Parenta Financial Services Limited Review: A SCAM?

Parenta Financial Services Limited is yet another unsuccessful attempt by scammers to create something resembling a real broker. They lure prospective clients with promises of instant order execution, access to the most profitable instruments, and low trading costs. All of this is nothing but ‌deception. Want to know the truth? Read our review. It exposes ‌fake information about the project.

Parenta Financial Services Limited General Information

Website	https://www.parentafinancialservicesltd.com/
Phone Number	+442081575151
Email	support@parentafinancialservicesltd.net
Address	39-45 Finsbury Sq, London, UK
License	None
Minimum Deposit	100 GBP
Assets	Forex, CFDs
Leverage	Up to 1:200
Trading Platform	Original web trader

Registration and Client Portal Review

In the competition for creating the official website of Parenta Financial Services Limited, web designers achieved a clear victory over content managers. At least, they fulfilled their tasks. There are no complaints about the page design. This cannot be said about the organization and content.

Thus:

• On the main page, the broker uses many words about how good it is to work with it, and only 5 truly important ones are presented in the account types table.
• The data on different pages contradict each other. For example, the minimum deposit in the account types table is indicated as 100 pounds, while in the FAQ it is 250 dollars.
• In the footer, there is space for two risk warnings, though with different names, but not for the Parenta Financial Services Limited registration details.
• In the version of the account types table in Polish, probably due to translation difficulties, access to PAMM accounts disappeared from the list of services.

At first glance, everything seems fine with the new client registration form of Parenta Financial Services Limited. To create an account, you only need to fill out a few fields, where you have to enter:

• Last name and first name
• Country of residence
• Contact information
• Login password.

You will also need to agree to the Terms & Conditions and pass the Google reCaptcha verification.

Those wishing to choose a specific account type for trading with Parenta Financial Services Limited are puzzled by the fact that this cannot be done during the registration process. Even more bewildered are users who had planned to open a Saving Account. It is also not provided. To anticipate, we can say that the necessary feature is just absent in the Client Area.

It is also unclear why the specialists implemented here bot protection but did not bother to verify the accuracy of client data. Is obtaining confirmation of email or phone number really that difficult? Meanwhile, a new user gains access to the Client Area immediately after submitting the registration form.

The set of functions here appears sufficient for full interaction with Parenta Financial Services Limited. The following are provided:

• Access to the trading platform.
• Adjustment of personal data and password change.
• Account funding and withdrawal requests.
• Viewing the history of trading and non-trading operations.
• Document upload for verification.
• Support inquiries.
• Receiving a referral code and referral statistics.

However, Parenta Financial Services Limited has either forgotten or chosen not to address a crucial aspect – security. For instance:

1. The statuses of verified and unverified accounts are not differentiated in any way. Thus, a client without undergoing verification has access to all functions, except perhaps fund withdrawals.
2. Additional security methods are not offered, such as enabling 2FA. Then, why ask for a phone number during registration?
3. The authorization processes for the Client Area and trading platform are not separate. As a result, compromising the account could lead to complete a loss of control over trading.

Could it be that the company is intentionally neglecting these aspects? Scammers may ensure control over the trader’s real funds, while the security of accounts and operations ceases to be their concern thereafter.

Trading Conditions

The broker promises traders the best conditions with the best trading platform. Can these promises be trusted?

Account Types

Parenta Financial Services Limited offers clients the choice of several account types, including 4 trading accounts:

1. Forex/Crypto. An entry-level account with the lowest minimum deposit requirement (£100) and a minimal set of features. The choice of assets is limited, as well as the range of additional services, which include only daily news reviews and a 5-day test period for working with a  company representative.
2. Commodities. In addition to expanding the list of trading instruments, traders can expect reduced commissions. Moreover, they gain access to additional educational resources (webinars) and analytical tools (weekly ECB reports).
3. Stock. Traders additionally gain access to IPO investments and PAMM accounts. Parenta Financial Services Limited specialists will assist in creating and implementing a personalized trading plan.
4. Indices. Traders can engage in arbitrage trading and get account insurance. Investors are offered accreditation. All participants are granted access to over-the-counter transactions.

Also available is the non-trading Saving Account. Storing funds in it will earn a 21-37% return with a monthly payout. Funds in the account will be insured.

We wanted to ask the creators of Parenta Financial Services Limited a couple of questions:

1. What methodology was used to obtain such interesting figures for minimum deposits? Was it astrology, numerology, or Feng Shui specialists related to it in any way?
2. Why do clients not have the option to choose an account type during registration or in the Client Area?
3. Where in the client’s workspace is the possibility to use other options, such as PAMM accounts or copy trading?

Trading Platform

The “innovative” trading platform created by Parenta Financial Services Limited looks more like the work of an amateur rather than a product from a professional development team. It appears unimpressive and falls short in terms of usability.

• Market overview and asset selection are organized inconveniently.
• The set of tools for graphical analysis is notably lacking.
• There is no provision for adding custom modules (indicators or advisors).

Perhaps it does process traders’ orders at an unimaginable speed. However, submitting such an order is quite challenging as the terminal frequently loses connection with the server, almost every minute. This is particularly noticeable when using a non-dedicated provider channel, such as a mobile connection.

Parentafinancialservicesltd.com — Deposit and Withdrawal of Funds

Depositing funds is implemented in a truly unique manner. To add money to the deposit, you need to provide the account number, currency, and amount. Afterward, the client will be thanked and asked to wait for a call from a company representative. It is this representative who will specify the method for transferring the funds. We are aware that this is a tactic used by scammers attempting to avoid revealing their details online.

When processing a withdrawal request, users are asked to provide complete details for a bank payment. However, these details are not necessary for transfers to a card. Furthermore, users in their reviews mention that Parenta Financial Services Limited prefers to work with cryptocurrencies.

Verification

In the client’s Personal Account, there is a menu option to submit copies of documents for verification to the specialists. However, the broker does not provide a list of required documents. In Section 1 of the Terms & Conditions, it is stated that the client requires identification and full access to the account is granted immediately after submitting identification data.

Apparently, verification is only conducted upon request, in which Parenta Financial Services Limited specialists will specify the list of documents for submission.

At the same time, in the KYC policy, it is stated that the user must submit a copy of their identity document with a photo, utility bills to confirm the address, and other documents as required under the AML policy. However, the broker does not explain how to interpret these contradictory document requirements.

Additional Options

Parenta Financial Services Limited promises traders, especially those with significant deposits, a variety of additional services, ranging from participating in IPOs and working with PAMM accounts to accrediting professional investors and engaging in over-the-counter trading. However, there is no option to activate these features in the personal account. The support team has not provided any clear information on this matter yet, referring to the client’s mandatory account funding.

Currently, the only additional service that is definitely operational here is the referral program. However, even this only provides a code without a description of the terms and rewards for participants.

Is Parenta Financial Services Limited a Scam?

After reviewing the broker’s website, we may not even need to analyze the official broker information. Even without it, it is clear that we are dealing with a genuine scam project. However, we will still present some facts about this platform.

Legal Information and License

Parenta Financial Services Limited never mentions its place of registration. However, the office address in London allows us to assume that the company originates from the United Kingdom.

We found a company with the same name in Companies House. It has been operating since 2003 and was registered under a different address: S02 Second Floor Knightrider House, Knightrider Street, Maidstone, England, ME15 6LU.

However, according to additional information, this organization has been officially deemed inactive since December 31, 2021. As of now, its status has not changed.

The conclusion is evident – the pseudo-broker is using the name of the genuinely existing company Parenta Financial Services Limited, but it is not registered itself. This is a standard move by scammers.

Judging by the range of services offered by the project, it should operate under the license of the local regulator FCA. However, the search in the regulator’s databases has been unsuccessful.

Nevertheless, it would be odd if an unregistered company suddenly obtained the regulator’s permission to provide financial services.

Parentafinancialservicesltd.com Domain Info

To assess the age of the project, we checked the domain information. According to the whois service, it was created on July 21, 2023. At the time of writing this review, this pseudo-broker had not even existed for three weeks.

This information allowed us to have a hearty laugh at the statistics published on the main page. As it turns out, the project boasts of being almost champions in audience attraction. They managed to gather over 40,000 clients in less than 3 weeks.

Contacts Review

Parenta Financial Services Limited also lacks in terms of contact information. Users are offered the following ways to communicate with support:

• By phone.
• Through email messages.
• By submitting requests in a feedback form.

It seems that the scammers are not willing to create pages or groups on social media, YouTube channels and messengers, blogs, etc. We know the reason for sure: if there are reviews from people who have lost money on those platforms, they won’t be able to attract new clients anymore.

Pros and Cons

Frequently Asked Questions (FAQ)