Is Euro Prime masquerading as a legitimate forex and CFDs broker? Is it regulated by a reputable regulatory body? If you are looking to invest your money with this firm, hold on for a minute. Read this detailed review first to get the lowdown on this broker.
But, if you have lost money trading with Euro Prime, we are here to help. Book a free consultation, and our team of experienced experts will assist you in recovering your lost funds.
Now, here’s all you need to know about Euro Prime.
Is Euro Prime an Authorized Forex Broker?
To uncover the truth behind Euro Prime, we will dig into the firm’s background, its registration status, and highlight any red flags. At the end of this review, we will have an informed opinion on Euro Prime’s legitimacy.
Euro Prime Review: A Brief Background
Euro Prime is an online brokerage firm. Its trading platform offers its clients ‘the ultimate trading experience’ as it claims on its website. It specializes in stocks, CFDs commodities, indices, and currencies whose minimum deposit amounts range between $250 and $10,000. It also boasts a team of multilingual financial trading experts who offer daily professional analysis.
On the surface, Euro Prime’s offering is both compelling and enticing. The firm gives 4 main reasons why potential clients should entrust their investment funds with it:
It’s safe and secure platform offers traders a transparent trading experience and complies with industry regulations.
Investors benefit from the expertise of top-notch financiers who provide 24/7 multilingual support.
Euro Prime offers traders an award-winning mobile platform; SIRIX WebTrader for PC and SIRIX APP for smartphones and tablets.
Client funds are kept separate from investment-grade banks.
Who Regulates Euro Prime?
Euro Prime is an offshore broker run by IOS Investments Ltd, located at 5 Cork Street, in Belize. Its website states that it is authorized and regulated with license number IFSC/60/511/TS/19.
If you learn that your potential investment partner is an offshore broker, walk away. Most likely, it is unregulated. If it is, consider this a fair warning since offshore regulations are quite liberal.
Legit financial regulatory authorities include the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Brokers licensed by such bodies must adhere to strict rules such as:
- Keeping clients’ funds in segregated accounts
- Hold minimum operating amounts
- Creating a compensation fund
- Insuring traders’ money
- Compliance with all obligations
Proper regulation is crucial to the safety of your investment. When you trade with an unregistered forex broker, you risk losing your funds since the broker can disappear – with your funds – at any time.
Besides, you have no recourse when it comes to your money. Note that traders whose brokers are licensed by FCA have access to a compensation amount of up to 50 000 GBP in case their broker files for bankruptcy. CySEC has a compensation fund for its clients as well.
How Do Forex Scams Operate?
Using various cunning and at times elaborate schemes, unscrupulous brokers lure naive forex traders, scam them and quickly earn themselves fortunes. Forex scams have shady practices. These include offering wide spreads on particular currency pairs, which makes it harder to make profitable trades, commingling funds, or limiting withdrawals. Such practices might show that something is cooking.
Euro Prime: The Warning Signs
Euro Prime seems to be operating legally. There are no public warnings leveled against its activities – so far – from agencies such as CONSOB (which warns investors against scammy brokers). Despite this, it still has some worrying red flags. This is simply not a case of over-marketing.
1. Unusually High Spreads
Euro Prime claims to offer 1:400 leverage on currencies, up to 1:100 on CFDs, and 1:25 leverage on stocks. Interestingly, it looks like only clients who deposit a minimum of $10,000 qualify to receive good spreads. Other account holders trade with spreads starting from 2.5 EUR/USD.
This pricing is unfavorable given that most brokers offer spreads of between 1.0 and 1.5 pips for this pair, or much lower.
Note also that the zero deposit fees are “subject to company policy”, which means this could change any time.
2. Curious Withdrawal Conditions
When a broker does not process withdrawals promptly, this raises a red flag. Euro Prime offers its clients trading bonuses, but they are tied to specific customer withdrawal conditions. The firm further states that it reserves the right to alter bonus withdraw requirements at will as spelled out in their Terms and Conditions:
Owing to some obscure clauses in the Terms and Conditions, you might find yourself ineligible to withdraw your welcoming bonus. Note that licensed brokers hardly offer bonus money.
3. Customer Complaints About Their Funds’ Safety
Before choosing a forex broker, it’s wise to check what other traders are saying about its activities.
Trustpilot Reviews on Euro Prime
4. Euro Prime lacks Proper Authorization
Euro Prime is an unregulated broker, as we have earlier noted. Avoid depositing your money with them as this places your investment at risk. Besides, unregulated brokers lack the authorization required to operate in any country.
Regulation by an offshore regulation authority also means very little since they don’t enforce any stringent measures against brokers who might flout the rules.
5. Difficulty in Accessing Information
Although the Euro Prime website offers loads of information on its services, it’s quite a challenge to navigate through the site to get what you are looking for. There are loads of pages to go through, and you must download information on terms and conditions, bonuses, and fees to read it. This is extremely tedious and not user friendly at all.
Euro Prime Review Verdict: Euro Prime is a Scam
Our in-depth review clearly shows the truth about Euro Prime. It’s an unregulated scam. Always perform due diligence on your preferred forex broker lest you lose your hard-earned money.
Have you lost money to this offshore broker and are now wondering what to do? Fret not. We specialize in recovering monies lost to scammy trading platforms. Call us to schedule a free consultation, and we’ll show you the next step to take.