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FXPrime (Fxprime.io) is an all-round CFDs, Cryptocurrency, and Forex scam. FX Prime is cooking up numbers to try and get as many investors to sign up. The entire platform is filled with bogus claims and promises meant to throw off prying eyes. Complaints have been posted online after the platform used phone calls to solicit investors. And there is more. Read this genuine and transparent FXPRIME Review for more details.
The about us page claims FXPrime is an industry leader which promises to deliver a powerful trading platform. They claim their clients will benefit from extensive training and 24/5 professional customer support. FX Prime is also selling itself as an experienced account manager with integrity and sincerity. And this is where we start exposing their lousy platform. Stay safe and use approved and experienced brokers who have a strong online reputation. Sign up with credible online brokers who come highly recommended by trading experts.
FXPrime is claiming that the senior management has over a quarter century of experience. They claim to provide clients with the right tools to help them achieve their trading potential. And this is where we draw the line as the platform is using over the moon claims. Their address is St. Vincent and the Grenadines which is known for offshore brokers. Offshore brokers are notorious for breaking set industry rules and regulations. Avoid offshore brokers because they never provide a safe trading platform.
The platform offers, CFDs, Cryptocurrency, and Forex trading services. Cutting edge solutions for CFDs trading is their banter which is far from the truth. From their CFDs vault, users are promised over 1,000 trading instruments. They include bonds, commodities, Indices, and Shares. The leverage quoted is 200:1 with a promise of instant execution speeds. When it comes to Forex trading, they promise to offer over 60 major and minor exotic pairs. Another selling feature is offering a savings account which accrues interests. Does this change their status to a bank?
Anonymity is the name of the platform especially when it comes to online trading. Anonymous offshore brokers spell doom for investors. And this is why you should sign up with reputable brokers with a proven reputation. FXPrime is another nameless platform which fails to mention founding and staff members. Their Facebook profile was last updated on19th May 2019 which says a lot. These are scam artists who will do or say anything to make their platforms appear legit.
According to the trusted domain register whois.net, the website fxprime.io was created on 28th November 2019. And this proves the platform is a hoax and was recently created. Any claims of having years of trading experience should be thrown out of the window. These scam artists didn’t count on domain registers to expose their scam. And this means their Facebook page was used in another scam ages ago. The website is a repeat scam which is stealing from unsuspecting investors.
With a platform that is from St. Vincent and the Grenadines, we don’t expect any compliance. Offshore brokers rarely get the nod from reputable regulatory bodies. And the website proves this as it does not have any license or registration proof. The disclaimer at the footer of their homepage does not show any details regarding their license. We don’t get to see any license or registration number. What is even worse, the website has no legal documents to prove compliance.
To put the license issue to rest, we contacted other regulators to check whether the platform is regulated. Some of the regulatory bodies we contacted include ASIC, CONSOB, CSSF, FCA, and NFA. None of these official regulatory bodies has ever licensed the platform. And this goes to show the extent at which scam artists will go. They offer trading services knowing too well deposits will not be insured. Signing up with a regulated broker ensures your funds are insured as dictated by trading regulations.
FXPrime is furnishing traders with six trading account types. The trading accounts are listed as Basic, Standard, Silver, Gold, Platinum, and VIP. These accounts come with a welcome bonus which is another trap. The platform also offers savings accounts listed as four. They include Silver, Gold, Platinum, and VIP. A member has to deposit a minimum of $5,000 to become a Silver account holder. And this is where the scam gets interesting as they also offer banking services.
FX Prime is offering 20, 25, 30, 40, and 50 percent welcome bonus to Forex trading accounts. Members are never allowed to withdraw funds unless they payback the bonuses. A member who gets a bonus must deposit the same amount to be able to withdraw funds. And this is a major problem as the platform may decide to shut down your account.
FXPrime is using AnyDesk as their chat tool. Traders should know that AnyDesk is software that grants third parties access to your PC. The software allows these scam artists to remotely take control of your PC. With these scam artists in control, they sieve through personal documents. In most cases, they are looking for bank statements and credit card information. A legit trading platform will offer live chat support to fellow traders. Go for a broker who has an effective communication channel.
As far as depositing funds go, the platform prefers using Bank transfer. After opening an account, traders are sent a bank account to which they should deposit funds. Members are promised that the platform will ensure the funds reflect on the account. And this is where members realize the entire platform is a hoax.
FXPrime is using a custom made trading platform with no security features. Their web platform is risky as it fails to protect traders. Without DDoS protection and SSL encryption, the platform remains to be a huge problem. These are false terminals which are used to harvest credit card data. The platform will sell your credit card information to third parties. Members also complain of slow execution speeds and facing stability issues. The platform is not compatible to mobile devices becoming a problem for on the go traders.
They sweet talk investors into giving up control of their trading accounts to them. And this is where we draw the line as the platform is using inexperienced staff members. With such a platform, losing funds becomes the norm. It is better to stay away and use recommended products and services.
FXPrime is pooling funds in one account which is against trading regulations. Members are depositing funds straight to owner’s bank account. Recovering these funds is next to impossible as the broker will claim the funds are for services rendered. And this is why no one should sign up with this bogus trading platform.
After reviewing all the evidence, it is clear FXPrime is a scam. Stay away from it and avoid signing up with their affiliate programs.
By adding this platform to our scam blacklist, we will help protect our readers. Stay safe and use industry approved Cryptocurrency trading robots when trading digital currencies.
We wish all investors a prosperous and safe trading period.
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