Platinum Hitech is a broker that entered the Forex marketplace in April 2021. However, Platinumhitech.com website cannot be trusted just yet.
The company is new to this marketplace and secondly, there’s no indication that Platinum Hitech is regulated or intending to seek licensing.
According to their terms and conditions page, the company is operating out of the United Kingdom.
But no owners have been introduced either. They continue to remain faceless despite demanding that we send them a minimum deposit of 250 Euros.
On top of this, Platinum Hitech is also charging an inactivity fee of $100 or its Euro equivalent in the event that customers don’t execute at least 3 trades in a period of 30 days.
This is clearly an illegal act because this fee is unwarranted for. It’s a form of stealing from traders.
The company’s website appears to run by a cunning individual. They make all the flowery promises but we don’t trust that they’ll deliver the quality they speak about.
If you would like to trade or invest with a peace of mind, my advice is to consider these highly rated trading products and services.
Platinum Hitech review: what they offer
Their website claims that the company offers thousands of financial instruments for trading. We doubt if this can be true.
All of the trading is done on their WebTrader software. It appears they don’t have MetaTrader just yet.
Unfortunately, majority of the traders on the internet are accustomed to MetaTrader as opposed to other trading platforms.
Leverage is 1:500. Customer support is working 24/5, though we didn’t see any chatting functionality on this site.
Telephone numbers have not been provided too.
With regards to account types, Platinum Hitech is providing 3 account types with minimum deposit starting 250 Euros, 2500 Euros or 25,000 Euros.
They did not mention the cost of spreads on this platform. Many traders would like to know the cost of trading with this broker in advance before signing up.
Furthermore, there was no evidence that Platinum Hitech is offering demo accounts for practice purposes.
All of these things are definitely a setback and will contribute to a bad rating.
No customer reviews just yet
It is better to trade with an established Forex broker rather than investing with a company that started business just the other day.
Since they are new, we don’t know their financial standing just yet. We would also like to see some feedback from people who have used this broker in order to feel confident that Platinum Hitech can deliver.
Otherwise, using a brand new broker with no reviews is highly discouraged.
Platinum Hitech not regulated
We have the FCA in the United Kingdom. But this broker does not have a license with this financial watchdog.
This means that customer funds will definitely be at a great risk.
In case the company goes under, compensating victims will be a pipe dream. Also, since they are unregulated, investors can’t raise complains or report them as the broker is not reporting its activities to any financial oversight.
In general, we would like you to avoid these unregulated brokers.
There is absolutely no reason to trust a new broker that has no license for authorizing their trading services.
These Forex brokers do not have a sense of responsibility to anyone. Their work is to manipulate your trades so you can lose money.
And even if you make money, withdrawal requests will not be honored. This is the risk that you shall face if you proceed to sign up with PlatinumHitech.