Palmer Finance Company provides clients with access to a unique trading platform on which they can trade various financial instruments. This is a British broker working on ECN technology. Let’s take a closer look at the terms of this project, as well as reviews about it. Before we recommend it, we need to make sure that it is not a scam. Although more often it happens the other way around.
- Palmer Finance Company General Information
- Registration and Client Portal Review
- Palmer Finance Company Trading Conditions
- Account Types Review
- Trading Platform
- Palmer Finance Company — Deposit and Withdrawal of Funds
- Additional Options
- Is Palmer Finance Company a Scam?
- Legal Information and License
- Palmerfinancecompany.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Palmer Finance Company General Information
|Phone Number||+447460313624 (WA), +442080895770|
|Address||Sweetwood Drive Street, Boulder, Colorado 80302|
Registration and Client Portal Review
Palmer Finance Company did not seem to us a decent broker immediately after our first acquaintance. Seriously, have you seen this site? It is absolutely typical and formulaic. It does not cause anything but the desire to close it. These empty words also very annoy us everywhere. «There is no better time than investing now». Of course, this is true. However, not with your platform, guys.
Let’s explain our point of view. Palmer Finance Company poses as an international broker. The company is supposedly from England. At the same time, its office is in America. Moreover, the site generally presents only English and Polish. Do we hope it is clear what audience this broker is targeting?
Registration on the site took us only two minutes. Palmer Finance Company is one of those brokers who do not care about your security. You just need to fill out a small form with contact details and you will immediately get access to the Client Portal.
The Palmer Finance Company Client Portal looks as simple as the official website. All standard functions are available here. You can fund your account, create a withdrawal request, and view financial transactions. Also, there are functions for editing account settings and uploading documents.
Palmer Finance Company Trading Conditions
Palmer Finance Company is a Forex and CFD broker. It claims that it has provided better conditions for traders. We do not agree with this.
Account Types Review
The broker has five types of accounts. There is even a small minimum deposit. Only 100 pounds. You know what? Trading on the Beginner account is almost impossible. If you choose it, you will have access to 9 currency pairs. These are all your trading tools. Besides, you will get sick of the size of the spreads and will inevitably want to open the next, more profitable account.
And here’s a surprise. You will have to deposit 5 thousand pounds already. Palmer Finance Company will add only one type of asset to currency pairs. It doesn’t say which one. In general, to get access to all trading instruments, you will have to open at least a Gold account. And it needs to be funded by 100 thousand dollars. Starting with a Gold account, you will also be provided with a bunch of near-market services. For example, loans from the company, trading signals, insured transactions, bonuses, etc. In general, this is literally everything that reputable regulators prohibit.
The Palmer Finance Company trading platform is a standard web trader. We are so tired of it. It’s just impossible to convey. For some reason, every broker who uses it claims that it is a personal development and generally the best software in the world. Of course, this is not the case. It’s a terminal with rather limited functionality. Additionally, Palmer Finance Company decided not to spend money on the desktop version.
Palmer Finance Company — Deposit and Withdrawal of Funds
Palmer Finance Company specifies only Visa/MasterCard and bank transfers as deposit methods. Crediting to the account takes up to three working days. We tried to fund our account and we failed. You see, the procedure here is not very typical
First, you will need to specify the deposit amount and then wait for a call or message from the manager. What for? If only we knew! Obviously, Palmer Finance Company really wants to talk to you before you fund your account. What if the consultants manage to persuade you to deposit a large amount?
The list of documents that Palmer Finance Company may need is quite impressive. Perhaps, at the first stage, it will ask you to confirm only your identity and place of residence. To do this, you can upload color copies of documents to your personal account. Also, each time you withdraw money, you will have to fill out DOD and POR. Besides, there is a separate application form for bank transfers, which must first be printed out, then filled out, scanned, and uploaded back to the client portal.
Palmer Finance Company offers very strange additional services. For example, what are insured transactions? If you are trading on a real market or at least using ECN technology, you cannot have any insured transactions because you are trading against real traders. Account bonuses are another fraudulent branch. Naturally, you will not get this money just like that. You’ll have to work them out. And all the profits that are received from bonuses can be canceled from your account. Finally, what is the lending from the company? It is prohibited at all.
Is Palmer Finance Company a Scam?
So far, everything we have reviewed about Palmer Finance Company clearly hints that this is a scam. However, things are much worse.
Legal Information and License
Palmer Finance Company claims that its management company is registered in England. It is listed in the register under the number 05305159. With such registration data, we found Palmer Finance, incorporated in 2004. The type of activity of this firm is financial intermediation, not classified anywhere. It’s not very similar to brokerage services yet.
Also, all brokers in the UK are required to be authorized on the FCA registry. However, at the request of «Palmer Finance», there were only three matches. And these companies do not belong to the company with the registration number 05305159. The latter is simply not included in the registry. This means that its services don’t really need licensing. The hero of our review simply pretends to be a suitable legal entity.
Palmerfinancecompany.com Domain Info
Another reason why we are sure that the Palmer Finance Company is a scam is its term of work. In the register, the registration date is indicated as 2004. However, there are no reviews about such a broker until 2023. And the domain check showed that it was registered on January 9, 2023. The project is still a few weeks old. And it is unlikely that it will work at all for at least a year.
Palmer Finance Company specifies several phone numbers for communication, an email address, and even a link to WhatsApp. There is no office of such a company at the address indicated on the website. And one of the phone numbers is borrowed from another broker, JM Trade. How many more inconsistencies do we need to find to make it clear that this is a scam?
Pros and Cons
- A small minimum deposit.
- Ridiculous trading conditions.
- Fake legal data.
- No license.
- Fake contacts.
- A small lifespan.
Frequently Asked Questions (FAQ)
The broker offers CFD trading on popular assets. It also has many types of consulting services.
The minimum deposit is only 100 pounds. The truth is that it will be inconvenient to trade on the start account. The broker has done everything to ensure that you deposit at least 5 thousand.
No, this is a fake company that uses the data of a real firm. It is not regulated by supervisory authorities. The chances that the deposit will not be returned to you here at all are very high.