Palmer Finance Review: Some Facts You Need To Know

Is Palmer Finance Legit or Scam?

Palmer Finance is a scam broker, not a legitimate company. We strongly advise against using their services. Here’s why:

• Unregulated and Blacklisted: Palmer Finance is not registered with any reputable financial authority, making it an illegal broker. They are even blacklisted by the FCA (Financial Conduct Authority) and the Bank of Russia.
• False Claims and Deception: They claim to be a US-based company but lack any US registration and offer leverage exceeding the legal limit for US retail clients.
• Negative User Reviews: Many users report withdrawal issues and losing money with Palmer Finance.
• Suspicious Practices: They lack transparency in fees and only offer a phone number, email, and WhatsApp chat for contact, which are red flags for a legitimate broker.

Company Overview

Services or Products

Palmer Finance claims to offer:

• Forex trading
• CFD trading on various assets like commodities, indices, and equities
• Crypto trading

If you have lost money to companies like Inverforx, or VenturyFX; please report it to us on our report a scam form.

Trading Platform & Leverages

Palmer Finance offers a basic web-based trading platform called WebTrader, accessible on mobile devices. However, it lacks the functionalities of established platforms like MT4 and MT5. Additionally, they offer a high leverage of up to 1:400, which is illegal for US retail clients and further indicates their lack of legitimacy.

Spreads and Cost of Trading

Palmer Finance is vague about spreads, stating they are “competitive” without providing concrete figures. They also lack transparency in commission fees, raising further concerns.

License and Regulations

Palmer Finance is not regulated by any reputable financial authority, including the US National Futures Association (NFA), the UK Financial Conduct Authority (FCA), or the European Securities and Markets Authority (ESMA). This lack of oversight raises significant concerns about their legitimacy and the safety of your funds.

Legal Warning Against Palmer Finance

Both the Financial Conduct Authority (FCA) and the Bank of Russia have issued warnings against Palmer Finance, highlighting their fraudulent activities.

Deposit and Withdrawal Methods

Palmer Finance only accepts deposits via credit/debit cards and wire transfers. The minimum deposit is 100 GBP, but information about withdrawal fees and processing times is unclear.

Palmer Finance Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Trading with an unlicensed broker like Palmer Finance puts your funds at significant risk:

• No protection: Without regulatory oversight, you have no recourse if the broker steals your money or manipulates the market against you.
• Unreliable platforms: Unlicensed brokers often use unreliable trading platforms susceptible to manipulation and glitches.
• Limited support: You won’t receive adequate support or assistance if you encounter any issues.

Client Feedback

Many users have reported negative experiences with Palmer Finance, including:

• Difficulty withdrawing funds
• Losing their money
• Lack of responsiveness from customer support

How Can “ReviewsAdvice” Help You If You Get Scammed?

While “ReviewsAdvice” cannot guarantee to recovery of lost funds, we can offer resources and guidance on the following:

• Reporting the scam to relevant authorities
• Initiating a chargeback process with your bank
• Seeking legal advice