PariFXtrade is a relatively new broker on the market so we decided to write a review about it. In this review, we hope to provide traders more information on this broker who is promising amazing trading experience and plentiful of trades under best conditions. Instead of believing the broker’s promises, we decided to see for ourselves what this broker is offering.
In our PariFXtrade review, we took a closer look at trading conditions, account types, trading software and customer support this broker has to offer. Also, we decided to check out the asset list, and see if the broker offers a free demo we can use to get some real trading experience with this broker.
Unfortunately, we found no relevant company information about this broker on their website.
We suggest trading with a regulated and licensed broker, like IQ Option, that has a free demo account and only $10 minimum deposit.
PariFXtrade Account Features
We always appreciate when a broker offers several account types traders can choose from. PariFXtrade is no such broker. It offers only one account type. This means that no matter how much you deposit, you get the same features and tools as well as the level of service as everyone else. While this might not be a problem for traders who deposit the bare minimum, traders who invest significant amounts might feel neglected. We tried to find out more about the trading account and its features but failed to do so as this broker simply doesn’t provide any information.
PariFXtrade Wealth Management Feature
Wealth management is one of the very few features this broker is advertising on the website. PariFXtrade explains how wealth management is a special service that helps traders manage their money, trade their portfolio and make more profit. This sounds too good to be true, and our further investigation proved how the old saying proved itself to be true once again.
Wealth management service is actually managed accounts service. This means that the trader allows the person employed by the broker (often referred to as the manager) to trade instead of him, or at least give him suggestions on how to trade. This means that the trader is giving up control over his funds. This is a practice very popular among scams, so we suggest traders avoid it if possible.
PariFXtrade Demo Account
PariFXtrade doesn’t have a free or paid demo account. This means that traders get a look at the platform only after the deposit, and have to start trading with real money immediately. There are no virtual funds they could use to get familiar with features and tools available or simply to place a few trades before start trading real money. Traders usually prefer brokers with demo accounts as they allow them to learn about the interface before trading takes place.
PariFXtrade Trading Platform
PariFXtrade has a proprietary platform that was developed especially for them. We were unable to access the platform during the writing of this review, so we are unfortunately unable to tell you more about it. The fact that you have to deposit before you try the platform, is one of the reasons why more and more traders turn to popular platforms like MT4.
PariFXtrade promises a portfolio with with 250 assets. Also, the platform works 24/7, so you don’t have to make pauses during trading. Again, we are not able to confirm this, as we didn’t manage to see the platform. After trying to register, we received a message telling us that we need to wait for our account to be approved. We haven’t received an answer until the closure of this article.
PariFXtrade Mobile Trading
PariFXtrading is not offering a mobile app for iOS or Android Phones. It seems that the trading platform can be reached directly from the mobile browser. This is a more inconvenient way for trading. Also, it is not that safe, as you have to enter your login data every time. Also, you must log out, if you want to be safe. When using an app, all your trades are a few clicks away.
PariFXtrade Customer Support
PariFXtrade has customer support that can be reached with live chat. It is no different than any other customer support – all you have to do is click it and type the question. During this review, we tested customer support. We asked a simple question regarding the demo account, but the agent didn’t provide us with an answer but answered someone else’s question (or so it seems). Confusion and explanations overtook the communication until we gave up.
There is also a phone number and email traders can use.
- Phone number +1 (256) 278-5670
- Email ([email protected])
PariFXtrade doesn’t offer many educational articles, videos or other materials. However, they organize webinars for traders who make a deposit. Still, you have to wait for a certain date to apply for the webinar.
PariFXtrade Deposit and Withdrawal
PariFXtrade has published on their website how they are owned by Expert LTD and regulated by CySEC (Among others). After we searched them in CySEC archives, we couldn’t find any proof about this company being regulated or even existing.
The minimum deposit is $200. The minimum withdrawal is $10. There are some withdrawal conditions that are not very favorable for the trader. In order to avoid withdrawal fees, the trader has to trade the deposit amount at least once. Traders who have more than $100 in their account and want to withdraw less than $100, will be charged a 5% fee (or $25 minimum fee) for every withdrawal. This means that the trader’s liquidity will be damaged soon after withdrawal.
Unfortunately, we were not able to access the T&C document as the redirection was unsuccessful. This broker doesn’t state any payment methods.
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