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PMT247 Review - is it scam or safe?

PMT247 Review - is pmt247.com scam or good forex broker?

RATING: 1 / 0 REVIEWS PMT247
PMT247 is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage  Spread
Basic  $250 1:500 3 pips fixed
Bronze  $1 000 1:500 N/A
Silver  $2 500 1:500 N/A
Gold  $10 000 1:500 N/A
Platinum  $25 000 1:500 N/A
Black  N/A N/A N/A

  

PMT247 offers as many as six trading accounts and a wide range of tradeable assets. Unfortunately, it is not clear what are the advantages of those who have invested $25 000 and the others with deposits of $250. The broker has failed to provide information on essential parts of its offer, such as the trading costs and the leverage levels provided. This review will shade some light on the PMT247's service.

 

 

PMT247 Advantages

 

Huge selection of assets, high leverage levels

In an attempt to be objective, we always try to point out some possible strong sides of the offer of any forex broker. So, although we generally would not recommend PMT247, at least it offers high leverage levels, and wide range of tradeable assets, including many forex pairs and various CFDs = on indices, commodities, precious metals, stocks and a number of cryptocurrencies.

 

That being said, if you are a crypto enthusiast, you’d better take a look at our list of licensed forex brokers which also offer trading in Bitcoin and other digital assets as CFDs.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

PMT247 Disadvantages

 

No legit license, blacklisted by CONSOB

The broker claims to be owned and regulated by PMT247 Ltd., a company allegedly registered offshore, in Saint Vincent and the Grenadines (SVG). Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA), which has explicitly stated that there is no licensing regime for financial services providers.

 

Regulation is the single most important factor for the safety of any investment and the fact that PMT247 does not have a license is the most serious disadvantage of this broker.

 

 

Click to view larger.

 

Furthermore, it seems that PMT247 illegally targets European Investors, although it is not authorized to operate in any regulated financial market. The broker has been blacklisted by the Italian financial regulatory body, the CONSOB, as a potential scammer. Actually, CONSOB went as far as ordering PMT247, and the other unregulated brokers it flagged (CryptoCapitalFX, OnlyTrades, and Nasdaq 500) to cease offering their services in Italy.

 

No access to the MT4

Although PMT247 claims to support the MetaTrader4 (MT4), when we signed up for an account with it, we got access to another web platform instead.

 

 

PMT247’s web-based platform. Click to zoom in.

 

While this broker’s trading interface is not that bad, there is no room for comparison with the good old MT4 with its great charting and support for automated trading via the Expert Advisors, along with other features and functionalities most traders know well and enjoy using.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Spreads not disclosed, those on platform too high

PMT247 has not presented any reference spreads on its website, which is always a disturbing sign of lack of transparency on the part of brokers.

 

As you can see from the above image, the spreads of PMT247 are anything but attractive, fixed at 3 pips on EUR/USD. Most brokers offer spreads which are at least two times lower than this.

 

Salty extra fees

In this broker’s FAQ section, we read that PMT247 applies several unusual fees, which make the costs of trading even higher than they already are.

 

 

Trading on the PMT247 platform is subjected to a profit clearance fee, ranging between a minimum of $1.50 and maximum of $5.00 per trade, as well as to a monthly maintenance fee of $20. Besides, the broker also has a withdrawal fee of 3.5% and dormant account fee of $50 per month.

 

 

Conclusion

 

PMT247 is a shady offshore broker with recent warning from Italy’s financial regulator. Besides, its offer isn’t that tempting anyway, considering the high spreads, unusual fees, and the lack of the MT4 platform.

 

When trading with such a broker, your entire investment is at risk and it is very likely that you won’t be able to withdraw anything. So, traders should direct themselves to better trading options to which we have linked throughout this review. As usual, our best advice to investors is to deal only with brokers licensed by reputable financial agencies like CySEC in Cyprus or ASIC in Australia.

 

 

>> Trade with a CySEC-regulated broker <<

 

 

And finally, here are the highlights of the present review of PMT247:

 

Pros Cons
Generous leverage No financial regulation, blacklisted by CONSOB
Many tradeable assets No access to the MT4
  Claims to offer the MT4, but offers another web platform
  Spreads not disclosed, those on platform too high
  Salty extra fees

 

Latest news about PMT247
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Traders` reviews for PMT247

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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