Pacific FX Review: Learn the Truth About This Trading Scam
What is Pacific FX? Where is this brokerage based and does the company operate under the watchful eye of a reputable financial market regulator?
These are the questions that our Pacific FX Review aims to answer in the most unbiased manner. After reading our analysis, you will know exactly why Pacific FX is not a good choice for trading.
Basic Facts About Pacific FX and Its Business
The website of Pacific FX claims that this business is based in the United Kingdom. However, the name of the company running the brokerage was not mentioned.
Pacific FX is allegedly a Forex and CFD trading platform, offering high leverage and tight spreads. Active since 2019, Pacific FX has mainly been targeting traders from the UK, Canada, and Thailand.
|Reliable Broker Must Have
|Transparently displayed in the disclaimer or legal documents
|Within your legal jurisdiction – local regulator
|Your country or the country whose license applies in your legal jurisdiction
|The older the domain – the higher the possibility the company is trustworthy
|Domain should be from local or international zones, no .xyz etc.
|Financial Authorities Warnings:
|Phone, email, social media, web form
|If withdrawal is possible:
|Transparent fees – list of spread and commissions
|If Active on Social Media:
|Often present on social media
If you are wondering what is the key to safe trading, it is definitely a reputable regulation, i.e. trading license. A broker operating under a Tier 1 jurisdiction will naturally offer great trading conditions.
Tier 1 jurisdictions are those regulated by authorities such as the FCA (UK), CFTC (US), BaFin (Germany), IIROC (Canada), ASIC (Australia), etc. For a safe trading environment and profits, you ought to trust regulated brokers. Pacific FX is not among them.
Since PacificFX claims to be based in the UK, the platform would have to be regulated by the fca to be legit but it is not. Pacific FX is not regulated, meaning that this platform is intended to scam people. Stay away from pacific fx com and milleniumone.
Pacific FX Profile
The Pacific Broker platform is MetaTrader 4, arguably the best trading software in the industry. It offers a wide range of advanced tools such as automated trading, advanced charting, lightning-fast order execution, multiple timeframes, etc. Pacific FX does not offer a mobile trading app.
Traders can use it to trade Forex currency pairs (major, minor, exotic), and CFDs on indices and commodities (metals, energy). The disadvantage here is that you cannot trade stocks or cryptocurrencies. The leverage is extremely high and risky. FCA-regulated brokers cannot legally offer more than 1:30 to retail clients, which proves that Pacific FX is a liar.
There are five trading account tiers with various leverage levels and trading costs, i.e. spreads. However, there is no demo account, meaning you cannot try out the platform and see whether it is legit as Pacific FX promises.
If you want to minimize the chances of getting defrauded, we suggest you avoid unregulated brokers. Another fraudulent case we exposed is medco-finance-limited.
|Mini, Standard, SVIP, EA, SSVIP
|Financial Instruments On Offer:
|Education or Extra tools:
Is This Broker Safe?
Let’s address the elephant in the room straight away – Pacific FX is not a safe trading platform. The broker is not transparent, i.e. did not include any legal documentation on the website, lied about being registered in the UK, and worst of all, Pacific FX is not regulated by the FCA.
Just to elaborate, FCA-regulated brokers must offer clients negative balance protection, segregated funds in a top-tier bank, safe leverage restriction (1:30), and a compensation scheme worth up to 85,000 GBP. It would be a shame if you missed out on these benefits, which will be the case should you trust Pacific FX.
If a broker does not possess a trading license, it is most likely a scam that will trap all your funds. Are you a victim? If so, please contact us for help. We can help you recover your money.
Trader Reviews – Sharing Experiences
Unsurprisingly, there are almost no reviews of this trading platform. Hence, we hopped over to the Pacific FX wiki page to see whether traders had something to say about the broker. There we found one review that suggests that Pacific FX offers unfavorable spreads.
I have traded with this broker for two years, but the major problem I found out is their spreads were extremely high, which I cannot bear at all. I hope someone can recommend me some reliable broker, and I have a lot of spare time to trade online…
- WikiFX user, March 20, 2023.
The wider the spreads, the slimmer the chances of making profits. For comparison’s sake, we will take the benchmark Forex major pair – EUR/USD. The industry’s standard for this instrument is 1.5 pips. Pacific FX clearly states on its website that the spread for this pair ranges from 9 to 5 pips, depending on the account type. You cannot make money trading under these terms.
How the Pacific FX Platform Reaches Clients and Who Are They?
According to godaddy.com/whois, the Pacific FX website domain was created on October 25, 2019. Since then, the illicit broker has been targeting mainly traders from the following countries:
As mentioned, both the UK and Canada are Tier 1 jurisdictions with no room for unlicensed scammers such as Pacific FX and oriontero. The former included links to alleged social media pages, albeit all were broken.
We checked the browser and did not find any social media accounts of this brokerage. The only two means of communication with Pacific FX are phone calls and emails. This is how the broker gets in touch with potential victims so we do not recommend you answer the calls or mails.
Trading scams can be cruel. If you have fallen victim to this cyber trap, we can help you get your money back.
Deposits and Withdrawal Methods
Based on the available information on the Pacific FX website, there are several funding options that can be used to deposit and withdraw funds:
- Credit/debit cards;
- Wire transfers;
- E-wallets (Skrill, PerfectMoney…).
Allegedly, there are no deposit and withdrawal fees, which is odd since brokers make money from fees and commissions, legit ones. The minimum deposit amount is just 1 $, indicating that Pacific FX intends to let traders make successful trades and then prevent them from making withdrawals.
Reasons To Avoid This Company
There are countless reasons why you should avoid Pacific FX and not a single one that we could think of why this broker would be good. Here are just the main reasons why we believe that Pacific FX is a scam and why you should not risk your money with this platform:
- No trading license;
- No legal documentation;
- Anonymous website;
- No demo account;
- Extremely high leverage;
- Wide spreads.
If your interest in Pacific FX has not died off up to this point, we hope that these reasons will forever deter you from unregulated brokers and dubious trading platforms. Please heed our warning and avoid Pacific FX.
Our Safe Trading Experts’ Opinion on Pacific FX
To sum up, Pacific FX is an anonymous and unregulated scam broker. Our verdict on the Pacific FX Scam is that you should avoid this platform at all costs. This platform will not do you any good. The main targets of this scam are traders from the UK, Canada, and Thailand.
If you have fallen victim to this unscrupulous scam, please book a free consultation with our team and we will go through the chargeback procedure, explain how it works, and how you can retrieve your hard-earned money.
Book your free consultation today and start the chargeback process.
Is Pacific FX regulated?
Pacific FX claims to be based in the UK. However, we checked the register of the UK’s regulator (FCA) and did not find this company, meaning that Pacific FX is unregulated.
How Do I Withdraw Money From Pacific FX?
Since this broker is unlikely to perform your withdrawal request, we suggest you opt for a chargeback. If you’re unsure how it works, you can book a free consultation with us.
What Is the Pacific FX Minimum Deposit?
The minimum deposit for Pacific FX is 1 $. Although this is pretty small, there are many legit brokers that are far better options for online trading.