Prizemarkets is a broker with some wanting anomalies. First of all, there is a lot of information missing from their website. These gaps are the very first red flag that we did discover in our research and made us question the legitimacy of this particular broker. More about these red flags will be discussed in detail in our subsequent sections.
On the broker’s website, there is no mention of the physical location where the company resides. I information about the registration of the company is also missing. This type of information is relevant to the investors who would want to trade with a broker, unavailability of this type of information can only mean one thing. The broker is a scam.
If your sole goal is looking for a forex broker, this broker is not what you are actually looking for. Our advice, look for brokers who are renowned and are within well-established jurisdictions where strict measures of operation of forex brokers. That way, you are guaranteed the safety of your funds and profits.
For Instance, Brokers in the United Kingdom and Australia are required to be well-capitalized before the commencement of operation. This way, all traders investing with these brokers do not suffer in the long run if the broker collapses.
The hefty amount of initial deposit the broker is required to deposit by the regulator authority ensures that the company can be able to pay back its investors in the case of things going south for the broker.
In the United Kingdom, on the other hand, The initial deposit required to be deposited by a broker as the initial deposit before a broker can begin its operation is far less than the requirement in the United States and Australia.
However, the brokers are required by the Financial Conduct Authority (FCA, the regulating body in the UK) to contribute to a compensation fund where its traders, investors, or clients can have their investments refunded in case the broker they are trading with collapses.
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The other drawback of Prizemarkets that we identified is that the platform while trying to access the user dashboard the section either does not possess a network certificate or has an invalid certificate and the link was actually broken. This is a major turn-off or rather a reckless move for a broker who we are supposed to trust with our findings, yet they do not have a secure platform leave alone the license from a regulator.
The broker uses MetaTrade4 software as its trading software. Link in downloading the software is provided on the broker’s website. However, this was just the demo version since, like we mentioned in our previous section, the link to the user dashboard where the trading actually happens was broken.
MetaTrade4 is actually a great platform, and it is 15 years old and still comes top when it comes to the preference of a trading software by most brokers. If the broker using the platform is actually reliable, then the platform will also be reliable.
The very first thing that you check from a trading software is the parameters set to the spread and leverage. For instance, if you notice the spread is above 1.5 pips (which is the market spread), then the cost of doing trade on the platform will be high, which means. You, as the trader, will not make a profit from the platform.
However, you should know those unregulated brokers such as Prizemarkets offer leverage, which we all know that high leverage means high trading power. This is not usually the case. Though, you will end up losing more with this broker more than what you could actually make.
Information about how you as a client or trader would deposit or withdraw funds from this broker, as well as the terms and conditions, and information about the leverage that the broker offers is also missing from the platform. This means that the broker DOES NOT have any trading conditions, and we could not really tell if there is any form of trade that goes on in the platform.
So we would urge you to stay so far away from these types of brokers and instead invest with forex brokers who are legit and have a reputation of forex trading and brokers that are licensed, that way, you will have the guarantee of the safety of your funds.
From the scanty information offered by the broker on their website, what we can say is that the broker seems to be providing a live and a demo account.
We went looking for more information about how we could make a deposit and withdraw our funds from their platform. However, this information was missing from their website, and as we had pointed out earlier, the platform lacks most of the important information that we expect a forex broker to provide us with, such as the terms and conditions information.
With that said, we can not really advise you as our reader on how deposits of funds and withdrawals are made on this particular platform, as the platform does not provide that crucial information. Therefore simply stay away from Prizemarket. There is No prize there.
From the broker’s website, there is no mention of the company being regulated by any regulatory authority or being affiliated with a company that is regulated. As mentioned earlier, important information such as the physical location, contact information, the terms and conditions, and the withdrawal and deposit information of this broker is missing from the website.
With that information alone, we can conclude that this broker is actually not a regulated broker and does not hold any license from whichever authority proving they are a legit brokerage authority that deals with forex trade.
Therefore, we could say safely that this is just another scamming platform that is operated by some anonymous entities from somewhere in the world who are targeting to deprive unsuspecting clients of their funds.
Like we mentioned in our subsequent sections, this broker does not have any contact information apart from a service email that is provided on the website. Other than that, the broker lacks information about their physical address.
This is actually reason enough why you should stay away from this broker. Like we have seen in our other reviews, brokers who have no physical address and do not have contact information or have contradicting contact information are usually up to no good, and investing with them will only lead to loss of funds and depression.
From our research, we could conclude that this broker is a scam. Judging from the many loose ends in the website, the broker is not regulated by any authority, and neither can they claim to have been licensed. The Prizemarkets broker can not guarantee you the safety of your funds, profit, or any payouts for that matter.
Prizemarkets is no different from other scamming brokers we have talked about in the past and therefore should be avoided at all costs. Investing with reputable forex trading brokers is the only surest way of the safety of your funds and a chance of making a profit from forex trade.
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