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After I did most of my operations, they abandoned me without any capital, because they assumed that I would know the time they left, but they did not indicate it. Obviously, it was intentional. My investment was 9,100
In this comprehensive review of PSB Forex, we delve into the broker's offerings, user experiences, and overall reputation in the forex trading landscape. While PSB Forex has established itself with a solid regulatory framework and a range of trading platforms, user feedback reveals mixed experiences, particularly regarding customer service and withdrawal processes.
Note: It's essential to consider that PSB operates in various jurisdictions, and its reputation may vary significantly across regions. This review aims to provide a balanced view based on diverse sources for fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 5 |
| User Experience | 4 |
We rate brokers based on user feedback, regulatory compliance, and the overall trading experience they provide.
Founded in 2016, PSB Forex is a Russian broker that operates under the auspices of Promsvyazbank. It is regulated by the Central Bank of Russia (CBR) and holds licenses from the National Association of Forex Dealers (NAFD) and the Association of Forex Dealers (AFD). The broker offers trading through the popular MetaTrader 5 (MT5) platform, catering to various asset classes including forex, stocks, commodities, and indices.
PSB Forex operates primarily in Russia and has a growing presence in Europe, Asia, and Africa. However, it is important to note that the broker is restricted from servicing clients in certain jurisdictions, including the United States, Iran, North Korea, Sudan, and Syria.
The broker primarily accepts deposits in Russian Rubles (RUB), but also allows transactions in USD, EUR, and several other currencies. While there is no fee for deposits or withdrawals, the minimum deposit requirement is set at $1,500, which is relatively high compared to many other brokers.
The minimum deposit required to open an account with PSB Forex is $1,500, which some users find prohibitive. This high entry point could deter novice traders who prefer brokers with lower initial requirements.
Currently, PSB Forex does not prominently feature any bonuses or promotional offers in its marketing materials. This lack of incentives may be a drawback for traders seeking brokers that offer bonuses for new accounts or trading activities.
PSB Forex provides access to a limited selection of asset classes. The primary focus is on forex, with over 70 currency pairs available for trading. However, the broker's offerings in commodities, indices, and cryptocurrencies are relatively limited compared to other brokers in the market.
The trading conditions at PSB Forex include fixed spreads starting at 1.9 pips for major currency pairs like EUR/USD. While this is competitive, some users have reported hidden fees that can increase overall trading costs. Additionally, the broker does not charge commissions on trades, which is a plus for many traders.
Leverage options at PSB Forex are capped at 1:40 for retail clients, which is notably lower than many international brokers that offer leverage ratios of up to 1:500. This limitation is partly due to Russian regulations that restrict leverage levels.
PSB Forex primarily uses the MetaTrader 5 (MT5) platform for trading. This platform is well-regarded for its robust trading tools and user-friendly interface. However, the absence of MetaTrader 4 (MT4) may be a drawback for traders accustomed to that platform.
As mentioned earlier, PSB Forex is not available to clients in several countries, including the United States and other regions under sanctions. This limitation may affect its global reach and accessibility for international traders.
Customer support at PSB Forex is primarily available in Russian, with limited support in English and other languages. This could pose challenges for non-Russian speakers seeking assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 5 |
| User Experience | 4 |
Account Conditions (5/10): The high minimum deposit requirement of $1,500 can be a barrier for new traders. The account types offered are limited, with only standard accounts available, which may not cater to all trading styles.
Tools and Resources (6/10): While PSB Forex provides the MT5 platform, the range of trading tools and educational resources is somewhat limited compared to competitors.
Customer Service and Support (4/10): User feedback indicates that customer service can be inconsistent, with reports of unresponsive support and difficulties in resolving issues, particularly related to withdrawals.
Trading Setup (Experience) (6/10): The trading experience on the MT5 platform is generally positive, but the limited asset offerings and high spreads can detract from the overall experience.
Trustworthiness (5/10): While PSB Forex is regulated by the CBR, user reviews highlight concerns about withdrawal difficulties, which can impact trust levels.
User Experience (4/10): Overall user experiences are mixed, with some traders reporting satisfaction while others express frustration with customer service and withdrawal processes.
In conclusion, while PSB Forex offers a regulated environment and the popular MT5 trading platform, potential users should carefully consider the high minimum deposit, limited asset offerings, and mixed reviews regarding customer service before committing. The broker may be more suitable for experienced traders familiar with the Russian market and willing to navigate potential challenges.
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