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PBA Group Review | Is it a scam or not?

by Kevin Berry
Rating: 
  1/5   Reviews: 1
PBA Group - logo

“Navigate the financial markets with confidence” is an enticing offer from the brokerage company PBA Group, which has offices in several countries: Taiwan, the Seychelles, Cyprus, and Hong Kong. The broker also assures us that it holds licenses from the FSAS and the State Administration of Foreign Exchange (SAFE). However, the user agreement mentions the jurisdiction of Saint Vincent and the Grenadines. In short, the firm seems to be misleading users, so we need to conduct an investigation to understand whether it’s a scam or not. Online reviews were not helpful, as there are few of them.

Highlights

🏛️ Country Saint Vincent and the Grenadines, Taiwan, Cyprus, Hong Kong, Seychelles
⚠️ Regulation
🖥️ Website https://pba-groups.net/
🎲 Demo Account No
⏳ Start Time 2024
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform MetaTrader 5
📨 E-mail support@pba-groups.net, ib@pba-groups.net
📞 Phone +447441901183, +35725008161, +41565087014, +886437072832

First Impression of Pba-groups.net

The official website looks unusual. We cannot say that PBA Group used some ready-made template because the design is quite unique. However, this does not pertain to the quality of the site, which is on a low level.

The firm boasts a lot and tells amazing things that are hard to believe. For example, numerous offices, which only have an address provided without any proof. It’s also unclear where PBA Group’s headquarters are located, whether in the Seychelles or in Saint Vincent and the Grenadines. Clearly, there is a lack of evidence for all the stated facts, advantages, and merits.

PBA Group - site

At the top of the site, there are three sections where you can learn information about trading conditions, promos, the company, contacts, and other data. Despite the supposed global presence of PBA Group, the site is only available in English. The firm did not forget to warn about the risks of margin trading and attached legal documents, for example, the AML & KYC policy and user agreement.

Partnership and Bonuses

PBA Group has developed an affiliate program, including tailor-made solutions for top affiliates, easy and on-time payments, and no limits on payouts. Thus, three partnership options with the broker are:

  1. IB Program: daily commission payouts, uncapped commission up to $12/lot, 24/7 technical support, assistance from a personal manager, accelerated withdrawals and transfers to clients, and worthwhile prizes, such as cars or Apple devices.
  2. Master IB Program: For those who attract not only new clients but also new IBs, a commission of 10%.
  3. Invite a Friend: Simply invite new clients and then receive a commission for their trading volumes.

Additionally, PBA Group offers deposit bonuses up to 100%, which is very generous and can be seen as a red flag. It’s important to remember that such promotions are not given without specific conditions. The broker requires trading 20 lots for every $100 of bonuses. The firm also prohibits the use of hedging strategies while meeting these conditions, with a minimum position holding time of 33 minutes. Overall, the conditions are quite difficult to meet, and even experienced traders will face problems.

Account Opening on Pba-groups.net

To register an account, you need to click on the “Members Area” button, then “Register now”. A small window for entering data should open. PBA Group requires providing contact information, name, and password.

Registration

Registration was quick, but no confirmation email was received, which looks suspicious. Next, we see the personal cabinet in PBA Group. It looks very primitive. The broker hardly put any effort into it and did not create something interesting and beautiful.

PBA Group - personal cabinet

Looking at such a client portal, one might think: “Does this company really have offices in different corners of the planet?” Such primitive functionality and interface that can be created in a couple of hours.

The screenshot above shows that clients essentially have access to only basic operations, such as deposit and withdraw funds, change profile data, go through verification, change the password, track statistics for the referral program, and access WebTrader. This suggests that PBA Group is likely not as serious a broker as they claim.

Also, we did not notice a demo account. Is it really impossible to test the service on the demo?

Verification

When replenishing a deposit, the broker will require identity verification. In other words, the verification procedure here is mandatory, and funds cannot be withdrawn without KYC. PBA Group follows the same AML & KYC policy as other brokerage firms, so the verification process does not differ.

Verification

Users need to provide two documents that confirm their address and identity. The firm also requests a photo of the bank card. In the personal cabinet, PBA Group provides detailed instructions on the supported format and size of files, and how to properly photograph/scan a document.

Pros
  • It’s convenient to upload documents through my personal account.
Cons
  • The firm requires a photo/scan of the bank card.
  • Unknown how long it takes to verify documents.

Trading Software

If we are to believe the official website, the company offers trading on the popular MetaTrader 5 terminal among forex traders. PBA Group also provides links to download the platform from the official AppStore and Play Market.

When attempting to open WebTrader, the system asked us for a login and password, but these details are unknown. PBA Group did not send the terminal data to our email. Moreover, the server for connecting to MetaTrader 5 is designated as BRConsulting-Live, and the company name is BR Consulting Group Ltd.

Terminal

This is a very strange and suspicious situation. We can’t access the platform because we weren’t given login details. Moreover, the connection is made to the server of some other broker, which likely no longer exists, judging by the non-functional website brfxtrade.com. Meanwhile, PBA Group is not listed among firms connected to MetaTrader. So, what really is the platform here?

Features PBA Group All Capital Trade TradeVtech
Demo Account
Mobile App ✔️
Own Development

How Can I Trade With PBA Group?

Alright, we’ve sorted out the platform and personal cabinet. Now, we need to examine the trading conditions to determine if they are favorable or not and possibly identify any red flags that might suggest whether PBA Group is a scammer.

All Info About Accounts

PBA Group offers clients a choice of 4 tariff plans:

  1. Mini. The minimum deposit is $250.
  2. Advanced. From $5,000.
  3. Gold. From $25,000.
  4. Platinum. $125,000 or more.

The tariff plans hardly differ except for the minimum deposit, spread size, the maximum number of open orders, and the presence of a personal manager service. However, we noticed some suspicious points:

  • $250 is a high minimum deposit, and such a threshold is often found with fraudulent companies.
  • The spread size is not specified for the “Mini” and “Platinum” account types. Is this an oversight?
  • Leverage of 1:200 is only mentioned in the “Advanced” tariff, but what leverage is available to owners of other account types?

Account types

Clients can trade currency pairs, metals, indices, and other asset classes. Meanwhile, the account currency can be USD/EUR/GBP. PBA Group also offers swap-free accounts and educational materials at basic and premium levels depending on the account type. According to the tariff description, traders are allowed to use hedging strategies, and commissions are 0%.

If fees are 0% and spreads start from 0.6-0.8 points, how does the company profit? If commissions are zero, then spreads must be higher, and vice versa. It appears we are dealing with a 100% B-Book. That is, PBA Group is a dealing desk working against its clients.

Pros
  • Customers can activate an Islamic account.
  • Zero fees.
Cons
  • The business model has a conflict of interest, so the platform benefits when traders lose money.
  • High minimum deposit.
  • Terms and conditions are not fully disclosed.

Market Analysis and Education With Pba-groups.net

No additional functionality has been noticed at PBA Group. The official website lacks useful tools, such as fresh analytics, an economic calendar, and online quotes. The broker only offers a bit of educational information about what Forex/CFD and algo-trading are. The firm does not maintain social media accounts where clients can view analytics and receive fresh financial news.

Deposit, Withdrawal, and Fees

Funding at PBA Group can be done using fiat methods, such as credit/debit cards and bank wire transfers, as well as digital currency (ETH, BTC, or USDT). In the “withdrawal” section, for some reason, entirely different methods are listed, mainly major banks, which mislead users.

Commissions for depositing and withdrawing are not charged, at least that’s what the firm promises. However, PBA Group processes withdrawals within 7 working days, which is a very long term.

Features PBA Group OptiCapital Squire’s Finance Limited
Debit/Credit Cards ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

The company provided 5 phone numbers and an email for communication. Checking them did not yield any results. It’s also worth noting that PBA Group does not have an online chat where users can write to technical support and get a quick response. We’ve also mentioned the absence of social media accounts. It’s currently hard to imagine an online broker without a presence on social media.

Pros
  • Several phone numbers.
Cons
  • No online chat.
  • No account on social media.

Is PBA Group Dangerous?

Although the firm raises serious suspicions, we cannot yet confidently assert that it is a scam. However, we plan to study the founding date, all the listed addresses, and the licenses of PBA Group, and after that, we will boldly deliver a verdict. It will be interesting to see if our fears and doubts are confirmed.

How Long Does The Broker Work?

Looking at several offices in different countries, one might assume this is a large and established broker. However, why then is such a firm’s website registered only on January 25, 2024? Why are there very few reviews online? Because PBA Group launched exactly when the domain was registered. So, the firm has no significant experience.

Domain

How Is PBA Group Regulated?

We still need to figure out the regulation and legal addresses. Honestly, it feels like we’re digging through dirty laundry to find the truth. An honest and reliable broker would not mislead users.

According to the website’s footer, the company is under the control of SAFE, the Chinese regulator. However, it’s further stated “under Maxwealth Fund Management Co”. So, this license pertains to Maxwealth Fund Management Co, which has no relation to PBA Group.

It’s also stated that the firm is under the control of the Seychelles Financial Commission. However, PBA Group was not found there. Moreover, the user agreement mentions the jurisdiction of Saint Vincent and the Grenadines. Maybe PBA Group is based there? Also, no.

PBA Group - SVGFSA

Further verification makes no sense. We understood that the broker provided false information. Moreover, for instance, if the firm indeed has an office in Cyprus, where is the CySEC license? In short, PBA Group has fabricated a lot of fake information about themselves to first confuse users and then appear to them as a flawless and reliable organization.

Features PBA Group Exallt FXChoice
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

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Expert Opinion

This is a very suspicious broker. There are few reviews online, so the company is unlikely to be popular. Moreover, there’s no registry entry for such an organization, so PBA Group also lies a lot. Can such a platform be trusted? Obviously not. It’s better not to risk your money, especially since the minimum deposit is $250, and no demo account is offered – only dishonest and fraudulent firms operate this way. Depositing funds works, but withdrawal definitely does not. Find a verified organization with real licenses from serious regulators.

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The level of trust
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1 review about PBA Group

David March 20, 2024 - 10:44
I want to warn everyone about the scam.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

My fears turned out to be true. It’s a pity that I first replenished the deposit and then started checking the company for suspicious signs. I should have checked first, but it will be a lesson for me, which I share with other people.
I invested a small amount here, but it’s still very frustrating to lose money in such a foolish way. pba-groups.net is a gathering of scammers and fraudsters who recently created their fake site to defraud money. It’s ordinary fraud, and all the data on the site are fabricated. I lost $1000.

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