Pibexa – Are They Legit?

Website URL: www.pibexa.com

Founded: 2019

Regulations: Not Licensed

Languages: English, German

Deposit Methods: Unknown

Minimum Deposit: €250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, CFD in Cryptocurrencies

Trading Accounts and Conditions

Here are the following types of trading accounts offered by Pibexa:

• Silver Account: The minimum deposit for this account is 250 Euros.
• Gold Account: The minimum amount you need to deposit to use this account is 1,000 Euros.
• Platinum Account: To use this type of account, the minimum deposit requirement is 5,000 Euros.
• Diamond Account: For this account, you first need to deposit 35,000 Euros.

There is no information provided about the trading conditions such as spreads or leverages.

Pibexa – Advantages

Despite going through Pibexa’s entire website, we could not find any details that could be considered an advantage.

Pibexa – Disadvantages

Here are the disadvantages of trading with Pibexa:

• Confusing Corporate Information

The first thing we noticed about Pibexa is that corporate information given on its website is very confusing.

The broker states that it is owned and operated by a company based in St. Vincent and the Grenadines – Hello Technology Ltd. However, immediately after that, they then claim that their parent company is called Capital Letter GmBh, which is based in Scotland.

And if you look through the Terms and Conditions, there is absolutely no company name mentioned. Usually, in legal document, the parties are defined clearly. The Client refers to anyone who avails of the broker’s services, while The Company refers to service provider. Before the terms and conditions are listed, the name of the company is mentioned so that you know who you are contracting with. In Pibexa’s name, you do not know who the company is, because it is not mentioned.

This basically means that the broker is keeping itself anonymous.

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• Unregulated Broker

Pibexa claims to be registered in St. Vincent and the Grenadines as well as in Scotland, UK. Now, SVG is an offshore location, and its government has made it clear that they do not offer regulatory oversight for forex companies. So, a license from this jurisdiction would basically be useless.

Therefore, this broker needs to have a license to operate from the UK’s Financial Conduct Authority (FCA). However, when we checked the FCA’s register (which is available online), we found that neither of the two companies, or even the broker listed.

What this means is that Pibexa is un unregulated, offshore broker.

Dealing with an offshore and unregulated broker is dangerous because such brokers work outside the bounds of the law. Such brokers do not have to follow the laws that bind regulated brokers’ operations.

Regulated brokers are required to ensure the segregation of funds, so that clients’ funds cannot be used by them. Furthermore, they are required to participate in a client compensation program – a type of insurance – so that if they go bankrupt or are found to be defrauding customers, then their customers will be compensated for any losses they may suffer.

With unregulated brokers, you will be exposed to risks such as your funds being used by the broker for their own purposes, as well as no protection in case you get scammed and lose your money.

• MetaTrader 4 Not Supported

Another issue we have with this broker is that it does not offer you the MetaTrader 4 trading platform. The MT4 platform is one of the world’s best; in fact, most traders use this platform to carry out their trades. It is easy to use, so traders of all levels of experience can use this software. Added to that, for the more advanced traders, this platform offers tools for charting as well as market analysis. And you can also use the software’s trading bots if you wish to carry out automatic trading.

What Pibexa offers you instead in an unproven web-based trading platform that does not even come close to any kind of professional trading platform.

• No Demo Account Available

Another point against this broker is the lack of a demo account. A demo account allows traders to check the trading conditions and try out the platform offered by the broker.

• No Trading Conditions Mentioned

Despite looking through Pibexa’s website, we could find no information on the broker’s trading conditions. We do not know what the spreads are, or even what leverage levels they offer their clients.

Considering the fact that the first thing experienced traders will look for are the trading conditions, this lack of information is a clear red flag that you should not deal with this broker.

• Trading Bonuses Offered

In Pibexa’s Compliance section, there is an entire web page dedicated to the rules and regulations related to trading bonuses. Now, we need to make it clear that trading bonuses are extremely controversial topics and have been banned in many countries, especially in Europe.

This is because of the unfair conditions attached to such bonuses. And when you read through this broker’s conditions for accepting bonuses, you will understand why. If you accept a bonus offered by Pibexa, you will be required to trade 30 times your deposit before you will be allowed to withdraw your funds. And if you do not meet that target, then the broker will simply cancel your withdrawal requests.

A legitimate broker will never stop you from withdrawing your funds. This is yet another red flag that gives clear warning that you should not deal with this broker.

• Few Trading Options

Another negative we found about Pibexa is that they have very limited trading options. When you contract with a broker, you need to ensure that they have a wide range of trading instruments on offer.

Conclusion 

Pibexa is not a legitimate broker and if you trade with them, your funds will be at risk. It would be better to look for a regulated broker that is transparent in all aspects, which this broker is not.

Pibexa

2.5

User Experience

3.3/10

Payment Options

2.1/10

Security

2.3/10

Support

2.2/10

Reputation

2.4/10

Pros

• None

Cons

• Confusing Corporate Information
• Unregulated, Offshore Broker
• MetaTrader 4 Not Supported
• No Demo Account Available
• No Trading Conditions Mentioned