Beware! PremierFXt 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.
PremierFXt is yet another brokerage like so many others like it to have a generic name. Any broker can be called like this. Furthermore, the home page feels like it tries too hard, and as a result, it feels goofy. Further research into the website revealed just how incredibly chaotic it is. Everything feels half-finished or deserted. In fact, we would not be surprised if the website has been left for dead. The review is going in a familiar direction. Read on for more.
Тo register we had to attach a photo, as in an avatar photo, yet after the process was finalized, this photo we attached was nowhere to be seen. Anyway, the process was simple, if not suspiciously simple. What followed was a very ugly and broken user portal area. We could not continue without providing ID docs, and, anyway, we were completely turned off by the look of the portal. Just look at it.
There was no way to access a trading software, meaning that there are no trading conditions. Furthermore, there is no trading information on the website. So, that means that there are no spreads and no leverages. However, the website gives us information that PremierFXt offers forex pairs, and binary options trading. Yet, we cannot confirm either of these claims.
The website is available only in English.
PREMIERFXT REGULATION AND SAFETY OF FUNDS
The broker is registered in the UK’s Companies House. However, this makes little to no difference. A broker as to hold a license if it wishes to offer legitimate services. In the UK, it’s the FCA that oversees the FX industry, and we seriously doubt that it regulates PremierFXt.
And anyway, judging by the lackluster website, and everything else we have revealed and are about to, the broker is 100% UNREGULATED. All deposits are a risk!
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to follow them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
PREMIERFXT DEPOSIT/WITHDRAW METHODS AND FEES
The ridiculous payment area is yet another proof of how illegal this broker is.
According to the payment area, the only way to pay is through a credit card, with a minimum deposit of $1.
Withdrawals are said to be processed within 2 business days. There is a $30 charge for wire transfer withdrawal, but as we shall see there is no ban transfer withdrawal gateway. The minimum withdrawal is $100. The info we took from the Terms and Conditions. We included it for the purpose of the review; we have no trust in any of it otherwise.
Withdrawals are done through Skrill, Bitcoin, and Visa. However, when we chose an option for withdrawing, from the user portal area, the broker redirected us to a dead end. For instance, when we attempted to withdraw by means of VISA, we got the following page:
So according to this, we cannot withdraw. What kind of a broker does not allow for its users to withdraw? A scammer one. PremierFXt is upfront with its inability to process withdrawals. No wonder its website looks like a mess; it probably has been deserted.
PremierFXt is a horrific broker, with absolutely nothing to offer. The website is beyond appalling, there are no trading conditions, and all the texts are sheer nonsense. Stay away from this excuse of a broker!
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!