Platinex Forex Broker

Note: Platinex is to operate via the website - https://platinex.cc/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only. General Information & Regulation Feature Detail Regulation No Regulation Market Instrument forex currency pairs Account Type Standard, Pro and Expert Demo Account N/A Maximum Leverage 1:100 Spread Standard: from 1.1 pips | Pro: from 0.5 pips | Expert: from 0.0 pips Commission Standard/Pro: no | Expert: $25/micro lot Trading Platform Webtrader Minimum Deposit $250 Deposit & Withdrawal Method Credit/Debit cards, Wire Transfers and e-wallets Platinex, a trading name of Lithe Group LTD, is allegedly a forex broker registered in Dominic that claims to provide its clients with flexible leverage up to 1:100 and floating spreads from 0.0 pips on the Webtrader trading platforms via 3 different live account types. As for regulation, it has been verified that Platinex currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.20/10. Please be aware of the risk. Market Instruments Platinex advertises that it is a forex broker that mainly offers forex currency pairs trading. However, more specific information about tradable assets cannot be found on the Internet. Account Types Platinex claims to offer 3 types of trading accounts - Standard, Pro and Expert, with minimum initial deposit requirements of $250, $2,500 and $25,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less. Leverage The leverage offered by Platinex is adjusted based on the account type. Clients on the Standard account can experience a leverage of 1:30, while the Pro and Expert accounts can enjoy a much higher leverage of 1:50 and 1:100 separately. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads & Commissions All spreads with Platinex are a floating type and scaled with the accounts offered. For example, the spread starts from 1.1 pips on the Standard account, from 0.5 pips on the Pro account and 0.0 pips on the Expert account. However, as tested on its Webtrader, the EUR/USD spread is 3 pips fixed. As for the commission, there is no commission charged on the Standard and Pro account, while the Expert account will have to pay a commission of $25 per micro lot. Trading Platform Available Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, Platinex gives traders a Webtrader. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors. Deposit & Withdrawal The funding methods with Platinex are said to be Credit/Debit cards, Wire Transfers and e-wallets. The minimum initial deposit requirement is set at $250, while the industry average is just $100. Customer Support Platinex‘s customer support can be reached by email: support@platinex.cc. Company address: 8 Copthall, Roseau Valley 00152, Commonwealth of Dominica. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most transparent brokers offer. Pros & Cons Pros Cons • Multiple account types and payment methods to choose from • No regulation • Website inaccessible • Commission charged • High minimum deposit requirement ($250) Frequently Asked Questions (FAQs) Q 1: Is Platinex regulated？ A 1: No. It has been verified that Platinex currently has no valid regulation. Q 2: Does Platinex offer the industry-standard MT4 & MT5？ A 2: No. Instead, Platinex offers a Webtrader. Q 3: What is the minimum deposit for Platinex？ A 3: The minimum initial deposit to open a Standard account is $250, while $2,500 for the Pro account and $25,000 for the Expert account. Q 4: Does Platinex charge a fee？ A 4: Like every forex broker, Platinex charges a fee when you trade - either in the form of a commission fee or spread fee. While the information on deposits and withdrawals is missing. Q 5: Is Platinex a good broker for beginners？ A 5: No. Platinex is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and high initial deposit requirement.