Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
PBN Trade is a forex and CFD broker offering a variety of currency pairs, as well as CFDs on indices, energy commodities, futures, shares, precious metal and some crypto coins. They offer leverage of up to 1:100 and support the MetaTrader4 platform. Apart form that, the presentation on their website is not very informative about their trading conditions.
PBN Trade regulation & safety of funds
The company behind PBN Trade is the Marshal Islands based Capital Tech Ltd. The broker however is operated by Pbox Ltd, which is based in Bulgaria.
Here we should note that under the Bulgarian Law any company providing financial services form the territory of the country should be licensed by the local Financial Supervision Commission (FSC). So we searched for Pbox Ltd and PBN Trade in the registers of the Commission and were unable to find them there.
On top of that PBN Trade does not say anything about a license or a regulation in the presentation on their web page and that leads us to believe they are an unregulated, offshore broker.
Besides, there is no financial regulatory authority on the Marshal Islands, where the company behind PBN Trade is incorporated, and even if there was, (there is one on Vanuatu for example) it would not have the capacity to regulate internationally operating forex and CFD brokers.
Proper regulation can be obtained only by well respected financial watchdogs such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
For example, traders investing with FCA and CySEC regulated brokers enjoy extra security about their funds because of the client compensation schemes, run by the two institutions.
With the FCA regulated brokers for example, in the unlikely case that the broker goes insolvent, traders can receive back up to 50 000 GBP of their trading capital . A similar compensation scheme with CySEC guarantees up to 20 000 EUR of the invested capital.
PBN Trade deposit/withdrawal methods and fees
With PBN Trade you can deposit and withdraw funds with all major credit or debit cards, bank wire and a variety of e-wallets, including Yandex.Money, QIWI, WebMoney, Neteller, Perfect Money.
How does the scam work?
There are many schemes aimed to defraud traders, by convincing them they can win big in a matter of days by investing their savings on the forex market. Those scams usually run as follows:
You may happen to watch a professionally looking video or a TV ad or even a news item, that will convince you, you can get instantly rich, by just making a small investment with a cutting-edge financial company. For more details you will be advised to visit their web site and complete a simple registration form, leaving your e-mail and phone number. And then you will receive a casual call form a professionally sounding “Financial Manager”, who will ask you to deposit just 200 USD and start making money right away. (Besides, the call may be form a completely different company.)
With your brand new trading account, your first two or three trades will go perfectly and within a day your money will more than double – 100% profit! Than a “Senior Account Manager” will contact you to convince you that if you want to make real money, you will surely have to invest more. Let say 10 000 USD. And as most traders are male, your Senior Account Manager most probably will be female and you will love talking to her. Chances are you will deposit those 10 000 USD by the end of the day.
After you do that your trades will turn into red, but your Account Manager will try to convince you not to close them. And the only solution she will offer is that you deposit another 10 000 USD to avoid the margin call form happening.
Besides, you will be loosing money not because you have necessarily made bad trading decisions, but simply because scammers do manipulate the trading platform you use. And if you refuse to deposit another 10 000 USD, the money in your account will evaporate in a matter of days. “Tough luck”, they will say, and this will be the last time you will hear form them.
Also, beware that some scammers may even convince you to install TeamViewer, under the pretext to assist you with software installation and funding your trading account. In such cases latter it will turn out they have stolen your credit card number and bank security code and your card is depleted.
What to do if scammed?
You should immediately contact your bank or credit card provider and file for a charge back . Unfortunately that may work only within a 6 month period. And also, if you have voluntarily provided the scammers with your ID and a proof of address, they will have a much stronger case, when you file for a charge back.
In case you have given any banking details to the “broker” – you credit card number for instance, or they have convinced you to install a TeamViewer – immediately cancel your credit card. If you have given them the pass for your online banking service, change the password immediately.
And finally, if you have lost money with scammers, do not loose even more with the so called “recovery agencies”. Those companies are on a hunt for desperate traders, who have been stinged by scammers and will simply ask you to make an up-front payment without any result.
Giorgi Tephnadze
PbnTrade – Capital Tech ltd my MT4 Account disconnected yesterday i try to call their phone number but it doesn’t works at all, so they changed my MT4 password and used my account without my access and lost all money I had on account $1300.00
When I asked them why did used my account without my access the answer was I wanted to help you to make money and unfortunately market crushed and we lost.
Don’t trust them