Note: PMT247's official website: https://www.pmt247.com/ is currently inaccessible normally.
PMT247, a financial institution registered in Saint Vincent and the Grenadines, operates without regulatory oversight. It facilitates trading in currency pairs, CFDs on indices, commodities, precious metals, stocks, and cryptocurrencies through a webtrader. Additionally, it presents six trading account options, each offering leverage up to 1:500 but demanding a substantial minimum deposit of $250 for the most basic account.
Pros and Cons
Is PMT247 Legit?
PMT247 claims to be registered in Saint Vincent and the Grenadines (SVG). However, this location is an offshore area that lacks a licensing system for financial service providers. In addition, PMT247 has been blacklisted by the Italian financial regulatory agency, CONSOB, and labeled as a potential fraudster.
What Can I Trade on PMT247?
PMT247 offers investors a diverse range of financial trading assets, including currency pairs, CFDs on indices, commodities, precious metals, stocks, and a large number of cryptocurrencies.
Account Type
PMT247 offers multiple types of trading accounts, including Basic, Bronze, Silver, Gold, Platinum, and Black (by invitation only)accounts, with minimum deposits ranging from $250 to $25,000. The minimum deposit for each account is excessively high. Please avoid depositing such a large amount with an unregulated broker.
Leverage
PMT247 provides leverage up to 1:500 for all account types except for the Black account (unrevealed).
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
PMT247 Fees
No specific information about spreads and commissions displayed on the PMT247 platform, However, PMT247 charges several other fees, such as a profit clearance fee (minimum $1.50 and maximum $5 per trade), a monthly maintenance fee ($20), a 3.5% withdrawal fee, and a $50 per month dormant account fee.
Trading Platform
PMT247 claims to have provided traders with an MT4 trading platform, but after signing up for an account, we found out that it is just a web-based trading platform with a trading interface that is not bad but not comparable to the highly recognized MT4 trading platform.
