Premium Zone Broker Review – 5 things you should know about premiumzonebroker.com

Beware! Premium Zone Broker is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Premium Zone Broker is a horrible choice for a broker – at least if fair, transparent service is what you are after. This is an offshore enterprise that asks you to provide a ton of personal information before allowing you to trade and that only accepts quite unreliable deposit methods. Moreover, their trading conditions were nothing to write home about.

You would be much better off trading with one of the many regulated brokers that currently operate on the market.

Premium Zone Broker Regulation and Safety of Funds

Premium Zone Broker claims to be an international broker while only providing a Spanish-language website. This is a weird discrepancy that also probably goes to show that the broker is specifically targeting Spanish-speaking traders.

This broker is registered in St. Vincent and the Grenadines which is an enormous red flag. The local financial regulator of this country does not regulate forex brokers and does not monitor their activities in any way. There are no requirements local brokers have to meet and no laws to be followed. For these reasons, many scammers have chosen St. Vincent and the Grenadines as the specific base for their activities.

We would recommend that you check out brokers licensed in the EU, the UK, or Australia if you want to get fair, transparent service and access to countless protections. Such brokers are generally very reliable because they risk losing their hard-earned licenses if they do not do everything legally and do not report to authorities regularly. All such brokers have to maintain minimum capital of €730 000 in the UK and the EU, and A$1 million in Australia to prove that they are financially stable. Your money will always be kept in segregated bank accounts – this proves that the broker would not be to reinvest your money, speeds up withdrawals, and keeps your investment safe in case your broker goes bankrupt. There is also the matter of compensation funds – in case a broker goes bankrupt, each of their clients would be entitled to compensation of up to £85 000 in the UK and €20 000 in the EU. Negative balance protection is also something such brokers have to provide – you could never lose more money than you have in your account as a retail trader.

Premium Zone Broker Trading Software

Premium Zone Broker promised access to the well-known MetaTrader 4, as well as to its own web-based trading platform. We were not given the chance to establish if this is true. When we opened an account with the broker, we were imminently asked to verify that account by providing sensitive personal documentation such as photos of our ID and proof of address.

Providing shady enterprises like this one with such information is a horrible idea – identity theft is a very real danger in the world of scam brokers. All brokers will ask you to verify your account at some point but never immediately – at least not before you have checked out what they have to offer in a demo account.

Premium Zone Broker Trading instruments

Premium Zone Broker offers access to markets such as commodities, indices, metals, and cryptocurrencies. We were not, however, given the chance to trade popular instruments such as stocks and currencies. Most legitimate brokers offer a much wider variety of trading instruments which is just another reason why trading with such a regulated broker is recommended.

Premium Zone Broker Spreads and Cost of Trading

Premium Zone Broker claimed to offer spreads of between 2 and 3 pips on its most basic account type. Since we could not get access to a platform, however, we cannot confirm if this is true. If it is, it would mean that the spreads the broker offers are way higher than average. There are plenty of brokers that can offer spreads of around 1 pip and sometimes even less.

Premium Zone Broker Maximum leverage

Premium Zone Broker promised leverage as high as 1:100. Be careful – trading with high leverage can be extremely risky, especially for inexperienced new traders. Leverage enables you to make bigger offers which could result in both bigger profits and bigger faster losses. That is why we advise caution – only trade with the sort of leverage you are absolutely sure you can handle.

Premium Zone Broker Deposit and withdrawal methods

Premium Zone Broker only seems to accept deposits in crypto or such made via the electronic payment system FairPay.

Never deposit in crypto unless you are completely sure you can trust a certain broker. Such transactions are completely anonymous and irreversible which is why scam brokers often prefer them to more conventional payment methods such as credit/debit card, wire transfer, and e-wallets like Skrill, Neteller, and PayPal.

Premium Zone Broker Minimum deposit

Premium Zone Broker seems to accept deposits as low as $10. While this might sound tempting, we would like to remind you that investing with unregulated scam brokers is not recommended under any circumstances – even when their offers seem great. There are plenty of companies that are just as affordable but offer much more affordable investment solutions.

Premium Zone Broker Withdrawal requirements

Premium Zone Broker did not provide specific information about withdrawal requirements but that does not mean that such do not exist. Many scam brokers only inform you about such additional conditions at a later point – after you have been trading for some time and try to withdraw. You might be asked, for example, to pay huge fees in order to withdraw – sometimes as much as 20% of the withdrawn amount. That is why it is important to look through the Terms and Conditions carefully to make sure the broker would not attempt such tricks at a later point.