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Fin-techPrime Review - is it scam or safe?

Fin-techPrime - Is fin-techprime.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz Fin-techPrime
Fin-techPrime is an offshore broker. Your money is not safe.

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Fin-techPrime is a CFD broker offering several account types on a web based platform. If you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $250 1:20 n/a
Bronze Account $1000 1:20 n/a
Silver Account $10 000 1:50 n/a
Gold Account $50 000 1:100 n/a
Platinum Account $150 000 1:150 n/a
VIP Account n/a n/a n/a

 

Fin-techPrime Advantages:

 

Good variety of crypto CFDs

 

Fin-techPrime offers its clients no forex pairs. Instead, they offer a number of CFDs with some of the most popular crypto currencies - Bitcoin Cash, Bitcoin, Dash, Ethereum, Ripple, Litecoin, Monero and Tether, as well as CFDs on oil, gold, silver, coffee, indices and stocks.

 

Here we want to stress, that Fin-techPrime is not a crypto exchange, where you can buy, for example, Bitcoins, but just a CFD broker, that offers CFDs on crypto coins. So here you may check our list of brokers also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Maximum leverage up to 1:150

 

The Maximum leverage offered by Fin-techPrime on its Platinum Account is up to 1:150 and that is considered enough to fit any trading strategy. Have in mind that professional traders rarely use leverage of more than 1:100 because of the higher risk of loosing their funds with a much faster pace.

 

Credit cards and e-wallets accepted

 

With Fin-techPrime you can deposit or withdraw founds with all major credit or debit cards like Visa and MasterCard, e-wallets and bank transfer. Still as payments with crypto currencies are getting more and more popular, here you may check our list of brokers where you can pay with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Fin-techPrime Disadvantages:

 

Lack of regulation

 

Fin-techPrime is a trading name of Morgan Ltd - a company with a contact address in Bulgaria. We should note that under the Bulgarian Law all CFD brokers with a business in the country should be licensed by the Bulgarian Financial Supervision Commission (FSC) or a similar financial agency in another EU country. 

 

We have checked the FSC registers and it turned out that Morgan Ltd is not in the list. That means the broker is unregulated – a fact, which significantly decreases its reputation. Have in mind that investing with unregulated brokers involves an implicit risk, as very often such companies are basically  scam.

 

Properly regulated brokers on the other hand had to abide by strict fiscal and ethical rules and do guarantee the safety of investors money.

 

Well respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or even the Bulgarian FSC require all licensed brokers to maintain certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account.  In some cases brokers are even obliged to insure traders money.

 

FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Outrageous spreads

 

As tested on the Fin-techPrime trading platform the BTCUSDT spread was fixed at 450 USD or nearly 7% of the Bitcoin value - about 10 times the spreads usually seen on the markets. Have in mind that the average  Bitcoin – US Dollar Tether spread is between 30 USD and 50 USD. Here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

You can open a Basic Account with Fin-techPrime with 250 USD, a Bronze Account with 1000 USD, a Silver Account with 10 000 USD, a Gold Account with 50 000 USD, a Platinum Account with 150 000 USD and a VIP Account with an undisclosed amount – the broker says you should call them for a special offer. 

 

Have in mind that with most brokers you can open a trading account with about 100 USD, while with some well established names, like XMFXTM and IG the minimum deposit requirement is just 5 USD or less.

 

No MetaTrader4 available

 

Fin-techPrime offers a web based platform with a simplified interface and clean, good looking graphics. The platform however lacks a lot of the functionalities we are used to, when trading with the MetaTrader4. There are fewer market indicators and no automated trading option.

 

 

Here you can check our list of brokers also offering MetaTrader4: 

 

>>Find other MT4 brokers here<<

 

Unusual maintenance fees

 

A monthly maintenance fee of 0.5% of the balance is charged and that is highly unusual.

 

Conclusion:

 

Fin-techPrime is an unregulated broker with dubious reputation, which offers CFD trade with outrageously high spreads.

Latest news about Fin-techPrime
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Traders` reviews for Fin-techPrime

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Problem reaching fin-tech prime.com

It looks like fin-tech prime has shut down its website !!!

Philip 03/21/2019

How can i get my 34100 € back?

Justin Taylor has called me last year on January 2018, and convince to invested money in Fin-techprime, i opened a count by 1000 €. He gives me en advisor or broker called Benjamin Fischer/ or Martin Ivanov, i do not really what is his name! Any way he started working with me and called almost every 3 days to get money out of me, until last 10000 €, was in december 12, he said he would pay in the end of the month 15000 € as profits, i have given ham and fin-techprime up to 34100 € in 2018, after that i haven't hear one word, from both Benjamin and Costumer service, Costumer service usually answer me or respond right away, but after this mount they stopped to replay me, once in January 2019 Benjamin has answered me by if i wanted my profits, so i have to sending him 5000 € for the tax!!, i haven't heard from him or Costumer until now, its both smart and scams!
I hope really one day he become sick and use all this money as i had saved on the medcin and hospetal!

Tarek Rolsdorf 03/09/2019

Fintech-prime scam

Fintech-prime use a London address & contacts they are owned by Morgan ltd and operate from an apartment in Bulgaria they sweet talk you into investing small for 24 hours they show you a 10 12% gain & say think what you can make if you had a larger amount once they get you on board they Rob you I should have known better they've taken all we had even our Funeral savings over a period of 8 months I put in just over €9,000 in 29/01/19 I had made €23,169.48 when i asked to take some money out they just didn't want to know they kept saying I had to pay €6,000 in Tax as I was in dispute over this the next I knew was on the 20/02/19 all the money I had was gone due to bad trades I have reported them to the Mayors office Bulgaria Bulgarian News Agency Bulgarian FSC UK FCA Action Fraud and anyone else I can these people are heartless criminals this company and others like this needs to be stopped so they can't do this to others.
Thanks Peter.

Peter Singh 02/26/2019
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