PSI Markets' Fraudulent Activities Persist in Portugal: Client Reports $800K Financial Loss

Another trader from Portugal claimed to have been scammed by PSI Markets. He lost $800K on the platform and warned others to avoid this so-called investment platform at all costs.

"Their practices are outrageous," the trader stated in his complaint submitted to BrokersView. He particularly accused PSI Markets of not responding to emails and phone calls, offering non-existent customer service, and refusing withdrawal requests, leaving him without access to his funds.

The PSI Markets client’s transaction history shows multiple approved deposits and a pending withdrawal

PSI Markets’ Tax Tricks Play Out Again

The complainant further alleged that PSI Markets has been increasing "taxes" without any prior notification, causing him significant financial losses.

As previously exposed by BrokersView, PSI Markets fabricated a tax declaration notice purportedly from the Financial Conduct Authority (FCA) and defrauded a Portuguese client of more than 40,000 euros.

The incident reported by the new victim further confirms that PSI Markets has been deceiving clients in Portugal and looting money by telling tax lies.

PSI Markets Suspected of Account Manipulation

The complainant also alleged that PSI Markets changed his account conditions without transparency, amplifying his losses and making him feel “completely robbed.”

Manipulating client accounts to incur losses deliberately is a clear indicator of a scam broker. Additionally, traders reported that PSI Markets used deceptive and aggressive sales tactics to lure them into investing, such as promising huge returns and persistently calling via different phone numbers.

Scam brokers always spare no effort in duping traders through various deceptive excuses and dubious practices, and PSI Markets is no exception.

Details of this victim's partial transfers to PSI Markets

Regulatory Warnings and False Claims

PSI Markets offers forex services in the UK and Portugal, but it is unregulated in both countries. Furthermore, the broker has been warned by the UK FCA and the Portuguese Securities Market Commission (CMVM) for providing financial services or products without proper authorization.

PSI Markets's false claim of authorization from “the International Financial Services Commission of Dominica” has been debunked, as it is a fabricated regulator and Dominica has not yet introduced specific regulations governing forex activities.

BrokersView’s Special Reminder

Given that PSI Markets continues to operate in the UK and Portugal and carries warnings from both the FCA and the CMVM, traders in these jurisdictions should exercise extreme caution. Two incidents reported by Portuguese clients underscore the seriousness of PSI Markets’s scam, as its illegal operations and fraudulent practices continue to trap potential victims.

Legitimate brokers do not require clients to pay taxes separately to withdraw funds. Taxes are typically collected by relevant tax authorities, not by brokers. Legitimate brokers have clear and transparent withdrawal policies, with any fees or charges explicitly stated in the terms and conditions. If you encounter a situation similar to the one mentioned in the client's complaint, please report it to the relevant regulator.

Never deal with unregulated brokers like PSI Markets.