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Premium Brokers Review - is it scam or safe?

Premium Brokers review - Is thepremiumbrokers.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Premium Brokers
Premium Brokers is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Premium Brokers offers well over 40 currency pairs and plenty of CFDs with attractive spreads, leverage as high as 1:100 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account n/a

1:100

1,5 pips
Islamic Account n/a 1:100 n/a

 

That said, be aware that the broker is not regulated, and what is even worse they appear into the spotlight of the Italian financial regulator – CONSOB, which has issued a recent warning against Premium Brokers. If you are still thinking about depositing your money with Premium Brokers be sure to read the following review.

 

Premium Brokers  Advantages:

 

Lots of currency pairs and crypto CFDs

 

For the sake of impartiality in the beginning of our reviews we try to list ant possible benefits a broker might offer its clients, and here with Premium Brokers that surely can be their long list of trading instruments.

 

Along with the 45 forex pairs, like USDCLP, USDCZK, USDCNH, USDHUF, USDMXN, USDNOK, USDPLN, USDSEK, USDTRY, USDSGD and USDZAR, the broker also offers a nice selection of crypto CFDs with coins like Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, Monero, Ripple and Zcash. 

 

And the list also includes CFDs on commodities and precious metals like silver, gold, aluminum, cocoa, coffee, cotton, nickel, soybean, sugar, wheat, zinc, natural gas and oil, stocks, and 14 major indices. If you are tempted by the idea of trading crypto assets, here you may check as well our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader4 available

 

And that is another possible benefit. The broker supports the MetaTrader4 - by far the most popular trading platform on the market, featuring well over 50 integrated market indicators and modifiable trading robots with the help of which you can easily run automated trading sessions. 

 

And the platform also features an advanced set of charting tools, so this is yet another reason to check our list of brokers supporting the MT4:

 

>>MT4 Brokers<<

 

Good spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,5 pips and that is considered relatively attractive, at least with a standard account. Still, here you may check as well our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Premium Brokers  Disadvantages:

 

Blacklisted by CONSOB, no license

 

Premium Brokers is owned and operated by Premium solutions Ltd, an offshore company based on the Marshall Islands. And as most offshore brokers, Premium Brokers does not have a legit license to provide financial services on regulated markets like the European Union. Undoubtedly this is one of the reasons why Premium Brokers has been blacklisted by CONSOB, the financial regulator in Italy. Here you may see the warning:

 

 

Bear in mind that trading with unregulated brokers is associated with extremely high risk of getting scammed. Unregulated brokers in general are completely unaccountable for the way they handle your money, and quite often such brokers are simply involved in scam. So take our advise and trade only with licensed brokers, especially ones regulated by well known institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). 

 

Besides, with a FCA regulated broker your funds will even be protected by a client compensation fund covering up to 85 000 GBP of your trading account even in the unlikely case your broker files for bankruptcy. So here you may check as well our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses with additional withdraw conditions

 

And be aware of any trading bonuses a broker like Premium Brokers might offer you. Trading bonuses are not what they seem. They always come with additional withdraw conditions – usually some minimum trade volume requirement, which quite too often scammers use as a pretext to cancel you withdraw requests. As you can see  in their Trams and Conditions Premium Brokers says exactly this – you must trade a certain volume before you will be eligible to make any withdraws:

 

 

And what is worse  Premium Brokers reserves the right to change their bonus policy on their sole discretion. See for yourself: 

 

 

Few payment methods

 

The only payment options with Premium Brokers are bank wire transfers and major credit cards like VISA and MasterCard. You can not pay with Skrill for example, and that is interesting, because of the new anti scam policy adopted by the money transfer company. According it Skrill partners only with licensed brokers, and as we already noted  Premium Brokers is a unregulated, offshore broker. Besides, here you may check our list of brokers which do accept Skrill:

 

>>Brokers accepting Skrill<<

 

No information about the minimum deposit requirement

 

Just bear in mind that with most brokers you will be able to open a trading account with about 250 USD, while with some big and well established companies like FBS and IG you will be allowed to start trading with just 5 USD or even less.

 

Conclusion:

 

Premium Brokers are not regulated, which means they are not to be trusted. On top of that Premium Brokers have already been flagged as potential scammers by the regulatory authorities in Italy, so be alert and stay away from unregulated websites like Premium Brokers altogether.

Latest news about Premium Brokers
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Traders` reviews for Premium Brokers

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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