Where do we start with this fraud? Should we first address the missing legal documents, the absence of key info, the unfamiliar platform, the regulatory warning, or the illegal leverage? 

There’s plenty to unpack here, so buckle up as we expose the cyber thief in our impactful PlatinumFX review. Read our analysis to learn how to identify trading scams and what to do if they get the better of you.

Legal Info: Is PlatinumFX Regulated?

First, we looked up the PlatinumFX broker website on WHOIS, discovering that the registrant’s contact is a company called Platinum Elite Cost Control & Risk Management Services L.L.C. It was our starting point.

Whether these two entities are connected remains unknown. Nevertheless, the second search result led us to a regulatory warning, which was surprisingly issued by an offshore watchdog. On February 21, the British Virgin Islands Financial Services Commission (BVI FCS) issued a statement against the shady company. 

“The FSC hereby informs the public that PLATINUM FX COST CONTROL AND RISK MANAGEMENT is not and has never been licensed or regulated to carry on investment business or any financial services business in [this] territory,” stated the regulator, urging traders to “to avoid conducting any business” with PlatinumFX.

That’s all the wisdom here; the broker operates illicitly and without a license. Therefore, avoid trading on this platform.

Instead, we recommend choosing regulated firms operating under the supervision of reputable financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. Check TopFX, for instance. 

Who Are PlatinumFX’s Targets?

WHOIS revealed who is behind the trading scheme, and the BVI FSC confirmed it. This website has been operating for several months. The main targets are unwary traders and investors from the following jurisdictions: 

• United States
• United Kingdom
• United Arab Emirates
• Indonesia

All these countries have strong markets and heavy regulations protecting them. Their respective market watchdogs meticulously supervise the markets to prevent phonies from deceiving traders and investors.

To reiterate, this self-proclaimed broker has no trading license and is not authorized to provide services. Furthermore, two countries on the list have vastly Muslim populations (UAE and Indonesia), yet there’s no PlatinumFX Islamic account on the website. 

Trader Reviews – Sharing Experiences

The feedback this provider received is relatively mixed, albeit scarce. There are a couple of PlatinumFX reviews on trustpilot.com and scamadviser.com. One Trustpilot complaint accessed the platform of fraudulent practices:

“PlatinumFX.ae team is just buttering the customers. They just trap you to get your money and then block your numbers. For God’s sake, do not waste your hard-earned money…”  

User feedback is super-important for determining whether a company or a service is worth your money. Before investing, you should always read what traders and investors think about a specific platform to avoid falling into financial pitfalls to the likes of SageFX. 

Which Trading Platform Is Available?

The company offers PlatinumFX Trader, an “innovative Forex and CFD” trading terminal, according to the website. It’s available for Windows, Android, and iOS mobile devices. The platform itself, the images closely resemble a rudimental interface with basic features such as graphs and TradingView charts.

However, we don’t recommend you download this shady software. Given the provider’s negative background, it may be rigged. Instead, opt for a licensed provider supporting reliable third-party software, such as MetaTrader 4, MetaTrader 5, or cTrader.

MT platforms offer a wide range of advanced tools, including automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, expert advisers, branch optimization, and more.

PlatinumFX account types

Trading Info – Leverage, Spreads, Commissions

The website fails to disclose key details regarding the minimum payment requirements (deposits and withdrawals) or the related fees. 

The maximum leverage is capped at 1:400, which is significantly higher than what European (1:30), UAE (1:20), or American (1:50) brokers can offer to retail clients. Trading with high leverage is extremely risky; it may amplify potential profits but also potential losses. Beginners, refrain from using it.

Spreads and commissions remain unknown, rendering trading cost calculations impossible. Such a lack of transparency raises concerns.

Can Traders Use a Free Demo Account?

Although the PlatinumFX login page revealed that the broker offers three account types, there was no “demo” option anywhere, despite the website constantly advertising it. It’s a ruse to lure in unsuspecting newbies.

Risk-free trading is great if you’re inexperienced and unfamiliar with the platform. Every legit broker offers a demo account with virtual funds for training, so there’s absolutely no reason to risk money on unreliable websites.

Deposit and Withdrawal Process

There is no information about acceptable payment methods, requirements, or fees. According to the negative reviews on the forums, the broker refuses to allow traders to withdraw their funds. In that case, you can only explore alternative refund options, depending on the payment method.

For MasterCard or Visa credit/debit card payments, you can request a chargeback at the issuing bank within 120 days. Sounds easy, but you’ll need to build a solid case and present the bank with ample evidence and convicting proof that you’ve been scammed. Prepare all the relevant info you can. 

On the other hand, reversing wire transfers is possible via a recall. You can request it at your bank, but keep in mind that wires are only reversible if the money has not yet been transferred.

Key Facts To Consider About PlatinumFX

Time to wrap up our review with our main points: Financial swindlers have founded a company to run a trading scheme under the cover of “PlatinumFX” and steal users’ funds. These cyber thieves mainly target traders from the US, UK, UAE, and Indonesia. The BVI regulator first exposed the hoax.

We do not recommend trading on this platform due to its unregulated status. If you are a victim of PlatinumFX, you must seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

FAQ Section