Be Prime Broker Forex Broker provides real users with * positive reviews, * neutral reviews and 2 exposure review!
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My scam broker has won a contest at their broker, but they didn't pay my prize of 3k usd and 100k usd funded account
The account was suddenly closed without any explanation, there was no response from CS/IG at all
Summary: Be Prime Broker has garnered significant attention, primarily due to its controversial reputation. Many sources label it as an unregulated entity with multiple red flags indicating potential scams. Key findings suggest a lack of transparency and serious concerns regarding user experience, leading to a predominantly negative perception among traders.
Note: It is essential to consider that Be Prime Broker operates across different regions, which may introduce variations in user experience and regulatory oversight. This review aims for fairness and accuracy by consolidating multiple expert opinions and user experiences.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 1 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
| (Optional) Bonus/Promotions | 4 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data surrounding the broker's offerings and regulatory status.
Be Prime Broker is a relatively new player in the forex market, reportedly established within the last year. It presents itself as an online trading platform that offers access to a wide range of financial instruments, including synthetic indices, forex, commodities, and cryptocurrencies. The broker claims to utilize the MT5 trading platform, which is popular among traders for its advanced features and user-friendly interface. However, it is crucial to note that Be Prime Broker lacks regulation from any recognized financial authority, raising significant concerns about its legitimacy and the safety of client funds.
Be Prime Broker operates without any valid regulatory oversight, which is a significant red flag. The broker is registered in Saint Lucia, but it does not hold licenses from any reputable regulatory bodies such as the FCA, ASIC, or CySEC. This lack of oversight raises serious questions about the safety and security of investments made through this platform.
The broker claims to support a variety of deposit and withdrawal methods, although specific currencies are not clearly outlined in the available information. Users have reported difficulties when attempting to withdraw funds, which is a common issue with unregulated brokers.
The minimum deposit requirement for Be Prime Broker is reported to be as low as $50, which may initially seem attractive to new traders. However, this low entry point is often a tactic used by scam brokers to lure in unsuspecting clients.
According to their website, Be Prime Broker offers bonuses that can reach up to $40,000. However, such promotions should be approached with caution, as they often come with stringent withdrawal conditions that can be difficult to meet, effectively trapping funds within the broker's system.
Be Prime Broker claims to offer a diverse range of trading instruments, including forex pairs, commodities, cryptocurrencies, and synthetic indices. However, the lack of transparency regarding the specifics of these assets is concerning.
The broker advertises spreads starting from 0 pips, but many reviews indicate that hidden fees and high withdrawal costs often negate these low spreads. Furthermore, commissions can vary significantly, with some accounts reportedly incurring charges as high as $8 per trade.
Be Prime Broker offers leverage up to 1:1000, which is considerably high and poses a substantial risk to traders. High leverage can amplify both gains and losses, making it a double-edged sword that inexperienced traders may find difficult to manage.
The primary trading platform used by Be Prime Broker is MT5, known for its advanced analytical tools and user-friendly interface. However, the platform's reliability is often questioned due to the broker's overall reputation.
While specific restrictions are not detailed, the lack of regulation suggests that Be Prime Broker may not be available in several countries, especially those with stringent financial regulations.
Information regarding customer service language options is limited, and many reviews indicate that customer support is either non-existent or highly ineffective, compounding the frustrations of users attempting to resolve issues.
While the low minimum deposit may attract new traders, the lack of regulation and potential for hidden fees make this category weak.
The broker provides limited resources for traders, and the overall user experience is marred by numerous complaints regarding the platform's functionality.
Users frequently report poor customer service, with many expressing frustration over unresponsive support channels.
The trading experience is often described as subpar, with issues related to execution speed and reliability.
The absence of regulation and numerous reports of scams lead to a very low trust rating for Be Prime Broker.
Overall user experiences are negative, with many traders warning others to avoid this broker to prevent potential losses.
In conclusion, Be Prime Broker is fraught with risks and concerns that should not be overlooked. The lack of regulation, poor customer service, and numerous negative reviews paint a troubling picture for potential investors. If you are considering trading with Be Prime Broker, it is highly advisable to proceed with caution and consider alternative, regulated brokers to ensure the safety of your funds.
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