Beware! Fortune Prime Global 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.
Fortune Prime Global is an offshore broker who is actually licensed and manages to offer decent conditions. The broker provides access to one of the best platforms out there – MetaTrader 4 – does not charge ambiguous fees, and asks for a rather small minimum deposit. However, for the same price, you could open an account with a reputable broker licensed by a far stricter regulator who can offer better spreads, more additional features, and a better trading experience as a whole.
Fortune Prime Global REGULATION AND SAFETY OF FUNDS
Fortune Prime Global is based in Vanuatu and is regulated by the Vanuatu Financial Services Commission (VFSC).
Unlike some other offshore regulators, the VFSC does license forex brokers and has some relatively high minimum capital requirements for them – compared to other offshore locations, at least. Forex brokers are expected to prove their financial stability by holding a security bond of $50 000 with the local Supreme Court. However, this is still the basic minimum – the fact that the broker is regulated is not to be neglected but such offshore brokers are still not the most reliable choice.
Brokers regulated in the UK and the EU, or in Australia are obligated to do far more than having a certain sum – although there are still some minimum capital requirements. The numbers are €730 000 in the UK and the EU, and A$1 million in Australia. Regulated brokers are supposed to release transaction data and report to authorities on a regular basis to ensure transparency. Client funds are kept in segregated bank accounts managed by independent third parties – this proves that the broker would not be able to use your investment for their own financial operations, and speeds up withdrawals. Negative balance protection is a must if you are a retail client – this policy prevents you from losing more money than you have in your account. Finally, in case your broker becomes insolvent, you would not be left empty-handed – as a result of those segregated bank accounts, big losses will generally be prevented. And thanks to brokers’ participation in compensation funds (in the UK and the EU), your investments will be protected up to €20 000 in the EU and £85 000 in the UK.
Fortune Prime Global TRADING SOFTWARE
Fortune Prime Global offers access to the popular trading platform MetaTrader 4:
This platform has turned into a true industry staple – and although its popularity is declining in favor of the newer MetaTrader 5, many traders would still not replace MT4 for anything in the world. Although it lacks some of the additional features MT5 offers – like a community chat and a built-in economic calendar, MT4 is more accessible for beginners and can still provide you with a variety of useful tools and features. You would be getting access to many technical indicators and other charting and analysis tools, be able to use preprogrammed Expert Advisors to track markets and trade automatically or create your own trading bots and indicators in the platform, set signals for prices going up or down, and subscribing to those set by others, use a Strategy Tester or purchase VPSs, customize your trading experience by purchasing different add-ons and much more.
MT4 is a great trading platform that well deserves a try – check out other popular brokers who offer it:
Fortune Prime Global TRADING CONDITIONS
We would generally rank the trading conditions of Fortune Prime Global as acceptable. We were not actually able to trade before the broker has verified our identity so we would mostly have to judge the conditions based on the information the broker has provided on its website. The assets you would be able to trade are forex, indices, metals, and commodities – in other words, the most popular assets. This selection might seem quite limited to more experienced traders who are probably used to getting access to markets such as stocks, CFDs, and cryptocurrencies with their brokers.
Fortune Prime Global offers two different account types – a Standard one and an ECN one. However, the offer of an ECN account is more of a marketing trick – ECN accounts offer efficient execution, direct market access, and lower prices but they also often require a much higher minimum deposit and are subject to much higher additional commissions. This broker’s ECN account was not that expensive but supposed spreads were also far too high for an ECN account – we doubt that Fortune Prime Global offers direct access to the markets.
If you ignore that trick, the conditions the broker offers are decent. The minimum deposit for a Standard account is just $50 while that on the ECN account is $200. Such prices are in line with what most brokers would ask for these days – trading with an established broker is more affordable than ever.
Here are some reliable alternatives:
As an offshore broker, Fortune Prime Global can offer quite high leverage – up to 1:500 on both Standard and ECN accounts. We still urge you to be careful with your leverage settings – especially if you are a beginner. Trading with high leverage could turn out to be quite lucrative and lead to bigger profits but it could also lead to bigger losses. Luckily, this broker allows you to choose the leverage you are trading with yourself – you can trade with a much lower, safer number.
The spreads the broker offers start from 0.25 pips on Standard accounts, and 0.11 pips on ECN accounts. These numbers are not bad but without access to a demo, or real account, we could not confirm that they are anywhere close to actual. On MT4, we got around 5.7 pips on EURUSD – a much bigger number – but that might have been a result of a bad connection and different conditions on the demo account.
Fortune Prime Global DEPOSIT/WITHDRAWAL METHODS AND FEES
We were not able to deposit with Fortune Prime Global ourselves – however, the broker states that you would be able to make a payment through PerfectMoney, China UnionPay, FasaPay, or in Tether. This is, again, a quite limited selection and we could not help but notice the absence of a credit/debit card or wire transfer option, and of popular e-wallets like Skrill and Neteller. If something does turn out to be not quite right with this broker, getting a chargeback on your payment would probably not turn out to be very easy.
Fortune Prime Global offers a few types of bonuses – a 20% Deposit Bonus and a Frequent Trader Program but did not provide us with additional information or a Bonus Policy. Just be careful with bonuses – a lot of brokers attach different dubious clauses to them. Inform yourself about all possible conditions before accepting any sort of bonus, no matter how appealing it might seem.
Fortune Prime Global is a broker that offers affordable trading accounts, decent conditions, and a great trading platform. The fact that the broker is regulated is also not without importance. However, this is still an offshore broker – which means that you would not be able to benefit from many protections that are available to clients of brokers licensed in stricter jurisdictions. Moreover, some of these established brokerages can offer better conditions – cheaper accounts, better spreads, access to more markets, and a generally better trading environment.