PrivateFX, quality customer service.Scam or honest broker

PrivateFX, which stood out among brokers for Russia, was created with the participation of Concorde Capital due to its focus on the use of PAMM accounts.

In 2017, the broker ceased operations, this was accompanied by accusations of frauds and scam, as well as a lot of materials that the company is a scammer who stopped paying to traders.

At the beginning of the existence of the broker, the attitude of traders towards him was quite critical. He was perceived as a kind of heir to the Forex Trend pyramid, which the broker himself did not deny. Feedback from traders in 2015 repeatedly mentioned the company's predecessor. At the same time, PrivateFX focused on the fact that from it it received only a customer base and some advanced technology elements. For some traders, these statements did not cause optimism - the Forex broker received rather heterogeneous reviews, including negative ones, indicating the absence of a financial regulator

Trading conditions

The innovation for 2015, which brokers have not yet put into active use for Poland, was an auto-follow system that allows you to copy transactions. This, along with the use of PAMM accounts, has become the main highlight that allowed the company to attract customers. In addition, she suggested:

• Amount for opening a PAMM account - from $ 500;

• Investments in a PAMM account - from $ 10;

• Leverage - 1: 100;

• Trading lot - from 0.01;

• The ability to use bitcoin as a trading tool - yes;

• Trading platform - MetaTrader4, a terminal for binary auctions.

Review of trading conditions by traders is divided. Some tried to evaluate them with an eye on the activities of the predecessor, from whom the broker did not particularly deny - the reviews of these authors are quite critical. But there were those who found the company's offer profitable and accepted what the Forex broker offers - the feedback from such traders was positive.

Quality customer service

The set of options in customer service from the company varied with the package that brokers usually offer for Russia. This company explained that it focuses exclusively on traders with experience, therefore, it simply does not need to teach beginners. It included:

• Support service work;

• Providing a trading platform with a demo account;

• Market analytics.

The assessment by traders of the quality of the company's service has changed over time. Initially, the broker received reviews, mainly of a positive nature, focusing on the good work of the support service. Later, more and more often, the opinion that the company was scammers and criticism of the service began to lie around. By the time of leaving the market, the Forex broker earned sharply negative reviews.

 Quality and settlement procedure

Digging suggested payment methods, the most popular ones - those that brokers usually choose for Poland.

• Bank transfers;

• Bank cards;

Payments to the account could take up to a day, the withdrawal of funds was carried out at the request of the trader.

Opinion about the quality of payments worsened over time. If the broker initially received positive feedback, then as the number of delays and defaults increased, messages about frauds and scam began to roll. Gradually, the Forex broker began to receive critical reviews, then negative and, finally, outright angry. In general, by the time the company left the market, the opinion of traders about it was sharply negative.

Gerard Moore

Gerard graduated from The Summit School, New York, where he studied journalism. Started writing about finances since 2013. He is a board member of the Rotary Club and a member of Young Leaders of Northeast Indiana. Alongside Gerard specializes in providing responsible investments and financial planning solutions for business professionals.

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