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Prestige Venture Review - is it scam or safe?

Prestige Venture Review - is fxprestige.com scam or good forex broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz Prestige Venture
Prestige Venture is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Min. deposit Minimum trade size Maximum leverage  Spreads (& Commission)
Classic $10 0.01 1:500 From 3.0 pips
Standard $20 0.01 1:500 From 2.5 pips
ECN $2 000 0.01 1:100 From 1.2 pips + $5 / lot

 

Prestige Venture offers a couple of account types to its clients. All of them provide variable spreads and access to the renown MetaTader 4 platform. Classic and Standard accounts are commission-free and accessible with low initial deposits, however the spreads offered are very wide. Usually, brokers offer variable spreads within the range of 1.0 – 1.5 pips on EUR/USD.

 

Prestige Venture’s ECN spreads appear competitive, however, when we tried the broker’s demo ECN MT4, we found out that the average spread of 1.5 pips on EUR/USD also features a commission of $5 per standard lot. This means that average trading costs for this pair amount to 2 pips per lot, which is also not a good pricing. By comparison, major brokerage FxPro applies a commission of $4.5 per standard lot to the spread of 0.3 pips on its ECN (cTrader) accounts.

 

As Islam is the official religion of Malaysia, where Prestige Venture has a couple of offices, it offers swap-free services to investors of Islamic belief.

 

The Company. Security of Funds

 

Company

Country

Regulation

Prestige Venture Limited

Seychelles

N/A

 

Established in 2016, Prestige Venture offers trading in forex, precious metals and commodity CFDs. The company operating the brand, Prestige Venture Limited, is registered offshore, in the Seychelles.

 

Forex broker regulation is not mandatory on these islands, so brokers registered in the Seychelles are not overseen by any authority and don’t have to face any requirements. Basically, such companies can do whatever they like with your trades or your money.

 

Please, get yourself acquainted withal all the risks involved in doing business with offshore brokers. There are numerous reasons why  we do not recommend doing business with such companies. Instead, we advise traders to select among brokers licensed by UK’s FCA, Cyprus’CySEC, or another reliable financial regulator.

 

Trading Platforms

 

Like most FX brokers, Prestige Venture supports the MetaTrader 4 platform. This internationally acclaimed trading terminal provides a full spectrum of trading tools and resources, such as solid charting, a lot of technical analysis indicators, extensive back-testing options, etc. In addition, the platform is equipped with a wide range of Expert Advisors (EAs), so traders can let the program do all the work.

 

 

Prestige Venture ’s MT4 platform. Click to enlarge.

 

Methods of Payment

 

Prestige Venture offers bank wire transfer, credit/debit cards, PayPal and Skrill as payment methods.

 

Conclusion

 

Prestige Venture is one of the many forex brokers registered offshore. It seems to target mainly Asian investors and offers trading on the popular MT4 platform. The main problem with this broker is that it operates without a valid forex broker license. Besides, its spreads are high. To sum up the above:

 

Pros

Cons

MT4 offered

Registered offshore

Low initial deposit required

High spreads

ECN offering

High initial investment for ECN account

 

 

               

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Traders` reviews for Prestige Venture

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

scam

This is another scam broker, I had to go through a lot to get my funds back. Its disappointing that these brokers think they can get away with ripping people of

christhartieatgmaildotcom 11/20/2017
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