Since its establishment in 2023, PUG Markets has claimed to provide trading services in various financial products including forex, metals, crude oil, and indices for its customers. However, the company's regulatory legitimacy has been highly questioned with a lack of transparency, making it difficult for investors to access key information. PUG Markets falsely impersonates a regulatory entity of the National Futures Association (NFA) in the United States, misleading investors and adding uncertainty and potential risks to trading.
Company Background:
PUG Markets is a newly established forex broker with very low transparency and lacks basic information such as corporate entity, registered address, and office address. Its official domain name was registered on December 4, 2023, making it less than a year old. The broker mainly provides trading services in financial products like forex, metals, crude oil, and indices through its proprietary trading platform. Additionally, the website content and design of PUG Markets are highly similar to several brokers like StoneX, suggesting the use of the same website template. Given this situation, investors should be cautious when choosing a trading platform to avoid potential fraud traps.
Regulatory Status:
PUG Markets claims to be regulated by the National Futures Association (NFA) in the United States, with a regulatory license number of 0559889. However, according to the NFA, the regulatory entity that holds this license is LARBOR GLOBAL LIMITED, not PUG Markets. This indicates that PUG Markets may be involved in impersonation and potentially false advertising. Investors should steer clear of this broker suspected of fraud and choose those with legitimate regulation and a good reputation.
Trading Products:
PUG Markets offers a diverse selection of trading products, including forex, precious metals, cryptocurrencies, stock indices, and crude oil, providing investors with various trading options. Investors can trade in 62 currency pairs, enjoying ultra-low spreads and high-speed execution. Additionally, investors have the opportunity to participate in precious metals markets like gold and silver, enhancing their trading portfolio. PUG Markets also offers mainstream cryptocurrency trading, such as Bitcoin and Ethereum, giving investors access to the digital currency market. Furthermore, investors can trade major international stock indices and crude oil on PUG Markets platform without additional fees, enjoying a transparent and convenient trading experience.
Trading Platform:
The broker offers a trading platform named “ST5” that is available on both PC and mobile devices (iOS and Android). However, despite claims of a convenient trading experience, the lack of an actual corporate backing may pose risks in terms of trading safety. Investors should carefully consider using this platform and assess its security and reliability.
Account Registration:
Users can open a free forex and CFD trading account through a few steps. First, by clicking the “Open a Real Account” button, filling in the online application form, and uploading identity and bank information for verification. Once approved, the email address provided during registration will automatically receive account details, and trading can commence.
However, the broker has not disclosed specific account types, along with key information like spreads, leverage, minimum deposit, and fees. Therefore, investors should consider carefully before registering an account, ensuring they fully understand the related trading terms and conditions to make an informed decision.
Customer Support:
PUG Markets's customer support only provides an email contact (support@pugmarkets.com). The lack of other communication methods, such as phone or online services, might affect timely communication and problem-solving between investors and the broker.
Conclusion:
PUG Markets is a broker suspected of fraudulent advertising. Although it claims to provide trading services in forex, metals, crude oil, indices, etc., it actually lacks legal regulation, misleading investors and posing risks. With registration not even a year old, it is suspected of using the same website template as several brokers. Its proprietary trading platform “ST5” lacks corporate support, and while account registration is straightforward, it has not disclosed specific types or key information. Investors should be wary of such black platforms to avoid potential risks and financial losses.
Currently, PUG Markets is marked as "Suspected Fraud" on TraderKnows.
