Prime Markets Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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The Prime Markets website doesn't load very fast, and I have my doubts about some of the data it presents. All my friends said they had never heard of this company, so I don't want to invest here.
Summary: The overall evaluation of Prime Markets is overwhelmingly negative, with multiple sources labeling it as an unregulated and potentially fraudulent broker. Key issues include a lack of legitimate regulatory oversight, questionable trading conditions, and a broken website that raises significant red flags for potential investors.
Note: It is important to highlight that Prime Markets operates under different entities across regions, complicating the regulatory landscape. This review aims to provide a fair and accurate assessment based on the latest findings.
| 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 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's offerings.
Founded in 2017, Prime Markets claims to be based in the UK and is operated by Emerald Edu Group Ltd. However, the broker lacks any credible regulatory licenses, relying instead on a dubious claim of affiliation with a non-existent regulatory body known as the European Markets Authority (EMA). This is misleading and designed to give a false sense of legitimacy. The trading platform offered is Sirix, which is less advanced compared to the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Prime Markets claims to offer a diverse array of trading instruments, including forex, commodities, indices, shares, and cryptocurrencies.
Regulatory Status:
Prime Markets is not regulated by any recognized authorities, such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC). The absence of regulation raises serious concerns about the safety of client funds and the overall legitimacy of the broker. Multiple regulatory bodies, including the Italian CONSOB and the Belgian FSMA, have issued warnings against Prime Markets, categorizing it as a potential scam.
Deposit/Withdrawal Options:
While Prime Markets advertises various funding methods, including bank cards, wire transfers, and e-payments via Skrill and Neteller, the actual availability and reliability of these methods are questionable. User feedback indicates a lack of transparency regarding withdrawal policies, making it difficult for clients to access their funds once deposited.
Minimum Deposit:
The minimum deposit required to open an account with Prime Markets is €250, which is relatively standard but concerning given the broker's overall lack of credibility.
Bonuses/Promotions:
Prime Markets does offer bonuses ranging from 10% to 100% on deposits. However, these promotions often come with stringent terms and conditions that may not be clearly communicated to potential clients.
Asset Classes Available:
Prime Markets claims to provide access to a wide range of assets, including major currency pairs, commodities like gold and oil, indices such as the DAX 30, popular shares like Amazon and Google, and cryptocurrencies including Bitcoin and Ethereum. However, the lack of a functional website raises doubts about the actual availability of these instruments.
Costs:
The broker advertises spreads starting from 0 pips, but this claim is met with skepticism due to the absence of direct access to trading data for verification. Additionally, there is no clear information regarding commissions or other fees, which adds to the overall uncertainty.
Leverage:
Prime Markets offers leverage up to 1:400, which is significantly higher than the limits set by European regulators. This poses a substantial risk for traders, particularly inexperienced ones who may not fully understand the implications of high leverage.
Trading Platforms:
The broker uses the Sirix trading platform, which lacks many of the advanced features found in MT4 or MT5, such as automated trading and copy trading options. This limitation may deter traders looking for a more robust trading experience.
Restricted Areas:
Prime Markets has been noted to target traders primarily from countries with stringent regulations, including the United States, Italy, and the United Kingdom. The lack of appropriate licensing makes it particularly risky for clients in these regions.
Available Customer Service Languages:
Details regarding customer service languages are sparse, and the overall customer support experience has been rated poorly across multiple reviews.
| 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 |
Account Conditions: The minimum deposit is €250, which is reasonable but concerning given the broker's overall lack of credibility. The account types available are limited and do not offer the flexibility that many traders seek.
Tools and Resources: The Sirix platform lacks the advanced features found in more reputable platforms like MT4 or MT5, limiting the trading experience for users.
Customer Service and Support: Multiple reviews indicate a lack of effective customer service, with users reporting difficulties in reaching support and unclear withdrawal policies.
Trading Setup (Experience): The trading experience is marred by the platform's limitations and the broker's unregulated status, leading to a lack of trust among users.
Trustworthiness: With no regulatory oversight and multiple warnings from financial authorities, Prime Markets has earned a low trust rating.
User Experience: Overall user experience has been rated poorly, primarily due to the broker's lack of transparency and operational integrity.
In conclusion, the Prime Markets review indicates that potential investors should exercise extreme caution. The broker's unregulated status, questionable trading conditions, and the absence of a reliable customer service framework make it a risky choice for traders.
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