PSB Broker

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.