Prime markets Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Prime markets is a liar! Luckily I only invested the minimum amount. They kept asking me to deposit money, and I noticed something was wrong. Timely stop loss is also very important.
In this comprehensive review of Prime Markets, we delve into the broker's offerings, regulatory status, and user experiences. The overall consensus points to significant concerns regarding the legitimacy and safety of trading with Prime Markets, primarily due to its unregulated status and numerous warnings from financial authorities.
Note: It's essential to recognize that various entities operate under the name "Prime Markets," leading to potential confusion. This review focuses on the broker associated with the website prime-markets.com.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup/Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Regulatory Compliance | 1 |
We evaluate brokers based on user experiences, expert opinions, and factual data from various sources.
Founded in 2017, Prime Markets operates under Emerald Edu Group Ltd, claiming to be based in the UK. However, it lacks regulation from recognized authorities such as the Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC). The broker offers trading through the Sirix platform, which is less recognized than MetaTrader 4 (MT4) or MetaTrader 5 (MT5). Users can trade various asset classes, including forex, commodities, indices, shares, and cryptocurrencies, although the specifics of these offerings remain questionable.
Prime Markets is not regulated by any major financial authority, which poses significant risks to traders. According to multiple sources, including BrokersView, the Italian regulator Consob has issued warnings against the broker for operating illegally. The absence of regulatory oversight means that traders have little recourse in the event of disputes or issues with fund withdrawals.
The broker claims to support various funding methods, including bank cards, wire transfers, and e-payment solutions like Skrill and Neteller. However, there is a lack of transparency regarding the processing times, fees, and geographical restrictions associated with these methods. This ambiguity raises concerns about the reliability of withdrawing funds, a sentiment echoed by Scambrokers.
To open an account with Prime Markets, a minimum deposit of €250 is required for the basic account. However, higher-tier accounts require significantly larger deposits, such as €500 for a zero-spread account and €1,000 for a copy account. This high entry cost may deter new traders from engaging with the platform.
While Prime Markets advertises deposit bonuses ranging from 10% to 100%, the terms and conditions surrounding these promotions are often complex and may contain hidden stipulations that could disadvantage traders. As noted in the Reliable Forex Broker review, such bonus structures can often be misleading.
The broker claims to offer spreads starting from 0 pips; however, this assertion is met with skepticism due to the lack of direct access to the trading platform for verification. Additionally, while they promote zero deposit fees, there is no clear information on potential withdrawal fees, leaving investors in the dark regarding the true cost of trading with Prime Markets.
Prime Markets offers leverage up to 1:400, which raises red flags as it exceeds the limits set by the European Securities and Markets Authority (ESMA). This high leverage can lead to significant losses, especially for inexperienced traders. The trading platform provided, Sirix, lacks many advanced features found in MT4 or MT5, such as automated trading options and copy trading functionalities.
Reports indicate that Prime Markets targets traders from various countries, including the United States, Italy, and Spain. However, due to its unregulated status, it is not authorized to operate in these regions, making it a risky choice for potential investors.
User experiences regarding customer support have been overwhelmingly negative. Many users report difficulties in reaching the support team and receiving timely assistance. The lack of transparency regarding the company's contact information further exacerbates these issues, as highlighted in the Scam Recovery review.
In summary, the Prime Markets review indicates that this broker poses significant risks to potential traders. With no valid regulatory oversight, high minimum deposit requirements, and questionable trading conditions, it is advisable to exercise extreme caution. The numerous warnings from regulatory bodies further solidify the notion that Prime Markets is not a safe trading environment.
Final Ratings:
| Category | Rating (out of 10) |
|---------------------------|---------------------|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup/Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Regulatory Compliance | 1 |
Given the overwhelming evidence of Prime Markets' unregulated status and the associated risks, potential traders are strongly encouraged to seek alternative, regulated brokers for a safer trading experience.
