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PSB-Forex Review - is it scam or safe?

PSB-Forex Review - is psbforex.ru scam or good forex broker?

RATING: 2.9 / 0 REVIEWS
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Trading Accounts and Conditions

 

Account type

Min. deposit

Max. leverage

Min. trade size

Spreads

Standard

RUB100 000

1:40

0.01

1.9 pips

 

 

PSB-Forex is a Russian forex broker that offers a single account type. Its clients can use fixed spreads, micro tradeable lots and leverage up to 1:40 on the MT5 platform.

 

PSB-Forex Advantages

 

- Solid regulation, subsidiary of a Russian bank

The most obvious strong side of PSB-Forex is that it holds a license from the Central Bank of Russia for providing brokerage services in the Russian OTC market. In fact, the broker is a subsidiary of the Russian commercial bank Promsvyazbank, which has 20 years of history. Before establishing PSB-Forex, the company has been actively providing brokering services to institutional clients in Russia.

 

- Competitive fixed spreads

PSB-Forex offers fixed spreads, amounting to 1.9 pips on EUR/USD, and does not charge commission fees. Such pricing is relatively good, as most fixed-spread brokers provide spread amounting to 2 pips for this pair. If you wish to trade with even lower fixed spreads, check out the offer of CySEC-regulated broker easyMarkets.

 

- MT5 available

This is a top-tier choice of trading software. The MT5 was originally a futures trading platform, but later re-integrated to be a more forex-friendly. Nowadays the MT5 already features hedging and the developer MetaQuotes keeps making other enhancements to it in an effort to outphase its predecessor, the MT4.

 

PSB-Forex’s demo MT5 platform. Click on the image to zoom-in.

 

 

>>Top MT5 brokers<<

 

 

PSB-Forex Disadvantages

 

- High initial deposit

To open an account with PSB-Forex, one has to invest at least 100 000 Rub, which is more than $1500. By comparison, most brokerages require $100 - $250 as a start.

 

- Low leverage levels

The maximum leverage levels provided by PSB-Forex are mere 1:40, while most brokers offer 10 times more. This is probably due to the fact that according to the law in Russia, brokers are not allowed to provide leverage to customers more than 1:50.

 

easyMarkets, for example, provides leverage ratios up to 1:400. The higher the leverage your broker gives you, the bigger the profit potential – but then again it also prevents traders from proper risk management and can significantly amplify losses.

 

>>Brokers providing leverage of 1:500 or higher<<

 

 

- Limited product portfolio

PSB-Forex offers trading in less than 20 currency pairs and that’s about it. With this broker, you cannot trade in more exotic FX pairs, nor any CFDs. Most forex brokers include at least commodity and indices CFDs in their product portfolio, and many of them have also added Bitcoin CFDs due to the increased popularity of cryptocurrencies lately.

 

>>Trade Bitcoin with margin<<

 

- MT4 not supported

This is not a serious disadvantage, as PSB-Forex offers MT5 platform, the successor of MetaTrader 4, which is ion many ways similar to the previous version. Nonetheless, many traders stick to the MT4, because some of its indicators and EAs are not compatible with the newer version or simply because they are used to it.

 

 

Conclusion

 

A retail forex subsidiary of Russia’s Promsvyazbank PJSC, PSB-Forex is one of the eight companies that are currently licensed by Russia’s central bank to operate on the local forex OTC retail market. Some of the other brokers licensed in the country are VTB24, Finam Forex, Forex Club, InstaForex, and Teletrade. 

 

PSB-Forex offers its services by the MetaTrader 5 platform and provides competitive fixed spreads.What bothers us with PSB-Forex is its limited product portfolio (including less than 20 FX pairs), low leverage levels and high initial deposit required.

 


Here is a summary of the weak and strong sides of PSB-Forex:

 

Pros

Cons

Regulated broker

High minimum deposit required

Subsidiary of a bank

Low leverage levels

MT5 platform offered

Less than 20 FX pairs available for trade, no CFDs

Competitive fixed spreads

MT4 not supported

 

Latest news about PSB-Forex
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Traders` reviews for PSB-Forex

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