PTBanc is a Forex broker offering 3 different types of trading accounts in addition to Platinum and VIP accounts. The last 2 accounts require extremely high deposit of at least $20,000. The other 3 accounts require $1000, $2,500 and $5,000 respectively. The broker encourages traders to go for higher deposit accounts through deposit bonuses. They do not encourage this based on better trading conditions. PTBanc provides a wide range of trade-able assets including Crypto currency CFDs. These include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dash, Litecoin and more.
On top of this, traders can also trade stocks, bonds and indices. Stocks that are available on this platform for trading are for popular companies like Google. However, if you don’t know how to trade, this fact wont help you. In addition, because this broker doesn’t seem to be reliable, you cannot bank on them to provide a reliable trading platform and conditions.
PTBanc only has a variety as the advantage which they are offering to traders. You must be aware of the fact that this broker is not regulated and for that reason, it can be risky making a deposit with this broker. In addition to this, we want to mention the fact that PTBanc does not provide clarity on their corporate details and there is also a regulatory warning against this broker. Despite researching the company that owns and operates PTBanc broker, we could not find its name on its website. In fact, the website is only providing a physical Luxembourg address but no information about the company that owns or operates it. This basically means that the company is anonymous or at least this brokerage is anonymous.
We don’t like the idea of trading with an anonymous broker. Most of the time their reputation is not good. They do not feel the sense of responsibility towards their clients. What is more, we discovered that this broker was recently blacklisted by the Luxembourg financial regulator. The Commission de Surveillance du Secteur Financier (CSSF) has stated that the broker PTBanc is not authorized to provide any form of financial services to residents of the country. As we have already said, trading with an unregulated broker is a risky thing. We highly discourage people from doing it.
Having said this, it is obvious that this broker is not operating in the best interest of their target traders. For that reason, you should click this page and sign up with a professional, well regulated broker.
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Instead of providing the regular MT4 and MT5 trading platform, this broker has decided to integrate an overly simplified trading platform on their site. This platform is accessed on the web and its charting solution is very basic. What is more, it looks like something that was designed for purposes of trading CFDs and not Forex. On the other hand, both MT4 and MT5 feature advanced charting and trading tools. If you know how to trade, you can’t go wrong with these trading platforms whatsoever. But even if you know nothing about trading, these platforms are compatible with automated trading software which can help you trade and make money nonetheless.
This broker sucks because they have a very high minimum deposit requirement which is $1000. In short, if you can’t afford it, the broker won’t let you open an account. In other words, the broker is targeting wealthy traders who can folk out 1k without a hustle. But you also need to remember that you don’t always have to part with this much in order to start trading. In fact, there are some reliable and professional brokers who require $100 to start trading on their platform. These brokers are regulated and authorized and yet they are accepting a minimum deposit of $100.
In addition to this, spreads don’t seem to be pocket friendly. Just think of this. PTBanc charges 3 pips spreads for a pair like EURUSD. That is unbelievable. The most reliable and well regulated brokers are charging less than 1 pip for this pair. There is no reason why you should pay this much when there are good brokers who don’t have high initial minimum deposit and are charging pocket friendly spreads.
First of all, you should not take the risk of placing a deposit with an unregulated broker. It is not the safest thing that a professional trader can do. If there is a warning alerting traders not to transact with this broker, simply keep off and respect what the authorities are saying no matter how attractive the deal is.
Nonetheless, we do not think that this broker has some advantages for its traders apart from the wide range of assets which they are trying to use in order to lure victims into their trap. Also do not forget the fact that this brokerage is operating anonymously. If PTBanc was professional enough, they would have made this information available to all traders. There would be no need to conceal this critical information. We suspect that this broker is operating on its own accord and does not work with an overseeing company.
Customer feedback also indicates that this broker’s credibility is really poor. Some traders have claimed that PTBanc is just a scam broker. If these claims are anything to go by, we must be very afraid of depositing our money into their bank accounts. By the way, even professional reviews out there claim that this broker is out to scam traders. We also can’t think of any reason to justify a broker who operates without a license and claims to provide professional financial services.
Even if PTBanc was a regulated Forex and CFDs broker, we would still be very scared of the cost associated with trading on this broker’s platform. We can’t understand why trading conditions are unfavorable. The high minimum deposit is also quite disturbing. If you want to trade without much hustle, we encourage you to use brokers who are authorized to provide financial services.
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