Fx Broker Prime review – 5 things you should know about fxbrokerprime.com

Beware! Fx Broker Prim is an offshore broker! Your investment may be at risk.

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

The most important thing to know about Fx Broker Prime is that it is yet another online scam trying to cash in on the hype around cryptocurrencies. In this review we will show you how to identify scams of this type and how you could find a trustworthy forex broker through which to invest in the financial markets.

Fx Broker Prime Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Fx Broker Prime is completely anonymous and does not disclose which company is behind the website. The terms of use and other documents on the website do not meet the standards for such legal documentation and also do not specify the name of the owning company and applicable jurisdiction.

Fx Broker Prime  claims to be licensed in the United Kingdom and the United Arab Emirates.

But a check of the records of the relevant regulators leads us to a warning that this website is not authorised to offer financial services and products.

When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

Fx Broker Prime Trading software

The web site mentions the popular trading platform Metatrader 5 (MT5), but after registering an account we only get access to a poor imitation of trading software. Furthermore, it is an imitation of a binary options trading platform – a type of trading banned by most financial regulators, including those in the UK.

But even if Fx Broker Prime had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Fx Broker Prime Trading instruments

Fx Broker Prime  claims to offer cryptocurrency trading. This again proves that we are dealing with a scam and not a UK licensed broker. The FCA prohibits licensed brokers in the country from offering crypto derivatives trading to retail traders.

Fx Broker Prime Spreads and cost of trading

As stated, Fx Broker Prime has neither legal authorization nor real trading software. Therefore the promises of very low spreads and commissions that we see on the website have no real meaning.

Fx Broker Prime Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

Fx Broker Prime Deposit and withdrawal methods

As one would expect from such a scam, Fx Broker Prime uses cryptocurrency transactions exclusively.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Fx Broker Prime Minimum deposit

Fx Broker Prime  requires a minimum deposit of 10 USD and charges a deposit fee of 1 USD. For the same or even lower amount you could open a trading account with a real, regulated and well-established forex broker.

Fx Broker Prime Withdrawal requirements

Since Fx Broker Prime does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.