STAY AWAY from Pratconi, it’s an illegal broker – review

Pratconi broker webIn this review we have a look at the cryptocurrency broker Pratconi.

Pratconi is a broker that allows you to trade cryptocurrencies with leverage. It will also provide you with trading signals that are allegedly generated by a team of trading experts.

Pratconi also claims to be involved in crypto mining, so you allegedly can get a passive income thanks to its cloud mining program.

Pratconi is illegal

Illegally operating in the UKPratconi is owned by a Bulgarian company called Orston Partners, but it allegedly has offices in the United Kingdom.

Because Pratconi doesn’t let you buy cryptocurrencies directly, it needs to be regulated. The broker obviously lets you trades derivatives, since you can take short positions and use leverage. Derivatives trading is regulated no matter the underlying asset.

So, Pratconi needs a licence from the Financial Conduct Authority, but it hasn’t got one. This means that Pratconi is an illegal broker.

Trading signals?

Trading platformAnother reason why Pratconi needs a licence, is that it provides trading signals, which in fact is investment advice. Since Pratconi is not regulated, it cannot legally provide any trading signals.

On a more general note, we have never seen a broker providing reliable and profitable trading signals. Think of it this way: if you know how to trade profitably and make big money, would you sit behind a desk as a broker’s employee and be giving your strategy for free to other people? Of course not!

So, we are pretty sure that signals from Pratconi won’t make you any money.

Conclusion

Pratconi is a broker that is breaking the law, because it is operating in the UK, but has no authorization to provide investment services. Your money would not be protected with this broker!

If you are interested in trading cryptocurrencies, start on a free demo with a regulated broker.

You need to learn a build a profitable strategy before potentially investing real money.

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