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FX PREMIUM Review - is it scam or safe?

FX PREMIUM review - Is fx-premium.com scam or good forex broker?

RATING: 1 / 0 REVIEWS FX PREMIUM
FX PREMIUM is not regulated. We cannot guarantee your money is safe.

FX PREMIUM presents itself as a forex and CFD broker, licensed by a number of respectable financial institutions, including BaFin in Germany, the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). 

 

All of that unfortunately turned out to be just a hoax – FX PREMIUM has actually stolen the identity of a legit broker in an effort to attract unwary investors. You can find more information about the scam in the following review.

 

Trading account  Min. deposit Max. leverage Spread

Beginner Account

$500 n/a n/a

 

FX PREMIUM Advantages:

 

We usually start our reviews with all the beneficial sides a broker might possibly offer. In the case of FX PREMIUM we can not say anything positive, as the website is clearly a scam – as we noted, they are trying to mislead traders by mimicking a legit broker. 

 

FX PREMIUM Advantages:

 

Clone website of a legit broker

 

FX PREMIUM falsely claims to be regulated by a number of respectable financial institutions including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) and Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin in Germany.

 

 

In order to mislead its clients FX PREMIUM uses the registration details of a legit broker – JFD Group Ltd. See for your self:

 

 

No license

 

The general problem with all unregulated brokers is the total lack of accountability for the way they handle your money. Having that in mind it is not a surprise that so many unregulated brokers are actually involved in scam.

 

All brokers, holding legit licenses by official financial regulators such as the FCA in the UK, CySEC in Cyprus or the Australian Securities and Investments Commission (ASIC) on the other hand are reliable because of the rigorous supervision, they are subject to. 

 

All licensed brokers have to file regular reports, to allow external audits, to keep all traders' funds in a segregated form their own, trust account, to maintain at all times a certain minimum operational capital – 730 000 EUR in the EU and 1 000 000 AUD in Australia, and in some cases even to insure their clients' money.

 

Thus for example, if you are trading with a FCA regulated broker, your account will be insured for up to 85 000 GBP, payable in case your broker files for bankruptcy. So here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Binary options broker

 

From the presentation on FX PREMIUM website we are left with the impression that the broker is offering forex and CFD trade with over 1000 instruments in various asset classes, including over 60 forex pairs, precious metals, indices, stocks, commodities, bonds, ETFs and even crypto coins. And all of that with a choice between MetaTrader4 and the MetaTrader5 platforms. 

 

When we registered and opened a demo account however, it turned out that FX PREMIUM is actually offering binary options on a lousy web based platform. And that was not a big surprises for us – as we already discussed  FX PREMIUM is a clone website most probably operating as a scam.

 

 

Bear in mind as well that all binary options were in practice banned throughout the European Union in the beginning of July 2018.

 

MetaTrader4 not supported 

 

As we noted FX PREMIUM does not support the MetaTrader4 and that is a pity. MT4 is the most popular trading platform – highly reliable with a user friendly interface and a set of advanced charting tools. On top of that MT4 has nearly 100 modifiable market indicators and trading robots, which will readily help you run automated trading sessions. Her you may check our list of brokers supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

High minimum deposit requirement 

 

FX PREMIUM asks for a minimum investment of at least 500 USD and that is twice higher then the minimum investment required by most other brokers. And besides with some big players like FBS and IG you will be able to open a trading account with just 5 USD or even less.

 

10% withdraw fee

 

“The Client agrees to pay 10% of whatever amount he/she will withdraw at any point in time as commission fees to the broker company” - that is what we read in the Terms and Conditions published on FX PREMIUM website. Bear in mind that most legit brokers do not charge a withdraw fee at all. 

 

 

Conclusion:

 

FX PREMIUM is a clone website, which most probably operates as a scam. As always in such cases our general advise is to trade only with properly regulated brokers and to thoroughly check the authenticity of the broker (including by checking the relevant regulatory registers) before investing any funds.

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Traders` reviews for FX PREMIUM

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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