Platinums Trade Review
Reason to avoid: Offshore license
Listed Date: November 15, 2018
Top 3 Regulated Forex Brokers
Beware Platinums Trade is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: West Media Group limited
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
Platinums Trade is a Forex and CFD broker. The company is owned and operated by West Media Group limited and based in St. Vincent and the Grenadines, which is a well-known offshore zone for the forex brokerages. But not every trader knows that there is no forex regulation in St Vincent, so the broker companies are not overseen by any authority. Such licenses are cheap (around USD 2,000) and easy-to-get, which doesn’t sound very reliable.
Platinums Trade doesn’t provide any information about its regulation. The website supports English, Italian and Spanish languages that indicate the countries the broker has been targeting. Also, the contact phone numbers shown on the website are British and Italian, however, the broker doesn’t have offices in these countries and obviously is not regulated there.
In addition, Italy’s regulator CONSOB has issued a warning against Platinums Trade in April 2018:
“The National Commission for Companies and the Stock Exchange, in accordance with article 7-octies, letter b) of the Consolidated Law on Finance (TUF), has ordered Platinums Trade through the website www.platinumstrade.com to cease infringement of article 18 of the TUF consisting of the offer and performance of investment services and activities to the Italian public.”
All the alerts and warnings issued by such regulators as CONSOB serve to protect not only investors from fraudulent companies but, also they divide the legitimate from the illegitimate, the reputations of trustworthy firms. We also recommend taking a look at the brokers regulated by the UK’s FCA or Australian ASIC.