PremiumTrade247 review – 5 things you should know about premiumtrade247.com

Beware! PremiumTrade247 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.

PremiumTrade247  is a very typical example of an online scam trying to capitalize on the hype around cryptocurrencies and the lack of knowledge among the general public about financial markets. In this review, we will show you the clues that PremiumTrade247  is precisely such a scam and not the reliable investment intermediary it portrays itself to be. We will also direct you to more trustworthy forex brokers through which you could enter the world of financial trading.

PremiumTrade247 Regulation and safety of funds

The first obvious problem with PremiumTrade247 is that the website is virtually anonymous. The wording of the Terms and Conditions states a company name, PremiumTrade247 LTD, but does not specify an applicable jurisdiction. Nowhere is a contact address given and no details of a regulatory licence are provided. In fact, we have no evidence that the company named in the Terms and Conditions actually exists.

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.

Our suspicions about PremiumTrade247  have been confirmed by the Spanish financial authorities, who have blacklisted the website and warn investors not to trust it.

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Investments Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

PremiumTrade247 Trading software

After registering an account, we were definitively convinced that PremiumTrade247  is a scam. The website advertises forex and CFD trading, but the trading platform of PremiumTrade247  is designed for binary options trading. This is a very simple way to trade the financial markets, but it is this simplicity that makes it prone to scams and exploits. Binary options trading is banned in a number of major markets such as the EU, the UK and Australia.

But even if PremiumTrade247  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.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

PremiumTrade247 Trading instruments

PremiumTrade247 claims to offer trading in currencies, cryptocurrencies, stocks and indices. But as established, this website has neither legal authorization nor proper trading software. If you want to invest in financial instruments, you must do so through a duly licensed and established broker.

PremiumTrade247 Spreads and cost of trading

PremiumTrade247 does not provide any information about the parameters of the trade, including the price paid by the client. When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

PremiumTrade247 Maximum leverage

In PremiumTrade247 ‘s suspicious trading platform, we see 1:20 leverage options on cryptocurrency trading. This is ten times the level allowed in the European Union.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

PremiumTrade247 Deposit and withdrawal methods

PremiumTrade247 only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

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.

PremiumTrade247 Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like PremiumTrade247.

PremiumTrade247 Withdrawal requirements

PremiumTrade247 does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.