Parenta Financial Services Limited

The founders of the brokerage firm Parenta Financial Services Limited claim that they work diligently every day to ensure their customers can trade more easily and faster. It is a British broker without any license. In reality, it looks quite dubious; the firm promises favorable terms and guaranteed safety, but at the same time, it does not have a license and does not disclose its founding date. This seems very much like a scam. According to data from the official website, there are supposedly 40,000 satisfied clients trading here, but looking at the few online reviews, it is hard to believe such a claim. Therefore, a thorough investigation is needed.

Overview of Parenta Financial Services Limited

Any company where you invest money should be checked. It is necessary to protect yourself from scams, as it is very easy to fall into an illegal firm in the brokerage industry. We will examine the activities of Parenta Financial Services Limited under a microscope to identify red flags.

Broker History

The firm hardly shares any information about its activities. It is known that more than 40,000 clients trade at Parenta Financial Services Limited, the trading value is 5 million dollars, and the headquarters are located in London. The business model, founding date, license, and other aspects of the organization’s activities remain unknown. Bold statements about the number of traders seem very doubtful.

Parentafinancialservicesltd.com Website

The main page of the official website welcomes us with an image of an Apple office somewhere in Japan, judging by the Japanese characters on the taxis and the right-hand traffic. There, we are immediately told that more than 1000 contracts have been closed with a profit of 50% or more. In short, Parenta Financial Services Limited immediately motivates you to start collaborating, but it looks quite amusing. Further on the website, one can see various images of money, precious metals, skyscrapers, and charts.

The site is translated into Polish, in addition to English. The standard panel with basic information about the broker and its trading conditions, instead of the usual placement at the top of the page, is moved to the right side. It is both unusual and inconvenient. Overall, Parenta Financial Services Limited has created a weak resource, filled with clichéd images and meaningless phrases. Most of the data is simply ignored and not shown. The site can be called low-quality and uninformative. And in some places, there are typos. For example, in the contact section, there is an error: “We�ll give you a straight answers!”.

Registration Process and Personal Account

To thoroughly examine the client portal interface, we need to register. Parenta Financial Services Limited offers a standard account creation process.

After registration, the client portal opens immediately. There was no need to confirm the account creation via email, indicating a low level of security at Parenta Financial Services Limited.

The interface of the personal cabinet is maximally simple and primitive. Traders can log in to webtrader, and the main sections are available on the left side:

• Personal details.
• Change password.
• Trading history.
• Deposit funds.
• Upload documents.
• Monetary transactions.
• Withdrawal.
• Contacts.
• Referral program.

Parenta Financial Services Limited requires all clients to go through verification. This procedure is mandatory, and it can be completed in the client portal in the “Upload documents” section. The firm asks to upload standard documents: proof of identity and proof of residence.

Trading Platform

Parenta Financial Services Limited offers its clients the opportunity to trade on a primitive and function-scarce trading terminal. It is just a standard WebTrader with basic functions: pending orders, tools for graphical and technical analysis, indicators, 11 different timeframes, and 4 types of charts. The broker describes its platform as the best, but we cannot agree with this. The advertised advantages, such as auto-trading and market depth, were not observed.

It’s also important to note the absence of mobile applications for Android/iOS. It is a significant drawback, as more and more traders are moving to mobile trading, which requires a high-quality application. Moreover, Parenta Financial Services Limited does not have a desktop version either.

Contacts

Contacting the managers of Parenta Financial Services Limited can be done in several ways:

1. Telephone number – +442081575151.
2. Email – support@parentafinancialservicesltd.net.

The address of the headquarters is stated as being in the United Kingdom at 39-45 Finsbury Sq, London, LND. It is not an exact address, but a range of buildings on Finsbury Square. Furthermore, the postal code is missing. And the email address of Parenta Financial Services Limited does not even exist.

If a client encounters a problem, it’s doubtful they will be able to contact the staff of Parenta Financial Services Limited at all. Even an online chat is missing. The reality of the phone number’s existence is also highly questionable.

Analysis of Services Offered by Parenta Financial Services Limited

Now let’s move on to examining the trading conditions. We’ll look at the ways funds can be transferred and the opportunities available to traders.

Funding and Withdrawal

The balance can be topped up using bank cards and e-wallets. Withdrawals must be made using the same methods and to the same details from which the deposit was made. Parenta Financial Services Limited also allows transfers using cryptocurrency. The processing time for withdrawal requests and commissions remains unknown.

Parenta Financial Services Limited Trading Conditions

The broker keeps users in the dark regarding trading conditions. It is unknown what commissions are charged per transaction and what the spread is, including not only the size of the spread but also its type. There is no specification of contracts, swaps, and market operating times. Parenta Financial Services Limited is a CFD platform, so there are no spot or futures trading options here. Traders can increase the volume of their orders through leverage, but no more than 1:200.

The minimum deposit size is £100. The better the account type, the higher the minimum deposit and the more additional options are provided. Parenta Financial Services Limited operates on the principle of extorting money – “if you want more options and better conditions, then pay more money”. This approach is particularly evident when comparing account types. For example, the first tariff from £100 gives traders only daily news and a trial period of working with a personal expert for 5 days. Meanwhile, the second account type, requiring £5,711, includes webinars, access to weekly reports from the ECB, and lower commissions.

Examining the “Stock” and “Indices” tariffs makes little sense, as the requirements for the minimum deposit are huge. We are interested in another type of account called a “Savings Account”. Parenta Financial Services Limited offers to earn from 21 to 37% monthly, but does not disclose where such profitability comes from. And here, it already smells strongly of HYIP. Fixed income and monthly payments are signs of a ponzi scheme.

Obvious negative signs at Parenta Financial Services Limited regarding trading conditions: leverage of 1:200, as regulators prohibit such leverages, hidden commissions and spreads, absence of a demo account and swap-free, blatant extortion of money, and signs of HYIP.

Unique Features

Parenta Financial Services Limited does have additional options and unique advantages, but they are mainly available on expensive tariffs: PAMM, IPO, copy-trading, trading plan, arbitrage, investor accreditation, and out-of-market investments. The broker also promises an economic calendar and signals, judging by the information on the homepage of the site.

A significant drawback is that many clients, especially beginners who cannot afford a deposit of £16,594, do not have access to options such as PAMM or copy-trading, although in other companies such opportunities are open to everyone without exception.

Is Parenta Financial Services Limited Trustworthy and Reliable?

The broker does not inspire trust, so it is necessary to thoroughly check its activities and duration of operation. Next, we will look at more serious red flags, if they exist.

Assessing Legitimacy

The company’s office is located in the United Kingdom, so it’s time to check the registry of legal entities in this country, as well as the FCA registry, which deals with the regulation of brokerage intermediaries. First will be the FCA. So, in the regulator’s registry, there is a mention of Parenta Financial Services Limited, but it is marked as “Unauthorized”. This means that there is no license.

There’s more interesting information from the same FCA. This British regulator warns about the danger of Parenta Financial Services Limited, as the firm is not authorized. Is it really wise to trust your money to a broker if even the regulators have taken the time to create a warning about the risks?

Does such a firm even exist in the United Kingdom? The thing is, the Companies House registry shows the existence of Parenta Financial Services Limited, but it is a completely different organization that has nothing to do with the website parentafinancialservicesltd.com.

In the “Refund and Return Policy,” there’s another interesting point. Apparently, this broker is a reincarnation of another fraudulent company, or simply its clone. The name of the other organization is Nicol Financial Solutions. It is the name indicated in the “Refund and Return Policy,” and it is written with errors. The founders of Parenta Financial Services Limited can delete or edit the text, but we have a screenshot, and the internet remembers everything.

Established Track Record

So when was the platform actually launched? A very good and important question. The registration date of the official website’s domain will help indicate when Parenta Financial Services Limited was created. So, the domain of the official website was registered in July 2023.

Implications for Traders

We warn you against collaborating with Parenta Financial Services Limited. If even the FCA has noted the fraudulent and illegal activities of the broker, then obviously, there is no sense in taking a risk. Moreover, the trading conditions here are maximally inadequate, with important parameters not disclosed and remaining secret. Would a transparent and honest firm really act this way?

Strengths and Weaknesses of Parenta Financial Services Limited