PSB-Forex: traders’ reviews and broker analysis

• Categories: Forex

A Fresh Look at PSB-Forex: Exposing Fraud

In search of a reliable broker, traders encounter semi-legal and suspicious companies offering asset trading services. An important criterion for selection becomes the presence of a license from a state regulator, registration in the country of service provision, as well as long-term experience and positive reviews. The company PSB-Forex, at first glance, meets these requirements. But is it worth trusting them?

Rethinking the Resource and Verifying Legal Documents

When visiting the website psbforex.net, the lack of an SSL certificate is immediately noticeable, allowing interception of user information, including banking details. The absence of basic protection in 2022 is an unacceptable fact.

PSB-Forex may boast a Central Bank license, a number of awards, and over twenty years of experience. However, real reviews tell a different story: working with the broker is described as incredibly challenging. And this is not surprising.

Although PSB-Forex was originally associated with Promsvyazbank in Russia, holds a CB license, and support from international regulators, in 2020 Promsvyazbank closed this trading direction. This fact has been confirmed by official sources, including Kommersant.

Officially, PSB-Forex has not existed for over a year, yet scammers continue to operate under their name, creating fake sites, presenting them as licensed platforms. These practices are discouraging, and previous reviews bear clear signs of fraud.

The True Picture of PSB-Forex Licensing

The actions of fraudsters have been quickly uncovered, and the Central Bank of the Russian Federation has already warned of the danger of new illegal organizations in the market.

We hope that psbforex.net will soon be blocked, along with other similar initiatives. However, there is no guarantee that a new PSB-Forex with a different domain will not appear the next day. Therefore, it is recommended to verify information from provided sources rather than rely solely on reviews.

Terms Offered by PSB-Forex

To attract more clients, PSB-Forex offers four types of accounts for investors at any level. The main difference lies in the initial deposit amount, ranging from $150 to $25,000. Details remain unclear and poorly structured. Vague information related to spreads, assets, and the platform only fills the space.

The absence of information about the trading platform and the concealment of commission and payment details indicate possible negative surprises during trading.

The “Education” section contains broken links to video tutorials, indicating a reluctance from scammers to educate users. Their goal is to persuade naive traders to open accounts, not to educate them.

Reviews of Working with PSB-Forex Online

Relying on trader reviews about PSB-Forex is difficult. The original broker, during its years of legitimate operation, managed to garner numerous real reviews, which currently help scammers spread their scenarios. To the delight of fraudsters, even in 2022, positive reviews about PSB-Forex surface, despite the license being revoked a year ago. It can be assumed that some of these reviews are purchased fake ones.

The Deception Scheme of Pseudo-Broker PSB-Forex

Using a well-known brand, scammers promise clients guarantees and fund protection. Each new trader is assigned a personal manager whose task is to stimulate trading and increase deposit amounts.

The initial deposit into the account is accompanied by a company bonus, which, according to managers, allows trading with the broker’s money. Most clients are impressed by their earnings initially, closing profitable deals. Then, when the client is ready for larger trading operations, they are offered to switch to an account with higher earnings.

It is evident that the new account does not exist, nor do real trading operations. Users find themselves on virtual accounts managed by scammers. After adding an additional deposit, the client incurs losses, and the entire deposit disappears. Whether the account will be blocked or a new attempt suggested depends on the decisions of the supervisors.

PSB-Forex — a New Masterpiece of Scammers

This is not the first time scammers have resorted to using another’s name to create fake projects. PSB-Forex was no exception, attempting to pass itself off as a licensed broker from Russia. Do not fall for the tricks of these criminals; the real PSB-Forex no longer exists, and its license has been revoked. All such projects are merely cunning traps devised by criminals.