PandoraFXco – How Real Is It?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
PandoraFXco - DO NOT TRADE WITH THIS PROVIDER
5/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://www.pandorafxco.com/En.html
Founded: N/A
Regulations: N/A
Languages: Chinese, English
Deposit Methods: N/A
Minimum Deposit: N/A
Free Demo Account: N/A
Number of Assets: 3
Types of Assets: Metal, Oil, Indexes
According to the website, the safety of monitoring and client cash is extremely important to Pandora Finance Co., Limited. Customers may trade in a completely secure and transparent atmosphere with them. They have been dedicated to providing a secure, dependable, and convenient online financial trading service for global consumers since their inception.
The company offers a diverse range of services, including precious metals, stock index futures, crude oil, and other worldwide hot trading goods. As long as you have investing demands, you don’t have to worry about capital risk or technology that isn’t up to par.
Now let’s see if this broker is actually legit or just spewing lies to scam you into investing your money.
Trading Accounts and Conditions
PandoraFXco offers a desktop distribution of Metatrader 5, an industry-standard trading platform known for its strong automated trading capabilities and user-friendly design. Still, this isn’t a recommendation for the broker; there are many better, licensed firms with the same software.
The spreads on key FX pairs like the GBPUSD are well over 1 pip, and the broker offers a leverage of up to 1:1000 for its demo accounts – we don’t know if this is true for actual accounts, but most regulatory agencies consider such high leverage to be extremely hazardous for the average retail trader.
The website doesn’t say anything about trading accounts and how many accounts they offer, when you click the sign-up option it just takes you to another page that says “404 Page Not Found”. That alone clearly says that the website was ill-made and totally unprepared before launch.
PandoraFX does not publish any of its trading terms, including the necessary minimum deposit. As a result, traders are uninformed of the leverage levels available, as well as the spreads and other fees.
PandoraFXco – Advantages
There are absolutely no advantages to using PandoraFXco as your online broker. Unless you’re absolutely rich and want to waste some money.
PandoraFXco – Disadvantages
Deposit and Withdrawal is Shady
PandoraFXco does not specify which deposit methods it takes, and its Terms and Conditions are not published on its website, therefore we have no idea how the withdrawal process works. If you’ve made a deposit with PandoraFXco, however, we recommend filing a chargeback due to the broker’s dubious reputation.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
No Legal Documents Provided
Their website does not provide any legal documents. The Terms of Service and Client Agreement, on the other hand, are critical in establishing the relationship between a broker and a trader, as well as containing vital fee information. Such a lack of openness, when paired with a lack of accurate company information and a valid license, is a surefire way to get conned.
Your Money Isn’t Safe At All
PandoraFXco is an unlicensed broker. On its website, there isn’t a single hint of regulation. Of course, this is an extremely essential part of a broker’s service, especially given how rife with fraudsters the markets are these days.
Even if an unlicensed broker isn’t actively attempting to steal your money through fraud, there’s no guarantee that the company is qualified to keep it – most unlicensed brokers go out of business in a matter of weeks owing to the extreme volatility of the markets, taking your money with them.
The Website is Very Difficult to Understand
PandoraFXco is a mysterious broker that hides a lot of important information on its website. The site’s default language is Chinese, and the English translation is poor – so there’s a chance that some information was lost in translation, but whether by accident or on design, there’s no way for anybody to grasp the broker’s trading conditions and terms merely by glancing at its website.
Getting an account with the broker appears to be a near impossibility. Because the website it operates is so obscure, we were unable to discover anything about it. Nonetheless, we are confident in declaring that PandoraFXco should be avoided at all costs – the company’s regulation has serious flaws.
Conclusion
PandoraFX is an Asian-based brokerage that offers forex and CFD trading using the MetaTrader5 platform. That is essentially all of the information accessible on the broker’s website, which is, by the way, in Chinese.
PandoraFX isn’t even close to being a reputable brokerage. They never specify where they are based or whether they have any licenses or regulations. You’ll be better off dealing with a legitimate and trustworthy forex broker.
PandoraFX is allegedly owned and run by Pandora Finance Co., Limited, a firm about which we know nothing. In any case, it appears to have originated in Hong Kong, where financial service providers are required to get a license from the Securities and Futures Commission (SFC). PandoraFX, of course, does not have such a license, nor does it disclose a physical location to the general public.
These are major red signals that should not be ignored, since clients are exposed to a variety of hazards, the most obvious of which is being scammed. Most nations have licensing systems in place and specific authorities in charge of FX brokerages to safeguard traders from scammers as well as the market’s famed volatility.
PandoraFXco appears to be doomed to be labeled a rip-off — here’s how the broker operates: To begin, someone stumbles onto the fraudsters’ website, where they are encouraged to create an account and provide their phone number. This is important to the con artists, who will begin phoning around the clock, demanding more and more deposits until their victim is either drained dry or discovers what is going on. Scammers just cut them off at that moment and move on to other victims.
PandoraFXco
Pros
- None
Cons
- Deposit and Withdrawal is Shady
- No Legal Documents Provided
- Your Money Isn’t Safe at All
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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