FX prime scam is a forex broker that shreds the security of a forex trader’s funds with its unfair money-making means. It falls out of all of the legal jurisdictions and operates as a threat to investors.
And while trading is a great way to make those extra bucks, unfortunately, it also means losing your hard-earned money if you aren’t too careful. Trading is usually safe with the right broker. You will have to avoid flashy phrases and hollow promises of outsized returns and stick with brokers that have a solid background and reputation.
Our trading experts have investigated the FX prime scam and have found some reasons to pause and analyze carefully before signing up. Crypto Victim Desk specializes in investigating brokers, evaluating them, and guiding our clients towards the right choices. So let’s quickly run through some details about FX prime and its scam in the making.
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What is FX Prime?
FX prime poses as an industry leader in the Forex and CFD markets. The broker guarantees a powerful, user-friendly, and fair trading platform. The broker allows its clients to benefit from tight spreads and low commissions. FX prime offers a myriad of tools for traders to take advantage of –
- stop-loss
- take profit,
- entry limit,
- entry stop orders
They provide a web-based platform and a leverage of up to 1:200. The clients here can trade the most popular assets,
- Currencies,
- Commodities,
- Indices.
FX prime clients also receive benefits of intensive training, dedicated service, and 24/5 professional customer support and assistance.
The firm vows to pass on a user-friendly, captivating, and self-sufficient trading platform.
FX prime regulations:
Having a license is the most basic thing a broker can do. No license means the broker is looking to get away with stuff with no regulator watching them. FX prime is an offshore broker, and hence it is unsafe to trade with them. Know whether fx prime scam or not here,
Is FX Prime a scam or legit?
Fx prime scam is legit. FX prime is a scam due to the following peculiarities it embodies,
The Hidden and Predatory Fees
When a broker asks for fees to withdraw money not mentioned before in the website or the contract, it points to the likeliness of a scam. For a broker to be credible, it has to be transparent about fees, spreads, and commissions. If they are high compared to the industry standards, it is a potential scam.
The License
Having a license should be your first eligibility criteria when choosing a broker. No license means no regulatory action can be taken against the broker.
FX prime’s lack of license points to the obvious fact of it being a scam.
The Trading Platform
Most brokers use reliable trading platforms that suit experienced and first-time traders. This does not necessarily guarantee the legitimacy of the broker, but MetaTrader is a trusted platform. If you are forced to use only their proprietary platform, be careful.
Scam brokers often create fake versions of high-quality proprietary platforms that take money or data instead of actual trading.
Customer Support & Trading Tools
FX prime greets you with a chatbot and has warm customer service initially, but they don’t stay the same. Scam brokers often start quite big and warm to lure people and have them deposit money. Then, after they have got what they want, they ghost you. Check the contact information to confirm the legitimacy of the broker. Most scam brokers use fake addresses, emails, and phone numbers.
Some brokers are also pushy with clients and urge them to make trades. It is often a ploy for the pump and dump strategy where the broker convinces their client to buy assets that the broker holds to hike prices, and then the broker sells their huge position and drives the price down.
Withdrawing Funds
The last nail in your coffin is withdrawal. Unfortunately, most clients realize that their broker is a scam when they try to withdraw funds, and the broker does not allow them to or makes the whole process unbearable.
Scam brokers often try to persuade clients to make additional trades or charge high withdrawal fees. But, then, they are evasive or stop communicating at all.
How does FX Prime work?
The broker puts out little to no information about its certification, regulations, or location. It only provides the contact details that carry the UK’s country code. However, research led by our proficient team and investigators reveals a different story. We’ve found that FX prime is not regulated in the UK or other countries.
Adding up to it, the broker also features in the FSMA (Belgian regulator) warning list. It was a consequence of the mounting number of complaints that FSMA kept getting. After exposing fraudulent events that FX prime scam actively engaged in, they cautioned traders against FX prime and their deals.
Are Your Funds Safe With FX Prime?
FX prime is an offshore business. Operating from offshore units doesn’t necessarily mean that the service provider is a scam. But, it still serves as an indication that their trading practices might be unsafe. The firm is owned and operated by Royal Gates LTD.
With our extensive analysis, we learned that the enterprise is registered in St. Vincent and the Grenadines. However, the fact remains that St. Vincent and the Grenadines is an offshore region. Furthermore, the registrar has been rumored to be one of the worst of its kind. Why?
St. Vincent and the Grenadines register financial investment companies without bothering about their performance or authenticity.
To sum it up, the broker is unregulated and does not comply with statutory governance. As a result, it does not follow the mandatory global rules that assure protection to the traders. Instead, fx prime scam is a skillfully woven trap for innocent investors.
What To Do If You Lose Money To FX Prime Scam?
Forex trading frauds are soaring within the marketplace. Unfortunately, FX prime is just another contributor to the sea full of phonies.
We advise investors and traders to avoid trading with FX prime and other unregulated brokers. The lack of information regarding regulation, trading conditions, and contact details should be the red flags you always ought to avoid. Usually, these companies run investment scams.
Reach out to Crypto Victim Desk if you have lost your capital to FX prime scams or other forex scams. We hold a tall success rate with a commendable team that handles scam recovery cases and resolves claims. Seeking our expertise can support scam victims to get justice against the scammers and acquire their lost money.
If you have lost money to FX prime, consult with our experts, and we will conduct a thorough investigation and help you put together a claim that makes your fund recovery easier.