PIPTradingXM is a CFD broker with its domain registered on April 5, 2023. This broker primarily targets retail and institutional clients, offering trading services for forex, precious metals, commodities, energy, stocks, indices, and other financial derivatives. It does not provide services to jurisdictions where it might violate local laws or regulations.
Company Registration and Regulatory Status
According to the public information on PIPTradingXM (piptradingxm.com) website, the platform claims to be registered in multiple countries and has licenses from several regulatory bodies, including the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), the Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), the Belize Financial Services Commission (FSC) (PIPTradingXM Global Limited), and DFSA (Trading Point MENA Limited).
After verification, it was found that the Belize Financial Services Commission (FSC) does not list a company named PIPTradingXM Global Limited. Additionally, the companies and regulatory information mentioned on the PIPTradingXM website are copied and mimicked from the well-known broker XM.
Therefore, PIPTradingXM (piptradingxm.com) is, in fact, a fraudulent website with no actual company entity or regulatory oversight.
Trading Instruments
PIPTradingXM offers a variety of financial derivatives for trading, including forex, precious metals, commodities, energy, stocks, and indices.
- Forex: Exchange between different country currencies, the largest financial market globally, primarily used for currency exchange and speculation.
- Precious Metals: Investments like gold and silver used as a hedge against inflation and economic uncertainty, often influenced by economic conditions.
- Commodities: Includes raw materials and agricultural products like oil, natural gas, copper, soybeans, and wheat, influenced by supply and demand and global economic conditions.
- Energy: Includes oil, natural gas, and coal, sensitive to global economic and political events, often experiencing significant price fluctuations.
- Stocks: Represent partial ownership in a company, allowing investors to earn profit (dividends) and capital appreciation.
- Indices: Indicate overall market performance, such as the S&P 500, Dow Jones Industrial Average, and NASDAQ Composite, reflecting market trends.
Account Opening Process
The steps to open an account with PIPTradingXM are as follows:
- Visit the official website and click the "OPEN AN ACCOUNT" button to enter the registration page.
- Fill in your name, phone number, personal email address, and set a password, then submit the application form.
- Upon successful account registration, complete KYC verification to make deposits and trades.
Trading Accounts
PIPTradingXM offers three types of trading accounts: Micro Account, Standard Account, and Standard Account.
Micro Account
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: 1 lot = 1,000
- Major Currency Pair Spread: As low as 1 pip
- Commission: None
- Maximum Number of Open/Pending Orders per Client: 200
- Minimum Trade Volume: 0.01 lots (MT4)
- Maximum Lots per Trade: 100 lots
- Islamic Account: Optional
- Minimum Deposit: $5
Standard Account
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: 1 lot = 1,000
- Major Currency Pair Spread: As low as 1 pip
- Commission: None
- Maximum Number of Open/Pending Orders per Client: 200
- Minimum Trade Volume: 0.01 lots
- Maximum Lots per Trade: 50 lots
- Islamic Account: Optional
- Minimum Deposit: $5
Standard Account
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: 1 lot = 1,000
- Major Currency Pair Spread: As low as 0 pips
- Commission: Yes
- Maximum Number of Open/Pending Orders per Client: 200
- Minimum Trade Volume: 0.01 lots
- Maximum Lots per Trade: 50 lots
- Islamic Account: Optional
- Minimum Deposit: $5
Trading Platform
PIPTradingXM claims to provide the MT4 trading platform, supporting both PC and mobile versions. However, the download link for the PC version on the broker’s website is not functional, and no link is provided for the mobile version. Moreover, according to inquiries, the MT4 platform does not list PIPTradingXM as a broker.
Deposits and Withdrawals
PIPTradingXM does not clearly state the supported deposit and withdrawal methods, related fees, or minimum deposit and withdrawal amounts on its website.
Conclusion
Traderknows reminds investors that PIPTradingXM is a scam website that fraudulently uses information from the official website of the well-known broker XM to mislead and deceive investors. The contact information provided by the website is very limited, with only an email available for communication. Investors are advised to choose brokers with transparent information, strict regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
