Plexytrade Review
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Online trading has moved and evolved over the years, therefore honest broker is the primary concern. Plexytrade has made a recent entry into the already competitive world of forex and CFD trading, winning traders over with its supposed low spreads and high leverage. Still, many questions have arisen regarding its legitimacy and regulatory status. This comprehensive Plexytrade review will discuss everything about the broker in terms of background, offering, and some other issues brought forth by users and professionals of the industry.
Background Overview of Plexytrade
Plexytrade describes itself as an ECN/STP broker granting access to various trading instruments, ranging from forex to commodities, indices, and cryptocurrencies to stocks. The company is registered in Saint Lucia with further offices in Montenegro. Though it claims to be a global broker, Plexytrade operates without the necessary regulations from serious financial authorities, raising questions about its credibility and the safety of clients’ funds.
Low Spreads High Leverage
One of the biggest attractions of Plexytrade is its relative competitiveness regarding trading conditions. The brokerage claims to have low spreads and high leverage of up to 1:2000. Very high leverage can generate profits; hence, it becomes a reason for great risk and possible severe losses, especially for novices. These features, however, pose more concerns for traders wishing to maximize their returns. With the broker’s absence of regulations, traders offer little or no protection against malpractices.
Customer Support Issues
Customer assistance is a key service in any brokerage. Plexytrade claims to have very active customer service and support to assist even more traders. Their users from time to time speak favorably regarding their experience with the broker’s customer support, stating it is responsive and helpful. For example, one Mexican trader commented, “Online chat support help through my problem. So chat support is very helpful and knowledgeable.” However, such statements need to be taken with a pinch of salt since customer experiences might vary, thus throwing the actual credibility of the support service into doubt.
Unaccountable with No Regulations
One alarming aspect to have arisen also is that Plexytrade doesn’t fall under the regulation of any authority. The absence of supervision by respectable financial regulatory bodies implies the broker is free from standard industry practice meant to protect the trade. This absence of regulation means that clients have very few rights if disputes arise or if financial issues occur. Also, registration of the broker in offshore jurisdictions like Saint Lucia, where forex trading operations are not licensed, adds more grounds for concern regarding its legitimacy.
User Warnings and Negative Feedback
In addition to just regulatory issues, many other red warning signs have come up from individual experiences as well as from users and industry watchdogs. Several traders have levied complaints around issues like their server shutting down in the course of a trade along with allegations of manipulation of prices. A trader from Texas recounted: “Since LQDFX was acquired this new broker that took over is shady… they manipulated prices and their swap fees are ridiculously high.” This kind of feedback throws serious suspicion into the methodology and credibility of this broker.
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