Thinking of getting into business with Palo Traders? Here is what you must know about this broker. Carefully read this review to find out if palotraders.com is the trading platform you will want to trade with.
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About Palo Traders
Palo Traders is an offshore brokerage company with a lot of promises for traders. The broker presents to us both addresses of its offices — London and Netherlands.
There are different account types the broker offers.
Added, it trades on the following instruments like forex, stocks, commodities, metals, crypto and indices.
To clarify, regardless of the trading instruments Palo Traders claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
palotraders.com: Reasons to Avoid This Broker
Firstly, palotraders.com is a platform with no financial authority overseeing its financial services. The broker claims to be under the laws of United Kingdom. Sadly, such claim cannot be proved as we have dug deep into UK Financial Conduct Authority (FCA) database for the broker, but nothing is known about the broker.
Secondly, we noticed palotraders.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Palo Traders withdrawal process takes 2 to 5 business days with an unspecified withdrawal fee traders are subjected on any withdrawal request.
Added, for an inactive account of 6 months, the broker charges 10% for each month.
Minimum Deposit
Palo Traders minimum deposit is pegged at $500 according to account type.
As for the payment methods, the broker discusses Credit cards and Bank Transfer. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Palo Traders Platform
Palo Traders offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:600. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Palo Traders Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is palotraders.com a Reliable Broker?
No, palotraders.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
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