Pinprotrade Review

Is Pinprotrade Scam or Legit Broker?

No, it is not safe to trade with Pinprotrade. Pinprotrade is an offshore broker registered in the Marshall Islands. The fact is that the Marshall Islands is an offshore zone, which does register the financial investment firm, but provides very poor if no requirements for the company operation. 

• This means, that traders are likely to put their investments at risk with Pinprotrade, as there is no sufficient legal protection from the side of the authority. Thus, we recommend starting forex trading only with well-regulated brokers with proven experience. 

What is Pinprotrade?

Pinprotrade is an unregulated broker that offers to trade with Forex, Stocks, Bonds, Indices, and Commodities. The website services are provided by Pinnacle Strategies LTD., based in the Marshall Islands. Payment services are provided by Pinnacle Strategies Group LLP, based and registered in Edinburgh, Scotland.

• The first thing that is not quite fine with the broker is that the main company is based offshore. There are definitely some pros of opening an account with an offshore entity (no leverage restrictions, better spreads (Find lowest spread forex brokers and also find the list of zero spread brokers here), and no taxes).
• The offshore zones are popular among forex brokers as it is easy and cost-effective to get a license there. However, sometimes brokers registered offshore but don't hold any license, even from an offshore regulator. It means that the client's funds are not protected by any laws and there's a huge risk of losing them. Also, many such brokers are pure scams.
• Another problem with Pinprotrade is that the contact numbers provided on the website are with the phone codes of the UK, New Zealand, and Australia. The broker also claims to have offices in Singapore, Tokyo and Hong Kong and investment conduits in Australia and Zurich Switzerland. However, the firm is not regulated to provide financial services in any of the mentioned countries.

Pinprotrade Review Conclusion

Concluding all the above, we wouldn't recommend investing with Pinprotrade. Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

Pinprotrade Update

Based on our research, the Pinprotrade website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.