Pinprotrade Review (2023)

Pinprotrade is an unregulated broker that offers trading with Forex, Stocks, Bonds, Indicies and Commodities. The website services are provided by Pinnacle Strategies LTD., based in the Marshall Islands. Payment services are provided by Pinnacle Strategies Group LLP, based and registered in Edinburgh, Scotland. The first thing that is not quite fine with the broker is that the main company is based offshore.
There are definitely some pros of opening an account with an offshore entity (no leverage restrictions, better spreads (Find lowest spread forex brokers and also find the list of zero spread brokers here) and no taxes). The offshore zones are popular among forex brokers as it is easy and cost-effective to get the license there. However, sometimes brokers registered offshore but don’t hold any license, even from an offshore regulator. It means that the clients’ funds are not protected by any Laws and there’s a huge risk of losing it. Also, many of such brokers are pure scams.

Another problem with Pinprotrade is that the contact numbers provided on the website are with the phone codes of the UK, New Zealand, and Australia. The broker also claims to have offices in Singapore, Tokyo and Hong Kong and investment conduits in Australia and Zurich Switzerland. However, the firm is not regulated to provide financial services in any of the mentioned countries.
Concluding all the above, we wouldn’t recommend investing with Pinprotrade. Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).