PCM offers its clients 5 account types, depending on their initial investment amount. All account types provide variable spreads, micro tradeable lots, and NDD environment on the MetaTrader 4 platform. Only the Islamic account is commission-free (and of course the spreads are wider), while the rest of the account types involve commissions.
While the minimum initial deposit of $100 required by PCM is average, the trading costs on the Learner account type amount to at least 2 pips (2 х $9 + spread of 0.2 pips), which is above the average for the sector. By comparison, Trading212 (holding FCA license) offers spreads averaged 0.9 pips on EUR/USD and charges no commission fees. For further information and comparison, you may check out the real-time spreads of 15 leading brokers here.
The Company. Security of Funds
Perfect Capital Markets Ltd.
PCM is a London-based forex and CFD broker that offers trading in 62 currency pairs, CFDs as well as Gold and Silver on the industry’s standard MetaTrader 4 platform.
PCM claims to be fully regulated and licensed by the UK Securities and Exchange Commission in accordance with the Markets in Financial Instruments Directive and by the Cyprus Securities and Exchange Commission. However, as most of you know, the UK forex regulator is the Financial Conduct Authority (FCA), and a check in FCA’s online register revealed that this broker is not regulated. It is not licensed by the CySEC either.
PCM further claims it was established in 2007 and in fact it was incorporated in February 2017, according to the UK Companies House register. Obviously, this broker makes false claims, and is not supervised by any authority. So, we do not recommend doing business with it. Instead, we suggest that you select among brokers that are duly regulated by UK’s FCA, CySEC or Australia’s ASIC.
Like most brokers, this one also supports the MetaTrader 4 (MT4) platform, desktop and mobile versions available.
MT4 holds the title of most popular forex trading platform for more than 10 years now. It is easy to use and offers a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades.
Methods of Payment
PCM offers its clients the following payment methods: bank wire transfer and via credit/debit cards, as well as e-wallets such as Skrill, and Neteller.
PCM is a UK-based forex and CFD broker that uses the good old MT4 platform and claims to offer pure NDD environment. Our main concern with PCM is that it is not licensed by FCA, nor by any other authority. Besides, we find trading costs comparatively high.
PCM Review Conclusion
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