Parnassus Group Review
Reason to avoid: Offshore License
Listed Date: November 23, 2018
Top 3 Regulated Forex Brokers
Beware Parnasus Group is an Offshore-Licensed Broker. It is NOT SAFE to trade.
- Company name:
Parnassus Group LLC. IBEX.
- Registration Address/ License:
Northern California. BVI. Offshore License, No Regulation.
Parnassus Group LLC. is a Northern California based technology company that owns and operate a set of highly specialized technology trading platforms, called IBEX. The broker mentions 8 years of continuous development and testing, while Parnassus has produced a software-trading engine, Ibex that achieves stable ROI when trading currency pairs on the FOREX. However, the company organized and established under the laws of Nevis, the British Virgin Islands an offshore zone.
That means that the company operation is overseen by none of the authorities, as well as the broker carries on the strategy and management of the clients’ funds and an opening of trades themselves in a way they see right. In a financial world that full of frauds this is an unacceptable luxury to trust just in a word of the mouth of a particular broker, while the firm does not devote appropriate settlement tools to comply with reputable authorities.
In addition, the Parnassus Group received a warning and was alerted by the ASIC authority since there is no applicable permission to offer its service.
“ASIC advises the company Parnassus Group could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services”
Following an advise from the reputable regulators, we do recommend to choose better among ASIC Regulated brokers or similar entities and not to involve into the highest risk with an offshore broker alike Parnasus Group and its brand IBEX.