Platinum Hitech has been banned by the FCA, indicating that it is a well-known fraud. At all costs, it should be avoided. It claims to be a broker having offices in the United Kingdom, Switzerland, and Germany, however this is a forgery.
Apart from the warning, we discovered far too many red flags, which we’ll discuss in detail in the Platinum Hitech review, which you should read before believing the broker is trustworthy.
Platinum Hitech Regulation and Reports
Platinum Hitech, as previously mentioned, poses as a European broker when it is not. Even if the fraudsters are based in Europe, it is irrelevant since the broker is still a fake. Your funds are at risk if you deposit, since the British regulator FCA discovered it and issued a warning against it, exposing it as a fraud operation. We advise you to avoid brokers and other businesses that have been banned by any country in the globe.
Rather than that, look at the top-rated European and British brokers. They are properly regulated and, more significantly, they are protected by deposit insurance funds, which is why we suggest them.
Get in Touch with our Recovery Experts for free by filling the form below.
If you utilise CySEC-regulated brokers, you may seek compensation of up to 20,000 EUR, whereas British consumers are protected up to 85,000 GBP per person. Conducting business in Europe is secure, and it is beneficial to establish accounts with businesses that have EU or UK licences.
Platinum Hitech Trading Platform
Platinum Hitech’s trading programme is web-based, and we discovered evidence of fraud throughout our evaluation. To begin, the broker offered a download link for MetaTrader in the Client Area, but the distribution we received did not function. Those fraudsters seem to be attempting to capitalise on the platform’s excellent reputation, which in and of itself is a warning sign.
In any case, the internet dealer we visited is questionable in and of itself. It’s sluggish, difficult to use, and offers just a few dubious trading tools. On the other side, the EUR/USD spread is 0.1 pip, which is possibly the maximum conceivable Buy/Sell spread, but only if the broker is legitimate. Fortunately, several respectable firms also provide spreads of 1 pip or less, making it simple to identify better alternatives.
In terms of software, look for the finest MetaTrader4 and MetaTrader5 brokers, both of which provide competitive spreads. We choose MT brokers because their platforms provide advanced features such as Expert Advisors, complex indicators, and superior charting tools. Additionally, MetaTrader has an unmatched advantage: a Marketplace with over 10,000 trading applications and tools.
Platinum Hitech promises a 1:200 leverage, suggesting that this is a fraud. This is because licenced British foreign exchange brokers are no longer able to provide such a margin to retail customers like us, implying that Platinum Hitech is doing something incorrectly. We’ve found that this is a hoax!
As far as we can tell, they use the same account types as other scamming businesses, but their names are different.
Additionally, you may choose one of three account types:
PRO, PRO+ and Commercial account
Naturally, the higher one climbs, the better one’s position improves and the more money one risks losing. Platinum Hitech’s minimum deposit is $250. PRO+ and Business accounts need a minimum deposit of $2,500 and $25,000, respectively.
After attempting to create an account, we were able to establish that Platinum Hitech does not provide Demo accounts to its customers. Another red sign that this is a fraudulent brokerage is that it is hidden from view until you make a first deposit.
Payment and Funding
The minimum deposit is $250, which is somewhat more than what licenced brokers need. If you’re new to trading, though, you should use the links given throughout the article to locate trustworthy brokers that are also less demanding.
Platinum Hitech advertises that they take credit/debit cards and wire transfers, however we are unable to verify this. We were requested to provide copies of personal identification papers to prove our identity in order to test their deposit system, which we respectfully declined. Platinum Hitech is a fraud, and you should withhold any personal information or funds from them.
Although platinum Hitech makes no mention of a minimum withdrawal amount, the fees are clearly fake. Each withdrawal will include a 5% to 15% “advisor fee,” which is very unacceptable. There will be no withdrawals available due to the fact that Platinum Hitech is a fraud.
The consequences of inactivity are as heinous. If an account is inactive for 30 days and has less than three open jobs, it will be charged $100 per month. That is a ruse!
Platinum Hitech offers new customers a Welcome bonus with their first deposit, however we are unable to discuss it since there is no information available about the campaign. The lack of other requirements establishes that the incentive is a deceptive marketing technique.
Additionally, brokers in the European Union and the United Kingdom are unable to offer incentives, demonstrating Platinum Hitech’s illegality.
Got Scammed by Platinum Hitech?
Finally, if you believe you have been fooled by Platinum Hitech, you can always contact our specialists at Cyber Scam Review, who will help you in comprehending the whole process and how to exit it in order to avoid repeating it.
Finally, contact us through the contact form below and we’ll help you in reclaiming your money!
Is it wise to invest in Platinum Hitech?
This is essentially an internet trade business that does not have a stated headquarters or a registered licence number.
Is Platinum Hitech a genuine company or a con artist?
We may readily conclude that it is a fraud, given that we are working with an unknown brokerage.
Is Platinum Hitech a safe bet?
No, your funds are never secure when dealing with an unknown, unscrupulous brokerage firm such as Platinum Hitech.
What services and products does Platinum Hitech provide?
This brokerage firm provides trading in currency pairings, commodities, indices, stocks, and cryptocurrencies.