Is PayPerCalls.com Legitimate or a Scam? An In-Depth Review
In the world of online trading, it is crucial to discern between legitimate platforms and potential scams. This article evaluates PayPerCalls.com, focusing on its legitimacy and whether it poses risks to traders.
Company Overview
- Company Name: PayPerCalls
- Website: paypercalls.com
- Registered Country: Unknown
- Regulation Status: Unregulated; claims of regulation are misleading.
- Operating Since: 2023 (exact date not specified)
- Trading Platforms: WebTrader (no mention of MT4 or MT5)
- Leverage Offered: Up to 1:500
- Minimum Deposit/Deposit Bonus: Minimum deposit of $250; no deposit bonus mentioned.
- Available Assets to Trade: Forex, Crypto, Commodities, Indices
- Demo Account Availability: No demo account offered.
- Customer Support Contact Methods: Email and live chat.
Red Flags Indicating It is a Scam
Unlicensed and Unregulated
PayPerCalls claims to be regulated but lacks licensing from any reputable financial authority such as the FCA or ASIC. This raises significant concerns about its legitimacy.
Misleading Information
The platform may falsely claim affiliations with legitimate brokers, which can mislead potential users into believing they are dealing with a trustworthy entity.
Fake Reviews and Testimonials
There are indications that PayPerCalls uses paid or fabricated reviews to enhance its reputation online, creating an illusion of credibility.
Withdrawal Issues
User complaints frequently highlight difficulties in withdrawing funds, suggesting that once money is deposited, accessing it becomes problematic.
Lack of Demo Account
The absence of a free demo account is concerning for new traders who wish to practice before committing real funds.
Trading Platform and Conditions
PayPerCalls offers a proprietary WebTrader platform but lacks the reliability associated with established platforms like MT4 or MT5. Users have reported issues with high spreads and commissions that can erode profits. The high leverage offered (up to 1:500) poses additional risks for inexperienced traders.
License and Regulatory Issues
Regulatory bodies such as the FCA have issued warnings against unregulated platforms like PayPerCalls. There are no valid licenses backing this platform, making it risky for users who may believe they are protected under financial regulations.
User Feedback
Common complaints from users include:
- Difficulty in withdrawing funds.
- Poor customer service response times.
- Technical issues with the trading platform functionality.
Deposit and Withdrawal Methods
While PayPerCalls offers various deposit options including credit cards and e-wallets, many users report significant challenges when attempting withdrawals. These issues often lead to frustration among traders who find themselves unable to access their funds after depositing them.
Why Unregulated Brokers Are Risky
Dealing with unlicensed brokers like PayPerCalls carries substantial risks including:
- Loss of funds without recourse.
- Lack of legal protection against fraud.
Traders should be aware that engaging with such platforms can lead to severe financial consequences.
How to Get Help if You Are Scammed
If you suspect you have been scammed by PayPerCalls or similar platforms, consider services like Reportscammedfunds.com which offer chargeback assistance, legal support, and fraud reporting mechanisms aimed at recovering lost funds.
Conclusion
In conclusion, based on our evaluation, we strongly advise against using PayPerCalls due to its unregulated status and misleading practices. Traders should prioritize choosing properly regulated brokers for their safety. If you have already fallen victim to this platform’s tactics, seek legal help immediately or report your experience through appropriate channels. Stay safe in your trading endeavors!
