Pipspool (pipspool.com) is an online contract for difference (CFD) broker launched in February 2024, focusing on providing investors with CFD trading services in diversified markets such as forex, commodities, bonds, cryptocurrencies, metals, and indices.
It is important to note that the platform does not offer services to residents of the United States, Puerto Rico, Quebec, Canada, the United Kingdom, Sri Lanka, New Zealand, Japan, India, Afghanistan, or countries or regions under OFAC sanctions. Additionally, residents of countries or regions where such services are prohibited under local laws and regulations cannot use the platform.
Overview of Platform Services
Trading Accounts
The Pipspool website does not disclose detailed information about the types of trading accounts it offers. Key information regarding spreads, swaps/Islamic accounts, margin call ratios, stop-out levels, trading commissions, leverage ratios, minimum deposit requirements, minimum trade sizes, maximum trade volume per order, maximum number of orders, execution speeds, and account currencies is also absent.
Moreover, when users click on the trading accounts button on the website, it redirects back to the homepage, and there is no actual trading account page, making it difficult for users to understand account information.
Trading Platform
The platform provides users with the MT5 trading platform, a powerful multi-asset trading tool that supports trading in forex, stocks, and futures. The MT5 platform is equipped with rich technical analysis tools, automated trading features, and Depth of Market (DOM), designed to help traders efficiently analyze market trends and execute trades.
Deposit and Withdrawal Methods
Regarding deposits and withdrawals, the Pipspool website does not clearly list the supported payment methods. Similar to the trading accounts button, clicking the "Deposits & Withdrawals" link redirects back to the homepage, without providing any specific details.
Contact and Social Media
Although the Pipspool website displays icons for mainstream social media platforms such as Facebook, Instagram, and Twitter, these icons are not linked to actual social media accounts. Users can contact the broker through online forms, email, and phone provided on the website to obtain more information.
Company Background and Regulatory Verification
Company Background
According to information publicly available on pipspool.com, Pipspool was established in 2019 and is operated by Pipspool (Pty) Ltd. The company is registered in South Africa, with a registered address at 5 Weder Street, Greyton, Western Cape, 7233, and registration number 2023/695155/07. It claims to be authorized and regulated by the South African Financial Sector Conduct Authority (FSCA) with FSP number 53319.
Regulatory Information
However, a search on the South African Financial Sector Conduct Authority (FSCA) website shows that the FSP number 53319 corresponds to a company named FINSTACKS (PTY) LTD, not Pipspool (Pty) Ltd. It is recommended that investors conduct further verification of its regulatory information before using the platform to ensure the protection of their rights.
Conclusion
In summary, Pipspool (pipspool.com) is a CFD broker officially launched in February 2024. However, the regulatory information claimed on its website may not match reality, and the site lacks detailed explanations of crucial information regarding trading accounts, trading platforms, and deposits and withdrawals.
Risk Warning
CFD trading carries high risk characteristics, and market volatility may lead to investors' capital losses. While leveraged trading can amplify potential returns, it also amplifies risks. Before participating in trading, investors should thoroughly understand market volatility and the mechanics of CFD trading, and carefully assess their risk tolerance. It is advisable that experienced investors operate, to avoid unnecessary losses caused by blind investment.
