With so many online brokers in the market, choosing a genuine company can turn out to be a daunting task. There are numerous testimonies of people who have made sizeable profits from forex trading and an equal number of people who have been duped and lost their life’s savings to scams.
We cannot condemn all online brokers, but it would be wise to learn the red flags to watch out for, and how to recover any money you lose under unfair terms.
This is an honest Prestige Financial Markets Review. We will assess if this online broker can be trusted. We will look at its regulation, operations, its reputation among previous customers, and look at what the major regulatory bodies have to say about the broker.
Prestige Financial Markets is currently not in operation, but this does not mean you cannot recover any money you have lost to the scam. We can help you; talk to us by scheduling a free consultation.
About Prestige Financial Markets
This online broker is located in Tallinn, Estonia. It operates under Euro Wealth OÜ, which was previously AllProTech OÜ. It mainly works with forex and CFDs
Prestige Financial Markets offers attractive bonuses and claims to offer fair trading conditions, which is a positive trait for a genuine online broker. But for a scam broker, it only uses generous bonuses to entice unsuspecting customers to invest their money. And what’s worse is that you might never meet the high requirements set to withdraw the bonus.
We will see which side Prestige.fm falls in this honest review.
It provides three trading account options.
- Basic – requires a minimum deposit amount of €5,000
- Advanced – needs a minimum deposit amount of €25,000
- Expert – requires a minimum deposit amount of €75,000
- Prestige – The details are not provided
It does not provide a free demo account where a beginner can learn before committing their money. And given the high amounts required to start trading, we cannot help but question its intentions and if it has the customers’ interests at heart.
A Poor Trading Platform
Prestige Financial Markets provides a web-based trading platform instead of the powerful MetaTrader 4 platform used by legitimate online brokers.
MetaTrader 4 provides market indicators and customizable trading robots that make it easier for traders to make better trading decisions. The web-based trading platform that Prestige Financial Markets offers is a simple dashboard that cannot help the trader much.
Clearly, Prestige FM is only interested in getting customers’ to invest their money but never make any profits from trading.
Is Prestige Financial Markets Regulated
It’s a requirement to have an online broker operating in Estonia to be regulated, but this is not the case with Prestige Financial Markets. It has not met this condition. There is also no major regulatory body governing it outside Estonia.
The lack of regulation puts its customers at risk. They get no negative balance protection, and there is no guarantee that the customers’ funds are protected in case Prestige FM goes broke. The customers are also not protected from unfair trading conditions.
It goes as far as providing its products and services in areas where it’s not authorized. This lack of respect for the law is a huge red sign and proof that Prestige Financial Markets cannot be trusted.
The Financial Conduct Authority has provided UK customers with this warning concerning Prestige FM.
The Financial Market Authority has also issued a warning to consumers with regards to the broker. It is not allowed to operate in Austria.
Prestige Financial Markets is also on the warning list of the Swiss Financial Market Supervisory Authority (FINMA). The list includes companies and individuals that are offering unauthorized services in the jurisdiction.
A Multi-Level Marketing Program – Prestige FM’s Shady Deal
Prestige Financial Markets provides a multi-level marketing program that further proves that it cannot be trusted. This program requires that customers invest money with the broker before they can make any gains or profits. No legitimate online broker can hold such a program.
What the Market Has to Say About Prestige Financial Markets
We looked at Prestige FM’s reviews on both Trustpilot and Forex Peace Army, and what we found confirms the fears we have had when compiling this Prestige Financial Markets review – it is a scam.
To begin with, its overall score on Trustpilot is appalling.
The overall score is equally bad in Forex Peace Army.
Once the account managers get hold of your phone number or email, they will push you to make a deposit. And they will push you some more to continue investing. You may make some profits at first, but this is only to entice you into investing more into your account.
But your account will suddenly take a downturn, and you will begin making continuous losses.
Any attempt to withdraw your money will turn into a cat and mouse game, and the warm customer care team will turn into an unhelpful lot.
Here are the complaints from this scam’s victims.
The four negative reviews above are from two different independent review websites. They paint the picture of a scam, and enough evidence to conclude this unbiased Prestige Financial Markets review.
Prestige Financial Markets Review Conclusion: What Now?
The MLM program, poor trading platform, high account fees, and poor customer reviews are proof of a full-blown Prestige FM scam.
The broker is unregulated, but this has not stopped it from operating in countries where it is not authorized. If you have lost your funds to this scam, all is not lost. You can recover your funds by scheduling a free consultation with us.
Stay away from all unregulated brokers. Always carry out due diligence before investing your money and understand the terms and conditions first. If the account managers are pushy, you are probably dealing with a scam.
The Prestige Financial Market’s website is currently closed due to the COVID-19 pandemic. But it could soon reopen and continue scamming innocent investors off their funds. We could call it good fortune if the broker does not reopen.