Parkmoney

ParkMoney is a forex and CFD broker that began operations in 2019 and is located in Saint Vincent and the Grenadines which has a very loose regulatory framework. ParkMoney offers over 300 instruments, including currencies, metals, energies, indices, shares, and crypto, and it uses the industry standard MetaTrader 5 (MT5), but claims to offer zero commissions, while not having any reliable regulation raises some serious concerns about the safety and transparency of ParkMoney.

History of ParkMoney

Founded by ParkMoney Limited, which has been in business since 2019; it purports to be regulated in St. Vincent and the Grenadines but this cannot be confirmed. The company does not appear to have an established holding company for its assets, it states that it accepts clients from around the world except the United States, but it lacks any significant information about how it operates its business.

Overview of ParkMoney

Assets Offered by ParkMoney

Currency pairs

Metals: Gold and Silver

Oil and Natural Gas

Global Indices

Shares of companies

Cryptocurrencies

Account Types Offered by ParkMoney

Live Account

Demo Account

An account can be created simply by registering, funding it and then trading from it.

Trading Platform

ParkMoney offers a trading platform for all the trading products of its website using the world leading MetaTrader 5 (MT5) trading platform which provides advanced charting, automated trading and technical analysis capabilities.

Regulatory Status

ParkMoney states it is registered with the Financial Services Authority of Saint Vincent and the Grenadines; however, this registration could not be verified by any regulatory authority. ParkMoney does not have a license from any recognised regulatory authority and therefore provides no fund protection or dispute resolution for its users.

Regulatory Table for ParkMoney

Regulator License Number Status Other Regulators

Financial Services Authority (SVG) Not Verified No Regulation Not Licensed

Trading Conditions of ParkMoney

Condition Minimum Deposit $100

Maximum Leverage 400:1 Spreads Start at 1.6 Pips

Fees for ParkMoney

Fee Type Commissions on Trades: Zero

Deposit Fee: Not Disclosed

Withdrawal Fees: Not Disclosed

Inactivity Fees: Not Disclosed

Advantages of ParkMoney

Large Variety Security of Trading - St. Vincent and the Grenadines has no regulatory oversight and is very high-risk

Limited Support of all Customer Service (only available through email)

Lack of Education and Transparency on How to Use the ParkMoney Trading Platform

Disadvantages of ParkMoney

Limited Number of Users, approximately 1,202 visits per month with 99% of users connecting through organic search; average visit length is 43 seconds; and the bounce rate is 30%.

Summary of Findings

ParkMoney offers a wide selection of trading assets and supports trading through the MetaTrader 5 platform with no commission fees, making it an attractive option for some traders. However, because of its total lack of regulation; minimal disclosure and transparency about its operations; and limited availability of customer resources, to say the least, represent a serious risk for all traders considering trading with ParkMoney. Therefore, any trader looking for a safer alternative would want to only trade with unregulated/brokerage companies regulated by legitimate regulatory authorities.