PssFX has two types of accounts: Classic and Premier, with the former apparently geared for retail traders and the latter – for institutional clients. The trading conditions are more or less clearly stated, except the spreads, which are “tight and competitive”.
There is also a demo account for testing purposes, but the registration process does not appear to function properly.
The company offers trading in forex and CFDs on precious metals, stocks, indices, commodities and bitcoin. There are also options for something called “trading packages” at prices of $1000, $5000 and $10 000 that bring some extra features.
There is also a money management account where trading is done on behalf of the investor.
The Company. Security of Funds
Company Country Regulation
Pss Trust And Credit Corp. HB Sweden None
It seems that PssFX is owned by an entity called Pss Trust And Credit Corp. HB. The information is not readily available and clearly visible on the site. After some digging, we found that the Pss Trust And Credit Corp. HB is registered in Sweden, at an address in a residential area in Stockholm. Some more digging found that the two partners in Pss Trust And Credit Corp. HB. are two individuals – one from UK and one from the Philippines. PssFX has been registered in 2013.
Our check with the registry of the Swedish financial markets and services providers regulator Finansinspektionen did not turn in any results, which suggests the company is neither registered, nor licensed by it. There are no regulation claims on the broker’s site either.
To our best knowledge, as an EU member, Sweden accepts financial services providers from other member states to operate in it, but the local companies should be registered with Finansinspektionen. The lack of such registration of PssFX is a big red flag and extreme caution should be exercised.
Besides, there are properly regulated forex and CFD brokers like IG and CMC Markets who have branches in Sweden and are registered with the Finansinspektionen, which is known for its strict requirements and rigorous oversight and enforcement. There are other properly regulated forex brokers like XM, who also offer their services in Sweden and have a Swedish-language version of the site.
Overall, Finansinspektionen is tasked with the responsibility of monitoring and protecting all financial institutions operating in Sweden and ensuring a safe financial market environment, with prevention of market manipulation.
Obtaining a forex license from the Finansinspektionen can be a complex procedure and complying with the relevant regulations and requirements is long and sometime complicated. In addition the broker must have a company formed in Sweden for the purpose of engaging in forex activity prior to applying for the license.
We are mildly intrigued by the fact that PssFX did not choose another jurisdiction for its registration – an offshore zone like Vanuatu or Saint Vincent and the Grenadines, which are popular destinations for hundreds of dubious forex brokers, thanks to their lax requirements and low (if any) corporate taxes. Or perhaps PssFX’s goal is to mislead its potential clients as being a reputable Swedish company.
What we find even more amusing is that, in addition to the usual pledges of keeping client funds in segregated accounts, “PSS Trust and Credit Corp., HB., a trustee operation division of PSS in Sweden, issues a guarantee note to pay back any client’s deposit on any trading account at PSS of up to USD 50,000 in the event of insolvency of all client’s fund custodian banks.” What is PSS, remains a mystery. There are several companies of this name, but neither of them appears to be in any way involved in finance.
Not surprisingly, PssFX offers the eternally popular MetaTrader 4 platform. MT4 is usually the most obvious choice for a forex broker and is preferred by the traders. It is a multi-asset platform that has been on the market for over 10 years and offers multiple analysis and charting tools, as well as many third-party APIs, which add even more functionalities and features. MT4 also supports Expert Advisors.
Methods of payment
PssFX say they accept payments through bank transfers, credit cards and PayPal. Although those options are sufficient, it is always preferable to provide more payment options, especially through online payment platforms.
PssFX is pretty shady, to say the least. On its site it makes a number of impressive statements and promises, but there is something very dubious about it and the fact that it is not licensed by Sweden’s Finansinspektionen is a warning sign. Even though PssFX is registered in Sweden and not in some offshore zone, we strongly suspect it is some sort of scam, so it is best to be avoided.
Rather choose a properly regulated broker, like the ones supervised by UK’s Financial Conduct Authority or the Australian Securities and Investment Commission.
PssFX Review Conclusion
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