Note: Since this brokers official site (https://petofx.com/) is not accessible at the time of writing this introduction, only a cursory understanding can be obtained from the Internet.
Risk Warning
Online trading is dangerous, and you could potentially lose all of your investment funds. Not all investors and traders are suitable for it. Please understand that the information on this website is designed to serve as general guidance, and that you should be aware of the risks.
General Information
What is Peto？
PetoFX, a trading entity, operates under the legal entity name Peto Global Ltd. The company is officially registered in England and Wales, bearing the registration number 13089059. Its registered office is located at Flat 21a, 17 Nottingham Street in the vibrant city of London, specifically in the W1U 5EW postal code area.
Pros & Cons
Peto Alternative Brokers
There are many alternative brokers for Peto depending on the specific needs and preferences of the trader. Some popular options include:
XM - XM offers a diverse range of trading instruments, competitive spreads, and multiple account types. It is known for its educational resources and customer support.
AvaTrade - With a strong global presence, AvaTrade offers a wide range of trading instruments and platforms, including MetaTrader 4 and AvaTradeGO, catering to traders of all experience levels.
FXTM - ForexTime (FXTM) provides a variety of account types, educational materials, and analysis tools. It offers competitive trading conditions and a range of instruments to trade.
Is Peto Safe or Scam？
The fact that PetoFX currently lacks effective regulation raises concerns about the safety and legitimacy of the platform. Regulation is an important aspect of the financial industry, as it provides oversight and protection for traders. The lack of regulation means that there is no independent body overseeing the activities of PetoFX or ensuring compliance with industry standards. It is worth mentioning that their website is currently not open.
Market Instruments
PetoFX takes pride in its extensive range of trading opportunities, boasting a remarkable selection of over 1500 instruments to cater to the diverse needs of its clients. These instruments span across various financial markets, providing traders with a wide array of options to choose from.
Forex currency pairs form a significant portion of PetoFX's offerings, allowing traders to engage in the dynamic and fast-paced world of foreign exchange trading.
In addition to forex, PetoFX provides access to a comprehensive range of commodities. From popular commodities such as gold, silver, crude oil, and natural gas to agricultural products like wheat, corn, and soybeans, traders can participate in the commodity markets and take advantage of price movements driven by supply and demand dynamics.
Metals, known for their historical value and stability, are another category of instruments available on PetoFX. Precious metals such as gold, silver, platinum, and palladium offer traders a hedge against inflation and a safe haven during times of economic uncertainty.
PetoFX also covers a broad spectrum of global indices, enabling traders to speculate on the performance of major stock market indexes. Whether it's the S&P 500, FTSE 100, NASDAQ, or other popular indices, traders can take positions based on their market outlook and capitalize on the overall direction of specific markets.
For those interested in individual stocks, PetoFX provides access to a diverse range of equities. Traders can invest in shares of renowned companies across various industries, allowing them to participate in the success and growth of specific businesses.
Keeping up with the evolving landscape of finance, PetoFX embraces the world of cryptocurrencies. Traders can engage in the exciting realm of digital assets by trading popular cryptocurrencies like Bitcoin, Ethereum, Ripple, and many others.
Additionally, PetoFX facilitates trading in
Contract for Difference (CFD) instruments, which allows traders to speculate on the price movements of various assets without actually owning the underlying assets.
Minimum Deposit
PetoFX attracts traders with its attractive feature of a low minimum initial deposit requirement, set at only $50. This accessible entry point may initially seem encouraging to individuals seeking to enter the trading world without a substantial capital investment.
PetoFX offers the convenience of opening trading accounts denominated in various currencies. Traders have the flexibility to choose from a range of options, including AUD, USD, EUR, GBP, SGD, HKD, JPY, NZD, CHF, or CAD. This diversity in currency options allows traders to align their trading accounts with their preferred currency and potentially mitigate currency conversion costs.
Leverage
For forex and indices trading, PetoFX offers a maximum leverage level of 1:500. This means that traders can control a position size up to 500 times the amount of their trading capital.
In the case of commodities, PetoFX offers a maximum leverage of 1:100. Commodities can exhibit price volatility influenced by various factors such as supply and demand dynamics, geopolitical events, and economic indicators.
For trading metals, PetoFX provides a maximum leverage of 1:200. This allows traders to control positions that are up to 200 times larger than their trading capital.
When it comes to trading cryptocurrencies, PetoFX offers a maximum leverage of 1:10. Cryptocurrencies are known for their high volatility and rapid price fluctuations.
Spreads & Commissions
PetoFX emphasizes its commitment to low spreads, starting from 0 pips onward. However, it is important to note that specific spread details for individual instruments are not explicitly specified by the platform. Traders are advised to contact PetoFX directly or refer to their trading platform for accurate and up-to-date information regarding spreads on different instruments. In addition to spreads, PetoFX charges a commission for forex trading, starting from $10 per lot.
Understanding the spreads and commission charges associated with trading instruments is vital for traders, as these costs directly impact the overall profitability of their trading activities.
Below is a comparison table about spreads and commissions charged by different brokers:
Trading Platform
PetoFX offers its traders MT5 trading platform, available for Windows, PC, iPhone and Android devices. The powerful MT5 trading platform include the following:
More balance transaction types compared to MT4
A total of 44 analytical objects and unlimited number of charts
An integrated economic calendar and email system
Multi-threaded strategy tester
Fund transfer process between accounts
A system of alerts to keep up to date with all the latest market events
Embedded MQL5 community for traders to chat and network with peers and share tips and strategies
See the trading platform comparison table below:
Deposits & Withdrawals
PetoFX offers a minimum deposit requirement of $50; however, specific details regarding the accepted payment methods are not explicitly mentioned by the platform. While PetoFX does not provide specific information about the payment methods they support, it is common for most brokers support traders to fund their accounts through Credit/Debit Card (Visa, MasterCard, Maestro), Wire Transfer, as well as some online payment processors like Skrill and Neteller.
Customer Service
PetoFX offers customer support services to assist traders, and they can be contacted during specified hours. Traders can reach PetoFX's customer support team from Monday to Friday, 24 hours a day, except for weekends.
To get in touch with PetoFX, traders can utilize the provided contact details. For telephone inquiries, the contact number is +61 2790 85498. Traders can dial this number to speak directly with a customer support representative for assistance or to have their queries addressed.
Alternatively, traders can also reach out to PetoFX's customer support team via email. The designated email address for support inquiries is support@petofx.com. By sending an email to this address, traders can communicate their concerns, seek assistance, or request information from the customer support team.
Address: Flat 21a 17 Nottingham Street, London, W1U 5EW, United Kingdom.
Pros and cons of customer service of PetoFX:
Conclusion
In conclusion, PetoFX is a financial brokerage that offers online trading services to individuals interested in trading various financial instruments including forex currency pairs, commodities, metals, indices, stocks, cryptocurrencies, and contracts for difference (CFDs) via the leading MT5 trading platform.
However, it doesn't have any valid regulations, and the website is closed.
Traders considering PetoFX or any other brokerage should conduct thorough research, assess their regulatory status, review customer feedback, and consider other relevant factors before engaging in trading activities.
Frequently Asked Questions (FAQs)
Q1: Is PetoFX a regulated broker？
A1: No, as of the provided information, PetoFX is currently unregulated. Traders should exercise caution when dealing with unregulated brokers, as it may entail higher risks.
Q2: What trading instruments are available on PetoFX？
A2: PetoFX offers a wide range of trading instruments, including forex currency pairs, commodities, metals, indices, stocks, cryptocurrencies, and contracts for difference (CFDs).
Q3: What trading platforms does PetoFX offer？
A3: PetoFX provides traders with the MetaTrader 5 (MT5) trading platform, which is known for its advanced features, charting tools, and order execution capabilities.
Q4: What is the minimum deposit requirement for opening an account with PetoFX？
A4: PetoFX has a low minimum deposit requirement of $50, which enables traders to start trading with a relatively small amount of capital.
2022-12-15 14:55
