Palmer Finance’s website looks pretty tempting. However, there is plenty of evidence of fraud against this financial swindler.
We gathered the evidence and did our own analysis of what the broker offers to warn you about fraud. Please read the scrutinizing Palmer Finance Review to learn why you should avoid this scammer.
Of course and we can prove it. First, let’s debunk Palmer Finance’s regulation. This bogus website didn’t mention the company that runs the business but did leave a US address.
That was our starting point, we checked the database of the US National Futures Association (NFA) to see whether Palmer Finance was legit. Unsurprisingly, the broker was not found in the NFA’s register.
All legal US-based brokers must be registered with the NFA and the CFTC. As for European brokers, all entities must be regulated by the European Securities and Markets Authority (ESMA). Palmer Finance is neither registered nor regulated but rather blacklisted!
Based on what we were able to find out, Palmer Finance used its cunning disguise to infiltrate heavily regulated domains. Here’s a list of countries where this broker was active:
We debunked the fraudulent claim that Palmer Finance is a US broker. And the FCA issued a warning against this entity. Canada also doesn’t welcome such scammers while Poland is under ESMA’s jurisdiction, with which Palmer Finance is not compliant.
We didn’t find social media platforms on Palmer Finance’s website. There’s only a link to the broker’s private WhatsApp chat.
That’s supposedly how the con artist gets in touch with unsuspecting victims. Aside from a WhatsApp chat, Palmer Finance also uses a phone number and email to contact traders.
Traders weren’t having it with Palmer Finance. We found numerous complaints against the broker. Trustpilot and Sitejabber users have admitted that they experienced withdrawal issues. Please acknowledge these warnings so that you don’t fall into this trap.
The withdrawal request gets declined getting a reason that my account is under investigation. I was totally shocked as I have done nothing out of context or breached any of the rules I agreed to…
– Trustpilot user, March 14, 2023.
They scamed me for 4000£, this is scam, don’t give them any money, you will never see again. I already reported this to Police.
– Sitejabber user, April 5, 2023.
Palmer Finance offers a browser-based trading platform simply known as WebTrader. This platform can be accessed via mobile phone as well (Android & iOS).
This online trading terminal is lackluster compared to advanced trading software such as MT4, MT5 and cTrader. Palmer Finance doesn’t support any of those legit platforms.
Aside from basic charts, indicators and graphs, there’s not much else to it. To make matters worse, the unscrupulous broker is unregulated.
When it comes to trading instruments, Palmer Finance claims to offer the following:
Palmer Finance was pretty vague regarding the spreads. The shady website simply states that the spreads are “competitive”.
The Account type page reveals that the spreads are either fixed or floating. As for the commissions, Palmer Finance didn’t disclose anything.
Let’s take a look at Palmer Finance’s different trading accounts:
The leverage Palmer Finance offers caps at 1:400. This is proof that Palmer Finance isn’t a legit US broker as the max legal leverage in the States is 1:50 for retail clients.
Palmer Finance also offers bonuses but with strings attached. According to the Terms and Conditions, “traders must buy or sell at least (10) Ten mini lots in real-money mode for each unit of $10 bonus granted by Palmer Finance before submitting any withdrawal requests.”
Here you can see how easily this clause can be used against you. The required trading volume can reach insane levels, which you won’t be able to reach.
Palmer Finance doesn’t offer a risk-free demo account. That’s bad news, dear trader because you’re basically required to open a live account right off the bat.
If you open a live account and invest real money with a fraudster such as Palmer Finance, odds are, you’ll get scammed. Therefore, avoid Palmer Finance.
When it comes to funding options, Palmer Finance accepts only two:
The minimum deposit is 100 GBP and we didn’t find concrete information about fees in Palmer Finance’s withdrawal policy. As for the processing time, card transactions are allegedly instant while wires take 3-5 business days.
If you’ve been scammed by Palmer Finance, that’s pretty unfortunate and you’re not the only victim of Palmer Finance scam. But don’t despair.
Global Fraud Protection is here to help. Our experts can assist you with the chargeback or recall procedure but it’s imperative that you contact us as quickly as possible.
If this broker steals your money, start the chargeback process. Contact us via Online Chat and book your free consultation with our team!
No. Palmer Finance has been blacklisted as a trading scam by the FCA and the Bank of Russia. Do not invest in this scam.
Not really. WebTrader is a rudimental and ineffective trading tool with limited features.
Yes but do not trust Palmer Finance on it. The broker is unreliable and fraudulent. The referral program is most likely a Ponzi scheme.
No. Palmer Finance has been blacklisted as a trading scam by the FCA and the Bank of Russia. Do not invest in this scam.
Not really. WebTrader is a rudimental and ineffective trading tool with limited features.
Yes but do not trust Palmer Finance on it. The broker is unreliable and fraudulent. The referral program is most likely a Ponzi scheme.
The post Read the Palmer Finance Review and Avoid This Phony Broker appeared first on Global Fraud Protection.
