The forex sector is becoming more popular among traders worldwide, with many possible opportunities (and risks). PlexyTrade was just established in 2023 and appears to be based in Saint Lucia, and is totally unregulated. While PlexyTrade has drawn some attention, and is said to offer high-leverage trading and competitive trading conditions, even a brief review of this broker raises numerous alarms, and it is this that we will highlight in this review on why PlexyTrade is not safe for your funds.
Regulation & Authority
The most significant concern we found on PlexyTrade is the complete lack of regulation. Regulation is fundamentally important to trader protection, because it holds brokers to a standard of practice that is fair and transparent. PlexyTrade has no regulation or approval from an authority, like the FCA, ASIC, or CySEC. Without regulation, assurances of segregated accounts or negative balance protection do not matter. You may completely lose your funds, and there is no legal recourse for you.
Company Structure & Transparency
PlexyTrade has claims about being based in Saint Lucia and Montenegro; therefore, it lacks some basic information about the company, its ownership structure, and management team. Transparency is key when considering any trading broker, because a credible trading broker would provide information about its business practices and its management team. In light of the lack of corporate structure information, it adds an additional element of doubt in character.
Concerning User Experiences
Multiple traders have provided feedback that they have had significant issues with withdrawing their funds from PlexyTrade. Many of their concerns are similar in nature. For example:
Withdrawals are frozen indefinitely, and there are no plausible explanations.
- Receiving emails regarding so-called “breached terms,” but they never provide any proof.
- Losing winnings with an obscure explanation.
- Funds are being sent to an incorrect address and remain uncorrected.
These experiences reflect a continued pattern of delaying or refusing to allow withdrawals, which is generally indicative of scam brokers.
Risk to Investors
The combination of being unregulated, new, and non-transparent makes trading with this broker particularly high-risk. Although this so-called broker offers visually appealing opportunities, the truth is that anyone who invests in an account with them will face huge risks of losing all of their capital.
Financial experts strongly suggest avoiding a broker like PlexyTrade. There are safer options with other licensed and regulated firms with much clearer terms, secured verification, and investor protection.
Conclusion
PlexyTrade currently describes itself as a “modern forex broker,” however, with their lack of regard for regulation and transparency, coupled with the recent reports of troubling user experiences, point towards a scam broker activity. Therefore, it is advised for traders to proceed cautiously and keep in mind that they should only work with brokers that are properly licensed and take responsibility for their actions.
Reclaim Your Lost Funds with Cyber Scam Recovery Services
If you have been victimized by a PlexyTrade scam or any other fraudulent scheme, consider seeking assistance from reputable organizations like Cyber Scam Recovery, which specializes in fund recovery. Our free consultations can guide you through the process of recovering your funds, ultimately prioritizing your financial well-being. Stay watchful and informed to safeguard your financial interests in an ever-changing financial world.
If you have fallen victim to forex scams, cryptocurrency scams, or any other fraudulent activities, reach out to us for assistance and support.
Visit Twitter
Visit Tumblr
Visit Medium