Is Pandorafx legit?

By Dumlou, from Spain, August 14, 2021 at 10:42 PM

Recently I have been introduced to a broker meant to be used through the Meta Trader 5 application. I never heard about this broker before, so I decided to do some research of my own, but I haven’t been able to find much, which sounds the alarms. I was able to find a company website: Also a registry in Hong Kong, a fairly recent one by the looks of it: Other then that, found a couple of articles written in obscure blogs that sound like propaganda. Would like an opinion on this from someone with more experience in the area.

Answer: Hi Dumlou,

According to our research, Pandorafx broker is NOT regulated and we would not recommend dealing with this firm. The broker does not provide any information about being regulated by the Hong Kong financial regulator the Securities and Futures Commission (SFC). The fact that it is in the companies register of Hong Kong does not mean the company has rights to provide financial services to the locals. It is just too much too risk with this kind of broker.

In any case, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

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