Is PIPWISE a scam?

E1The Mwali registrar's own list of authorised brokerage companies carries PIPWISE LTD at entry 191 with licence BFX2024116, date of issue 23 May 2024, status Active, and records http://www.pipwise.com/ as the licensed website. Entity name and website both match the operation under review, so the licence belongs to this broker and not to another firm.

E2The licence certificate on record shows regulatory status Regulated, licence number BFX2024116, jurisdiction Comoros, effective date 23 May 2024, licensed entity PIPWISE LTD, institution website www.pipwise.com, sharing status exclusive to the PIPWISE brand, and authorised activities covering forex, futures, derivatives and options. No end date is printed.

E3The broker's deposit and withdrawal page lists TCPAY with IRR, the Iranian rial, as a funding currency alongside USD, while the footer on the same page states that services are not available to residents of Iran. The site also publishes Arabic, Persian and Russian versions while excluding both Iran and Russia. A broker that genuinely excludes a country does not build a payment channel in its currency.

E4The National Bank of Georgia publishes the complete register of licensed brokerage companies, eleven entities from Cartu Broker in 2000 to Whitebit Broker in 2026. PIPWISE does not appear on it under any spelling, yet the company's own description on Trustpilot states that it is fully regulated by the Comoros Union and licensed in Georgia.

E5PIPWISE LTD, UK company number 14746895, was incorporated on 21 March 2023 and dissolved on 20 May 2025. Its registered office was 27 Old Gloucester Street, London WC1N 3AX, an address used by very large numbers of unrelated companies. A search of Companies House returns only this one company matching PIPWISE, so there is no name collision.

E6The sole officer of the dissolved UK company was Sayed Shabih Hussain, a Pakistani national resident in Pakistan, appointed 21 March 2023. No owner or director is published anywhere for PIPWISE LTD of the Comoros, which is the entity that now contracts with clients and holds their deposits.

E7pipwise.com was registered on 2 August 2022 through GoDaddy and runs on Cloudflare nameservers, with the record last changed on 26 January 2026. Certificates also exist for the domain from January 2019 under a previous holder, so PIPWISE brand continuity runs from August 2022 rather than from 2019.

E8The broker's About page states that PIPWISE commenced operations in 2023 under the trade name PIPWISE LTD with registration number HT00524055. This is consistent with the domain registration of August 2022 and the first company incorporation of March 2023, so the advertised age is not inflated.

E9Trustpilot holds 12 reviews for pipwise.com at 4.2, distributed 75 percent five-star, 8 percent three-star and 17 percent one-star with an empty middle. One reviewer describes withdrawing 160 US dollars, and two users of a year or more report that deposits and withdrawals were processed smoothly. The company replies publicly to both praise and criticism.

E10A one-star Trustpilot review dated 19 October 2024 reports that a 50 US dollar withdrawal was rejected for reasons the client found unclear and that support could not produce proof. The company replied in public that the withdrawal conditions for the welcome bonus had not been met. The same complaint text appears on a third-party broker directory from the same date, so it is one client, not two.

E11A review on BrokersView reports that after making profits the client's account was suddenly frozen for unauthorised activity, withdrawals were blocked and support stopped responding. The report carries no amount, no date and no reference number, so none of it can be checked, and it is the only review on that platform.

E12The Mwali registrar's list of suspended brokerage companies, 74 entities whose annual fee was not paid and which are not permitted to continue activity, does not include PIPWISE LTD or licence BFX2024116.

E13A search of ASIC's investor alert list, covering 4,592 entities, returns zero results for pipwise. The list names both companies and websites, so an operation soliciting Australian residents without authorisation would normally appear.

E14The FCA's Financial Services Register returns no firm and no warning entry for PIPWISE. The register surfaces both authorised firms and unauthorised-firm warnings, so this covers both questions for the United Kingdom, where the broker publishes a UK mobile support number and once held a London company.

E15The broker publishes the full conditions of its 120 percent first-deposit bonus: 10 US dollars of bonus credit is released for every 3 lots traded in EUR/USD equivalent, the minimum qualifying deposit is 50 US dollars, each trade must last at least a minute, leverage on bonus accounts is capped at 1:100, and withdrawing deposited capital reduces the bonus proportionally. The conditions are disclosed rather than hidden, and they explain the one specific withdrawal complaint.

E16A widely circulated Persian-language list of forex brokers labelled as scams names FiboGroup, Errante, Windsor, MultiBank Group, SFCMarket, ICBroker and TriumphFX among others. PIPWISE is not on it, which matters because the broker's client base is visibly Persian-speaking and would be expected to report problems in that language first.

E17The broker funds client accounts through Visa and Mastercard, STICPAY, Perfect Money, TCPAY and three crypto rails, from 10 US dollars with no stated fee, and runs two MetaTrader 5 servers under its own name, Pipwise-Live and Pipwise-Demo, with a live web terminal. This is not a crypto-only funnel and a real trading operation exists behind the brand.