The broker PCM is situated in London, Britain and offers trading over five trading accounts. The broker provides different leverages and variable spreads. Also, micro lot trading is supported. The broker claims to offer all its services on the MetaTrader trading platform. Nevertheless, the broker PCM is not regulated by the Financial Conduct Authority of the UK. It is our major concern but there are several other that will be discussed in this PCM review. Read the full PCM review here.
The five trading accounts are Learner, Startup, Business, Corporate, and Islamic. The minimum initial investment of $100, $500, $1000, $5000, and $1000 are charged to open these accounts. Minimum trade size of 0.01 lots is facilitated on all the five trading accounts. Also, leverage range from 1:200 to 1:500 are offered on these five accounts. Spreads of 0 pips with commission can be seen on non-Islamic accounts. Islamic accounts have spread of 0.5 pips without any commission. However, these digits changes on a live account drastically.
There are over 60 fiat currency pairs as well as Gold and Silver based CFDs are provided on a superior MetaTrader trading platform. The broker claims to be regulated by the UK Security and Exchange Commission and Cyprus Security and Exchange Commission. Nevertheless, UK based brokers must be regulated by the Financial Conduct Authority, not by the UK Security and Exchange Commission. Also, we could not find a broker’s claim valid about CySEC. The broker also claims to be serving traders from 2007 but in reality, its registration at UK Companies House says 2017. Now it is evident that the broker is not regulated and all the claims of it are false. Also, the minimum deposits are quite high. The leverages provided fall into high category that are banned in strictly regulated markets like Europe. The calculation of spread provides that the actual cost of trading at PCM is higher.
The only possible benefit of PCM is its provided trading terminal MetaTrader. MT comes with advanced characteristics like Expert Advice, Auto Bots, world-class charts and others. The payments at PCM are accepted by following channels like bank wire transfer, credit and debit cards, electronic wallets like Skrill and Neteller.
Is PCM scam or legit?
The broker is not regulated but claims to be regulated by CySEC and UKSEC. However, brokers operational from the UK must be regulated by FCA. The trading conditions are not feasible and banned leverage levels are provided. All of these facts make us believe that the broke PCM is a potential scam broker 2020.