You can make money as a trader or broker in the forex market. As a trader, it is easy. All you need is training and some money to start trading. As a broker, however, registering a company is rigorous and capital-intensive. This is why many scam brokers like Petron Capital take shortcuts and open fraudulent websites.
Many traders are attracted by the fake offers presented by scam brokers. These shady firms even offer welcome bonuses and high leverages to attract customers. However, the trader loses their money in the long run under mysterious circumstances. To avoid this, only trade with honest and transparent crypto brokers.
From the website, we tried to establish the entity that runs the company, but we couldn't. For a company to be fully registered, it must provide the necessary legal documents. This broker does not appear to have any. The broker has displayed what it purports to be an operating license from Emirates Free Zone. This document is fake and does not prove the broker's authenticity.
We could not find a link to the terms and conditions prerequisites for opening a trading account on the website. From whois.com, we established that the domain was registered on 4th October 2022. This business has not been in operation for long. Thus, their claim that they have served many clients is false and impractical.
It is hard to tell the firm's philosophy without knowing who started the company. Founders are the ones who establish the company's vision and mission. They also lay out the principles and values that the company must adhere to. However, if their details are missing, it is hard to gauge the company's overall working philosophy.
One cannot tell where the company is heading without knowing about the current leaders. The leaders are the face of the company, and if their reputation is questionable, the company is likely to follow suit. Most scammers will, therefore, not reveal the identities of the current owners or founders to avoid scrutiny from the customers.
Forex brokers are obliged to disclose contact information for a number of crucial reasons. First and foremost, clients can contact the broker using this data for account management, trade questions, technical support, and other matters. When clients know they can readily contact the broker for support, trust and confidence in the broker's services are fostered.
Contact information can assist brokers in adhering to know-your-customer (KYC) and anti-money laundering policies. Brokers must comply with these requirements by confirming the identification of their clients and keeping an eye on their transactions for any unusual activity.
With a regulated broker, you can be sure that there is client protection. As such, there is no need to worry about fraud or misconduct from the broker. Regulated brokers protect client funds, provide adequate capitalization and offer fair and transparent trading conditions. Also, with a regulated broker, there is market regulation, and you can avoid cases of market manipulation like with scam brokers.
When we checked Petron Capital regulation status, we found some inconsistencies. Although they claim to be legit, the Spanish Comisión Nacional del Mercado de Valores (CNMV) has issued a warning against them. With such a warning, staying away from the broker is safe to avoid losing your money through questionable means.
The broker has not revealed anything about their conditions. They have no specified parameters such as spread, minimum deposit, leverage and commission charges. Without this data, one cannot compare this broker with others when selecting.
Opening an account with this broker was impossible because most of their links were inactive. Thus, we could not even ascertain the reliability of their payment methods. However, this broker likely makes the depositing process smooth but complicates the withdrawal.
There is no doubt that Petron Capital is a scam. The firm will most likely not operate for long since many will find out about it. In the forex market, you should pick a reliable crypto broker who will support you every step of the way.
Registered brokers are always ready to assist and easy to reach. They have reliable customer support. Appearances can be very deceiving, so it is crucial to research a company before trusting them with your savings.
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