PNL Advanced review – 5 things you should know about pnladvanced.com

PNL Advanced review – 5 things you should know about pnladvanced.com

Rating: 1

Beware! PNL Advanced is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

PNL Advanced is a very typical example of an online financial scam posing as an established forex broker. In this review, we will look in detail at the clues that PNL Advanced is not the legitimate financial services provider it claims to be. This may help you recognize other scams sharing these telltale characteristics.

PNL ADVANCED REGULATION AND SAFETY OF FUNDS

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

It is a complete mystery who is behind the PNL Advanced. Neither the website nor the Terms and Conditions and other documents name a legal entity. The only contact information is an email.

This in itself is reason enough not to trust PNL Advanced with your money.The anonymity of this website also means that there can be no truth in the statements in the text of the Terms and Conditions that the applicable jurisdiction is that of Estonia. As a member of the EU, this country applies strict regulations to financial service providers. There is no authorised broker using the trade name and domain name of PNL Advanced on the Estonian Financial Supervision Authority register.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

PNL ADVANCED TRADING SOFTWARE

PNL Advanced uses a basic web-based trading platform, just like countless other shady brokers and scammers use. The presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers have trading software to fool their victims that their money is being invested.

While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is no coincidence that these platforms have established themselves as the industry standard. They offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

PNL ADVANCED TRADING CONDITIONS

We see descriptions of many types of trading accounts on the PNL Advanced website, but they do not provide information about the fundamental parameters of this trading. When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

PNL Advanced specifies only a ridiculously high minimum deposit of 5,000 USD. In comparison, many leading brands allow you to register a starter account and start trading for a deposit of 50 USD or even as little as 5 USD.

In the trading platform we see a set leverage of 1:200. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

Again in the platform we see a spread of 3 pips – a level that is double the industry average and very unprofitable for the trader.

PNL ADVANCED DEPOSIT/WITHDRAW METHODS AND FEES

PNL Advanced only allows funds to be deposited through the unfamiliar payment processor IpassPay.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as Skrill, Neteller Sofort or QIWI.

If you are allowed to withdraw any money at all, the fees for doing so are substantial and as high as 50 USD. Legitimate brokers rarely charge transaction fees, and when they do these fees are much lower. There is also a monthly fee of 10% of the balance if the account has been inactive for more than six months.

And even more worrying, PNL Advanced charges a whopping 10% levy on accounts that withdraw funds before they reach “200 in turnover”. It doesn’t specify 200 what – presumably they mean 200 lots, i.e. 20,000,000 currency units. Such vague and extortionate clauses are typical of fake brokers.

We’ve seen the exact same deceptive wording with numerous fake brokers, for example NbiMarkets, Cryptos Circus, Librapros, Globexbull, Onecapital Invest and CryptoChainGroup.

HOW DOES THE SCAM WORK

Many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves. This makes them a target for the many online scammers posing as brokers. If you come across some of them and give them your contacts, you will be contacted by skilled scam artists who will assure you that they can take on the incomprehensible aspects of investing for you. You will only be required to invest and take profits.

But when you try to collect even just a fraction of your money, it will turn out to be impossible. Your supposed profits will suddenly evaporate, or you’ll find that you have to meet impossible traded volume requirements first. Fraudsters often insert huge withdrawal fees into client agreements amounting to 10%, 20% or even more. You won’t be able to hold scammers accountable because they hide behind fake names and shell-companies offshore. Scammers also typically use non-refundable payment methods.

WHAT TO DO WHEN SCAMMED

First of all, you should be very careful not to fall straight into the clutches of other scammers. Another common scam is to promise money recoveries from fake brokers for an upfront fee.

If you used a credit or debit card for the transactions, you can charge a chargeback. Visa and MasterCard have a long period in which they allow such requests – 540 days. But keep in mind that fraudsters can dispute if you have provided them with a copy of your ID and proof of address. It would also be helpful if you alerted the authorities in your country and other people online to the activities of the scammers.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *