Introduction to PetronPay Review:
The financial market has scam brokers at every corner. With a little knowledge about the working of scam brokers and by staying cautious all throughout, you can also avoid the clutches of the scam brokers. To help you through this, we publish reviews every day about potential scam brokers. In today’s review, we will be looking into PetronPay. Claiming to be yet another best brokerage firm in the market, PetronPay has many flaws. If you are here because you have been scammed by PetronPay, stay tuned till the end and we have a solution for you as well.
About PetronPay:
In this section of the PetronPay review, we will be addressing all the problems posed by PetronPay.
Is PetronPay regulated by any of the regulators?
Regulation is the first and foremost parameter that one must ensure before making an account with any brokerage firm. The license is the approval from the regulation that the company is safe and won’t attempt to steal your money. In our case, PetronPay claims to be based in Switzerland. Furthermore, PetronPay also goes on to say that they are regulated by a variety of regulations as they operate around the world. None of this came out to be true when we investigated the situation. We found out that PetronPay is UNREGULATED and does not have a license from any of the regulations. PetronPay does not have a license from the regulation of its own jurisdiction.
Is PetronPay blacklisted by any of the regulators?
Another red flag against the PetronPay scam is the fact that PetronPay is actually blacklisted by one of the regulations. Due to all the claims of PetronPay that it is being regulated by the FNMA of Switzerland, the FNMA issued a warning against PetronPay and blacklisted the company, stating that the company is a potential scam.
Which trading software does PetronPay provide?
Trading software plays an important role for the people trading in the financial market. With The right set of tools and the best trading software in the market, there are a lot of opportunities for traders. In our case, PetronPay does not reveal the information regarding the trading software. PetronPay does not even reveal the leverage offered by them but does not fail to brag about the huge returns and profits that the customers will get if they trade with this specific brokerage firm. They also do not reveal a lot of other information which is not right. Hiding important information from the public clearly indicated that PetronPay was trying to hide something. This gives us a big red flag against the PetronPay scam in this PetronPay review.
Conclusion: Is PetronPay a scam or a legit brokerage firm?
To sum up, all that has been stated above, we can come to the conclusion that PetronPay is a potential scam. We recommend our readers stay away from this unregulated brokerage firm. One must always trade and invest with regulated brokerage firms.
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