Be Careful
Just wanted to warn you all fellow traders and trader-wannabes, about a site I've found recently. It's called Pip Forex (http://www.pip-forex.com) and it is a Forex broker (at least it tries to look like one). I'd recommend staying away from this one. It is aimed on newbies, but it doesn't have a demo account. So you need to transfer money to them before even trying out their 'special' trading system. Another problem is the abundance claims about how easy it is to make money on Forex, especially if you use their software and broker services (of course!). Maybe my opinion is biased with this Pip Forex broker, but I just felt that I need to warn those who are thinking about using their services. It's the first online Forex broker which I didn't add to my Forex borkers list.
Just wanted to warn you all fellow traders and trader-wannabes, about a site I've found recently. It's called Pip Forex (http://www.pip-forex.com) and it is a Forex broker (at least it tries to look like one). I'd recommend staying away from this one. It is aimed on newbies, but it doesn't have a demo account. So you need to transfer money to them before even trying out their 'special' trading system. Another problem is the abundance claims about how easy it is to make money on Forex, especially if you use their software and broker services (of course!). Maybe my opinion is biased with this Pip Forex broker, but I just felt that I need to warn those who are thinking about using their services. It's the first online Forex broker which I didn't add to my Forex borkers list.
1 Comments:
Dear Enivid
To our knowledge, you have not voiced any of your concerns regarding Pip Forex directly with our client, nor have you truly explored the Pip Forex website. If you had done so, many of your concerns would have been allayed. A dedicated effort has been made by Pip Forex to demystify forex trading, so that anyone can try it.
It should be noted that all of the information referred to below has been available on the Pip Forex website since it was launched.
We would like to cover some of the points you raised in the Posting:
Q: Is Pip Forex a brokerage? A: Pip Forex is a brand of Simray Holdings LLC, a forex broker regulated by Kredittilsynet – the Norwegian financial services authority. Details on this are posted on page www.pip-forex.com/about.asp.
Q: Why is there no demo account? A: Pip Forex does not offer a demo account, and the reasons for this are covered on page www.pip-forex.com/do-i-get-a-demo.asp. One of the main reasons for not offering a demo is that the minimum account requirement is very low – USD 200 – and that if anyone wants to try the system, they can do so easily. If a client funds an account, enters the Pip Trader trading system and doesn’t like it, he/she can simply withdraw any or all of his/her funds. Pip Forex doesn’t even make a charge for transferring the money back to the client’s account. There are many online trading websites that don’t offer demos.
Q: Is the trading system [Pip Trader] special? A: We believe that Pip Forex’s trading system is unique. It has been made remarkably simple, in order to make forex trading accessible to anyone willing to take some risks in order to gain from the markets. You can see a screenshot of Pip Trader at the bottom of www.pip-forex.com/installation.asp. If you want to try it for yourself, open an account. If you don’t like it or if you just want to get your money back, you can visit www.pip-forex.com/cash-out.asp and get your funds returned promptly. Return transfers are made within 6 business hours of request, and if the transfer is made back to a credit card, it usually takes between 5 minutes and 5 hours to show up on the recipient’s balance again.
Q: What about the abundance of claims that it's easy to make money trading forex? A: Pip Forex goes to great lengths to explain exactly what the risks are of trading forex, to the point where it even gives specific examples of how much can be made and lost when trading forex. See www.pip-forex.com/what-can-i-make.asp and www.pip-forex.com/what-can-i-lose.asp. We challenge you to find any other forex broker’s website that makes the potential risks any clearer than this. According to industry best practices, there is a clear risk warning at the foot of every page of the Pip Forex website, and it’s in plain English so that anyone can understand it.
Of course, everyone’s entitled to an opinion, but we would hope that to be based on comprehensive and accurate assessment.
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