Piper FX Review: Piperfx.com is Untrustworthy
There is nothing truthful about the shady firm. If anyone wants to trade in the lucrative forex market, they should only do so through trustworthy forex brokers. Despite its attractive website interface, Piper FX is a scam forex trading broker.
In the forex market, it’s essential to only transact through reputable and reliable brokers. Unfortunately, Piper FX falls short in this regard as it is a known scam broker despite its attractive website appearance.
Retail traders, who trade for personal gain, often choose to work with a forex broker for various reasons. Forex brokers offer a wider array of financial assets for trading, including currencies, commodities, and indices, giving traders more options and the ability to diversify their portfolios.
They also provide clients with leverage, which can increase potential profits but also heightens the risk of losing more than what was invested.
Forex brokers typically provide their clients with a trading platform, a software application that allows traders to place orders, view market quotes, and manage their trades. Some trading platforms may be more user-friendly than others, depending on their features and functions.
Trading guidelines, webinars, and market analysis are just a few examples of the educational tools many forex brokers provide to their clients. Beginner traders may find these materials extremely helpful.
Brokers often offer their customers access to support staff who can answer any queries or address any problems that may arise. This is especially useful for inexperienced forex traders who may have questions about the broker’s trading interface or the trading process.
The need for brokers has however opened the door for scam brokers who want to exploit people’s ignorance. They prey on new traders and promise them unrealistic returns if they invest with them. In the end, however, they get disappointed after losing money.
About Piperfx.com
Piper FX claims to offer impeccable services to traders. This is a bold claim for such a shady broker. They claim to have more than 12 years of experience in the financial market and a legacy. That means the company must have started in 2010.
When we checked further, we saw that the broker claims to have been providing financial services since 2013. Therefore, there are many inconsistencies in what they are saying. They are not what they claim to be.
When we checked their domain profile on whois.com, we got some disturbing findings. The domain was created on 2022-11-13, updated on 2022-11-13, and will expire on 2023-11-13. The broker is a liar who is taking many for a ride.
Founders and Team
It is no surprise that Piper FX has not indicated anything about the founders and current team. Since it is a scam, it knew people would probably recognize the owners. The broker is hiding its founders’ and CEO’s identity because it is not functioning transparently, and it is involved in unethical practices.
It’s not uncommon for a forex broker to try to hide these identities if it doesn’t have a stellar reputation in the business or a proven track record.
Traders must investigate their options thoroughly before signing up with a forex broker. Verifying the identity and background of the company’s founders and CEO, as well as examining their history, regulatory standing, and business procedures, are all part of due diligence.
Piper FX Customer Reviews
The broker does not have any customer reviews, either negative or positive. It raises questions about their legitimacy. If indeed there are people who use the company for financial services, they should have something to say about it.
It’s vital to remember that just because a forex broker has customer reviews doesn’t mean they’re good. Do your research and due diligence before deciding on a forex broker; some reviews may be fraudulent or biased.
Contact Details
These details are essential for every broker. They help traders to contact their broker with any inquiries or issues they might have. They can enquire about their account, including problems with trades, administration, or anything else. Piper FX has only provided an email and phone number. It has, however, omitted the physical address.
Providing accurate contact information also bolsters trust between the trader and broker. It demonstrates the broker’s openness and desire to interact with customers. This can be especially helpful for novice forex traders who may not have much expertise with various brokers.
Traders need a way to get in touch with their broker in case of an emergency, and having up-to-date contact information is a big part of that. Problems with the trading platform or hiccups in the technology could require the attention of brokers.
From a legal perspective, it is crucial to have a valid contact address. To safeguard traders, many nations have stringent rules for forex brokers to supply correct and up-to-date contact information.
Piper FX Regulation
Piper FX claims to be fully regulated. However, this is a lie because, for starters, it does not even mention where it is based. Thus, it is impossible to track its regulatory body. The UK’s Financial Conduct Authority (FCA) has however flagged this broker for its dubious practices.
It is, therefore, possible that the broker is based in the United Kingdom. The fact that the financial watchdog in the country has warned against them means you should also stay away from them.
It is risky to work with such a firm. Unregulated brokers aren’t held to the same standards or adhere to the same guidelines as their registered counterparts. This raises concerns because they are more prone to unethical practices like market manipulation.
If you encounter problems with an unregulated broker, you may have little or no recourse for resolving the issue. In contrast, regulated brokers must follow certain rules and procedures for handling complaints and disputes, which can provide a higher level of protection for traders.
Due to the lack of oversight, investors may lack essential details, such as the financial health of the broker or the procedures used during transactions. It might hence be challenging to assess the potential benefits and drawbacks of using an unregulated broker.
Trading Conditions
There is a lot of fluff on the Piper FX site. However, there is nothing related to trading conditions like spread, leverage, or minimum deposit. Although this broker claims to have won more than 15 global accolades, this cannot be true. It requires consumers to not only register before learning the conditions but also to upload an ID, even if customers have no idea what to expect.
Trustworthy brokers, on the other hand, won’t ever place you in such a precarious position and instead will spell out everything you need to know to make an informed decision about whether or not to open an account with them.
Piper Fx Deposit and Withdrawal Methods
This broker claims to facilitate transactions through wire transfers, VISA, MasterCard, and crypto. Unfortunately, most of the methods don’t work. The company prefers that traders use crypto currencies to deposit.
Scammers like it when you invest in crypto coins because your transaction will be entirely irreversible after you notice you’ve been scammed and try to retrieve your stolen money. Also, you never know to whom the bitcoin wallet you send your currency belongs.
Final Verdict – Scammed? No More. Get Your Money Back.
After our investigation, we conclude that Piper FX is a scam broker. You should not risk your hard earned money by investing with them. Instead, work with honest, trustworthy forex brokers, and your money will be safe.
It is always essential to do proper research before trusting any financial service provider. The governments in many nations have put strict measures to ensure people do not get conned. However, traders must also be careful since scammers still evade government authorities and open illegal firms.
