Beware! ForexPixel is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ForexPixel is presented as the #1 value global forex broker (honestly, we have no idea what they are talking about). However, the lack of popularity and the offshore registration strongly indicates that ForexPixel is merely falsely claiming to be the best in the world. In fact, we found the broker making loads of fraudulent claims, and you’ll see those in the full ForexPixel review.
ForexPixel REGULATION AND SAFETY OF FUNDS
ForexPixel is a St. Vincent and the Grenadines broker, which means it’s unregulated and risky to trade with. The island mentioned is a shady offshore jurisdiction poorly regulating its financial sector, and the local authority doesn’t license brokers or in any way control the Forex market. Indeed, SVG is overcrowded with scammers, and that’s precisely due to the lack of transparency and regulations.
However, ForexPixel claims to be SVG regulated, which is nothing else but a fraudulent statement. The broker also pretends to be authorised by multiple regulators- a deception, too. So, we can conclude that your funds won’t be safe if you deposit with ForexPixel because it’s unlicensed, and we reasonably believe it’s a scam scheme given how misleading this entity is.
As ForexPixel is a suspected scam, you’d better check the high-rated EU brokers and British brokers by following the links provided. We recommend these companies because Europeans deliver high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency. Thus, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
ForexPixel TRADING SOFTWARE
ForexPixel provides MetaTrader4, which is a best-in-class platform, but we couldn’t fully access the distribution due to verification issues. As the broker is so shady, we refused to identify, and you should do the same when dealing with unreliable offshore brokers. Anyway, we could open a Demo account that gave us EUR/USD spread of 0.1 pips, which is the best possible in the market. However, we can’t guarantee the same conditions are valid for Real accounts. ForexPixel pledges to offer spreads as low as 0.0 pips, but we already caught them red-handed, so we can’t take their word for it. Instead, you’d better look for legit companies as most regulated brokers offer competitive spreads of 1 pip and below.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists also deliver the best software as well as highly competitive trading conditions. We recommend MT brokers because both platforms are packed with advanced tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps.
ForexPixel offers maximum leverage of 1:500, an utterly risky ratio that can cause lightning-quick losses if clients are not careful enough. In fact, it is so dangerous that many financial regulators restrict its usage to reduce leverage-related losses among traders. As a result, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. On the other end, most of the high-leverage FX companies are unlicensed or poorly regulated, so you’d better be careful with such entities.
ForexPixel DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $100, which is pretty much in line with the regulated brokers’ requirements on average. At the same time, though, too many companies already offer real accounts starting from 5 to 10 dollars, so it’s not worth wasting your time with suspected scams anyway. The real funding methods are PerfectMoney, Neteller, Skrill, Coinbase, FasaPay and LocalDeposit. Now, we have to raise a red flag because we found the broker claiming to accept Credit/Debit cards and Wire Transfers, but that’s a lie.
Nevertheless, as ForexPixel is a suspected scam, we’d like to suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Information about withdrawals and fees is not available. ForexPixel claims there are no charges whatsoever, but we have reasons to suspect that’s not the case- the broker already gave plenty of fraudulent information, so how can we believe them?
Overall, ForexPixel is an unregulated offshore broker, which is more than enough for you to stay safe and avoid it.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud, and it’s actually a process. In the typical scenario, the victim clicked on a fraudulent ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
The first indications of a scam come forth when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!