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Is PMT247 a scam broker?

Overview:

The offshore FX broker PMT247 provides in a total of six tradable accounts and a variety of trading assets. The minimum deposits are in the range of $250 to $25000. Sadly, there is no other information available on the website. And we don’t know what is the advantages and disadvantages of different accounts. This review will help you to know more about this broker.

About PMT247:

To be unbiased we must try to mention some good things about any broker. This broker provides accounts namely Basic, Bronze, Silver, Gold, Platinum, and Black along with the high leverage of 1:500. The broker is equipped with high leverage levels, many trading gears such as FX pairs and CFDs on indexes, crypto coins, natural resources and of course many commodities.

The PMT247 LTD is the proud owner of trademark PMT247 and it is situated in Saint Vincent and the Grenadines. The SVG based firms can get a permit of forex broker in simple and inexpensive ways. But these permits providing authorities do not oversee the operation of such brokers.

The major factor that the traders must put emphasis on while online trading is the broker’s legitimacy. Here we can say that PMT247 is unregulated in the traditional trading market. This is a serious concern about this broker. Moreover, this broker is being slammed by CONSOB the Italian financial advisory for illegally operating in its jurisdiction. This broker also claims to support the MetaTrader platform but when we tried to access it we were redirected to some web-based trading platform. This web-based trading platform is used by several potential scam broker.

 PMT247 fails to provide information about spreads on its site and this opaque nature of broker is worrisome. The spreads we came across while tackling the web-based platform were capped at 3 pips and it is unattractive. Also, the cost of trading with this broker is high. It applies a profit clearance fee of $5.00 on every trade. Also, the admin fee per month of $20. It also comes with a withdrawal charge of 3.5% and also inactivity charge of $50 every month.

Is PMT247 scam or legit?

The FX broker and CFDs provider PMT247 offers what other brokers offer. The real question about the security of investor’s fund and it is unanswered. The firm is unregulated by the authorized advisory. We claim this broker as a potential scam broker. Please stay away from such a potential scam broker.