Palma Street

Palma Street is a newly established forex broker founded on May 15, 2025. The company is registered in Saint Vincent and the Grenadines, a jurisdiction known for its minimal regulatory oversight of forex brokers. Its official website is palmastreet.com, and the registered address is Euro House, Richmond Hill Road, VC0100, Kingstown, St. Vincent and the Grenadines.

As a fresh entrant to the retail forex market, Palma Street has yet to build a significant public track record. The broker does not hold any known regulatory licences from major financial authorities, which places it in the category of unregulated offshore brokers. This absence of supervision is a critical factor for traders to consider.

Palma Street currently lists a single account type: the Pro account. This account requires a minimum deposit of $1,000 and offers a maximum leverage of 1:500. The high leverage caters to traders who wish to amplify their positions, but it also carries increased risk. The broker does not publicly disclose specific details about spreads, commissions, or the range of tradable instruments.

Given the limited account options, Palma Street appears to target experienced traders who are comfortable with higher risk and larger capital commitments. There is no mention of demo accounts, Islamic accounts, or other standard retail offerings on the available web pages.

Our research confirms that Palma Street has no regulatory licences from recognised bodies such as the FCA, CySEC, ASIC, or any other major financial regulator. The broker is registered in Saint Vincent and the Grenadines, which does not require forex brokers to obtain a licence to operate, nor does it provide investor protection schemes. This lack of oversight means traders have no recourse to a compensation fund or dispute resolution authority.

Accordingly, FXCanary’s Scam Risk Score for Palma Street is 60 out of 100, indicating an elevated level of risk. Traders should exercise caution and perform thorough due diligence before committing funds.

The broker’s website does not provide explicit information about accepted payment methods, deposit and withdrawal processing times, or associated fees. The sign-up page only collects personal details and does not reveal funding options. This lack of transparency is a common concern among unregulated brokers and may signal operational shortcomings.

Prospective clients are advised to contact the broker directly to clarify these details and verify that funds are handled securely. Without clear policies, there is an added layer of risk regarding the safety of client funds.

Based on the account minimum and leverage offered, Palma Street is positioned toward intermediate to advanced retail traders who have experience with high-leverage products. The broker does not appear to cater to beginners, who would benefit from lower minimum deposits and regulated protections. The absence of educational resources or demo accounts further supports this focus.

As an unregulated offshore broker, Palma Street may also appeal to traders who prioritise anonymity or face restrictions in their home countries. However, such traders must weigh the benefits against the considerable regulatory risks.