Summary
PlexyTrade defines itself as a worldwide brokerage service for trading CFDs in Forex, Indices, Stocks, Commodities, and Cryptocurrencies. They offer advanced trading platforms such as MT4 and MT5, raw spreads, and high leverage with over 100 assets. However, there are questions about reliability and regulation despite displaying a good Trustpilot score. Below, we will investigate their offerings, regulations, and risks.
PlexyTrade Review: Independent Analysis of User Ratings, Complaints, and Trustworthiness
Scam Broker Overview
Website: https://www.plexytrade.com/
Website Availability: Yes
Address: Dzordza Vasingtona No.38, PD 232, Podgorica, 81000, Montenegro
Warning: Financial Conduct Authority (United Kingdom)
Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Trading Instruments
Forex
- Trade currency pairs that are major, minor, and exotic.
- Leverage of 2000:1
- Raw spreads starting at 0.0
Indices
- Access indices around the world
- Commission-free trading
Stocks
- Trade without owning shares
- Capacity to make money in both rising and falling markets
Commodities
- Trade CFDs on commodities for diversification of the portfolio
- Ability to broaden strategies.
Cryptocurrencies
- Trade well-known cryptocurrencies and crypto pairs
- Let’s help you make predictions about price limits.
Platforms and Execution
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the platforms that PlexyTrade uses. These platforms are well-known for charting, automated trading (using Expert Advisors), and rapid trades. PlexyTrade states they provide ‘superior execution and low commissions.’
Read about a similar scam broker here.
Regulation and Credibility
- The broker is based in Saint Lucia, a country with no foreign exchange laws.
- Unregulated broker – and thus, no robust investor protection
- Pexytrade.com was last updated on January 22, 2024, after being registered on June 9, 2016. Additionally, the domains specify that they expire on June 9, 2027.
- On Trustpilot, the broker has received mixed reviews and has an unexpected rating of 4.0.
- The domain plexytrade.net was reported by the FCA (the regulator in the UK) as a blacklisted domain, which creates a series of red flags.
Pros and Cons
Pros
- Various trading instruments
- MT4 and MT5 trading platforms
- High leverage provided
- Low commission with raw spreads
Cons
- No regulation
- Potential for inadequate investor protection
- Blacklisted domain linked to its website
- Possible deceptive statements about its registration
FAQs
1. Does PlexyTrade have regulations?
There are no regulations on PlexyTrade. Although it has been registered in Saint Lucia, registration does not constitute regulation.
2. Is PlexyTrade safe for trading?
Be cautious. Although reviews online praise PlexyTrade, the reality is that it is unregulated and is blacklisted by the FCA.
3. Which platforms are available on PlexyTrade?
Two of the most widely used trading platforms, MT4 and MT5, are available on PlexyTrade.
Final Thoughts
PlexyTrade offers a wide variety of assets, high-end platforms, and competitive trading advantages. At the same time, unregulated brokers and the FCA blacklisting indicate relevant risk. Traders considering PlexyTrade should understand the risk and weigh the advantages.
Need Help Recovering Funds?
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