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Uncovering the Truth about PSB: How the Broker Exploits Traders, Withdrawal Challenges
Customer reviews are a key factor in a broker’s ranking among top companies. You can see all reviews about PSB on the Rating Forex official website. Register on the website, a free and quick process taking up to 5 minutes, including email confirmation.
|Year of establishment
|Regulation and Jurisdiction
PSB, established in 1995 as a bank and transitioned to a brokerage in 2000, operates legally in Russia with all required licenses. It provides access to most “MMVB” exchange assets but can’t trade foreign assets due to its state-forming bank status.
Until 2017, PSB’s service was satisfactory, but afterwards, service quality dropped, fees increased, and hidden charges emerged. A significant issue has been the aggressive sale of expensive options by managers, often without transparent cost disclosure.
Адрес: Smirnovskaya st., 10 building 22
Phone: 8 800 700-9-777
- All licenses for broker’s work
- Technical support is available on Russian
- Strict jurisdiction
- Lower assortment
- High fees
- It is problem to close a bank account
|Types of accounts
Bank transfer, card, another broker account
Stocks, indices, bonds, ETFs, futures, currency
|Competitions and bonuses
PSB, established in 1995 as a bank and transitioning to brokerage in 2000, operates legally in Russia with necessary licenses. It trades mostly on the “MMVB” exchange, excluding some currency instruments and cannot deal in foreign assets due to its state-forming bank status. PSB’s website shows high commissions, especially for traders with limited capital, and discounts are linked to large trade volumes or deposits.
Customer reviews until 2017 were positive, but then service quality declined, fees rose, and hidden charges appeared. A significant issue has been the aggressive selling of costly options by managers without clear cost disclosure.
Cooperation terms. Is it possible to earn with PSB?
PSB offers investment opportunities in a variety of instruments primarily available on the MMVB exchange, including stocks, bonds, funds, indices, structured products, futures, and currencies. However, its offerings are limited to this exchange, with no access to foreign platforms or the SPB exchange. Currency trading is strictly available for ruble, euro, and dollar.
The broker’s website does not provide comprehensive information on these instruments, requiring investors to seek details from the exchange or other sources. PSB offers two types of trading accounts: “Investor” and “Professional,” each with different commission structures.
The “Investor” account has a flat commission of 0.25%, geared towards long-term investments but is high compared to market averages. The “Professional” account’s commission varies with daily turnover. If it’s under ₽1 million, the commission is a steep 0.3%. The rate decreases with higher turnovers, dropping to 0.06% for ₽1-5 million, 0.05% for ₽5-10 million, 0.04% for ₽10-20 million, and 0.03% for ₽20-100 million. Trades over ₽100 million have a more reasonable rate of 0.02%.
Rating Forex highlights that PSB offers Individual Investment Accounts (IIA) which are easy to open but incredibly difficult to close. Some branch staff reportedly lack knowledge about these accounts.
How does PSB scam people?
PSB is a state-managed legal entity, but this doesn’t ensure a good experience. Reviews often highlight service issues akin to those in state institutions, with complaints about poor service and incompetent staff. Issues frequently go unresolved, and in-person visits are needed as phone support is inadequate.
Staff incompetency leads to problems like transaction errors and unnecessary, costly options being pushed onto clients. Closing an account is particularly troublesome, with staff confusion and errors potentially misdirecting funds.
These challenges mainly affect smaller traders, while clients with substantial capital receive better attention and quicker problem resolution. Engaging with PSB is generally more advisable for those with significant capital.
PSB’s official website, psbank.ru, provides details on all available options, but users will notice its high commissions, significantly more than other stock brokers. Since 2018, as a state-forming bank, PSB is barred from offering services on international exchanges, including SPB. Currency trading is limited to rubles, euros, and dollars, with other currencies inaccessible.
Opening a Personal Account with PSB might only make sense for those not interested in international markets. It’s crucial to stick with PSB once chosen, as switching brokers and closing an Individual Investment Account (IIA) can be problematic.
Real PSB reviews from customers
PSB broker has mixed reviews. While some traders are satisfied, many on banki.ru rate it poorly. A reviewer described difficulties in reactivating a dormant account and withdrawing funds. Support was unhelpful, with issues in changing an incorrect account number and unresponsive chat support. Despite repeated attempts to contact support through different channels, the issue remained unresolved, leading to the loss of funds and plans to complain to the Central Bank.
A customer shared a negative experience at a PSB branch in Moscow while trying to close an Individual Investment Account. The staff, unfamiliar with the process, unprofessionally directed the customer to solve the issue over the PSB hotline themselves. Another review on emoney-hub.com highlighted PSB’s numerous problems, describing risky financial dealings and poor service.
Many complaints on stablereviews.com target PSB for its confusing and excessively high commissions. Customers find it difficult to determine exactly how much the broker charges. There’s widespread dissatisfaction with the quality of customer support, which often fails to resolve issues.
A striking issue reported involves card blocking when trying to fund an Individual Investment Account (IIA) at PSB from an account at a different bank, suggesting potential mishandling by PSB. In such scenarios, funds may fail to reach the intended recipient due to intermediary errors.
Rating Forex’s lawyers offer assistance in recovering funds from PSB. They provide free consultations until successful resolution, aiming to challenge PSB’s practices and help clients reclaim their capital.
PSB ranks twelfth among the largest MMVB brokers, meaning there are at least 11 companies more deserving of attention. PSB lacks distinct advantages and is burdened with numerous hidden fees, in addition to high visible charges. The broker tends to prioritize profit maximization at the client’s expense.
Rating Forex advises against opening a brokerage account with PSB, suggesting there are many other intermediaries offering better trading conditions.
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The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about PSB are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.
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