Updated on April 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Platinums Trade due to the issues we've identified.
Is Platinums Trade Scam or Legit Broker? ▲
Dealing with Platinums Trade raises significant safety concerns. It's classified as potentially fraudulent, lacking transparency regarding regulatory compliance and registration details. The broker's provided contact numbers trace back to Italy and the UK, countries where regulatory compliance for financial service providers is stringent. However, Platinums Trade fails to hold registration in either jurisdiction, raising red flags about its legitimacy. Engaging with offshore or unregulated brokers exposes traders to considerable risk, emphasizing the importance of exercising caution.
Registered in: St. Vincent and the Grenadines
Type of License: Offshore License
Is Platinums Trade safe to trade: No
Recommended Licenses: FCA in the UK & ASIC in Australia
Platinums Trade operates from St. Vincent and the Grenadines, a locale notorious for its lack of forex regulation. Owned by West Media Group limited, the broker's offshore status and the ease of obtaining such licenses—for approximately USD 2,000—casts doubt on its reliability. Despite targeting English, Italian, and Spanish-speaking markets, as indicated by the languages supported on its website and the contact numbers provided, Platinums Trade lacks regulatory approval in these territories. Furthermore, Italy's financial watchdog, CONSOB, has explicitly warned against engaging with Platinums Trade, underscoring the broker's dubious status.
Platinums Trade, a Forex and CFD brokerage, falls under the umbrella of West Media Group Limited, based in an offshore jurisdiction known for its lax regulatory environment. The absence of stringent oversight in St. Vincent and the Grenadines means that brokers in this region are not subject to the rigorous standards required elsewhere. Platinums Trade's failure to disclose any regulatory credentials on its platform, coupled with the broker's targeting of specific European markets without the necessary regulatory clearances, signals a clear risk to potential traders. The broker's lack of transparency and regulatory compliance, highlighted by the warning from Italy's financial regulator, underscores the need for caution.
For anyone venturing into Forex trading, partnering with a regulated and reputable broker is crucial. Unfortunately, Platinums Trade falls short of these criteria. Our extensive review, based on the analysis of over 1000 brokers, strongly advises against engaging with non-legitimate entities like Platinums Trade. Instead, traders should seek out brokers regulated by reputable authorities such as the FCA in the UK or ASIC in Australia, ensuring a safer and more secure trading environment. With Platinums Trade now seemingly inactive, this serves as a further caution against potential risks associated with such brokers.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Platinums Trade Review 2024
