Pegaswiss Review: Warning Signs to Watch Out For
Pegaswiss is a company that has been identified as fraudulent. Despite its claims and outward appearance, Pegaswiss has been found to operate unlawfully. The firm in question exploits unsuspecting individuals for financial gain.
We strongly advise against any involvement with Pegaswiss or its services. Our primary concern is your safety and protection, and we urge you to exercise extreme caution when encountering such entities. It is crucial to verify the legitimacy of any financial organization before engaging with them. Read our Pegaswiss review for more!
|Pegaswiss Trading Services LLC
|Switzerland and SVG
License Compliance and Fund Security at Pegaswiss
Pegaswiss claims to be registered in Saint Vincent and the Grenadines but lacks licensing. We checked the FSA database and couldn’t find the company owner, indicating it may not exist. Our search for Pegaswiss regulations with FINMA also yielded no results. FSU or Tier 1 regulators like FCA, ASIC, or BaFin are not responsible for it.
We advise extreme caution when considering investing with Pegaswiss. There is a high risk that the company may be operating illegally. People should not invest with Pegaswiss until they can confirm it is a legitimate company. Still, it is clearly not.
Switzerland, being in the EEA zone, must adhere to ESMA directives. These directives limit leverage for retail traders to 1:30 due to high risks. However, Pegaswiss offers leverage up to 1:100, raising concerns about its lack of authorization. Pegaswiss has yet to receive authorization from the ESMA for its operations. That raises questions as to why this broker is offering higher leverage than what is allowed by the ESMA. The regulatory authorities are currently investigating the matter.
In summary, Pegaswiss is an unlicensed broker you should avoid accordingly.
Pegaswiss: Trading Platform Overview
The available information regarding the trading platform is scant and obscure. The alleged names for the platform are the following:
- Best Crypto and Forex Broker
- Best Platform for Margin Trading
- Best Crypto Trading App
But, their actual offering is limited to a basic WebTrader lacking dedicated apps or noteworthy features. Keep in mind that these names mean nothing.
This web-based solution pales in comparison to established platforms like MT4, MT5, or CTrader. Aside from social trading and EAs, Pegaswiss offers an extensive array of misleading features. In reality, they fail to deliver any of these promised attributes.
Account Types Offered
This bogus broker does not offer any account types. They don’t even offer a free demo account. Many fake brokers create the false impression that trading can be done without funds. But, once registered, company representatives will need a deposit. They will clarify that the “free” aspect only applies to the registration process.
Investors are unaware of the deposit rules because the website does not disclose them. Furthermore, such companies do not offer a demo account. This is always a big red flag.
It is advisable to exercise caution and avoid bogus brokers like Pegaswiss and FXTime. Instead, opt for a licensed, transparent brokerage that provides clear information about account types and requirements. Besides, ensure the brokerage offers suitable trading instruments and competitive spreads.
Procedure for Deposit and Withdrawal
During our investigation, we diligently sought information about Pegaswiss’ withdrawal process. Unfortunately, our search yielded no results. The absence of payment methods or legal documents left us confused about this crucial matter.
Given the firm’s emphasis on cryptocurrencies, it appears that they only accept digital currencies as payment. Yet, it’s worthwhile to note that once you transact with crypto, tracking your funds becomes more intricate. Unlike credit cards, crypto transactions do not offer a chargeback procedure. That means that retrieving your funds requires a legal process to establish their whereabouts.
With this in mind, we tell you against sending cryptocurrency to unverified merchants. Instead, we recommend traditional payment methods, like bank transfers or credit cards. These methods offer superior traceability and reversibility.
Exposing the Shady Tactics of Fake Brokers
Forex scams are an unfortunate reality in the industry and they are widespread. Scammers use deceptive tactics like fake websites and call centers to trick traders. They exploit social media platforms and misleading ads. Some even buy personal information from hackers for their schemes.
Once these scammers gain your trust, they tempt you with enticing promises of quick profits, guaranteed returns, and attractive bonuses that seem too lucrative to resist. Yet, these promises are illusions. The real trouble begins after you make your initial deposit. Scammers will manipulate you into depositing more funds under the guise of increased gains. But, when you try to withdraw your profits, you will encounter many obstacles and excuses.
These fraudsters may insist that you pay upfront taxes before releasing your earnings. Unfortunately, they will not return your money. It is at this point that you realize you have become a scam victim.
To protect yourself, exercise vigilance and caution when choosing a broker. Conduct comprehensive research and ensure that the broker is reputable and regulated. Do not be swayed by guaranteed profits and bonuses. Always remember that if something appears too speculative, it likely is. Focus on your safety and take the necessary steps to safeguard your hard-earned money.
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This review has uncovered concerning findings regarding the company. Pegaswiss operates without proper licensing and regulatory approval. Additionally, their trading platform is subpar, lacking essential features. It is limited to a basic WebTrader.
The company promotes a “free account” but later demands investor deposits. Transparency is lacking as critical information regarding account types and requirements is deliberately withheld. Similarly, Pegaswiss lacks clarity in its withdrawal process.
There have been reports of unresponsiveness and slow handling of issues from their customer service. Investors have also expressed concerns about high fees and hidden charges. Overall, Pegaswiss has earned a reputation for deception and mistrust, leading to investor loss. Therefore, numerous investors have opted to completely avoid Pegaswiss. We strongly recommend doing the same. It is advisable to stay away from both Pegaswiss and BitOpps.
Is Pegaswiss Good for Beginners?
Pegaswiss is not good for beginners, and experienced traders as well.
Is Depositing with Pegaswiss Safe and Secure?
Pegaswiss is an illegitimate broker. It is not safe and secure.
How Long Will It Take to Process My Withdrawal Request?
No information was found about Pegaswiss's withdrawal.