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PaisFinance Review: A CNMV Crypto Blacklisted Firm

PaisFinance Review: A CNMV Crypto Blacklisted Firm

PaisFinance is a CNMV blacklisted platform, and this is after refusing to allow withdrawals. Members have been facing withdrawal issues for the past few weeks. The platform is at fault as they give no reason for it. Despite trying to look professional in their sales pitch, Pais Finance is full of red flags. We are here to expose the dirty tricks used by this crypto investment firm. Learn more about it in our conclusive PAISFINANCE REVIEW.

PaisFinance Review

A Clear Review of PaisFinance

The platform claims to have several offices in posh locations around Europe. For example, with offices in Cyprus and Madrid, the platform hopes to lure European investors. Sadly for them, those who fell for the platform have reported PaisFinance to regulators.

According to the homepage, PaisFinance works with several local banks. But, unfortunately, there’s no mention of who these banks are or their area of expertise. We also don’t know why such a platform would even mention relationships with banking institutions.

The website itself lacks the professional appeal that comes with trading. Those who have had the chance to interact with the website know how poor navigation is. You can’t distinct the trading page from their academy page.

When choosing a suitable investment platform, you need to go for proven alternatives. Today’s investor is looking for valued ways of making returns. And here comes Coin Staking, DeFi, and Masternoding. It’s one of the best options for investing right now.

PaisFinance does not offer anything close to a real investment platform. You don’t even have a clear background of the platform. There’s no mission or objective from the platform, which makes one wonder about their end goal.

Before making any plans to invest with a platform, we suggest that you do due diligence. Make sure to do some research before making any commitments. Of course, the best option is to read our reviews and know our opinion on crypto and forex investment platforms.

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Accounts PaisFinance

PaisFinance does not offer any information on their account types. We don’t have any details on what the platform offers investors. The account features are missing, and so is the acceptable minimum deposit.

We have seen such cases where the platform only claims to offer PAMM accounts. There are no records of the available account types on the platform. And this makes it a huge problem for investors.

Without a quote for the minimum acceptable balance, the platform could take advantage of investors. For example, you can invest $8,000 and get the same account features as one who invests $800. And this is completely unfair to those who deposit large amounts.

We also don’t know details of maximum leverage or spreads on the platform. Investors are signing up blindly, not knowing the features to find out. You should be aware of account features before deciding on which package to invest in.

Assets and Trading instruments

On their academy page, we only get to see four trading instruments. The four include commodities, forex, indices, and shares. There’s no mention of Crypto assets which is another red flag.

Why would the platform claim to offer such and not list Crypto as an asset? Unfortunately, it leaves more questions than answers. The entire platform is meant to influence naïve investors into believing there’s real crypto trading.

There’s a claim that PaisFinance offers a large number of commodities to clients. You get agricultural, energy, and metals as leading commodities. Members can trade major forex pairs 24/5 with no commissions on forex pairs.

PaisFinance PAMM Accounts

You can also trade with global investment markets such as DAX. Dow Jones, FISE, and the JSE. Members are likely to get stock options from leading international companies. Expect to trade with the FAANG group on the platform.

Bitcoin Trading

At the disclaimer on the footer of their homepage, there’s a Bitcoin link. Unfortunately, we don’t get any actual information on Bitcoin trading on the platform. It seems this is a guide on what Bitcoin is and wallets for storing Bitcoin.

Business holder

And this is where things get interesting as the platform uses stock images as staff members. On the about us page, you get information on what seems like Staff members. At face value, it all looks legit.

When you dig deeper, you find out that the people listed are not actual staff members. None of them appear on professional websites such as LinkedIn. When you email them with the quoted email address, none of them responds.

Contact and customer support

You should note that there’s no direct way of communicating with the staff members. The platform does not offer live chat support on the platform. And this means clients won’t get the much-deserved response from a live agent.

We have seen this type of support structure where the platform controls the communication process. It’s made in such a way that they can reach you easily and not vice versa. Make sure to invest in a platform whose communications lines are open at least 24/5.

Deposit and withdrawal

With Pais Finance, you can only deposit using bank and wire transfer. It’s not known yet whether users can deposit using Crypto channels. Once you fund your account, the balance will be reflected in your account within 24 hours.

You can start trading, and those who make successful trades see their account balance increase. However, when you decide to withdraw funds for the first time, that’s when all hell breaks loose. And this is where most members get stuck as the platform blocks withdrawal attempts.

Those who keep on insisting and writing emails are dealt with ruthlessly by the platform. First, the platform will either ignore your calls or, worse, delete your accounts. Then, when you try to log in, you get the message, “your accounts don’t match our records.”

License and Registration Details PaisFinance

Is Paisfinance.com Licensed or Registered? Warning from CNMV

There’s a warning from CNMV regarding the use of PaisFinance. The warning stipulates the platform is not authorized to provide financial trading instruments. Those who don’t heed the warning will end up becoming victims.

With a warning from CNMV, other regulators in the greater EU region plan to follow suit. So you should check first whether authorities blacklist a platform. Pais Finance does not even bother to inform investors of any impending risks.

We don’t see any documents that prove the platform is regulated or not. There’s no effort from the platform to inform users of the warning from CNMV. And this means they don’t care about your interest.

When looking for a viable investment platform, confirm whether they are compliant. Check with reputable regulators such as ASIC, CONSOB, CySEC, FCA, NFA, and the SEC. These regulators ensure all parties adhere to strict trading regulations.

Safety of funds with PaisFinance

Your funds are far from secure with a platform at the crossroads with regulators. The platform does not deposit the minimum required amount to start a forex venture. Instead, you have to deposit a set amount with regulators to act as collateral.

And this means members don’t get to enjoy insurance cover for deposits made. Once you deposit funds to such a platform, recovering them is next to impossible. There are huge risks that come with unregulated platforms.

Account Funding Methods Pais Finance

Closing remarks

Below are our reasons why we won’t recommend using PaisFinance

  • A warning from CNMV
  • Customer support is unavailable
  • No information on the available trading platform
  • Security of funds is an issue
  • Withdrawal delays that led to a warning from CNMV

These are the reasons why we have our doubts about the platform.

You can invest easily knowing that you have a proven investment platform tested by experts. It’s the only guarantee you need to start investing.

If you have any questions, feel free to drop a comment or email us.

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