Piper FX – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Piper FX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://piperfx.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Bank Transfer, Bitcoin, MasterCard, Ethereum, Dashcoin, UPI, Tether, Litecoin
Minimum Deposit: Unspecified
Free Demo Account: No
Number of Assets: 100+
Types of Assets: Stock Derivatives, Indices, Commodities, ETFs and Cryptos\
Trading Accounts and Conditions
Piper FX does not give any information about their trading accounts and conditions. Because of this, we do not know the minimum deposit requirement, the spreads, the leverages and so on. All we are told is that they offer spreads from 500 markets with the MT5 platform, the average order execution time is under 12ms, and that they have more than 100 trading instruments.
Piper FX – Advantages
There is nothing advantageous about trading with Piper FX.
Piper FX – Disadvantages
The disadvantages we have seen tell us that Piper FX is a scammer. Here is the list:
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Unregulated Broker Blacklisted by FCA
Piper FX claims on their website that they are fully regulated. However, this is a false claim. This is how we know.
A regulated broker is required to publish all details with regard to their licensing and regulation status: their corporate identity in terms of the name of their parent company, their location in the form of a physical address, their contact details and their license and regulation number (proof of regulation).
With Piper FX, most of these details are missing. We do not know the name of the parent company that controls this brokerage. All we have is a UK telephone number in their Contact Us section. We can therefore assume that this broker may be based in the UK, but we cannot say for sure. It is possible to get a phone number from any part of the world without you actually having to be present there!
Based on the fact that this broker has given a UK number, we checked the FCA (Financial Conduct Authority) online register to see if Piper FX is regulated by them. We found out that not only this broker unregulated, but that the FCA has actually issued a warning against them and has blacklisted them for operating illegally in their jurisdiction.
The anonymity of the broker and the warning against them by the FCA is proof that we are dealing with a scammer here.
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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No Legal Documents
Another way we know that Piper FX is a scammer is the fact that this broker has no legal documents on their website.
Legally operating brokers need to ensure that they have legal documents available for all to read through on their websites. It is the law. With brokers that are out to scam people, you will find that they either do not have any legal documents or that they are poorly written or incomplete.
With Piper FX, the former is the case: there are no terms and conditions or privacy policies or KYC documents at all.
These documents are very important since these is what constitute the contract between you and the broker. They tell you what you can expect from the broker and what the broker expects from you when you sign up with them.
And if you sign up with a broker without them showing you their legal documents, if you later find out that you have been scammed, there is no authority that can help you with your case. This why it is so imperative to read through all legal documents before signing up with a new broker: you know what you are getting.
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No Trading Software
Legitimate brokers offer their clients the best possible software in the industry since this product is their main offering. This usually means offering their clients the MetaTrader 5 software. Piper FX claims to offer the MT5 software also. Had this been true, it would have been a big advantage for this broker.
However, we checked their entire website and found that there was no link to download this MT5 software and neither was there a web version available anywhere.
Added to this, we were unwilling to create a trading account with this broker because they were asking for a photo identity proof to register. We strongly advise all traders to be very careful while providing ID details to unknown brokers since you could end up having your identity stolen.
So, because we were unable to open an account with Piper FX, we could not access their client area to ascertain what kind of trading platform they actually have. Having said that, considering the extreme lack of information on their website, we are quite convinced that Piper FX’s claim of offering the MT5 software is just another lie.
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No Trading Conditions
The two things that a broker offers their clients are their trading software and their trading conditions. Without these two, a broker is useless. The trading conditions tell traders whether it would be advantageous to do business with a broker or not.
Traders need to look at the trading costs (spreads, commissions), the risk levels (leverage) and other aspects before executing trades. Brokers that are legitimate make sure that all details of their trading conditions are clearly spelled out on their websites. Scammers like Piper FX purposely do not provide this information to traders so that they can dupe them more easily.
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Issues with Payments
Piper FX, on their website, claims to offer multiple payment options: Bank Transfer, MasterCard, Bitcoin, Ethereum, Dash Coin, UPI, Tether, Litecoin. If you notice, most of the options are crypto payment options. This also raises a red flag when you are dealing with scam brokers such as Piper FX.
Crypto payments are irreversible and anonymous, which is why they are such a favorite with scammers; once your money is gone, there is no way you will be able to trace it or even get it back.
Conclusion
Piper FX is not a trustworthy broker – they are scammers.
Piper FX
Pros
- None
Cons
- Unregulated Broker Blacklisted by FCA
- No Legal Documents
- No Trading Software
- No Trading Conditions
- Issues with Payments
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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