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IS PTBanc a scam broker?

Overview

Forex broker PTBanc offers its customers a wide range of trading options including forex, stocks, commodities, indices, CFDs, and cryptocurrencies. Based on the address provided on the website, it seems to operate from Luxembourg. But other than that, we don’t see any information about the company that owns and operates it. There is also no license information provided and hence we can confirm that PTBanc is an unregulated broker.

About PTBanc

PTBanc offers its customers with five types of trading accounts in:

  • Classic                   –         $1000           Minimum Deposit
  • Silver                     –         $10,000        Minimum Deposit
  • Gold                       –         $50,000        Minimum Deposit

The other two account types, Platinum and VIP, are meant for professional and aggressive traders and require a huge investment of more than $20,000. The leverage offered seems to be very generous with 1:1000 for all account types, and the spreads are around 3.0 pips, fixed.  While most of the forex brokers ask for a minimum deposit in the range of $100-$250, it seems quite high when it comes to depositing $1000 to create a new account with a forex broker.

The cryptocurrencies offered include Bitcoin, Ethereum, Litecoin, Dash, Ripple, Cash, etc. As far as we see, the cryptocurrency is one of the few positives of the forex broker. According to our research, we found out that Commission de Surveillance du Secteur Financier (CSSF), the financial regulatory authority in Luxembourg, has posted a warning against trading with PTBanc on their website. A warning like that by a regulatory authority gives enough evidence for us to suspect that this forex broker might pose a considerable risk when you invest your hard-earned money with them.

The broker offers various withdrawal options, including Skrill, Neteller, Bitcoin, Visa/Mastercard, Ideal and Giropay. When we had a look at the terms and conditions specified on the website, we could notice there is a line state that there is “withdrawal procession fees,” but there is not any more detail on that.

As far as we know, most of the regulated brokers won’t charge any fees for withdrawal and hence see this statement as highly suspicious.

Is PTBanc Legit or Scam

PTBanc is another unregulated broker, no information about the company that owns it, and they don’t provide even the MT4 trading platform for its customers. We always advise our readers to go with only licensed and regulated brokers. Based on our research and the facts present, we recommend our users to think twice before investing their money with PTBanc.