Proceed with Absolute Caution
I have been trading in the UK for over 25 years . I made a modest but genuine GBP 8000 this year taking long positions on the NASDAQ 100 . I understand risk and I am completely conversant with trading platforms KYC MLR compliance and regulatory controls . A very good metaphor for stock market trading is "gravity" .. the force of attraction between two bodies by virtue of mass . notably this is a SILENT phenomenon
BritPips is a shoddy fake of this . My whole one hour of experience with them is littered with BIG RED FLAGS ...
1. The clock at the top of the trading screen is one second slow! [or 400 points during a crash] ..
2. The contact phone number is a UK mobile . you would expect a trading platform with a ring-fenced client account and a [claimed in the video] seven digit turnover to fork out a measly ten quid a month for a landline . I'm skint and nearly a pensioner .. even I pay for a landline!
3. They are not FCA authorised or regulated
4. My "account manager" tried twice to get a deposit from me after less than a minute of interaction . the minimum is GBP 150 .. around the price of an overdue parking ticket and just below the figure you would bother to chase through the courts .. if you had an address to write to!
5. My new account number with BritPips is 410126802 . nothing about the website convinces me that they have 410 million active accounts
6. Finally - and this is my favourite - when challenged about regulation my account manager claimed that they have an "international licence" .. an insult to my intelligence quite frankly . there is no such thing as an international licence in any sphere of human endeavour for the simple reason that there is no global force to police such a thing . They are basically based "offshore" and could be anywhere on Earth with my money . should they decide one rainy day that I am not getting it back then I would have ZERO recourse to any kind of legal structure . would I be a reckless idiot to get involved in this? YES .. do I recommend BritPips? NO
"This website is owned and operated by Ergenso Ltd, a company duly incorporated under the laws of the Union of the Comoros with Registration Number HV00726497 and License Number BFX2026056"
Proceed with Absolute Caution
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