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Prestige Financial Markets Review - is it scam or safe?

Prestige Financial Markets - Is prestige.fm scam or good forex broker?

RATING: 1.2 / 13 REVIEWS Prestige Financial Markets
Prestige Financial Markets is an offshore broker. Your money is not safe.

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Prestige Financial Markets is a forex and CFD broker, offering some currency pairs and crypto CFDs on a web based trading 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
Bronze Account 500 EUR 1:300 3,4 pips, floating
Silver Account 5000 EUR 1:300 n/a
Gold Account 10 000 EUR 1:300 n/a
Titanium Account – 25 000 EUR 25 000 EUR 1:300 n/a
VIP Account 50 000 EUR 1:300 n/a
Platinum Account 100 000 EUR 1:300 n/a

 

Prestige Financial Markets Advantages:

 

Maximum leverage of up to 1:300

 

Prestige Financial Markets offers leverage of up to 1:300 and this is generous enough to fit even the most aggressive trading strategies. Still, have in mind that most professional brokers rarely use leverage exceeding 1:100 as at such levels the risk of loosing your funds grows exponentially.

 

Payment with various credit cards and e-wallets

 

You can deposit and withdraw funds with Prestige Financial Markets using various credit or debit cards, including VISA, MasterCard, JCB, Diners Club and Maestro, as well as e-wallets like Neteller. You can also pay with a bank wire, but as we do not see an option for crypto currency  payments, here you can check our list of brokers accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Prestige Financial Markets Disadvantages:

 

No license

 

Prestige Financial Markets is operated by AllProTech OÜ – a company based in Tallinn, Estonia. They mention nothing about regulation and that is unfortunate, as unregulated brokers most often than not are involved in scam.

 

Still, we diligently checked Prestige Financial Markets and AllProTech OÜ in the registers of the local financial supervision commission - the Finantsinspektsioon and we found nothing. That is why, for the purpose of this review we will treat Prestige Financial Markets as an unregulated broker.

 

As a rule of thumb regulation is key to the security of any investment. Brokers regulated by well respected financial institution like Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) have to abide by strict financial and ethical rules. They have 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, in case something goes wrong, traders can be refunded with up to 50 000 GBP. At the same time a similar CySEC insurance mechanism, guarantees traders up to 20 000 EUR of their capital. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Ridiculously high spreads 

 

As tested on Prestige Financial Markets platform the EURUSD spread run as high as 3,2 – 3,4 pips, which is ridiculously high as acceptable spreads with a standard account usually start  below 1,5 pips. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few trading instruments available

 

Despite Prestige Financial Markets promising over a 100 trading instruments on their website, when tested with a demo account, we counted only 22 forex pairs with the Swedish Krona and the Norewgian Krone the only exotic currencies in the list. 

 

Apart form forex, the broker offers some crypto CFDs - on Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple, as well as on silver and gold. Still, here you may check our list of brokers also offering Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Excessive minimum deposit requirement

 

In order to open a starting Bronze account Prestige Financial Markets asks you to invest 500 EUR and that in our view is excessive as with most brokers you can start trading with a 100 USD or so, while with some big names like XMFXTM and IG you can open an account with just 5 USD.

 

We should also note that for its Silver Account Prestige Financial Markets requires a deposit of at least 5000 EUR, for a Gold Account – 10 000 EUR, for a Titanium Account – 25 000 EUR, for a VIP Account – 50 000 EUR, while for its premium Platinum Account the stunning 100 000 EUR.

 

MetaTrader4 not supported

 

Prestige Financial Markets offers its clients a web based trading platform, which frankly looks overly simplified. The charts look good and that is OK, but we have found just 4 market indicators and needless to say there was no option for automated trading – a feature that has become a market standard with the MetaTrader4 platform.

 

 

For over a decade MT4 has been a platform of choice for professional and beginner traders alike. The platform is remarkably intuitive and customizable – you can even compile your own personal market indicators and trading bots. Here you can check our list of brokers also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Conclusion:

 

Prestige Financial Markets is an unregulated broker, which apart form the good leverage offers very poor trading conditions. Our big concern, however, remains the lack of regulation. As we already mentioned investing with unregulated brokers is associated with unreasonably high risk.

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Traders` reviews for Prestige Financial Markets

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scammed me

They took my credit card and instead of charging 500 usd they charged 5000 usd! contacted the bank doing a fraudulent transaction charegback!!!!

milko jergen 01/03/2019

Prestige.fm deposits

I initially deposited 250euro to which I made a 250 profit although when upon trying to trade again the manager of my trading said it wasn't worth his while trading with only 500euro and I hadn't the money to trade with what he asked 2500euro?..that said I was going to lift my money from my account and found it a performance to retain my funds...this should automatically be transferred to my bank account which I have already disclosed to your company by a click of a button not having to print out a bit of paper fill it in to which I probably will get that wrong and also take a picture of filled in documentation and hope it's the right size not at all happy with level of service

Simon Glenn 12/17/2018

withdrawal and closing account

i want to close my account and withdraw all my money,seem to be getting nowhere.after all its my money!!!.

david rose 11/25/2018

Falling in the bait

I signed up with Prestige FM on the agreement that I would invest an amount of 220 pounds and make profit after that and that an adviser would help me.
On their second call next day a guy named Charles phone me and was very agressive taking control of my laptop via remote web and tried to grab as much money as possible from my Credit Cards.

I agreed since he was very convincing and said the minimum to trade with bitcoins was 1500 pounds.

Now after reviewing some investor opinions and by the fact this entity is not regulated I feel that I have fall into a trap.

If anyone knows how to withdraw my money from this company, please let me know.

thanks and regards
ULisses

Ulisses Silva 11/21/2018

no further contact after depositing 250/-- euros

after depositing 250/00 euros i received a call from a man who said he was my account manager asked me to send proof of address copy of my passport as id and the last 4 numbers of my debit card covering to hide the security code and first 12 number of my card. but what puzzled me was that he wanted to know virtually how much money i had in my account if i had other mi=money coming in from any where at a specific time. I told him I only rely on my pension he never called at 9 am as he promised and my bank told me the money I paid went to Intl sec ltd not Prestige fm they said they were using differn names one was euro wealth and another I didnt recognise tried to take £234 minutes after I paid the 250.00 . My bank confirmed they were scams and gave me a number they had for intl sec ltd I called but just went blank 02036775512 .I tried to find a contact number for Prestige fm online nono.

Marguerite Bellamy 11/17/2018

100% Scam Avoid Prestige Financial

You’ll receive a call at night time asking for you to confirm the trading account you set up (you didn’t set up anything) and for you to respond to their email and deposit money into their account (don’t unless your happy to never see that money ever again). If you then try to contact them, there is no reply if you try to call them, there number is always engaged. These people are the scum of the earth, their thief’s but cowards as they still your money from the safety of their computer. Make sure you report these cowards to the Australian Federal Police and do not engage with them, especially this little man child coward Milo Clover

Peter 11/13/2018

Scam by Sebastien Martin of Prestige FM

I invested €250 but Sebastien tried to persuade me to give €10000. When I refused and blocked my credit cards he left an abusive messageF**K you C**Ts !! We have blocked our cards and changed cards. We are OAPs and feel vulnerable and disheartenedby this rogue selling technique ! Don’t touch them,doubt I’ll get the €250 back !!!

Clare Henderson 10/30/2018

Prestige financial company is fraud

Prestige financial company is fraud, Unfortunately I am the victim. They force you to invest never gives you right information and when you try to withdraw your monies they never do it and asking for more money to invest and eventually you loose loose and loose.

Please be aware of them never invest with this company, they are just simply fraud.

Ali Hussaini 10/25/2018

Could this be a scam?

Identifying people as legitimate, no problem. However asking for copies of front and back of credit cards with signature showing. You got to be kidding. Refused to send this and now they refuse to refund my money.

bradly larkan 09/25/2018

Prestige FM scam

Never trade with this company, you will loose everything.
https://www.youtube.com/watch?v=l8ivMFy8TwA&t=166s

Keith Brickell 09/21/2018

scam

I have set up n account with them but they fail to contact me. I am concerned as they have my passport details and I deposited 250 euro

paul wilson 08/29/2018

Absolute scam

This company is a scam. I am taking legal action. They've manipulated and mislead me into a very high risk trade without explaining anything about the risks. They've lost more than 35000 euros of MY money and I'm total more than 80000 of all of my portfolio. I have I writing the confession of the "broker" who "advised me,saying that it was a bad trade. I have more than enough evidence to not only close them down but also lock them up. I hope I will protect other people who were trying to make some more money from the hard worked earnings they've made after years of real work. Those people manipulate and mislead you in a way that will cost you your money and your time. It's a fraudulent company

Nikolaos Tzerakis 08/11/2018

don't believe prestige fm

do not invest any business with prestige finance market if you deposit any fund you will not withdrew your fund they very very tricky froud they are never refuse your withdrawal they are wasting your time they objecting many reason always sent massage ( your account manager will contact you soon ) he is also big lier that is thy nature shameless liers shameless human ow they use that money poor people ? very sad I,m a victim of them too

Athula Kaluarachchi 08/06/2018
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