PlexyTrade describes itself as a trustworthy trading platform with decades of combined experience that trades more than 100 instruments, such as stocks, forex, indices, commodities, CFDs, and cryptocurrencies. However, there is much more to this PlexyTrade review to discover, and enough to be worried about with red flags and inconsistencies.
- Website: https://www.plexytrade.com/
- Website Availability: Yes
- Address: Top Floor, Rodney Court Building, Rodney Bay Gros Islet, Saint Lucia / Dzordza Vasingtona No.38, PD 232, Podgorica, 81000, Montenegro
- Warning: Not Recommended By Proupshot
- Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Is PlexyTrade Regulated?
A red flag for this platform is the lack of serious regulation.
Claims vs. Reality:
- PlexyTrade implies that it is registered in a country called Saint Lucia.
- Saint Lucia does not permit financial market regulation; it only permits business registration.
- There are no details of any regulatory authority on the PlexyTrade website.
This means there is no official legal protection for traders or an authority to escalate any issues regarding a dispute or bad practices.
What Traders Are Saying – User Complaints
PlexyTrade does have advanced MT4 & MT5 platform access as illustrated, and there are many real users with complaints about their experience.
Common Complaints Include:
- Seized Profits: One user claimed they profited $1,376 on a $600 deposit, but was told their profits were void due to vague terms.
- No Withdrawal Support: Another user claimed they requested a withdrawal of BTC but were redirected to a wallet they have never verified. They claim to have verified the address, and support said he had the wrong address.
- Lack of Transparency: There is no term or rule about scalping or stop loss, but PlexyTrade stopped users from being able to withdraw, claiming they violated an undefined policy.
Trustpilot Reviews – Mixed but Concerning
While there may be some positive reviews, several negative reviews seem to support the issues of trust.
- Users reported that support was unresponsive.
- Users claimed funds were seized with no clear breach of policy.
- There are no clear terms or protections for trading styles like scalping.
These business practices suggest some improper activities and an inability to be accountable.
Should You Trust PlexyTrade?
PlexyTrade is an unregulated broker that has no transparency and many withdrawal complaints. Therefore, it is a risky trader. If you’re looking for assurance with a regulated and controlled broker, you can consider brokers regulated and licensed by reputable top-tier financial authorities.
If you’re wondering what to do if you have been scammed over the phone or through platforms like PlexyTrade, the best step is to seek help immediately.
Take Action Now – Don’t Let Scammers Win
Have you been affected by PlexyTrade or a similar platform?
At Proupshot.co, we help victims of suspicious brokers reclaim their funds. Our experienced team knows how these operations run and can assist with fund recovery and also with reporting unregulated brokers. Whether it’s seized profits or fake withdrawal situations, we can help you move on.
We also help identify those behind suspicious operations using a curated scammer names list, assisting you in avoiding repeat incidents.
Have you been impacted by the Ocean Trade or PlexyTrade? If so, contact Proupshot.co for a consultation now.
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