Warning! FXprime is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Let’s get to the point. FXprime (fxprime.io) is a suspicious broker, and all the expected attributes are applicable here. Read the review for more.
FXprime is a St.Vincent and the Grenadines incorporated company, if we are to trust the website. However, FXprime is not regulated there because of the fact that this country does not regulate the forex market. And even if a company is registered there it does not connote that it is regulated in any way. Since we could not find any proof of a license we must conclude that FXprime is UNLICENSED.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were able to effortlessly open a live account. There we got no EUR/USD asset for some reason, so we quote the EUR/CAD spread of 4.3 pips. The leverage with this currency pair is 1:200, which means that this is the max leverage value.
As per the platform, users can trade with Forex Pairs, Crypto, Indices, Commodities, Stocks, ETFs, Bonds. This list is quite stable, and it legit broker stuff.
The website is available in English and German.
FXprime utilises a surprisingly efficient trading platform. It’s no MT4, yet this terminal can be sufficient to cover the needs of novice and intermediate traders. Too bad the broker is unregulated.
The platform allows for pending orders, live TV, updated news, multiple time frames, multiple chart types, and more.
FXPRIME MINIMUM DEPOSIT
According to the deposit terminal in the dashboard, users can deposit only through Visa and Master Card.
The minimum deposit is $250.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Notice the AnyDesk logo on the bottom left. This is an attempt to steal your money. Do not give the broker access!
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
FXPRIME WITHDRAWAL TIME AND FEES
The legal documents mention fees all the time, but do not specify if these fees are applied to withdrawals. Here’s an example:
According to the Terms and Conditions, the typical processing times for withdrawals is 5 days tops.
However, we found a distressing piece of text that says that non-deposited funds, a.k.a profit from trades, will not be able to be withdrawn.
This is completely unacceptable, and is yet more proof of this broker’s intention of never paying you back.
ADDITIONAL FEES AND TAXES
According to the Terms and Conditions, the broker has the right to terminate an account for no reason.
What’s more is that withdrawals on sums that have bonuses attached to them will have to be turned over 30 times prior, that is the deposit plus the bonus amount.
The inactive account fee is 10% of the entire amount the client holds. The dormant account charges apply after 6 months of account inactivity.
Finally, we have a clause that states that third party fees will be debited from either the deposited or withdrawal amount of a client.
Clearly, FXprime finds ways to take as much money from a user as possible.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
FXprime is a scam, and that’s all there is to it. All the sings point against it. Do not deposit here