Sort by content
- Sort by content
- Sort by time
Write a review
Both the withdrawal and service are unavailable. The platform seems to have absconded.
When I made a profit of several tens thousand RMB,the platform gave no access to it with excuses.Don’t trade in it.You won’t know when it is ready to abscond..
I traded on this scam platform and wanted to quit after suffering losses. I applied for withdrawing money but the request has been verified for a long time and still unapproved. The platform is suspected of running away
It is a fraud platform.I have been on this platform since last year. Since the server upgraded, I didn't traded on it. A month ago, a salesman asked me to open an account and give a try. I didi and made one trade. I tried to withdraw the money but failed. Everyone stay away from the scam platform
|Registered in||Shenzhen, China|
|Years of establishment||2014|
|Trading instruments||Forex, CFDs, Cryptocurrencies|
|Account Types||Demo, Standard, VIP|
|Minimum Initial Deposit||$100|
|Minimum spread||1.0 pip|
|Trading platform||MetaTrader 4 (MT4)|
|Deposit and withdrawal method||Credit cards, debit cards, bank transfers|
PanBay is a forex broker that was founded in 2014. It is headquartered in Shenzhen, China, and offers a diverse range of trading instruments, including forex, CFDs, and cryptocurrencies. The broker also offers multiple account types, including a demo account and a live account.
However, PanBay is unregulated and has a history of negative reviews. As such, there is a high potential for risk associated with trading with PanBay. Potential investors should exercise extreme caution and conduct thorough due diligence before opening an account with this broker.
PanBay's legitimacy has come under scrutiny due to several red flags and concerning indicators. While it was initially regulated by the Financial Services Commission (FSC) of Mauritius, the fact that its regulatory status has been revoked is a significant cause for concern. A revoked license may indicate violations of regulatory standards or failure to comply with necessary regulations, potentially leaving traders vulnerable to unscrupulous practices.
Additionally, the claim of CIMA regulation in the Cayman Islands has been suspected to be a clone, raising suspicions about the broker's authenticity and credibility.
Furthermore, the presence of numerous negative reviews and a substantial number of complaints within a short period on various platforms like WikiFX is deeply troubling. Such complaints may involve issues related to withdrawal delays, poor customer service, or even complete loss of funds, further casting doubt on PanBay's legitimacy.
Bitaxis Capital offers several advantages to traders, including a diverse range of trading instruments that allow for portfolio diversification and the potential to capitalize on various market opportunities. Moreover, the platform provides multiple account types, accommodating different trading preferences and risk levels, thereby enhancing the trading experience for users.
However, one significant concern is that Bitaxis Capital is unregulated, which means it operates without oversight from reputable regulatory authorities, potentially exposing traders to higher risks and lack of investor protection.. Some users have accused the platform of being a scam, which raises questions about its legitimacy and reliability. Additionally, the low rating on the WikiFX website indicates negative feedback and poor user experiences, further highlighting potential risks involved in trading with this platform. Furthermore, the presence of high spreads and commissions can significantly impact trading costs, potentially diminishing potential profits for traders.
|Offers a variety of trading instruments||Unregulated|
|Offers a variety of account types||Accusations of being a scam by some users|
|Low rating on the WikiFX website|
|High spreads and commissions can impact trading costs|
PanBay provides a diverse range of trading instruments to cater to the varying interests and strategies of its clients. The forex market offers opportunities to trade major, minor, and exotic currency pairs, allowing traders to capitalize on fluctuations in global currencies.
Additionally, the availability of CFDs on stocks, indices, commodities, and cryptocurrencies further expands the trading horizon, enabling traders to speculate on the price movements of various assets without owning them physically. The inclusion of cryptocurrencies as tradable assets adds a modern and volatile element to the offering, providing an avenue for traders interested in the fast-growing digital currency market. However, traders should be aware that trading cryptocurrencies involves heightened risks due to their inherent price volatility and limited regulations.
PanBay caters to the diverse needs of traders by offering different types of accounts, each designed to suit varying levels of experience and trading preferences.
Demo Account: The demo account is a valuable feature for beginners and even experienced traders looking to test their strategies in a risk-free environment. It allows traders to practice with virtual funds and access real market conditions. This type of account is an excellent tool for honing trading skills, familiarizing oneself with the trading platform, and gaining confidence before transitioning to live trading.
Standard Account: The standard account is typically suitable for regular traders with some experience in the markets. It provides access to a wide range of trading instruments and features competitive spreads and leverage. Traders with a standard account can participate in various markets, such as forex, CFDs on stocks, indices, commodities, and cryptocurrencies, enabling them to diversify their trading activities.
VIP Account: The VIP account is tailored for experienced and high-volume traders seeking premium services and personalized support. Traders with VIP accounts may benefit from tighter spreads, higher leverage, and priority access to customer support. Additionally, they may have access to exclusive educational resources, market insights, and analysis, enabling them to make more informed trading decisions.
To open an account with PanBay, if the official website were available, you would typically follow a simple and standard procedure.
Visit the official website: Go to PanBay's official website and locate the “Open Account” or “Register” button.
Initiate account registration: Click on the “Open Account” or “Register” button to start the account registration process.
Provide basic information: Fill in your full name, email address, and phone number. This information is necessary for communication and account verification purposes.
Verify your identity and address: To comply with AML and KYC regulations, you will be asked to provide a government-issued ID, such as a passport or driver's license, to verify your identity. Additionally, you will need to provide a proof of address document, such as a utility bill or bank statement, to verify your address.
Account activation: Once your identity and address have been verified, your account will be activated, and you will receive login credentials to access the trading platform. With a verified account, you can start funding your account and begin trading various financial instruments offered by PanBay. Remember to practice responsible trading and manage your risks effectively.
Leverage is a powerful tool that can amplify profits but also magnify losses. PanBay offers leverage up to 1:500, meaning that you can control a position worth 500 times your deposit. However, it is important to use leverage with caution, as it can increase your risk of losses.
If you are not comfortable with the risk of losing more money than you have deposited, then you should avoid using leverage. Here are some tips for using leverage safely: only use leverage that you are comfortable with, set stop losses to limit your losses, and monitor your positions closely. If you are new to trading, it is a good idea to start with a low level of leverage and gradually increase it as you become more experienced.
PanBay offers competitive spreads, which refer to the difference between the bid and ask prices for a particular financial instrument. Variable spreads mean that the spread may fluctuate based on market conditions, such as liquidity and volatility. For major currency pairs like EUR/USD or GBP/USD, PanBay's spreads are typically around 1.0 pip, which is considered low and attractive to traders looking for tight spreads.
In addition to spreads, PanBay also charges commissions on a per-trade basis. The commission fees vary depending on the specific financial instrument being traded. For instance, commissions on forex trades may differ from those on CFDs for stocks, indices, commodities, or cryptocurrencies. It is essential for traders to be aware of these commission rates as they directly impact the overall cost of trading.
PanBay's trading platform, MetaTrader 4 (MT4), stands as a widely acclaimed and preferred choice among traders worldwide. Renowned for its user-friendly interface and extensive features, MT4 empowers traders to conduct in-depth market analysis through advanced charting tools and a plethora of technical indicators.
The platform's support for automated trading with Expert Advisors (EAs) enables traders to deploy and test their strategies efficiently, while its stability and reliability ensure seamless trade execution. Moreover, MT4's accessibility across multiple devices further enhances traders' flexibility and responsiveness to market developments. By offering the robust and versatile MT4 platform, PanBay demonstrates its commitment to equipping traders with a powerful tool to navigate the financial markets with confidence and precision.
PanBay provides convenient and flexible options for depositing and withdrawing funds, accepting various currencies such as USD, EUR, and GBP. Traders can fund their accounts using credit cards, debit cards, or bank transfers, offering ease and accessibility in transferring funds to start trading. Additionally, PanBay aims to ensure swift and efficient withdrawal processes, with requests typically processed within 24 hours.
Potential investors should exercise extreme caution and be aware of the risks associated with Bitaxis Capital. The lack of an accessible official website and absence of customer support raise red flags about the platform's credibility and reliability. Furthermore, the presence of negative information online adds to the concern, suggesting possible fraudulent activities or unethical practices.
Engaging with unregulated and potentially unreliable investment platforms exposes investors to significant risks, including the potential loss of funds and scams. It is crucial to conduct thorough due diligence and consider safer, regulated alternatives to protect one's investments and financial well-being.
PanBay is a forex broker with a diverse range of trading instruments and account types, catering to different traders' needs and preferences. However, the broker's legitimacy has been called into question due to a revoked regulatory status and suspicions about its claimed regulatory status in the Cayman Islands.
The presence of negative reviews and complaints further raises concerns about the platform's reliability and potential risks. It is advisable to opt for regulated and reputable brokers that prioritize transparency and client protection to ensure a safe and secure trading experience.
Q: Is PanBay a regulated forex broker？
A: PanBay's regulatory status has been revoked; proceed cautiously.
Q: What trading instruments does PanBay offer？
A: PanBay provides forex, CFDs, and cryptocurrencies for trading.
Q: How can I open an account with PanBay？
A: Register online, provide basic info, and verify identity/address.
Q: What is the leverage offered by PanBay？
A: PanBay offers leverage up to 1:500 for trading.
Q: What are the deposit options on PanBay？
A: Deposit using credit/debit cards or bank transfers in USD/EUR/GBP.
Sort by content
Write a review