PIP Index Review

MIN. DEPOSIT £100
Up to £7,500 BONUS
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PIP Index
Up to £7,500
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Overview

Company Information Pipindex is one of the newest online Forex trading brokers created just two years ago in 2014. The platform is owned by Pip Index Capital Markets and is… more

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Details

BrokerPIP Index
Website URLhttp://www.pipindex.com/
HeadquartersLondon, United Kingdom
Support Number+44 20 7022 0601
Support Emailclient.support@pipindex.com
Support TypesPhone, E-mail
LanguagesEnglish
Minimum 1st Deposit£100
Minimum Trade Amount0.01 lots
Maximum Trade Amount1,000 lots
BonusUp to £7,500
Free Demo AccountYes
Regulated Yes
RegulationFinancial Conduct Authority (FCA)
Account TypesLive, Platinum
Deposit MethodsCredit/Debit Cards, Bank Wire, Corporate Bank Account Transfer
Withdrawal MethodsCredit/Debit Cards, Bank Wire, Corporate Bank Account Transfer
Types of AssetsForex, Metals, CFDs, Indices, Commodities, Energies, Bonds
Account CurrencyGBP, EUR, USD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Pipindex is one of the newest online Forex trading brokers created just two years ago in 2014. The platform is owned by Pip Index Capital Markets and is one of the largest STP (Straight Through Processing) providers. It offers Forex, metals, indices, commodities, bonds and energies trading services. With some of the lowest spreads in the industry, it aims for the top rankings for online brokers. The company is based in London, UK and is fully licensed. It operates under the authority of the FCA and is suitable for beginner traders, professional traders and institutional clients. The range of markets that Pipindex offers is indeed one of the largest online with 60+ currency pairs and over 500 stocks. Their policy of transparent pricing and safety of funds makes it a preferred choice for many traders around the world. While their headquarters are located in London, the company also has several offices throughout Europe. You can find one in Madrid, Spain in Frankfurt, Germany and Paris, France. It seems their efforts are mainly aiming European traders, but many other can join the platform from around the world.

 

Trading Information

Pipindex offers three types of accounts. The first one, of course, is the Demo account where you can try what the platform is all about and experience the trading conditions at first hand. What’s interesting about it is that it has unlimited access as long as you stay active. If there is 14 day period of inactivity, the account is closed. Next, is the Standard account with a $100 minimum deposit. There you will find 800 trading instruments and excellent trading conditions. You will also receive a dedicated account manager and personal trading and marketing analysis. The spreads are variable and can go from 0.8 pips to 1.2 pips for majors like EUR/USD, but the typical one is one pip. Leverage is set to 1:200, but you can ask for it to be changed to 1:400. Next, is the Platinum account. This type of account is suitable for professional traders who look to move bigger trade volumes fast. It offers over 800 trading markets and offers faster withdrawal times. The Platinum account will give you access to the Pro Traders Club where you can watch helpful webinars about different markets. You’ll also have a dedicated senior market analyst and a 20% rebate on fees. Scalping is not allowed on the platform, and everyone who tries to use will be punished by account termination.

 

Trading Platforms

The platform that the people from Pipindex have chosen for their services is the Metatrader 4 (MT4). It has been around for a long time and is still used by 90% of online brokers as their primary platform. It offers a ton of features and is highly customizable. You can trade from charts, signals, access analysis reports and have streaming news feeds. The MT4 has great charting capabilities and is understandable even for beginner traders. The platform is suitable for every device including Windows and MAC desktop computers. Mobile trading can be done via the dedicated mobile app in the Apple and Android application stores. A big miss here is the ability to trade through your browser without the need for downloading and installation. A WebTrader option is a must for a nowadays broker, and you’ll be disappointed to know that there isn’t one offer by Pipindex. Also, the MT4, despite its popularity, is sometimes a bit outdated for professional traders who would like to have more trading options and features (Like Level II Market Depth). Otherwise, there are no flaws with the platform, and it does a stellar job.

 

Security and Customer Services

Safety is essential nowadays and with the high level of scamming practices it has become a must for every online broker. The people from Pipindex have done well for implementing an SSL encryption protocol on their open account page. Also, we already mentioned the safety of funds policy which is ensured by their segregated account option. That way your funds will be protected, if, by chance, anything happens to the company. The customer support is quite good. It’s not 24/5, but you can contact the customer care team every Monday to Friday from 08:00-18:00. There are plenty of ways to reach with emails, phone, and fax numbers. You can also find help through the company’s social media profiles on Facebook, Twitter, Google+ and LinkedIN. A bit disappointing is the lack of a Live Chat option. There is an online contact form, but that’s about it. Also, the website is English only, which can make it hard for no-English speaking clients.

 

Deposits and Withdraws

Depositing money into your Pipindex account is made easy with several payment methods available. The usual credit/debit card options and bank wire transfer methods are mentioned, but there is no indication on their website if they use digital wallets or not. One thing is for sure (as they state it as a benefit on their account page) there are no deposit fees whatsoever. There are no mentioned processing times, but they probably take several hours or day for the Bank Wire. There is a daily limit of 35 000 EUR for deposits or 17 deposits in 24 hours. New users have a daily cap of 15 000 EUR (a new user is one who deposits for the first time in 24 hours). Withdrawing funds are made through a withdrawal request that has to be processed within 24 hours. Processing times for withdrawals are quite slow and can take up to 10 business day. Usually, the funds are transferred within 2 to 3 business day if there aren’t any problems.

 

Deposit Bonus and Loyalty Programs

You’ll be glad to learn that Pipindex offers an attractive first deposit bonus for new customers. To qualify for the bonus, you must deposit at least $300 (or currency equivalent), and you’ll get a $100 bonus. The larger the first deposit is, the bigger the bonus you’ll get. The limit is $7500 for the first deposit of $50 000 or above. You can withdraw the full bonus amount only if your reach the goal of trading a volume of 10,000 base instruments for ever $1. Pipindex, like many other online brokers, also offers a Referral program. You can get £50 for every friend you refer to the platform. To withdraw the bonus, you must check their Terms and Conditions requirement.

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