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Pioneer Markets Review – Sign That This Broker Is A Scam
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Pioneer Markets is already known among traders but under a different name. According to their registration number from St. Vincent and Grenadines, they belong to Pioneer Markets. However, they are the successor of the Kamuflaz Markets which was created in early 2021. As expected, the company is shut down and now you have Pioneer Markets.
Since 2022, Pioneer Markets was operating under the mentioned name, but without a license. After all, in the register of SVGFSA, we couldn’t find any records of Pioneer Markets.
|Headquarters||St. Vincent and Grenadines|
|Minimum Deposit||500 EUR|
|Broker Type||Offshore scam broker|
Regulation of Pioneer Markets and Fund Security
In fact, even if this broker exists now, it is still an untrusted one. SVG is a shelter for many investment scams. That’s why they decided not to provide licenses for any FX and CFD trading company. Therefore, companies should look for licenses in other countries. For example, in ones where they offer their services.
In the first place, we are looking at Tier 1 regulators like BaFin, ASIC or FCA. Those are the most trusted ones, providing certain security and comfort. Sadly, Pioneer Markets broker is not in their database. There are already many red flags indicating that this is a scam broker.
Trading with a licensed company has multiple benefits. Primarily, you have certain guarantees and protection. After all, trading conditions and ownership information are transparent.
Trading Platform Overview
We can say that Pioneer Markets’ trading platform is disappointing. Especially with such an enthusiastic advertisement that the broker has. It is quite a poorly designed web-based platform, with a limited number of TA tools. In addition to that, they don’t provide any advanced features like social trading, copy trading or automated trading as they advertise.
According to many Pioneer Markets broker reviews, clients didn’t get satisfied with such a platform. What clients expect are sustainable and reliable trading platforms. For instance, Meta Trader or cTrader. In addition to that, they don’t even provide any mobile version of the platform. Which is a huge downside. Especially for experienced traders that look for quick accessibility.
Another key point is the reliability of data presented on the platform. Many scam brokers tend to fake that information. With a built-in option to control some information, they trick clients into believing something that is not true. That’s how people are unnoticeably scammed.
Available Account Types
In general, offshore scam brokers tend to at least pretend to be legitimate. Pioneer Markets broker didn’t bother with that. They require shamelessly big amounts of money for some account types. But without any credibility.
You can choose from 6 different account types:
- Basic – 500 EUR
- Silver – 10.000 EUR
- Gold – 100.000 EUR
- Platinum – 250.000 EUR
- Diamond – 500.000 EUR
- Millionaire Club – 1.000.000 EUR
Important to realize is that they don’t offer a demo or micro account. Those are quite important to decide if a broker suits you or not. With Pioneer Markets broker, you can’t get access to any features unless you throw away 500 EUR. That is completely unreasonable because you don’t have any security.
Instead, you can look for a licensed broker that offers a micro account. That’s how you can experience real trading. Not with these bogus scammers.
On the positive side, Pioneer Markets broker provides access to all 5 major instrument classes. But those are objects of manipulation as well. With this in mind, think twice before you invest any money with Pioneer Markets broker.
On the contrary, if you are still looking for options, here they are:
- Forex – USD/JPY, EUR/AED, GBP/CHF
- Commodities – oil, palladium, natural gas
- Indices – FTSE100, DJI, CAC40
- Shares – Apple, Nvidia, Intel
- Cryptocurrencies – BTC, BNB, USDT
Pioneer Markets has covered all attractive options on the markets. However, trading conditions remain unknown. Which is quite disturbing. If you are looking to invest in something, you should know what conditions you get. Whether it’s leverage, spreads or commission it is all a mystery with this scam broker.
Generally speaking, ESMA rules and all EAA Zone regulators allow leverage up to 1:30. If it’s anything higher than that, start looking for a different broker. Since we can’t get access to the platform directly, we can’t confirm what spreads are given on certain assets.
Deposit and Withdrawal Procedures
In many Pioneer Markets reviews you can find complaints about withdrawals. No matter what depositing method you have used you won’t see any money back there. Since deposits require verification, we can only assume that their information is trustworthy. Pioneer Markets broker claims to accept cards and bank transfers.
Moreover, for withdrawals, clients should use the same method that is used for a deposit. But instead of withdrawal clients get withdrawal fee scams. Often clients have to pay an extra sum of money to get their withdrawal.
By any logic, this is not reasonable. Therefore, don’t fall for those tricks. If you hear something like that from a broker, you know that you won’t see your money again. Unless you know the right people.
Pioneer Markets Scammed Me How Do I Procure a Refund?
Sadly, they scammed many people these days. You are not first or last. What you can always do is share your opinion on the broker.
That way we can together prevent them to continue their business. Moreover, you can get assistance from our specialized fund recovery team. Whether you were using a debit/credit card or crypto transfer, you can still get your money back.
Don’t wait until it’s too late. Contact our expert recovery team today to get advice on your first step!
FAQs About Pioneer Markets Broker
Is Pioneer Markets a Trustworthy Broker?
On the contrary. It is a completely unreliable broker. They are just rebranding but still without any security or licenses provided.
What Is the Minimum Deposit at Pioneer Markets?
Pioneer Markets broker requires a shamelessly high minimum amount for a deposit of 500 EUR. While with many licensed brokers minimum is only $10.
What Funding Methods Does Pioneer Markets Accept?
As per Pioneer Markets FAQ, there are only two options available. Those are credit/debit cards or wire transfers. Since they don’t give access to deposits without verification, those are questionable.