Pacoxr is a forex and CFD trading company. It is believed to be owned by the Maginito Services Limited which is based out of England. The registered office of the company is believed to be situated at Kemp House 160 city road London, United Kingdom.
While writing my Pacoxr Review, I found the shocking fact that the address 160 Kemp House, City Road, London is a fake address that is available online for sale to be sued by various companies as a registered address. The screenshot of one such paid offer is selling the same address at around $ 35.
The address of Pacoxr is not genuine. It is a fake address that is open to be bought by leading online platforms. It is done to fetch the traders and gain their confidence that the company is registered in the UK.
Pacoxr is Not Regulated by the FCA
The registered search of the reputed Financial Conduct Authority of the United Kingdom yields zero search results for the Pacoxr. The company is not registered in the UK and is not under the regulation of the FCA. Unlike other brokers, all financial institutions operating in the UK have to be regulated by the FCA and their details are updated in the registers list of the regulatory body. The funds of the traders are vulnerable and there is no compensation guaranteed to the traders in case the company goes bankrupt. The link for the same is mentioned as register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=pacoxr&search=Pacoxr
Shady link with the Marshall Islands
Pacoxr has mentioned in its terms and conditions that the company is governed by the laws of the Marshall Islands. There are no details about the address in the Marshall Islands and any direct or indirect link of the company with the island country.
The Marshall Islands are the contributor of less than 1% in global financial institutional contributions but is the hub of the broker companies. The region is not in the EU White list of equivalent jurisdictions and is very weak in handling the money laundering cases.
Pacoxr is established to be an unregistered, unregulated offshore broker company. The office address of the company is not a genuine address but a floating one. The governing laws are supposed to belong to an island country instead of the so-called fake registered address of the UK. It is a net of Pacoxr to trap as many traders as they can. The company is using the virtual address and the details with no proof of registration or the certification of regulation.
Low Diversity in Trading Accounts
Pacoxr, like many of the other unregulated brokers, does not provide any facility of a free demo account to the traders. There is no way that a trader can test the trading platform and can apply his trading skills over the volatile market. The high volatile market along with the competition in trading can be best controlled using the demo account which does not cause risk to the real money. The moves of the trader are best when there is no psychological pressure of losing money.
Pacoxr has very limited live account options for its traders.
- Mini Account: The Company terms the mini account as a basic trading account for the beginners. The minimum initial investment is set to $500. No details about the leverage and the spreads are provided. Instead of providing the basic details about the trading conditions, it has given importance to provide e-books to the traders of mini accounts, which are not needed.
- Classic Account: It requires a minimum initial investment of $5,000. It is too high to be considered as a minimum amount and is not justified against the services provided by the company. Useless services like trading education programs, breaking news, market research, free e-books are included. The company takes the credit of the real-time trading signals which are already present in the MT4 platform.
- Premium Account: A minimum initial investment of $20,000 lands you into the premium account of the company. A long list of worthless services with a high initial amount requirement is not an option in accounts but a method of the company to extort money from traders.
The limited live trading accounts with no demo account reflect the level of professionalism adopted by the company. There is no provision of dedicated account managers. There is no availability of the PAMM accounts for professional traders. The listing of unproductive services in the different live trading accounts sums up to nothing but the fact that these are only high investment invoking accounts and nothing more than that. The traders once stuck with Pacoxr gripe over their services and have no legal option to choose except to be at the mercy of the company for withdrawal of the funds.
Pacoxr claims to provide algorithmic trading to its traders. It is a case in which a company takes the responsibility to put trades from the trader side. The promise of high returns by the company soon fell apart with the fact that they are controlling the way a trader will lose his money and they will gain through the process.
Deposit and Withdrawal
Limited Channels with No Specified Conditions
Pacoxr has cleared its hands out of money transfers by stating that it is not responsible for any amount of money you deposit in an account on the platform. There are no channels defined for the fund’s transfer. A fee of $15 per transfer is mentioned. The company has failed to explain the conditions for withdrawal and deposits.
The absence of the popular e-wallets like Skrill has provided strong evidence of the fraudulent operating procedures of the company as it has stopped its services to the offshore unregulated brokers. It is termed as the anti-scam policy of the Skrill. The payment channels are found to be the traditional cards transfer and bank wire transfer.
Their Malicious Dormant Account Policy
Have you ever heard of a broker stating an account to be dormant in a month? Pacoxr titles its live trading account as a dormant account in case no trades have been put within 30 days period. In addition to this, it will start charging $36 per month as a dormant fee.
As mentioned earlier, the company has only three types of high charging live trading accounts, but it has mentioned 5 different types of bonuses associated with the accounts.
It looks like the company has forged the bonus from another company and just published them. Secondly, the terms and conditions related to the bonuses are not practical.
There must be a trading volume of $20,000 per $1 of the bonus to withdraw the bonus. If this condition is not met, then the bonus is lapsed by the company. It is a trade provoking condition in which the trader is lured for the bonus and is extracted from money to put more trades.
Trading accounts by Third Party
Pacoxr provides trading accounts over the Metatrader 4. It is the reputed all-in-one trading platform but the company does not provide any direct links to download MT4. It is provided by the Trading Technologies Limited on behalf of Pacoxr. The MetaQuotes Software Corporation had developed Meta Trader in the year 2005 and it has gained wide popularity owing to its ease of use and facilities to the traders.
Non-existent Customer Support
Pacoxr disappoints traders by not providing any direct phone numbers or Skype number to reach the technical support team. There is a mail id mentioned over which the response is provided not faster than a snail’s speed. An option for Team Viewer is provided, which is an application to enable the remote control of the system from another location. Remote control of your device in the hands of a broker is not recommended at all.
Their Online Presence
The website of Pacoxr is pacoxr.com/. The domain is registered toward the end of 2019.
Pacoxr has no ties with the leading social media platforms like Facebook, Twitter, etc. The company has failed to understand the value of social media in the relationship building with traders. It is done to stop the flocking of the negative reviews about the company’s services.
Pacoxr is an offshore unregulated broker with high investment invoking trading accounts. The bonuses offered by the company look lucrative at first sight but they are a part of the money-propelling vicious cycle of the company. It is less informative about the important information and is preaching the policy of obliqueness in its operations. It can be given more than 0.5 ratings on 5 point rating scale.