Paramount FX Trade Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Business
License
AMF Suspicious Clone 
My experience with Paramount FX Trade has been great. My account manager is friendly and helpful, reassuring and very patient with me as I was worried and cautious. He explained things I did not fully understand. I am happy I chose to be a part of this trading company who do not pressure me for more money. It is lovely to see that a profit is being made. Thank you.
Summary:
The reviews surrounding Paramount FX Trade indicate a predominantly negative reputation, with multiple sources labeling it as an unregulated and potentially fraudulent broker. Key concerns include the lack of regulatory oversight, high withdrawal difficulties, and aggressive sales tactics. Notably, the broker claims to offer a trading experience on the popular MetaTrader 5 platform, yet this is overshadowed by numerous red flags.
Note:
It is crucial to recognize that different entities operate under similar names in various jurisdictions, which can lead to confusion. This review aims to provide an accurate and fair assessment of Paramount FX Trade based on the available data.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rate Brokers:
Our ratings are based on comprehensive analysis and user feedback from various credible sources, ensuring a balanced perspective.
Founded in an unspecified year, Paramount FX Trade presents itself as a global online trading broker, claiming to provide a seamless trading experience on the MetaTrader 5 platform. It offers a range of trading assets, including forex, commodities, indices, and stocks. However, it lacks any legitimate regulatory oversight, which raises significant concerns regarding the safety of client funds.
Paramount FX Trade operates without any recognized regulatory authority, a fact that is a major red flag for potential investors. The Malta Financial Services Authority has blacklisted the broker, indicating it operates as a "clone firm," which is a common tactic among fraudulent brokers. This lack of regulation means that investors have little to no recourse if issues arise.
The broker offers several payment methods, including bank wire transfers, credit/debit cards, and various e-wallets like Skrill and Neteller. However, the lack of transparency regarding fees for deposits and withdrawals is concerning. Many reviews indicate that withdrawal requests can be met with significant delays, often leading to frustration among users.
While specific minimum deposit requirements were not consistently reported across sources, it appears that the broker does not clearly communicate this information, which can mislead potential clients.
Paramount FX Trade advertises bonuses and promotions, which are often used as bait by unregulated brokers. Such offers can create unrealistic expectations and lead to additional complications when attempting to withdraw funds.
The broker claims to offer a variety of tradable assets, including forex pairs, commodities, and indices. However, the limited range of instruments compared to more reputable brokers raises questions about the broker's legitimacy.
The spreads offered by Paramount FX Trade are reported to be relatively high, with the EUR/USD spread averaging around 3 pips. Additionally, several reviews mention hidden fees and commissions that can significantly affect trading profitability.
The broker offers leverage up to 1:200, which is relatively high and can be appealing to traders looking to maximize their potential returns. However, high leverage also increases risk, particularly for inexperienced traders.
Paramount FX Trade claims to utilize the widely-used MetaTrader 5 platform, which is known for its robust features and user-friendly interface. However, given the broker's questionable reputation, users are advised to consider more reputable alternatives.
The broker does not clearly specify which regions it serves, but it is essential to note that it is not authorized to operate in many jurisdictions, including the United States and Canada.
Customer support appears limited, with English being the primary language of communication. This lack of multilingual support can deter potential clients from non-English speaking regions.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions:
The absence of clear information regarding account types and minimum deposits contributes to a low score. The lack of regulatory oversight further diminishes trust.
Tools and Resources:
While the broker offers the MetaTrader 5 platform, the overall lack of educational resources and trading tools limits its attractiveness to traders.
Customer Service and Support:
Reviews indicate that customer support is lacking, with users reporting difficulties in getting timely assistance or responses to their queries.
Trading Setup (Experience):
The trading experience is marred by high spreads and potential withdrawal issues, leading to a frustrating experience for users.
Trustworthiness:
With no regulatory backing and multiple reports of withdrawal difficulties, Paramount FX Trade scores poorly in trustworthiness.
User Experience:
Overall user experience is negatively impacted by the lack of transparency, high costs, and poor customer support.
In conclusion, the Paramount FX Trade Review reveals a broker fraught with red flags and significant risks for potential investors. The lack of regulation, combined with high withdrawal difficulties and aggressive sales tactics, make this broker a questionable choice for those looking to engage in forex trading. It is advisable for traders to seek out regulated and reputable alternatives to safeguard their investments.
FX Broker Capital Trading Markets Review
