Palmer Finance Review – Dirty Tricks Already Exposed
Palmer Finance is one of those companies that are not afraid of anything. According to the company, they are based in the USA. One of the financially and regulatory strictest countries in the world. By providing FX and CFD trading services they entered quite an attractive field, with a lot of competitors.
However, what makes this broker less trusted you can find in this Palmer Finance review.
|Warning||FCA, FI, RCB|
|Address||Sweetwood Drive Street, Boulder, Colorado 80302, US|
|Minimum Deposit||100 GBP|
How Are You Safe at Palmer Finance? Regulation and Security
As the company presents, its official address is coming from the US. With this in mind, we are checking first the most reliable regulators there. Such as CFTC and NFA. According to their registers, this broker is nowhere to be seen. Since most of the information is related to the United Kingdom, we will check the FCA registers as well. And voila.
It’s not what you could possibly expect. No, this broker is not regulated. On the contrary, the FCA has issued a warning against this broker. The same move is followed by the Russian Central Bank, but also Swedish Finansinspektionen. Here you go.
So, all the security features that this broker offers are fictive. It’s just a trick to make you believe in their security. However, nothing is backed up by regulations. On top of that, multiple features are violating regulations directly.
An Overview of Trading Software
The key advantage of the Palmer Finance trading software is a variety of trading instruments. According to the company of course. However, any experienced trader knows that there are numerous licensed brokers with way more assets available. But we want to teach newbies as well.
The main problem with the Palmer Finance scam broker is security. In general, web-based software is not third-party software. It’s created by the broker and it can easily be modified. Which leaves plenty of room to manipulate traders.
On top of all, the software doesn’t provide any advanced features. For example, social trading or Expert advisors. Unlike Meta Trader or cTrader which are leaders in the industry. Lastly, Palmer Finance broker doesn’t have mobile apps for its software.
Palmer Finance Bonuses and Promotions
Some may know, but bonuses are widely banned by many regulators. The main reason behind that is the clause that comes with the bonus funds. In this case, the Palmer Finance scam doesn’t deviate from that pattern. For a $100 bonus fund, the trader must reach a volume of $1M in currency units. Only after that, it’s eligible to file a request for a withdrawal. Practically impossible.
Also, another feature that this broker is using to scam traders is referring to a friend program. Generally speaking, the only goal is to get more clients that they can scam. In exchange, traders get commission. However, not in cash but in bonuses. That leads back again to that malicious clause. That’s exactly why Palmer Finance reviews don’t say anything good about this scam broker.
Palmer Finance Account Types
Palmer Finance’s account types are designed to force traders into depositing more money. Firstly, they are limiting traders in terms of tradeable assets. But also with account insurance, which is most likely fictive.
There are 5 choices for traders:
- Beginner 100 GBP
- Silver 5.000 GBP
- VIP 20.000 GBP
- Gold 100.000 GBP
- Platinum 200.000 GBP
All accounts have the same fixed and floating spread. Depending on how the broker wants. But also leverage of up to 1:400. While according to any trusted regulator, the maximum allowed goes up to 1:30. Above all, this scam broker doesn’t give you insight into their platform. There is no demo available.
Funding Procedure at Palmer Finance
As for the funding methods, traders can only choose between two methods. Those are:
- Debit and Credit cards
- Wire transfers
However, without a transparent withdrawal policy, you can’t find much information. The only thing provided by the broker is the processing time. In this case, for card transfers, it’s instantly processed, while for wire transfers it takes up to 5 days. But considering its dark history, missing regulations and multiple warnings we wouldn’t trust it much.
How is the Scam Carried Out?
As you can see, the only way this broker scams its traders is by misleading them. Firstly with shady trading software. Secondly, suspicious account types force traders to deposit more. Lastly, but most importantly with bonuses.
All these key points are critical in choosing your broker. That’s why you never trust unregulated brokers. Don’t be greedy and double-check everything before depositing. But if you already did, it is possible to get your money back.
Palmer Finance Summary
To sum it up, there is nothing positive about this broker. Palmer Finance is trying hard to look legit, but all their tricks are exposed. Even though they claim to provide some security it’s all fictive. They are not a licensed broker.
On top of that, there are already numerous negative reviews. But even without it, you can see all the warning signs of a scam. If you were exposed to this scam and lost money, get in touch with our expert team. You can start a chargeback process and get your funds back. But leave it to professionals to avoid any mistakes. Get in touch today and book your first consultation for free.
FAQs About Palmer Finance Broker
Is My Money Safe with Palmer Finance?
No. Without regulations, the company is not obligated to provide any kind of security.
Does Palmer Finance Offer a Demo Account?
No. The only way of testing them out is by exposing yourself to risk.
What Is The Minimum Deposit at Palmer Finance?
The minimum deposit is 100 GBP. Thus, it’s still too much for a scam broker.