Note: poopac official site - http://www.poopac.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is poopac？
poopac, a part of poopac WEALTH LTD, operates as a United Kingdom-based broker, providing more than 200 financial instruments such as currencies, commodities, indices, metals, shares, and cryptocurrencies. However, concerns emerge due to its unauthorized NFA regulatory status and a non-functional website, raising reliability and credibility issues and thereby increasing investment risks.
In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. At the end of the article, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.
Pros & Cons
Offers a diverse range of trading instruments: POOPAC provides access to a wide variety of trading assets including currencies, commodities, indices, metals, shares, and cryptocurrencies, allowing traders to diversify their portfolios and explore different markets.
Zero commission from Standard account: Traders using the Standard account can benefit from commission-free trading, reducing overall trading costs.
MT4 platform: The MetaTrader 4 (MT4) platform utilized by the broker is renowned for its user-friendly interface, advanced charting tools, and automated trading capabilities, providing traders with a robust and reliable trading experience.
Unauthorized NFA regulatory status: The lack of NFA authorization raises questions about regulatory compliance and oversight.
Persistent website accessibility issues: Continual difficulties accessing the website hinders traders' ability to conduct transactions and obtain information.
Negative reports on WikiFX: Reports of negative experiences on WikiFX regarding scam and withdrawal issues indicate issues with reliability and customer satisfaction of this broker.
Is poopac Legit or a Scam？
When considering the safety of a brokerage like poopac or any other platform, it's important to conduct thorough research and consider various factors.
Regulatory sight: The broker's NFA (National Futures Association) license, numbered 0540368, is unauthorized, casting doubts on its regulatory adherence and commitment to customer protection. The situation is compounded by an inaccessible website. Thorough research is essential when engaging with financial entities, especially when encountering such cautionary indicators.
User feedback: The presence of two reports on WikiFX regarding withdrawal issues, along with one report about a scam, should serve as a significant red flag for poopac. We strongly urge traders to be careful and do their own research before considering any engagement with the broker.
Security measures: So far we have not found any security measures over internet for this broker.
In the end, choosing whether or not to engage in trading with poopac is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
poopac offers traders access to an extensive selection of over 200 trading products, catering to a diverse range of investment preferences.
This comprehensive range includes currencies, enabling traders to speculate on the fluctuations of major and minor currency pairs.
Additionally, traders can engage in commodity trading, with options available for popular commodities such as gold, oil, and agricultural products.
Indices trading allows investors to track the performance of global stock markets, while metal trading offers opportunities in precious metals like gold and silver.
Moreover, shares trading provides access to stocks from various sectors and industries, enabling traders to invest in individual companies' performance.
Lastly, the inclusion of cryptocurrencies allows traders to capitalize on the volatility of digital assets like Bitcoin, Ethereum, and Litecoin, enhancing the breadth and depth of trading opportunities available on the poopac platform.
Account Types
poopac provides traders with two real trading account options: Standard and Prime. However, the minimum initial deposit requirement for each account is not disclosed.
The Standard account is designed to cater to traders with varying experience levels and offers access to a range of trading instruments.
On the other hand, the Prime account offers additional features and benefits tailored to more advanced traders.
Leverage
poopac offers varying leverage ratios depending on the specific financial instruments being traded.
For forex pairs, gold, and silver, traders can access leverage of up to 500:1, while commodities and indices trading allow leverage of up to 200:1.
Shares trading offers leverage of up to 20:1, and for cryptocurrencies, the maximum leverage is up to 2:1.
However, it's crucial for traders to be cautious when utilizing leverage, as while it can amplify potential profits, it also significantly increases the risk of losses. We recommend traders to fully understand the implications of leverage and only use it judiciously in accordance with their risk tolerance and trading strategies.
Spread & Commission
Spreads and commissions at poopac vary depending on the type of account held.
The standard account typically features wider spreads but does not impose additional fees. In contrast, the Prime account offers ultra-low spreads, often starting from 0 pips, albeit with a commission not explicitly disclosed.
For instance, the benchmark EUR/USD pair have spreads starting from 1.3 pips in the Standard account, while the Prime account offers spreads starting from 0 pips.
Traders should carefully consider their trading style and preferences to determine which account type aligns best with their needs and objectives.
Trading Platofrm
poopac provides traders with access to the widely acclaimed MetaTrader 4 (MT4) trading platform, renowned for its advanced features and user-friendly interface.
MT4 offers comprehensive charting tools, technical indicators, and customizable trading strategies, empowering traders to execute trades efficiently and make informed decisions. Its robust functionality extends to automated trading capabilities through Expert Advisors (EAs) and a thriving marketplace for trading algorithms. With its reliability and versatility, the MT4 platform caters to traders of all experience levels, from beginners to seasoned professionals, seeking a powerful and intuitive trading solution.
User Exposure on WikiFX
The existence of two reports on withdrawal issues and one report about a scam on WikiFX should be considered a substantial warning sign. We strongly advise all traders to conduct thorough research and meticulously analyze available information before participating in any trading activities.
Our platform is dedicated to serving as a comprehensive tool to assist traders in making informed decisions. If you've experienced financial fraud or encountered similar issues, we encourage you to share your experiences in our 'Exposure' section. Your contribution is invaluable, and rest assured, our dedicated team is steadfast in addressing challenges and continually seeks effective solutions for complex situations.
Customer Service
poopac provides customer support exclusively through its address and email. Traders can contact the broker for assistance or queries related to their trading accounts. However, the availability of customer service channels is limited, with no additional options such as phone or live chat support, which you should take into consideration of when choosing this broker.
Address: UNIT G1, CAPITAL HOUSE 61 AMHURST ROAD,LONDON,UNITED KINGDOM E8 1LL.
Email: support@poopac.com; services@poopac.com.
Conclusion
In summary, poopac, headquartered in the United Kingdom, offers online trading services across various asset classes, including currencies, commodities, indices, metals, shares, and cryptocurrencies. However, its unauthorized NFA regulatory status, along with ongoing website accessibility issues, casts doubt on its operations. Furthermore, three negative reports on WikiFX exacerbate these concerns.
Given these issues, we strongly recommend you to consider other brokers that prioritize transparency, regulatory compliance, and exemplary customer service before proceeding with poopac.
Frequently Asked Questions (FAQs)
Risk WarningOnline trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-02-22 11:24
