Pitbase.com Review: Is Pit Base a Scam US Broker? - Topedgefx.com

Pitbase.com Review: Is Pit Base a Scam US Broker?

Pitbase.com is a new futures and options broker that claims to provide traders access to many different exchanges.

After going through their website and reaching out to their customer support, we feel that we can’t include them in our list of valuable trading and investing resources.

Pit Base is operating out of 3104 O St.Suite 125Sacramento, CA 95816 United States and is targeting “self-directed trades”, professional traders and proprietary trading groups in the US.

The broker’s main selling point is that they can provide deep discounts while traders enjoy their impressive and intuitive technology.

In addition to this, Pitbase.com is promising multiple benefits if customers sign up. These include:

  1. Fast execution
  2. Access to a free trading platform which is also ideal for scalpers
  3. Mobile trading

Pitbase.com seems to believe that these benefits are not found in other competing trading platforms.

Moreover, they claim that Pitbase.com was founded by traders for traders. However, the broker did not mention who the traders are. So we will treat this as a mere advertising declaration and not a fact.

According to who.is, Pit Base was created in December 2020. This means that the broker is very new and cannot compete with the most established futures and options brokers in the United States.

Pitbase.com Review: Overview and first impression

My first impression on the Pit Base website is that it is professional and properly put together.

I’ve also noticed that the broker has their own custom-made trading software called Pit Trader. The Pit Trader software is basically a trading platform with quotes and charting capabilities similar to those of MT4 and MT5 software.

PitBase did incorporate the usual trading indicators and strategies that are found in the mainstream trading platform into their software.

While Pit Base views their software as impressive, my view is that this trading platform is not any different from the usual charting software that we use in other brokerage platforms.

They also provide a mobile trading platform dubbed iBroker. It’s supposed to mean that you can execute and manage your trades from any mobile device.

To cut long story short, I don’t consider Pit Trader a unique charting software. There is nothing it can do that an MT4 or MT5 won’t accomplish.

Fees and commission

Like most US Futures and Options brokers, Pit Base did include their fees on their website pages.

You must keep in mind that while dealing with these brokers, you should also take note of their exchange execution and clearing fees since chargers tend to add up.

Since the fees and commissions are highlighted on their website, my advice is that you should compare what your current broker is offering with what PitBase claims it will charge you.

Pitbase.com and regulatory status

These guys are registered by the NFA but do not be fooled. They are still new to this market. Licensing does not mean they will achieve the standards that other established brokers already have.

My advice is that our conclusion should be based on customer experience rather than licensing because some well-regulated brokers have even scammed their customers.

Reviews

I have not seen any reviews or customer feedback praising or criticizing PitBase.

I do not know why this is the case because a broker like Pit Base should be focused on promoting their service and hoping that these customers will come by themselves.

If they are able to secure NFA approval, my view is that they can advertise their service to the right audence and gain a following as well.

This is not happening. It is either they are too new or traders are avoiding them for one or two reasons.

This bothers me more than any other thing.

Conclusion

In as much as PitBase is presenting their service in a professional way and even securing NFA licensing, we doubt whether they can achieve the standards of a professional Futures and options broker.

Due to lack of feedback endorsing or criticizing this broker, I feel that it will be a big risk recommending them in my review.

I will definitely give them time and see whether feedback will start to appear online before I can update this review.

In the meantime, I wouldn’t recommend Pitbase unless you have spending capital that won’t hurt even if you lose it by getting scammed.

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