Beware! FXPrime 365 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
In today’s review we look at a brokerage company called FXPrime 365 which trades in currency pairs, indices, metals, energies, futures and shares. We are going to look at key points on the company’s website in order to find out whether this forex company is legit.
First, we are going to look at the registration on the company’s site and account opening features.
To register, you need to fill out information containing your name, surname, email address, etc. It’s a straightforward process. After that, the company sends you an email to let you know that your account has been opened and sends you login and password details. It also provides you with a link to confirm your email address, so that you can log on to your account. However, our experience showed that although the account was approved by an email, the link was broken and a red warning sign appears saying that in order to use this feature your account should be approved (please see screenshot below). To us, it is one of the warning signs that this company could be scam.
Next, we looked at the accounts and found out that in addition to the demo account, the company offers 3 other real trading accounts: a basic account recommended by the company to beginners, the gold account for traders with experience and the platinum account for professional traders. In addition to that, this forex company also offers an Islamic swap-free account. All accounts, according to the information provided, are serviced by a professional manager.
Looking at the registration and account opening process, we would like to comment, that what we find disturbing the fact that there is no information regarding the minimum deposit for each account, which should be readily available prior to opening such an account as is the practice with legit broker companies. So, we are going to keep looking at the company’s features to find more proof whether the company is legit or not.
FXPrime 365 Regulations and safety of funds
Before choosing a forex trade company, every potential client should make sure that the company in question is registered with one of the regulating agencies around the world as a proof of its legitimacy and guarantee for safety of funds.
From the company webpage, we find out that the site of FXPrime is owned and operated by Prime Tech Ltd., registered in the Republic of Marshall Island and is using fxprime365.com domain within the European Economic Area. The phone number however starts with +44 which is the country code for the UK, as shown on the screenshot below:
Interestingly enough, after checking financial regulators’ websites, we found out that this company is NOT REGISTERED which automatically makes it non-legit. In this case, we strongly urge our readers not to deposit funds and not to trade via this forex company. Besides, you should be aware that Marshall Island is an offshore zone and as such the risks of being scammed by one of the forex companies operating from there are higher.
We strongly recommend to our readers not to take unnecessary risks, to do a proper research before choosing a forex company, and above all, to make sure that the company is legitimate in order to prevent losing financial funds to scammers. On the other hand, we urge you to look at well-established jurisdictions, such as EU or UK, where the strict regulation laws allow only licensed forex brokers to operate, thus providing some guarantee for the financial stability and security of trader’s funds.
FXPrime 365 Trading software
From the company’s website, we find out that the trading software consists of MetaTrader4 Terminal and its versions for mobile, web and Mac. The MetaTrader4 trading platform is one of the reputed and preferred by forex brokers platforms along with its newer version MetaTrader5. In addition to a demo account it has a lot of tools that will help you analyse the market movements, as well as automated trading capabilities designed for advanced brokers. Among its many features we can mention a financial calendar, app market, trading signals (for a subscription fee), VPS and code base with customs scripts, etc.
Although using a trading platform preferred by legit broker company may look like a good sign for FXPrime 365 company, we should keep in mind that this company is not registered with any of the regulating agencies around the world which still makes it non-legitimate.
FXPrime 365 Deposit/Withdrawal methods and fees
We are going to look next at the company’s deposit, withdrawal and bonus policies because the way they are stipulated by the company is a sure sign whether the company is a legit one or not.
To fund an account or to replenish it, the company offers several ways of payments, such as debit/credit cards, many e-wallets, including Yandex Money, QIWI Wallet, Web Money, Neteller, Perfect Money, as well as bank transfers. As we mentioned above, the company does not provide information about the initial deposits for each account prior to opening an account and this information is missing in Terms and Conditions and other documents on the company’s website. A legit forex company would have more transparency regarding such information.
Whereas withdrawals are concerned, the company’s policy stipulates that the company will process withdrawals request within the first 30 days after an account being opened with a minimum amount of $50. By the way it is worded in the company’s Terms and Conditions document, we are not sure how to understand this statement. Does it mean that the client is not eligible to withdraw funds after the first 30 days after opening an account? If so, why not? Would a legit forex company impose such restrictions? Please think about these questions before deciding to open an account with this company as you may have trouble later on when you decide to withdraw funds from your account.
Further on, in the same document, we find out that a refund request will be processed within 3 business days with additional 5-7 days before able to see it in your bank account. This seems like a long processing time to us which may present some inconvenience to your financial transactions. Anyway, we recommend that you do your research and find a legitimate forex company that presents better conditions for your forex trading and process withdrawal requests faster.
Now let’s take a look at the bonus policy as it is a very important aspect to consider when choosing a broker company. A large bonus may seem attractive to you but actually it is proven in practice that the bigger the bonus, the bigger the hassle is. Why? Because in a combination of a high bonus and unreliable broker you run the risk of not being able to cash in your bonus. We advise you to explore thoroughly the bonus possibilities different broker companies have to offer and to choose one with a reliable broker.
What is the case with FXPrime 365? Let’s take a look. The bonus policy of the company states that in order to withdraw a bonus, you must trade a minimum trading volume of the bonus amount divided by 4. If you have a deposit of $1,000 and opt for a bonus of $200, you must trade 50 lots before you are eligible to withdraw your bonus. Now, if you are a professional or an experienced trader it could be achievable but if you are a newbie in the forex world you may feel at a loss. On top of that if you fail to achieve trade those 50 lots within 60 days, the bonus amount will be withdrawn from your account. Also, you need to note that you may be eligible to withdraw your deposits but not your bonus credit or any profit. If this seems like too much hassle, then we advise you to trade without receiving a bonus an do a thorough research of the regulated forex companies before selecting one.
How does the scam work?
Usually scammers put ads on the Internet and the social media with tempting promises for quick and easy profit within a short amount of time. If you are tempted and choose to make even a small deposit you fall into their clutches. Through proven aggressive persuasive techniques, they try to entice you to invest even more saying that the big profit is just around the corner and the more money you put in, the bigger it will be. Being smooth talkers and manipulators they know how to convince you or to alleviate your apprehension about the risks of this venture. At some stage their manipulation will fail and you will realise that this is scam and you will try to find a quick way out and getting your funds back. The scammers will first try to dissuade you from withdrawing your funds. They will ask you to be a bit more patient and say that if you withdraw now you will fail to make a bit profit and win a lot of money. If this strategy does not work anymore, then they will try to delay your chargeback request until you miss the deadline for the request to be filled.
What to do if scammed?
Be warned that you may be approached by the so-called “recovery agents” which could very well be another form of scam.
What we advice you to do is to file for a chargeback if you have used a credit/debit card to make a deposit. Please be informed that VISA and MasterCard give you 540 days to file which gives you a fighting chance to get your money back.
However, if you have used bitcoin or a bank transfer, the chances are not so good and you are at risk of not recovering your funds.
That is why we always caution our readers to do a thorough research when selecting a forex company and to be aware of the pitfalls that some illegitimate forex company may present.
