Beware! Pribizco.com 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.
Pribizco.com is a typical unregulated and scammer broker. We knew this for a fact the moment we stepped on the website! There isn’t too much to be said in the intro. Focus is on the review as a whole! Read it for all crucial details.
We tried to opem a standard account type within a registration process that we feel we have completed at least a hundred times before. This is not a good sign. Just consider the fact that all of these previous runs have been with scammer brokers, the hope for Pribizco.com is dwindling.
No to mention that we could not actually create an account, because one of the necessary details a user must provide is a legit bank account. This is not a good sign for the broker; no legit broker would need your bank details in order to create an account!
Needless to say, we could not create an account. Therefore, we have to take all the trading and payment details from their website.
There is definitely something wrong with the broker, and so whatever the website reveals might not be entirely true.
Nevertheless, we learn that users can trade with forex currency pairs, commodities, stocks, and cryptocurrencies. The spread is said to be 17 pips in the Account page, which we think is an unnoticed mistake./ It may actually be 1.7 pips, although we cannot be sure. The leverage is capped at 1:1000, a dangerous value, especially for newer users.
The website of the broker is available in English, Malaysian, and Chinese. Pribizco.com is the English version of the broker; there is a Chines version called PBFX.Asia. It is the exact same broker, only in a different language.
PRIBIZCO.COM REGULATION AND SAFETY OF FUNDS
Pribizco.com does one of the most hated things that shady brokers do. That is to be as ambiguous as possible and not once mention a registration nor an address. We spent quite the long time looking into the address and registration of the broker, but unfortunately, our efforts turned out to be only wasting our time.
The broker is technically anonymous, making it especially dangerous. Such entities are not to be trusted, not one bit, as they are arguably even more dangerous than simple unlicensed brokers. Just think about it- anonymous brokers cannot be traced to an address, and therefore once they disappear with the money how can you follow their trail? Exactly!
Furthermore, there are no legal documents anywhere, a fact finalizing the verdict that Pribizco.com is not only a risk, but also unregulated and a scam! Legal documents are crucial to the client-broker bond. Without these, the broker is free to do as it pleases.
Only trust regulated brokers. This means that the first thing you should do with any broker you come across that seems interesting is to check for a license. Any UK, EU, US, or Aussie-regulated ones will do, although there are dozens of other great regulators out there! Regulated brokers are bound by the law to be as objective and secure as possible while providing a fair FX trading environment for all users. Any sort of deception or theft will be dealt with heavy fines and other legal penalties that may result in the impound of the entire company. Furthermore, the likes of the FCA and CySEC offer client compensation schemes that give users a financial safety net should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
PRIBIZCO.COM TRADING SOFTWARE
The broker has an available MT4 trading software that it was able to somehow acquire, although we don’t see it struggling with affording it.
Even though this is the best part of the broker, it still is not nearly enough to redeem Pribizco.com from its unregulated pit. And moreover, even with the MT4, there is no way that we will ever recommend to our readers to invest in Pribizco.com.
PRIBIZCO.COM DEPOSIT/WITHDRAW METHODS AND FEES
All payment info is taken from the website. Remember that the broker is not licensed and thus can easily lie to users, making it very untrustworthy with this information.
According to the site, clients can pay and request withdrawals via bank transfers, credit cards, debit cards, crypto wallets, and some e-wallets. The minimum deposit requirement is $10.
Withdrawals are processed within 5 days, and there are no fees.
It all sounds too good to be true and it probably is. The reason for this is the unregulated nature of Pribizco.com. This firm is not worth the risk!
HOW DOES THE SCAM WORK
Scams function in much the same way they have worked since their conception. The just of it is as follows: the user gets slapped with false promises, gets to invest into one, and is then left without money.
These false promises take the form of online ads that are very attractive and alluring, so much so that even we find them appealing. And they will continue to evolve!
Some of these ads lead to investment scams, sources where the user will be encouraged to provide contact information that will be used to solicit her into investing.
The whole process of solicitation is where the scammers are best at. Sometimes they have whole teams of trained experts whose day-to-day job is to convince users to invest. They are further motivated by the fact that they receive a hefty commission from each deposit. There are scripts with psychological techniques and tricks that are effective against novice investors that still work to this day, judging by the statistics of how many people get scammed per yearly quarter.
The expert scammers move into position when the user is ready to invest for a second or third time. Here the goal of the game shifts to the quality of the deposit. All subsequent deposits should be higher, and the experts know how to bring about this.
All withdrawals will be stalled or held back, even if at times the users get a taste back- this is used to keep them invested in the scheme. Clients will find they have a very hard time withdrawing!
WHAT TO DO IF SCAMMED
A credit card or debit card chargeback should be the first place to look at. MasterCard and VISA have a chargeback period of 540 days. This method is the most used one, and certain scammer brokers even move to act against it, so be sure to act quick!
getting your money back that was originally lost through bank transfers is hard but not impossible. Users should first change their bank account username and pass, and then contact the bank to set a plan of action with the institution.
Unfortunately, crypto-based deposits are untraceable, and the only way to get them back is from out of the goodwill of the scammers. Safet to say, that scammer will rarely if ever deter from their in-born fraudulent nature.
Finally, do not give your money or payment details to recovery agents or agencies. They will promise to reimburse you by tracing the lost investments but will ask for a service fee. Once the fee is paid, they will disappear with the money!