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ParabolicFX Review: A Cloned ASIC Deregistered Platform

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ParabolicFX Review: A Cloned ASIC Deregistered Platform

Despite claiming to be ASIC regulated, ParabolicFX is already a deregistered platform. The platform has been officially thrown out due to misconduct. With claims of offering bonuses, the platform is facing serious charges from regulators. We also see claims of being the official business partner of Olympique Lyon. All these are false claims meant to drive users to the platform. Learn the truth in our conclusive PARABOLICFX REVIEW.

A Detailed Look at ParabolicFX

ParabolicFX Review

Once you land on the homepage, you see a platform that looks legit. With the blue color theme, it almost looks like the perfect investment platform. However, when you take a closer look, that’s when you start noticing some errors. 

And this is the reason why we are investigating the platform. We need to expose the reasons which led to the deregistration of the platform. One of the biggest issues is offering bonus incentives with each deposit.

Other reasons the platform was cut off from registered platforms are the lies. The platform is not a business partner to one of France’s biggest teams. And this is another reason why regulators decided to remove it from their records.

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Back to the website, there are four promotions available on the platform. These include account transfer bonus, bitcoin bonus, investment bonus, and reference bonus. The promotions are another reason the platform was deregistered.

Accounts ParabolicFX

ParabolicFX offers four account types to investors. These four accounts include Micro, Standart, Platin, and Ruby. To start trading, you can make a minimum deposit of $30 with the basic account. The platform also offers Islamic accounts on all three platforms.

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Micro

You get spreads on all majors set as low as 1 pip with the minimum allowed deposit set to $30. There are no commissions with this account type. 

Standart

To start using the Standart account, you have to make a minimum deposit of $100. The account offers no commissions with the spreads set at 1 pip.

Platin

There’s a minimum required deposit of $250 with spreads on all majors set at 0.6 pip. You don’t get any commissions with the platform.

Ruby

It’s the most exclusive account, with members having to deposit $5,000. Spreads on all major currencies are set to 1 pip.

ParabolicFX Account Types

Affiliate Program

Once you refer a user to this platform, you get a 15 percent commission. The commission is based on the deposit made by the referred partner. With the platform being blacklisted, the affiliate partnership is of no use.

Soon, the platform will start packing their bags, and they will close down shop. You will end up facing the wrath of referred parties. We don’t expect the platform to compensate or make refunds to users.

Available Trading Instruments

There are six available trading instruments for the choosing. The six include commodities, energies, equity, forex, metals, and stocks. In addition, you can trade CFDs on popular commodities across America, Asia, and Europe on the platform.

The platform offers both hard and soft commodities. Available energies include Oil which is a 24/7 hour market. Equities and indices include leading indexes from American and European markets.

Trading with Forex on the platform begins with the Australian market, followed closely by Asian markets. The available metals include gold and silver. Parabolic FX claims to offer fast execution, small minimum lot size, and no hidden charges.

We saw over 150 global companies on offer. The platform offers shares from large companies in France, Germany, UK, and the United States. 

Bonuses and promotions

The platform offers bonuses depending on the type of depository option you use. For example, those who use credit cards get a depository bonus of 30 percent. Those who deposit with crypto get a depository bonus of 40 percent.

These may look and sound great but, there are some downsides to them. You won’t get to withdraw even a penny unless you pay back in full the bonus amount. And this is the reason the platform has been deregistered.

Account transfer bonus is another reason why the regulator blacklisted the platform. There’s no reason to offer a bonus when one changes accounts. It seems the platform wants users to go for the Ruby account.

Regulators in all jurisdictions have been blacklisting platforms offering bonuses. So make sure to avoid platforms that offer bonuses and commissions. You will end up paying a heavy price for accepting the two.

Compliance, License, and Registration ParabolicFX

Parabolicfx.com License and Registration

ParabolicFX is not a licensed or registered entity, as they lead users to believe. The platform claims to be registered by two regulators, which is false. Parabolic FX claims to be compliant by ASIC and the Financial Conduct Authority.

There’s no way these two regulators can register a platform at once. We can see that ASIC has deregistered the platform on its official page. We believe other regulators in Europe plan to follow suit.

Without any oversight, the platform is bound to make its own rules. And this includes offering bonuses that are contrary to regulations. Members are at a disadvantage since the platform will enforce their own rules.

Contact and support

You can only make contact via help center support. What looks like a chat session is a bot trying to answer programmed messages. Unfortunately, the response time is slow, making it hard to get the answer that you need.

An investor needs a platform that offers customer support 24/7. At worst, the platform should provide support 24/5 during normal trading hours. Unfortunately, it’s not the case as the platform doesn’t even leave a phone number.

Deposit and withdrawal channels

The platform offers a variety of funding methods to users. These include bank transfers, Bitcoin, MasterCard, Papara, Tether, and Visa. With these funding methods, anyone from any part of the world can fund their accounts.

One of the biggest challenges facing investors is withdrawing funds. The platform is slow at processing withdrawals, with huge delays witnessed. We also note the platform does not allow large withdrawals.
Some of these tactics are used by offshore platforms to blackmail investors into depositing more funds. For example, the platform will insist on withdrawing funds if you deposit funds for your next trading venture.

MT5 Trading platform

One of the few positive aspects of the platform is offering MT5 trading terminals. It’s a world-class trading terminal that gives traders an advantage. You can learn a lot of trading thanks to this intuitive trading platform.

Parabolic FX Trading Terminal

We recommend using MT4, MT5, and SIRIX trading platforms when using a legit website. These platforms offer advanced tools that ease trading activities. That’s what you need to get a head start in the trading world.

Safety of funds with ParabolicFX

Those that have already deposited funds, we can only feel sorry for you. You won’t enjoy the safety guaranteed by regulated platforms.

Parabolic FX does not offer any safety net for deposits made. In addition, there’s no insurance offered by the platform.

Why we don’t recommend ParabolicFX

Here are the main reasons why we don’t recommend anyone signing up with parabolicfx.com

  • A deregistered platform by the ASIC
  • Compliance issues with regulators such as ASIC and FCA
  • Customer support is unavailable
  • Payment options prove inadequate when withdrawing.
  • Safety of funds is not available.

These are the reasons why we doubt the credibility of this platform.

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If you have any queries, feel free to leave a comment or drop us an email.

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