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Matador Prime (out of business) Review - Is it scam or safe?

Matador Prime Review - Is matadorprime.eu scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Matador Prime (out of business)
Matador Prime (out of business) is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard $200 0.01 1:100 1.8 pips

 

MatadorPrime provides a single type of account – a general one, offering online trading with leverage up to 1:100, variable spreads and the option to use micro tradeable lots on the standard MetaTrader 4 platform.  The broker claims to offer ECN/STP execution.

 

The Company. Security of Funds

 

Company Country Regulation
Matador Prime LLC Bulgaria FSC (license withdrawn)

 

MatadorPrime is a global online forex broker and asset management firm with offices in Bulgaria, Spain, and the US. Besides online trading in currency pairs and commodity and indices CFDs, the brokerage offers corporate bonds, equity stocks and it looks like it focuses on its portfolio management and investment services.

 

It has a license from Bulgaria's Financial Services Commission (FSC), the country’s financial regulatory entity in charge of forex licenses and supervision of regulated entities.

 

FSC has a set of capital and other requirements to investment intermediaries, like most reputable European regulators, such as capital amount requirements and structure, requirements to the members of managerial and supervisory bodies, AML procedures, etc.

 

The required capital for a Financial Supervision Commission license is BGN 250,000 (around 125,000 EUR) for the brokerage license. For a full license, which allows operators to deal on their own account (as market makers), there is a capital requirement of BGN 1,500,000 (000 (around 750,000 EUR).

 

Besides, regulated entities are members of Bulgaria's Investor Compensation Fund, which covers up to 90% of the due sum in case the company goes bankrupt, but not more than BGN 40 000 (around EUR 20 000).

 

As Bulgaria is part of the European Union, brokers licensed by the FSC can operate throughout the EU, thanks to the passporting rules of MiFID.

 

Trading Conditions 

 

Minimum Initial Deposit

In order to open an account with MatadorPrime, one has to deposit $200, which average for the industry. In comparison, other brokers licensed in Bulgaria, such as BullBrokers and Trading212 demand $100 from its clients as a start. 

 

Spreads & Commissions

MatadorPrime does not charge commission for forex trading, however the typical spreads for the EUR/USD pair amount to 1.8 pips, which is above the average, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. By comparison, Trading212’s typical spread on EUR/USD is just 0.9 pips and it also does not charge commission fees.

 

Speaking of costs associated with trading, we find it quite unusual that this broker charges 15 EUR annually for opening and maintaining an on-line trading account.

 

Maximum Leverage

The maximum leverage offered by this broker is: 1:100, which is standard, yet most brokers provide higher levels. Trading212, for instance, offers leverage up to 1:200.

 

Trading Platform

 

Like most forex brokers, MatadorPrime supports the MetaTrader 4 platform. Easy to use and yet equipped with advanced charting tools and a number of built-in technical analysis tools, MT4 holds the title “most popular fore trading platform” for more than 10 years now.

 

Besides, it offers a wide range of Expert Advisors (EAs) and extensive back-testing environment. Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.

 

 

Methods of Payment

 

MatadorPrime account deposits and withdrawals can be performed by the following payment modes: bank wire transfer, credit/debit cards, as well as e-wallets: Skrill, Neteller, FasaPay and China UnionPay.

 

Conclusion

MatadorPrime is a forex and CFD broker and asset management firm that is regulated in the EU and supports the good old MT4 platform. Unfortunatelly, we find its spreads too high, and it looks like online forex is not its core business. To sum things up, here are the Pros & Cons in relation to this broker.

 

Pros Cons
MT4 available  Not regulated (Bulgarian FSC license withdrawn)
  High spreads
  No choice of trading platforms and accounts

 

Latest news about Matador Prime (out of business)
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Traders` reviews for Matador Prime (out of business)

Spread

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Deposit/Withdraw

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Summary

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VICTOR SIMON CANAL is a swindler, robber (top man of MATADOR PRIME)

He owes me $30,630.00 COMPENSATION and 5,341.00 of investment with FONDO MP LATAM I.
THIS CONMAN SHOULD BE IN PRISON.

Fernando Rafael Aguilar 07/24/2019

Complaint against matador prime

Good Afternoon Dominique

I am one of those responsible for misletrados.com, the law firm that defends the interests of several people affected by matador prime.

If you wish, you can contact us at info@misletrados.com and we will explain what legal actions we have initiated so that those affected recover their investment

Javier 05/23/2018

Help

Hello Dominique,

please currently looks like there is a collective action against this broker in Spain, please take a look, here first link is from the law firm:

http://misletrados.com/afectadosmatador/

https://www.rankia.com/foros/consumo/temas/3878278-nadie-comenta-esto-estafa

Gonash 05/06/2018

Help

I transferred 50 bucks to the app to try out and once deposit cleared it said I had no funds!!!

Dominique Burney 11/07/2017
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