Pribizco (Pribizco.com) is a cruel Forex broker to hit the lucrative Forex trading world. Complaints have been sent to us by members who claim to lose money with this fake broker. An investigation was underway to determine the root cause of some of the loses incurred. What might surprise many is the trickery used by these scammers. Read this entire honest and detailed review to find out the whole truth.
According to the homepage, PRIBIZCO claims to offer efficient, stable and secure services. In order for scammers to be successful, they have to come up with an almost real product. These scammers have made an eye-catching website that looks attractive and believable. Don’t be fooled by this euphoria, there’s more than meets the eye. In fact, this is exactly what scammers want, your full attention.
Promises are another thing that fraudsters use to get as many people to sign up. Mostly, these promises are over the moon promises that have no basis. Some of the promises Pribizco uses are not real. These promises include a stable platform which we will later show its utter flaws and market analysis. What these scammers want is for investors to believe that this is a real thing. Pribizco is far from being real, it’s a nightmare.
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Disclaimer at the bottom of the page claims that a company named PRIME BUSINESS CO, LTD owns PRIBIZCO. This company is based in Wellington, New Zealand. Pribizco is definitely an offshore broker. Offshore brokers are notoriously known for flaunting set ruled and regulations. Pribizco is no different as we will reveal why investors should stay away from this brokerage firm.
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Why haven’t they named even a single partner when it comes to real owners of the company? Reason is simple, they don’t want to be contacted by victims and also regulatory authorities. There’s no point of contacting them as we tried all avenues and got no response. Evidence is clear that we are dealing with a phoney broker who wants to remain anonymous. Anonymity is also a friend to scammers, watch out!
PRIBIZCO IS NOT REGULATED OR LICENSED to carry out any trading on behalf of third parties. This means that we are dealing with a broker who is not authorized nor licensed to carry out Forex trading. All members who have signed up are dealing with an unlicensed broker which is a criminal offence. These scammers have come up with a fake regulatory number, FSP551686, to legitimize their trade.
What we had to do was simply contact the relevant regulatory bodies to check whether Pribizco is licensed. The FCA was the first institution we contacted and they claimed never to have heard of this broker. Another institution we contacted was CySEC which was on the verge of banning this broker. This is clear proof that no regulatory body has given this broker the green light to offer brokerage services.
Have you ever heard of a rigged demo account? This broker has a rigged demo account that baits investors into signing up. What they have done is quite simple, they ensure that investors make over 90% winning trades. Once investors see that they can make winning trades with a demo account, they open a live account. A real account is opposite a demo account since you will be using your hard-earned money.
Another disturbing detail we found with Pribizco is their fake analysis charts. Problem with their charts is that they remain the same and doesn’t change. Does this mean that in their world the market prices remain the same? These charts are also meant to throw-off investors into making losses. This means that this broker is in league with other brokerage firms to endure users make losses.
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There are two account types for users to choose from. Standard account and ECN account. With the standard account, members get a spread of 1.8 and minimum required deposit is $50. To be honest, this is way too low considering the acceptable minimum standards of $250. This means that this broker is targeting low level income earners. Maximum contract limit is 30 hands with a maximum leverage of 400:1
ECN account holders must make a minimum deposit of $10,000 to start trading. Leverage is the same as with the standard account and also contract limit of 30 hands. There’s no real difference between these two accounts and this is sad. Why would anyone sign up with $10,000 to get exactly what $50 does? These scammers did not think this through, and that is concrete evidence Pribizco is a scam.
Member funds are not safe with Pribizco and as such, never sign up with this broker. As we said earlier, its not clear who owns this platform. For all we know, members could be depositing money straight to the owner’s personal account. Furthermore, this broker does not participate in a compensatory scheme. This means that members will never be compensated for loss of money. Stay away from such brokers.
What about security of funds? As we had earlier mentioned, this broker does not follow set rules and guidelines. This means that there’s no segregation of accounts and this is a huge problem. In case the broker goes bankrupt, all your money will go too. There’s no need of signing up with brokers who will leave you high and dry. Best thing to do is stay away from this broker and get legit brokers as soon as possible.
According to their homepage, this broker uses a MT4 platform. Problem with this platform is that it did not work on all our devices. These devices include desktop, mobile, and tablet. Main issue with this platform is that download took forever to start and worse still, it stalled. Download stalled at 10% every time.
A platform that does not complete download means that we are dealing with an unstable platform. Unstable platforms are a recipe for disaster since they are prone to cyber-attacks. Hackers can easily gain access into this platform and steal personal data that includes credit cards. This won’t be the first time this happened and as such, dealing with this broker is a risky venture.
Without a doubt PRIBIZCO IS A SCAM. Evidence clearly points that we are dealing with an offshore broker who is dangerous. Ignore all incoming promotional materials and mark all their emails as Spam. This way, you will stay safe and never be a victim of this scam outfit.
Only option left for us is to mark this broker and blacklist it as a scam. All investors are warned not to trade with this platform. Ensure you pass along this message to your friends and family.
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