PlatiniumFund Review

A Greedy and Money-hungry Forex Broker

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Published: 03 May 2020

Posted by: Anonymous

PlatiniumFund is owned by Platinum Fund Limited. It is supposed to be operated from the Trust Company Complex situated on Ajeltake Road, Majuro, Marshall Islands.

No Regulations

PlatiniumFund claims to be based out of the Marshall Islands region but is not regulated by the regional financial authority of the Marshall Islands. The Financial Services Volunteer Corps is the regional financial services authority. PlatiniumFund is not registered with the FSVC. It can be verified at the link https://www.fsvc.org/?s=PlatiniumFund.

No Details of Owners

PlatiniumFund does not mention any details about the owner of the company. There are no details about the team associated with the company. And as a result, the management within the organization is not clear. The services of PlatiniumFund can be trusted only if there is full information available about the company representatives. The professional team and their experience should be shared to gain the confidence of the traders. Sadly, PlatiniumFund doesn’t provide such information.

Doesn’t Fall Under Estonian Laws

PlatiniumFund states that it is under the jurisdiction of the Estonian Laws. It is mentioned in the terms and conditions of the company.

The Estonian Financial Supervision and Resolution Authority has no regulatory powers over the working of the PlatiniumFund. It can be verified at the link https://www.fi.ee/en/otsing?keys=PlatiniumFund

PlatiniumFund does not reveal any details about the team behind their operations. It is not registered under any of the financial regulators and is based out of Estonia which is a weak European country. The Republic of Estonia provides ideal conditions to fake brokers like PlatiniumFund. The weak legal procedures and lack of security of funds make it an ideal place for the development of scam brokers. In addition to this, the brokers can easily evade taxes using the weak rules of the area.

Marshall Islands is a consummate location in terms of limited visibility and enhanced privacy. PlatiniumFund uses this privacy to extort money from the traders. These islands provide taxation advantages as well.

No government agency is responsible for the regulation of such forex brokers. The traders should not give preference to brokers from far-flung areas like the PlatiniumFund.

PlatiniumFund is an unregulated offshore broker with no strong base in the reputed financial region. It is believed to be based out of the Marshall Islands but states to be governed by laws of Estonia. This duplicity of information is not appreciable on the part of the trader. There is no direct association of the company with any of the financial regulating agencies. It is not advised to deal with PlatiniumFund.

No Demo Account

PlatiniumFund deals in forex, CFDs, and commodities trading. There is no provision of a demo account. A demo account helps understand the actual trading conditions without risking money. The traders have a chance to execute trades with peace of mind. A demo account also reflects the level of commitment achieved by the company.

Sadly, there is no such facility with PlatiniumFund. There is no other option to try their facilities but to open a live trading account with the company.

Trading Accounts in PlatiniumFund

The company offers four types of different trading accounts.

  1. Mini Account: It has a minimum initial investment of $500. It is 10 times higher than the minimum deposit requirements of the industry. The leverage is claimed to be 1:50. There are no details about the spread offered in the account.
  2. Standard Account: It starts with the minimum initial investment of $5000. There is no difference in services than the mini account except the provision of a personalized trainer. This is a useless service as a professional trader does not need any personal training. The huge initial investment amount of $5,000 is within the range of experienced trainers only.
  3. Gold Account: The gold account of the company can be opened with $10,000. There are no details about the spread offered. There is no difference in the services of this account that of the standard account.
  4. Platinum Account: The platinum account of the company requires a minimum investment of $15,000. It is highly expensive and the services provided by the company make it seem very suspicious and greedy.

PlatiniumFund offers live trading accounts with no useful services. The spreads are not mentioned. The high-charging live trading account of the company does not specify the basic details. The company claims to provide customer support, dedicated account managers, which are not true.

Trading Platform of PlatiniumFund

Like many other brokers, PlatiniumFund does not go beyond the trusted MetaTrader 4 platform. The company claims about the Sirix platform but it is not available. There is no option for social trading.

MetaTrader 4 is a bundled trading platform which offers all trading essentials to its users. It offers updated trading charts, algorithmic trading, and automated trading signals. It is compatible with mobile and desktop devices as well and on it, the trades are executed with high efficiency within a secure environment.

While MT4 offers many advantages to its users, you should note that it is the outdated version. The latest version of MetaTrader is MT5 but PlatiniumFund doesn’t offer this one. They have stuck with the obsolete version instead.

Limited Payment Channels

PlatiniumFund does not provide any variety in the payment options. The funds can be deposited only using bank wire transfer and credit/debit cards. The minimum amount you can deposit using bank wire transfer is 3,000 Euros. On the other hand, the minimum amount you can deposit using a credit card is 250 Euros.

The minimum limits set in both cases are very high. It is a poor tactic to promote deposits through card transfer because bank wire transfer is comparatively a safer method. The identities of the traders are illegally copied which is then used in other activities by the offshore unregulated brokers.

The dormant account charges are set to 10% and are deducted after 6 months. Most of the regulated brokers start charging the dormant fee after non-activity of 1 year.

The minimum withdrawal limit cannot be less than 3,000 Euros. It is a very high amount as the trader has to maintain a minimum of 3,000 Euros in the trading account at any specific time. Regulated broker companies have set the minimum withdrawal limit to no more than $50. There should not be any limit for the withdrawal as the money is earned by the trader.

The response time taken by them to process withdrawal requests is a minimum of 5 business days. Then withdrawal should be completed within 24-36 hours. PlatiniumFund takes much longer to process its payments, which reflects their unprofessional work ethic.

PlatiniumFund further mentions that it can change the rules and regulations related to deposit and withdrawal at any time at its sole discretion.

Website of Platinium Fund

The website of the PlatiniumFund is https://platiniumfund.com/.

The setup of the website is related to 2 different countries. The identity of the owner of the website is hidden. The domain of the company was registered in the last year 2019 only.

Social Media Accounts of PlatiniumFund

PlatiniumFund is not available on any social media platforms. The links provided on the website for Facebook and Twitter are not responsive.

The distance of the company from social media is to stay away from the negative responses of its clients. The unresponsive link of the company’s social media accounts is a trap to catch the traders. The company tries to claim its presence over social media without actually having any social media accounts.

Weak Customer Support

PlatiniumFund does not provide any dedicated team of technical experts for customer service. There is a single UK based number provided on the website of the company. There are no dedicated phone numbers for region-wise contact with the traders. No email IDs and round the clock live chat are provided to the traders.

The company offers the option to download AnyDesk. It is remote access software, through which, PlatiniumFund tries to convince traders that it provides live chat. I advise against downloading any remote access platforms as it gives access to the broker about your personal information. The broker can gain control of your account.

PlatiniumFund is a Scammer

PlatiniumFund is an unregulated offshore company which is operating from the Marshall Islands. It has no license of operations, no facility of a demo account, provides weak services in live trading accounts, feeble technical customer support, and limited channels for funds transfer. I don’t recommend doing business with them. You can easily find many competent brokers in the industry and you don’t have to work with a scammer like PlatiniumFund.

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