Beware! Premiumtrade.cc 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.
Premiumtrade.cc is a shady offshore brokerage claiming to be the leader in online trading by offering more than 200 instruments. The broker also says to have clients in over 180 countries and to “stands for European Central Bank”, whatever this should mean. Well, they are messing with the ECB, which is highly suspicious for a business having nothing to do with European regulations. Find out the real story about this broker in the full Premiumtrade.cc review.
Premiumtrade.cc REGULATION AND SAFETY OF FUNDS
Premiumtrade.cc is a brand name of Dzikanta Limited, a company incorporated in St. Vincent and the Grenadines, which is an issue. The island is a shady tax haven that doesn’t regulate Forex brokers operating there. We can verify that the business is indeed registered in SVG and enlisted by the local financial authority SVGFSA, but that doesn’t make it any better. Still, your funds won’t be safe because Premiumtrade.cc is an unregulated offshore broker that shouldn’t provide services to EU clients like ourselves. Such entities tend to vanish quickly, leaving traders with losses almost impossible to recover. In fact, most offshore brokers will be happy to scam their clients, so beware!
Avoid it and better consider the high-rated EU brokers and British brokers on both lists. The European companies are adequately regulated and also covered by deposit insurance funds protecting traders and investors’ money. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are even up to 85 000 GBP. CySEC (Cyprus) and FCA (Britain) licenses are dependable, so you should consider this fact before making deposits with any broker whatsoever.
Premiumtrade.cc TRADING SOFTWARE
In this section, we’ll reveal some alarming facts. First of all, the platform delivered by Premiumtrade.cc is web-based and can’t offer any advantages over MetaTrader in terms of functionality and features. The EUR/USD spread was 2 pips at the time, which is a big problem. We were reviewing the broker when the market was already closed, and usually, the after-hours Buy/Sell difference is vast. For example, Dukascopy’s spread was 5 pips, and the broker typically delivers 0.1 to 0.2 pips with any of their accounts. The Premiumtrade.cc’s tight spread is unnatural and suggests price manipulation. Beware!
You’d better avoid it and consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. MetaTrader distributions are reliable and provide advanced features such as Expert advisors, many complex indicators, and excellent charting tools, to name a few. The platforms also include a marketplace where traders can discover more than 10 000 apps and third-party developed solutions.
Premiumtrade.cc doesn’t reveal anything about leverage, which is a major red flag. Upon registration, we didn’t find it either, so clients are trading on hidden levels and entirely unaware of the risks. The broker can at any time alter leverage and indeed make profits by knowingly inflicting losses on its clients. That’s a scam!
In fact, leverage is so dangerous that many authorities worldwide imposed regulations to restrict its usage. For example, EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Swiss brokers are reputable but not leverage restricted, so risk-tolerant traders eligible to open an account can go for it.
Premiumtrade.cc DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Premiumtrade.cc is $500, a hefty demand compared to the regulated brokers, which ask for $100 on average to open a real account. The single funding method is very suspicious- Rhgpartners.com, an unpopular payment processor linked to other scam brokers indeed. We can safely conclude it’s unsafe to deposit with Premiumtrade.cc.
Speaking of funding, we’d like to offer Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers.
Information about withdrawals and fees is not available. Premiumtrade.cc presents a number of legal documents, but none concern trading provisions, which is evidence of a scam. A reputable broker has to clearly define all details about deposits, withdrawals, fees, inactivity procedures etc. Premiumtrade.cc apparently wants to hide many aspects of their services, and you’d better ask yourself why.
Overall, Premiumtrade.cc is a shady unregulated broker registered offshore, which is more than enough for you to steer clear of this suspicious business.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are overcrowding the Internet and social media. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders would get reassured that the people behind the broker have an excellent track record and promise high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex trading is risk-free, but the opposite is true in reality.
In a typical scenario, scammers just steal traders and investors money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or simply cut the communication. Whatever the case, traders are going to lose some or all of the capital invested. In the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to evade further risks. Deactivate your bank card immediately, contact the bank and ask for advice.
Report what happened, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible