With each passing day, these offshore scammers are getting more sophisticated. Don’t mistake this broker for a legitimate provider, it’s far from it. All your questions regarding this financial swindler will be answered in the Pioneer Markets Review. So, pack your stuff, we’re embarking on a voyage all the way to the Caribbean Sea.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Kamuflaz Limited|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||500 EUR|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Litecoin…|
|Types of Assets:||Forex, Crypto, Indices, Shares, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
About The Regulation Of The Pioneer Markets Broker
Firstly, we shall discuss the masked financial market crusader’s legal status. As you know, Pioneer Markets is an enigma, i. e. the unscrupulous broker is anonymous. Only the address was disclosed, not the owner. Right off the bat, Pioneer Markets seems rather suspicious. It operates in St. Vincent and the Grenadines.
This remote island in the heart of the Caribbean is infamous for its controversial tax system and permissible laws. It goes without saying that many scammers have found their homes in SVG. The local financial market regulator – FSA, does not issue Forex licenses.
Moreover, Pioneer Markets is not even registered with the authority. But the registration number points to Kamuflaz LTD, a notorious fraudulent entity also based in SVG that was blacklisted by the Bank of Russia.
Some Reasons Why It Is Better To Trade With a Licensed Broker
To revise, Pioneer Markets is an unregulated offshore scammer. The provider is not found in the databases of Tier 1 regulators such as the FCA, BaFin or ASIC. Thus, traders are deprived of security benefits such as negative balance protection, segregated account and indemnification (i. g. GBP 85,000 in the UK).
Also, offshore brokers are not required to possess substantial minimum operating capital at all times. For example, ASIC stipulates that providers have AUD 1,000,000 while the FCA demands GBP 730,000.
So Is Pioneer Markets a Decent Broker or a Scam?
Pioneer Markets is a controversial offshore provider based in Saint Vincent and the Grenadines. The review covers the unlicensed status as well as the key trading aspects that Pioneer Markets provides.
What Trading Platform Does Pioneer Markets Provide?
The trading platform that Pioneer Markets offers is WebTrader. Typically used by scammers, this browser-based platform is pretty elementary and lackluster, thus we don’t recommend it. Aside from basic charts and calendars, there aren’t any advanced tools such as automated trading customization.
Furthermore, due to its unregulated status, the phony broker can easily manipulate the platform and steal your funds.
Yes, Pioneer Markets also enables traders to access the platform via mobile phones. However, when the desktop version is subpar, imagine the disadvantages of its mobile counterpart. Even mobile versions of renowned platforms like Meta Trader 5 come with issues that traders have outlined in reviews. Also, it’s susceptible to manipulation.
What Can Be Traded? – List of Assets
According to Pioneer Markets, clients are offered the following assets:
- Forex currency pairs – EUR/USD, GBP/JPY, AUD/CHF…
- Indices – DOW 30, NASDAQ 100, NIKKEI 225…
- Shares – Netflix, Apple, Tesla…
- Commodities – gold, natural gas, wheat…
- Cryptocurrencies – Tether, Ethereum, Bitcoin…
These can be traded as CFDs. Not bad, but again, that fact that bothers us here is the missing license. All these instruments are great but the safety of trading and funds is more important.
Pioneer Markets Bonus Policy
Pioneer Markets wouldn’t be your typical scammer without offering bonuses. Yup, these tempting ‘rewards,’ to put it lightly, are nothing more than bear traps that stop traders from reaching profits.
Every time a fraudster issues bonuses, it always attaches vexing clauses to it. For example, look at what Pioneer Markets set as a condition regarding bonuses and withdrawals.
See how the scammer can use this against you? Tough luck withdrawing funds on this non-level playing field. By the way, most reputable regulators have banned brokers from issuing bonuses.
What Are the Different Pioneer Markets Account Types?
With Pioneer Markets, traders can choose from six account types:
- Basic – EUR 500;
- Silver – EUR 10,000;
- Gold – EUR 100,000;
- Platinum – EUR 250,000;
- Diamond – EUR 500,000;
- Millionaire Club – EUR 1,000,000.
The minimum deposit amounts for each type are out of order. Especially considering that the broker is unregulated. Hence, your investment can be embezzled as easily as 123. For less than EUR 500, you can find many legitimate brokers that won’t give you headaches.
Information About Demo Account
Judging by what we saw on the website, Pioneer Market doesn’t offer a demo account. How supposed to take the fraudster seriously? Before you blindly rush into this scheme, consider finding a broker with a demo account. That way, you’ll see a small piece of what you can get.
Opening an Account – Using a Promo Code
We were unable to find out who are the potential targets of Pioneer Markets. However, we do know that the unscrupulous broker is selective. We deducted this from the promo code bar in the registration menu. Our assumption is that when the fraudster deems a trader a suitable victim, it labels him/her with this promo code. Therefore, be careful.
About Leverage, Spreads and Fees
The shady broker failed to provide any info on its trading conditions. Thus, we know nothing about leverage, spreads and commissions. If this isn’t a red flag, we don’t know what is. Nevertheless, since this broker is unregulated, trading conditions might just as well be extremely unfavorable.
High Minimum Deposit and Withdrawal Terms
As mentioned, the minimum deposit is EUR 500. Sorry, but it’s just not worth the risk. Depositing on the platform can easily make your hard-earned money vanish into thin air. Fees weren’t disclosed. We highly doubt that Pioneer Markets will enable clients to withdraw any funds whatsoever.
Payment Methods Available
When it comes to payment methods, Pioneer Markets accepts only credit cards and wire transfers. Pretty unsophisticated if you ask us. Real brokers would provide more methods such as e-wallets (Skrill, Neteller). On the other hand, at least these two traditional methods can be reversed in case you got scammed.
Scammed by Pioneer Markets Broker? – Allow Us to Hear Your Story
If you’ve fallen victim to this awful offshore scheme, we feel for you. It’s a cunning plot, we admit. However, now’s the time to consider the possibility of getting a refund. Yup, it can be done, you just need to request either a chargeback or a recall.
How Does Chargeback Work?
- If you’ve deposited funds via credit card, you can request a chargeback within 540 days.
- It’s performed by the issuing bank but won’t succeed if you’ve provided the scammer with copies of your ID card or other personal documents.
- To reverse wire transfers, you have to request a recall at the bank.
- If the transaction is complete, the recall is bound to fail.
Contact us via online chat and our experts will give you a thorough explanation.
What Is Pioneer Markets?
Pioneer Markets is a fraudulent offshore broker based in St. Vincent and the Grenadines.
Is Pioneer Markets a Scam Broker?
Pioneer Markets is an obvious scam broker because it’s anonymous and unregulated. Plus, its operator has been blacklisted.
Is Pioneer Markets Available in the United States or the UK?
Pioneer Markets is available in both the United States and the United Kingdom.
Does Pioneer Markets Offer a Demo Account?
Pioneer Markets does not offer a free demo account anywhere on its website.