This review is a warning against the Piptradex broker. It is a scam company that you have to avoid.
What is Piptradex
Piptradex is a broker that will allow you to trade currencies on the foreign exchange (Forex), commodities, indices and stocks.
The broker does not say what is the minimum deposit to open a real trading account. Piptradex also has a demo.
Its official website says that Piptradex Investment is regulated in the EU, Malta, Malaysia, British Virgin Islands, Vanuatu and Saint Vincent and the Grenadines.
But is Piptradex legit, is it really a regulated and trustworthy broker?
Piptradex is a scam
Unfortunately Piptradex is a huge scam. It is a broker that you should stay away from, do not even open a demo account with them. Here is why.
The biggest and most dangerous lie that Piptradex is serving you is that it is a regulated broker. Because it is not. Its supposed IS/70156 license number from Malta belongs in reality to a totally different and unrelated company.
You can make a search in Malta’s financial register and see that Piptradex is not registered there. You can also see it in our picture below.
This fact alone means that Piptradex is a scam that is very dangerous. It is abusing the identity of another company with the aim of fooling people.
Since Piptradex is not regulated, deposits with this broker are not protected in any way and can disappear at any time.
Another red flag is raised when you examine testimonials of alleged clients of Piptradex. Because a quick search reveals that pictures within these clients’ reviews are in fact stock photos.
This means that the testimonials are fake, Piptradex made them up. Which is another proof that you are dealing with a scam broker.
The third proof that Piptradex is a scam lies in the supposed awards that this broker has won. Because Piptradex has not won any awards whatsoever.
The Piptradex domain was created in August 2021, so the broker could not have won awards in 2020 as it claims on its website. So another lie.
How Piptradex works
It is clear that Piptradex is a scam. Based on our experience with scam brokers we assume that if you deposit with Piptradex, everything might look fine until you try to make your first withdrawal.
Then you will run into problems, the broker won’t let you withdraw anything. If you lose money in trading and don’t try to withdraw money, you might not even notice that something is wrong.
You have to be cautious of any profits the broker might show you in your trading account. Because scam brokers often show fake profits to their clients and then they ask them to deposit more money to get even bigger profits.
But it is only a trap. This is how fraudulent brokers get more money from their victims. You can’t trust anything a scam brokers says.
If you have already made a deposit with Piptradex, try to get your deposit back as soon as possible. If you are not lucky with your withdrawal request, you can try a chargeback with your bank.
Piptradex review – Conclusion
Piptradex is a scam broker because it claims to be regulated while it is not. It also shows fake testimonials and awards on its website. Stay away from it!
If you are interested in legit investing and trading, try a free demo account with a regulated company. Use virtual money to learn and see how everything works.
If you later decide to trade with real money, be sure to understand the risks.