The broker claims that it has had many awards, but what we ask, is that what is the exact credibility of the award-giving bodies? None. The broker does not provide a lot of information for important terms like leverage and spreads, and more than that, PepperStone does not provide any regulation related information.
Let us read about the scam broker more in this interview.
PepperStone: Account types
The broker fails to provide the information where it states what kind of trading accounts are there to offer. The broker does not talk a lot about the account types it has to offer and, all we could see the broker was trying to lure in the novice trader into terms like forex trading and low spreads and whatnot.
Forex trading is risky in itself, and the broker is well aware of this fact but still promotes it like it is a child of the money. The only way we could look at the trading accounts was in no way.
In no way does the broker tells what kind of trading accounts it offers. If this is not a scam practice, then we do not know what is. The broker has to think about its traders before it begins to add the so-called users. This scam broker should not be entertained any further and should be disbarred from conducting any trading related activity.
Tradable assets:
The broker claims that it provides more than 180 tradable assets but does not provide any proof to suffice the claim. Also, the broker claims that it has been in the market for a very long time, and again, it does not provide any proof for this fact too. The scam brokers follow this trait.
They make claims, and then they hesitate in coming up with facts that back such claims. The trader has to know that most of the times, the money of the broker is not where the mouth is, and this can not be tolerated any further. The scam brokers like pepperstone have been playing with the trader’s money for a very long time and now is the time that they should be disbarred from the market, and the trading community should eliminate its use as a whale. Only then, there will be a stern message that will be sent to the scam brokers.
PepperStone: Trading platforms
The broker claims to offer a lot of trading platforms that supposedly include MT4 and MT5. First off, MT4 is an older version of MT5, and the broker still has the platform listed o the site.
Secondly, mentioning a different version of the same program as a different program altogether is a scam practice. Apart from this, the broker offers the use of C trader and one more trading platform that is not at par with any of the trading platforms the market has ever seen.
The so-called indigenous trading platforms have a very low efficacy rate, and the broker is well aware of this fact but still promotes it. The sole reason for such a practice is to catch th novice and then put him or her in an endless loop of payments.
Educational material:
Under the name of education material, the broker fails to provide any material that can be termed educational material. The broker does not say anywhere that what is the use of trading education and how it can help a trader become a better one.
There is a so-called experts team that sits there just so that they can give wrong advice to the traders, resulting in wrong trades, further resulting in the liquidity being moved towards the broker, not the trader.
Regulations:
The broker does not tell anywhere on the website where it is regulated and where it is not regulated. This might come as a shock to many traders since a lot of trading transparency depends on the fact that the broker is regulated. An offshore trading services provider has to take an offshore regulation too but not this one. The scam broker pepperstone is not regulated and does not help in making the trading community any better. Unregulated brokerage firms are often witnesses to fraudulent trading practices, insider trading and money laundering that can result in bad faith to the trader.
Scam or safe:
The broker, as we see it is a complete scam. PepperStone does not care about the feelings of the trader and hides maximum information possible from them. The broker also claims that it has very low spreads, but the spreads range from very high to high numbers, not lower ones. The scam broker also does not provide an apt educational material to its traders which is of utmost importance.
Conclusion:
The broker is a scam broker, and there are ample proofs for the same. We recommend our traders to move their financials elsewhere. More reliable brokers like HFTrading, T1Markets, ROInvesting etc. that have been n the market for a longer period of time and have been recognised as legitimate ones. We recommend our traders move their financials to these respective brokers so that there is a less probability of a loss.
Frequently asked questions:
Can I lose my money while trading with Pepperstone?
It’s a surprise taht you haven’t already. If not, then the best idea is to move ASAP.
What else should I be looking out for other than a scam broker?
Apart from the fact that the broker is a scam, always know where you are trading, in which market and please ensure that you know the trading terms.
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