The pnxfinance.com web presentation will try to convince you that this is the only Forex dealer that could be your gateway to trading success and financial freedom. The illusion of trading with convenience and experiencing an intuitive platform is what these miscreants use to attract new victims.
The lies are becoming too evident and destructive to ignore, so we had to put together this PNX FINANCE review and warn all the potential targets of this fraudulent project.
| Regulated by: | Unregulated Forex Broker |
| Is This Company Safe? | No, this company is not licensed to even engage in selling financial services! |
| Known Websites: | pnxfinance.com |
| Have Warnings from: | N/A |
| Registered in: | US (alleged) |
| Operating since: | 2023-08-10 |
| Trading Platforms: | N/A |
| Maximum Leverage: | N/A |
| Minimum Deposit: | No minimum deposit required |
| Deposit Bonus: | No |
| Trading Assets: | N/A |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Should you need help to recover your investment, our professional chargeback team is at your service. |
PNX FINANCE Regulation: Safety Issues
The domain in question is owned and operated by a company with the same name. The headquarters of the firm are claimed to be in New York, US. That instantly made us check with NFA if the broker in question is a member.
The only search results was a company named PNX FINANCE LIMITED, that is explicitly labeled as an unregulated entity and not a member of the licensed firms list. Whether this company has anything to do with the website in question is not possible to determine. Even if they were anyhow affiliated, the company still lacks a license.
We continued our investigation by looking through the registers of FCA, BaFin, CySEC and ASIC, but nothing else came up. Just like Elviva Invest, this conduct is undoubtedly a fraudulent scheme that provides no segregation of funds, compensation scheme or any other form of deposit protection.
Lies Are Their Main Weapon
One of the lies peddled by the company is that they have been in business since 2012. Using the WhoIs database, however, we’ve managed to learn that the fraudulent website was put online in August 2023.
This is not unheard of with various fraudsters. The job of their main employees, the boiler room agents, is to use such deception and defraud people for money. Mostly, they call people by phone or contact them via online chat services.
Agents of this boiler room actively target the following regions:
- United States
- Canada
- China
- Albania
The usual story tells about an incredible brokerage that offers incredible ease of trading. Initial deposits seem steep, but the profits are guaranteed! Of course, it’s all just a ruse and the money gets stolen. If you’ve deposited with any illicit firm like this one or Sparklo for instance, contact our legal experts as soon as possible.
Hiding In Plain Sight
Not much can be found about this company, as there are not a lot of PNX FINANCE reviews to speak of. All of the social network links on the site are non-functional, and the company is virtually unheard of on the web.
Some clues about the predatory behavior the company engages in can be found on various Reddit boards, where users openly complain about their money being stolen. One particular board delves into the PNX FINANCE scam in greater detail than we can fit into this review, so head over there if you’d like to know more.
All Costs Concealed
Lowest fees and highest leverage in the entire industry is all we ever found on particular trading terms and costs. Not a single of these values is concretely determined and clarified for the users to know what to expect.
There’s a partially informative legal document that says that the company is entitled to receive a fee for their services. Some other taxes like ongoing trading fees, and swaps are to be charged and deducted from the clients account balance. Additional fees that incur during transactions mentioned is only the standard withdrawal fee of 2% of the withdrawal amount.
Access to Features Denied
The transparency problem prevents us from finding out anything specific about the available options and trading tools. That includes a platform, trading account types and tradable asset groups. Registration procedure stops halfway if you do not have the invitation code.
Software Not Shown
We get it – innovative, revolutionary, premium and super advanced are all common attributes that cons use to describe their trading software. However, when that trading miracle remains hidden behind the registration issues, we can’t present a single proof of that terminal even being there.
Even if we were able to gain access to the user area, we’d probably find nothing more than a simplistic web trader of questionable functionality. Since not even that could be confirmed, we are left with the doubt of the terminal’s sole existence.
Inactive links for downloading the mobile app additionally make us question if the software was even provided.
No Clarification on Assets
The website is so imprecise about the available tradable products that no concrete examples of each of the classes could be found.
It’s confusing which exact assets are enabled to be traded, since different parts of the site present different claims. One place says only crypto, the other mentions exotic forex currency pairs, gold, and indices.
Issue With Account Creation
Looks like this particular fraudster prefers to handpick their next victim. Only those with the specially generated invitation code can go through all of the steps of the account opening. From what we saw the KYC procedure gets initiated immediately, as we were also asked to upload a picture of an ID.
Nowhere else are there any details about specific packages, their characteristics and prices. Demo account possibility isn’t even remotely referred to.
Withdrawal at Any Time?
The company attempts to make their victims feel safe and taken care of to buy their trust. For that purpose, they spew blatant lies about fund safety, ultimate protective measures and quickest transactions supported.
Moreover, the PNX FINANCE withdrawal is promised to be processed within 24 hours, which is how long it takes for the funds to arrive in your bank account or e-wallet. You can’t simply trust such unverifiable statements which are not supported by any valid Forex license.
Customers Left Hanging
These swindlers are trying to get their hands on your personal information every step of the way. Even if you aren’t a client, they will ask you to provide email, name and surname in order to contact the support.
When you do, you’ll quickly find out that the live chat only has a chatbot, and no actual live human representatives. Sending emails to the given address will only see them bounce back, and the firm does not provide a phone number.
In Short – Stay Away And Ask For Chargeback!
Any hope about accumulating profit on this suspicious trading portal is futile. When there’s no platform, concrete financial instruments or even a fee structure clarified, you cannot expect to be offered anything of value. That’s why you should immediately cut off contact with the fraudulent bunch and start your chargeback procedure!
If you’re unsure what documentation is needed or how to exactly perform the process, feel free to ask our recovery experts for advice!
FAQ Section
What is PNX FINANCE?
It is a fraudulent group posing as a regulated New York based brokerage in order to get money from their victims.
Is PNX FINANCE a Legit Broker?
No, the firm is neither registered nor regulated in any of the jurisdictions they mention on the site.
Can I Withdraw Money From My PNX FINANCE Account?
Many clients complain about being unable to get their money back. If you have similar issues, contact our legal experts for help.
Source:
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