WikiFX Review: things you need to know about Pandora Finance

The currency market, which is filled both opportunities and risks, is unpredictable. While many investors have gained considerable returns after investing in the forex market, those who suffered great losses have learned painful lessons. Today, WikiFX is going to review a forex broker named Pandora Finance (pandorafxco.com) for investors and traders.

First let's search Pandora Finance on WikiFX APP to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1547917186.html), Pandora Finance currently has no valid regulatory license and the score is rather negative - only 1.54/10.

WikiFX also paid a visit to the broker‘s website. Pandora Finance is an incredibly enigmatic broker – it omits a lot of crucial information on its website. The default language of the site is Chinese, and there is simply no way for anyone to understand what the broker’s trading conditions and terms are just from looking at its website. That would not be so bad if the broker could open accounts where that vital information is available – but any attempt to make an account with Pandora Finance led to the following page:

It seems that, at the time of writing, getting an account with the broker is completely impossible. This does mean that WikiFX was unable to learn much about it, since the website it runs is so cryptic.

Besides, Pandora Finance is not even remotely a legitimate brokerage. They never say where are they based, nor mention anything about a license or regulation.

Pandora Finance is said to be owned and operated by Pandora Finance Co., Limited – a company which we are told nothing about. Anyway, it appears to originate from Hong Kong – a country where financial services providers need a license with the Securities and Futures Commission (SFC). Needless to say, Pandora Finance doesnt hold any such license, nor does it provide the public with a physical address.

These are serious red flags that cannot be overlooked – because clients are subjected to all kinds of risks, the most prominent of which is being scammed. To protect traders from fraudsters as well as from the infamous volatility of the market, most countries have licensing regimes in place and dedicated agencies in charge of forex brokerages.

In terms of the trading software available, Pandora Finance delivers MetaTrader5 to its clients. This platform is an excellent choice when it is provided by licensed brokers, but since this isnt the case here, WikiFX would better suggest that you find yourself a legit and well-reputed MT5 provider instead.

The broker does not elaborate on the leverage levels they offer, but they turned out to be as high as 1:1000 on demo accounts. Such ratios are generally considered overly risky for retail investors, which is why leverage was capped in many jurisdictions, including the UK, Australia, the USA, all EU Member States, and more. In any case, WikiFX would advise you to use levels of up to 1:100, provided only by legit brokers.

Pandora Finance doesn't disclose any of its trading conditions, not even the minimum deposit required. Furthermore, there are no legal documents uploaded on their website. And the Terms of Service and the Client Agreement are crucial in defining the relations between a broker and a trader, and also contain important information on fees. Such lack of transparency, combined with the lack of proper company information and a legit license, is pretty much a recipe for getting scammed.

In addition, some investors who had trading experience with Pandora Finance made complaints about the broker:

Source: forexpeacearmy

Source: https://www.wikifx.com/en/exposure/exposure/1547917186.html

In conclusion, Pandora Finance Co Limited could go bankrupt from one day to another and investors are thus advised to choose a more reliable broker instead. It is always better to be cautious when trading in the forex market. Therefore, a trader must always stay alert and sensitive to the changes not just within the market action and/or market price movement, but also with their brokers performances to keep themselves safe.

For any forex broker-related enquiries, simply log on to https://www.wikifx.com/en/ or download the free WikiFX mobile application on Google Play/App Store and get all the verified and relevant broker information at your fingertips. With just a few swipes you will be able to easily review, survey and compare to determine the reliability of your chosen forex brokers.