PT Banc is a jargon of many trades. The broker deals in Cryptocurrency and CFDs. CFDs traded are Bitcoin Cash, Dash, Bitcoin, Etherium, and Litecoin. In PT Banc’s site, they have stated that they are established in Luxembourg, provided their address, telephone numbers, and email addresses.
PTBanc.com offers three account types. The types of accounts are classic that charges $1000, silver $2500, and gold $5000. The other account types are much more expensive, which is platinum and VIP that charge amounts above $20000. On putting this high deposit, we would expect special treatment like better trading conditions but nothing.
This crypto mining company charges very high amounts for initial deposits. Legit crypto mining companies charge between $100 and $250 as deposits to start trading. Their amounts are ten times higher than normal! This is why dealing with scammers is not beneficial. With the legit brokers, you get real value for money. Your investment is sure to get a return and one that can be withdrawn.
This broker also claims to give their clients bonuses of as high as 70% of initial deposits. This is not a real broker. Scams always present themselves as over attractive. When the deal is too good, think twice.
There has not been any evidence of a successful withdrawal of funds from this crypto mining company. This is why dealing with scam products is risky.
This broker has a leverage of 1:100, which is offered on all types of accounts regardless of the initial deposit. This is a very high leverage rate since the rate of 1:50 also offers great returns. Leverage of 1:100 means that there is a very high risk of trading. There’s a very high chance of a great loss in this deal. The broker doesn’t mind about using all your investments to trade even when the returns seem impossible as long as they benefit.
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Legit trading platforms offer more realistic leverage values. For example, a leverage of 1:50, with an initial investment of $100, means that you can either get a profit of 50,000 or a loss of the whole amount. When trusting brokers who are not legit, the potential for loss is way higher than that of gain. Only trust a legit Forex trading company.
The PTBanc platform uses fixed spreads of 3 pips when trading no matter the account you are trading with. A 3 pip spread when trading in the market is very high. This is because the wider the spread, the longer it takes to become profitable. This is so because the profit is earned once the currency price has crossed the spread.
This way, the broker will rarely get profit, thus end up losing your money.
The legit forex companies use fixed spreads of 1 pip. This is a profitable one, as the spread isn’t too wide. Kindly compare the spreads of legit top-level brokers.
PTBanc company is neither registered nor regulated. The broker’s existence in Luxembourg means that it should be regulated by its local regulator (CSSF) Commission de Surveillance du Secteur Financier. This is not the case, though. They are a scam that needs to be shut down.
Investors should trade with profitable cryptocurrency companies and not scams like PTBanc. A legit company ensures that your funds are protected. It will have their modes of communication, i.e., the real email addresses and telephone numbers, a legit established address, registration numbers for their companies, and the names of the company directors.
Regulated brokers can’t engage in scrupulous activities as they risk having their trading license withdrawn. This is why you should trade with regulated brokers.
MT4 not available
The Meta Trader that is used by PTBanc brokers is weirdly oversimplified. When other regulated brokers are using Meta Trader 4, they use a web-based platform. There are no advanced or next stage features in this web platform that they use.
Meta Trader 4 is used by many regulated brokers. This is because it has advanced features and tools including Expert Advisors for automated trading, extensive back testing environment, great charting, and other built-in technical indicators
This broker is so known that a warning to his presence has been issued. The CSSF issued a warning in 2018. The warning gave all the information concerning the site. The name PT Banc, its website, https://ptbanc.com, whose claimed establishment is at 2 A rue Albert Borschette, 1246 Luxembourg. The CSSF declares to the public that the broker is not authorized to provide financial or investment services in Luxembourg.
The FCA (Financial Conduct Authority) also issued a warning against the same broker when they realized PT Banc had been targeting the UK people. In their warning, they were afraid the broker was operating unregulated activities that need authorization. Only trade with legit companies.
All the regulators starting with CSSF to FCA, have warned against PTBanc. The main reason for them being warned against is because they are a very big scam.
They have set up shop online specifically to trade in the cryptocurrency market. This is fine, and the problem is they do not have a valid license to trade in this financial market, they have no existing office to where they can be traced the one they have provided is fake, they have not provided any telephone numbers for communication purposes with their clients. There is practically no way for their investors to reach them.
They have not provided a way in which their investors can withdraw their funds, and the limit has not been set yet. To withdraw funds, the registration number of the platform has to be used for approval. In the case of this platform, a withdrawal would be impossible.
It’s for these reasons that the regulators have warned against them.
The safety of funds means that your investment is being used for the right purposes by your broker. It means you can claim your investment money if you think the broker stole from you. There are regulators like CSSF and FCA, who ensure that investors in the cryptocurrency market are not scammed. This helps in case a claim is made. They can be easily contacted to answer the claims, thus helping in the swift running of the Forex trade.
Legit trading platforms are regulated and have the right techniques for trading purposes. PTBanc only has a web-based trading platform that’s not effective for trading purposes.
Only engage in companies that assure you of safety for your investment. These are companies that have provided enough information involving their finances, the number of times investors can withdraw funds, up to date regulation and registration details, and good history with other traders.
Unregulated platforms exist to scam. It is your responsibility to choose your brokers wisely. Do your due diligence and ensure you do not land on a fake site to make your investment. Look for all the warning signs and ensure the broker you decide to trade with is regulated.
Do not use offshore brokers. Their rules are too bent to be effective. This is where many scammers are located. Take your time. Always trade with FCA regulated brokers only.
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