Is FXPrime a legit broker? Are your funds safe with them? It claims to be an industry leader in the Forex and CFD markets, but how trustworthy is its trading platform? Read this in-depth FXPrime review to get answers to these questions.
If you have lost money investing with FXPrime, we can help you. Schedule a free consultation with us right away. Our qualified experts can guide you on how to recover the lost funds.
Here’s the truth about FXPrime.
An Honest FXPrime Review
At a glance, FXPrime presents a perfect opportunity for clients to invest in forex, crypto, stock, and gold. With the promise to deliver a powerful and fair trading platform, it claims that clients will benefit from dedicated service and 24/5 professional customer support.
According to its website, its senior management has over 25 years of experience in the foreign exchange trading field.
Let’s inspect its activities to see whether FXPrime is a scam. Here’s the big question:
Is FXPrime a Legitimate Forex Broker?
Before investing with a forex company, you need to do your due diligence to avoid scams. However, even the most seasoned investors aren’t completely safe.
To help you identify how a legit forex broker works, we will decipher the truth behind FXPrime operations and services offered. We’ll also examine whether any reputable financial body regulates it. Using this data, we’ll give a solid verdict on whether this company is legit.
FXPrime: Background
This company specializes in forex and CFDs. Through the trading platform, it deals in assets, indices, currencies, and commodities.
Although it’s unclear when the company was established, the website went live in 2019. It has its headquarters in St. Vincent and the Grenadines under the ownership of Royal Gates Ltd.
Is FXPrime Regulated?
No. FXPrime is an unregulated forex broker. Its website doesn’t provide any information that shows its regulated. For a company that’s registered in an offshore zone, St. Vincent and the Grenadines, this is a major red flag.
An offshore broker that’s not regulated is a tactic used by scammers. The company does not follow international rules that provide protective measures to traders.
FXPrime in the UK?
Despite having UK phone contacts and country codes, this company hasn’t received a nod from the regulatory body in the UK, The Financial Conduct Authority (FCA).
FXPrime in the US
According to US laws, all brokers must register with the National Futures Association (NFA) or Commodity Futures Trading Commission (CFTC). Since FXPrime is not registered in the country, it’s not legal and available for American traders.
Is FXPrime a Scam?
This broker’s entire platform is built on theoretical promises. Apart from the lack of regulation, more signs paint this company as a scam. Here are some of them.
1. The Business Ownership
There’s so much anonymity with this company. This firm describes its team of professional experts vaguely without mentioning names or founding members on its website. In addition, it has a limited online presence which says a lot about the brokerage firm. If it was a legit company, the information could be out in the open.
2. The Location
Offshore zones such as St. Vincent and the Grenadines islands have become safe havens for scammers. The specific address provided by FXPrime is suspicious. There have been several complaints and negative reviews on the address. Scammers have been listing this office as their base of operations.
Because of the negative publicity, Griffin Corporate Center issued a warning on the misuse of the address to warn potential investors.
3. The Investor Warnings
This broker and its parent company, Royal Gates Ltd, have been added to warning lists by Belgian financial regulator FMSA and Austrian regulator FMA.
These alerts warn investors against doing any business with these dubious brokerage firms. They’ve also banned the broker from carrying out any banking transactions and accepting funds.
4. The Asset Index
Apart from offering commodities, indices, assets, and currencies, this brokerage firm also shows that clients get a savings account that gains interest. This is a red flag because the company is not a bank.
5. False Information
Most legit forex traders have mobile apps that make it easier for clients to track their investments. In the case of FXPrime, it assures the customers that they can trade from anywhere using their apps on both Android and iOS.
However, a quick check shows that the apps don’t exist.
6. The Account Details
FXPrime offers six types of trading accounts, i.e., Basic, Standard, Silver, Gold, Platinum, and VIP. All these accounts come with a welcome bonus, the highest being 50%. This is a trap for investors opening an account with them.
In addition, the different types of savings accounts are also suspicious. By offering banking services, this company can easily get more cash from unsuspecting investors.
7. The Customer Support Services
Despite not having records, the company claims its team of experts has over 25 years of experience. On top of this, clients can reach out to the team via their chat tool AnyDesk. This software has been in the news lately because it grants third parties access to your device.
Scammers have used AnyDesk before to drain bank accounts remotely. By using this platform, you could easily expose your bank account and credit card information.
FXPrime Review: Final Verdict
FXPrime is a scam.
A quick glance at its website may make FXPrime look like a legit forex trading and CFDs company.
However, from this in-depth FXPrime review, it’s a well-managed scamming business. From the anonymous ownership, sketchy address, and false information to the investor warnings by various regulatory bodies, this company is not trustworthy.
The offshore registration opens up your investment to too much risk because it’s not insured by any regulatory body. It also doesn’t have a clear footing in any country.
Have you traded forex, commodities, indices, or CFDs with FXPrime and lost money? Are you struggling to get your money back?
Wealth Recovery Solicitors (WRS) helps online traders who’ve lost money to such scam forex brokers. Schedule a free consultation with us and learn how you can recover your funds.