PrivateFX

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Gellert Debreceni09 / February / 20

Thanks to the active use of PAMM accounts, the PrivateFX brokerage company differs from what other brokers offer for Poland. It declared herself as an engine of progress, expanding the capabilities of the trader. In 2017, there were reports on the network that the company had stopped paying customers.

The attitude of traders to the basic information about the company

From the very moment the company appeared on the market, they looked at it as the successor of the collapsed financial pyramid of Forex Trend, despite the fact that the company stated that it had nothing to do with scammers, except for the remaining customer base and developments in investment products. However, despite all attempts to disown, traders remained suspicious of the possibility of fraud and scam.

In general, the opinion of traders regarding the basic information about the company was mixed.

Forex broker positive reviews:

• Use of PAMM accounts.

Forex broker negative reviews:

• lack of financial regulator;

• Legacy Forex Trend.

Terms of cooperation

The main innovation introduced by PrivateFX was the ability to copy deals. Brokers for Russia have already made attempts to use PAMM accounts by that time, so they were not a significant innovation. Nevertheless, the conditions offered by the company, such as a complex focused on such accounts, suited a sufficient number of customers:

The attitude of traders to the terms of cooperation

At the beginning of the company, a fairly large number of traders spoke positively about the proposed trading conditions.

Forex broker positive reviews:

• size of the minimum investment, which was found convenient;

• ability to copy transactions.

Forex broker negative reviews:

• at the initial stage, the negative was more concentrated in the area of fears of direct fraud and a commonplace scam with non-payments than in criticism of trading conditions.

Deposit and withdrawal of funds

To transfer money to a deposit, the broker offered the most popular methods of those that brokers usually resort to in Poland:

The withdrawal of money was made at the request of the trader and without commission, and the deadline for its admission was declared as 4 days.

Attitude of traders to the quality of depositing and withdrawing funds

By the final period of the company’s activity, a lot of negative reviews had accumulated about it.

Forex broker positive reviews:

• at the beginning of its activity - in large numbers;

• over time - in ever decreasing quantities.

Forex broker negative reviews:

• by the end of the company’s activities, the vast majority of traders in Poland wrote in their reviews that PrivateFX are scammers and their activity is scam, that the earned money is not paid in trivial terms.

Customer service

Since the broker openly stated that he was counting on traders with experience in the Forex field, training programs similar to those implemented by brokers for Poland were not provided to them. In addition to the demo account, the following were offered:

• support services;

• market analytics.

 The attitude of traders to the quality of service

By the time they finally left the market, the opinion of Forex traders on the quality of broker services was completely negative.

Forex broker positive reviews:

• at the beginning of its activities.

Forex broker negative reviews:

• final assessment of the support service due to delays and ignoring issues with non-payment.

Gellert Debreceni

Gellert was born in Baja, later moved to Budapest. He graduated the Central European University – Department of Economics and Business. He was liable for forming an interpretation of data, and for prompting staff on financial strategy. Besides, he is engaged with conveying monetary investigation to customers and in utilizing outlines and charts to disentangle complex issues