers. Rather they provide a web-based trading platform that seems to be unreal. There is no information about the developers of the platform, nor do we know how it works. So, it is highly dangerous to work on an unknown trading platform because you never know how it operates.
Unknown Trade Conditions
PitchForex provides no information about the trade conditions provided. No information about trade spreads or leverage is presented to their clients and hence makes it very much difficult for anyone to work with them. This may just be a way to trap people and then ask them to pay extra money in the name of leverage or spread, which makes it a scam and a fraud, developed to misguide people and cause them huge monetary loss.
Withdrawal and Deposit
PitchForex allows money transactions using all kinds of cryptocurrency, such as bitcoin, CashU, etc. The inconvenience is caused by the fact that they do not support bank transfers, wire transfers and online money transfer services such as Neteller and Skrill. This causes a lot of inconvenience for the clients as not everyone knows how to deal with CryptoCurrency and that the values of this currency are so unstable that it could not be trusted.
Moreover, they do have some unusual withdrawal conditions such as a client may not withdraw his money until the minimum amount of deposit is maintained in the account i.e. there should be more than $ 2,000 or you won’t be able to withdraw their money.
Our review shows that PitchForex is not a trustworthy business. The reasons behind this claim are that it is unregulated, it’s based offshores at a location known to be ‘Safe Haven’ for frauds and scams, they have a high minimum deposit, and their trade conditions are not known. Their trading platform is very suspicious, they do not support MT4 and MT5 and they have rather unusual withdrawal conditions. All this suggests that working with PitchForex is not a sensible choice to make.
No doubt, we do not suggest working with PitchForex but we do not suggest that this is a scam. It’s better to stay away from such a business because it is not regulated and is highly prone to pose harm to its clients as compared to any regulated business.
From deposit conditions to the trading platform, they fail at everything.
- Bad Withdrawal Conditions
- Lie about Regulation
- High Minimum Deposit
- Market Maker