PlexusFinance Review – Know what you are Getting Into

PlexusFinance Review

Online trading has always been popular, given how convenient it is as opposed to the traditional form of trading. But, its popularity surged significantly in the last decade due to the introduction of cryptocurrencies and then the COVID-19 pandemic that drove people to look for new ways of making money.

This obviously meant that the demand for online brokers also increased and a ton of them can be found these days. However, this PlexusFinance review will show you that not every brokerage is what it purports itself to be.

With the heavy influx of potential traders in the market, criminal elements have also become very active in the trading space. While there are different methods they use to exploit people, one of the most common strategy is to create a fake brokerage to lure people in and get them to deposit their funds.

The number of shady and fraudulent companies pretending to be brokerages has significantly increased over the last decade and the trouble is that they have gotten better at it.

Previously, it was not that difficult for people to distinguish between genuine and fraudulent platforms, but now it is easier said than done. This is because the latter have gotten quite good at creating a false front. Even experienced traders sometimes end up falling for their tricks because they are so convincing.

But, it is a fact that the consequences can be disastrous, so you do not want to make such a grave error. The question is how to do that? The good news is that it does not have to be very difficult.

All you have to do is check a brokerage thoroughly and verify the promises it makes before you decide to trust it. Using this approach with PlexusFinance can show you exactly what you are getting into and help you make the best decision for your trading career. Ready to find out? Let’s get started.

The regulation

If there is one thing that can help a brokerage build credibility, it is its regulatory status. It is understood that a licensed broker would be far more reliable than unlicensed ones because it is likely to offer you quality services, safety of funds and accountability.

You can rest assured that you can take action against them in case of a problem and see a positive outcome. Their chances of being scam are very low, but the problem is that many fraudulent companies also claim to be licensed and regulated because they know that people would give them preference.

Therefore, you should not just accept a broker’s word if it claims to be regulated; always check and verify with the appropriate regulatory authority. The same should be done in the case of PlexusFinance, which portrays itself as a brokerage based and regulated in the United Kingdom.

This is recognized as one of the strictest jurisdictions in the world in terms of laws and regulation for the trading space and a license from its regulatory body, the Financial Conduct Authority (FCA) is considered immensely valuable.

However, if you check the online register of the FCA for PlexusFinance, the broker’s story falls apart. You will discover that it is not a regulated brokerage at all.

As a matter of fact, the FCA has actually issued a warning against the broker, which states that PlexusFinance is actually a clone firm that is using the details of a licensed company called Plexus Finance Limited and trying to pass them off as its own.

This is a clear indication that PlexusFinance cannot be considered a reliable broker. It is a common tactic that many scammers use to convince people into signing up.

The trading software

How do online brokers facilitate trading? They provide their clients with a trading software that can help them connect to the financial markets. This software is also needed for executing trades and monitoring the market activities. Plus, it also comes with trading tools that are used for making decisions. Therefore, it is understood that you want a professional and advanced trading software and this is exactly what PlexusFinance promises.

However, what it promises and what it actually has are two entirely different things. The problem is that you cannot check the PlexusFinance trading software because to make an account on the platform, they ask you to provide a promo code. Bear in mind that genuine brokers do not do any such thing. This tactic is often used by scams because they cherry pick their victims.

Moreover, it should be noted that good brokers will offer you the MT4, or MT5 trading platforms that are well-known in the market, but PlexusFinance has not mentioned the name of its platform, which means it is likely that it is not offering any such reliable one.

The trading conditions

Another important detail you should always check when you are looking into a brokerage is their trading conditions. These usually refer to the spreads they offer, any commissions they charge, the leverage you can use and the minimum deposit you are required to make. These details are quite important because you want to be able to maximize your profits and keep your costs low. How does PlexusFinance fare in this regard?

You cannot find the answer to this question because PlexusFinance has not provided these details at all. You can scour through their entire presentation and not find any relevant information. In fact, you will not be able to find the Terms and Conditions of the broker either, which shed light on its policies and rules. There is absolutely no legal documentation available on its website and this is certainly worrisome.

This means that PlexusFinance can introduce any policy later on and you will have to comply with it. No legitimate broker would ever do this. They will always be transparent about their charges and policies and not try to exploit their clients.

Ending Thoughts

It is a good thing that you decide to look into PlexusFinance because it ultimately shows that you will be getting into a trap if you sign up with this one.