Consider trading with 22Pips FX? Why 22Pips.com is a scam? Read 22Pips review to know why you should not trading here.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About 22Pips FX
22Pips FX also known as 22Pips.com is an offshore brokerage with a lot of promises for forex traders. The forex company leaves us with no contact information.
What is more, the broker does not provide any account package.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
22Pips Minimum Deposit:
22Pips deposit is not mentioned on the website. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the payment methods are bank transfer, credit cards, debit cards, and MoneyBookers.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
On 22Pips withdrawal, we understood the broker charges an unspecified withdrawal fee and two separate dormant account fees. Here it is stated, $100 account maintenance for 45 days of inactivity, while the second is a $50 inactivity fee for 30 days .
22Pips Platform:
22Pips platform FX claims to use web traders or desktop platforms. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
22Pips leverage is not mentioned. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
What We Discovered about 22Pips.com Broker
First and foremost, 22Pips.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
Based on the findings, 22Pips claims to be operated by the laws of the Commonwealth of Dominica. This nation is a scammer broker hub, and like many others, it has no FX regulator, as well ass being liberal with brokers’ shady behavioral patterns.
The worst thing that 22Pips does it to lie about being regulated by the FCA by emulating a FCA details. Considering that, we found an official FCA warning issued against the broker. Take a look —
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
22Pips Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
22Pips FX located at 22Pips.com claims to appear like a trustworthy trading broker, however, that cannot be trusted. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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