de | cn | ru

Prime Trade Markets Review - is it scam or safe?

Prime Trade Markets review - Is primetrademarkets.com scam or good forex broker?

RATING: 1.4 / 0 REVIEWS Prime Trade Markets
Prime Trade Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Prime Trade Markets is an offshore broker based on the Seychelles, which offers forex pairs and CFDs with five account types, leverage of up to 1:500 and the MetaTrader5 platform. The broker is registered with the local Seychelles Financial Services Authority (FSA). Such a regulation, however is considered “light” and in no way can be compared to the rigorous regulatory regimes in Europe, the US or Australia. So if you are considering opening an account with Prime Trade Markets better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Silver Account

$50 1:500 2 pips
Gold Account $200 1:500 1,5 pips
Diamond Account $1000 1:500 1 pip
Platinum Account $5000 1:500 0,7 pips
Premium Account $10 000 1:500 0,5 pips

 

Prime Trade Markets Advantages:

 

Generous leverage

 

Leverage as high as 1:500 is not seen often these days, especially after ESMA the pan European regulator caped the maximum leverage allowed with forex transactions at 1:30. The decision was taken because of the higher risk for the unexperienced retail traders. And yet higher margin trading is still available on at least one major regulated market – Australia, so here you may check our list of brokers, regulated there:

 

>>Brokers regulated in Australia<<

 

Over 60 currency pairs

 

Prime Trade Markets offers over 60 currency pair, lots of which exotic, minor or crosses. And they also offer a few CFDs on precious metals like silver and gold. At least that is what we saw on their trading platform. No crypto assets were available however, so here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

You can open a trading account with 50 USD

 

At Prime Trade Markets you can open a trading account with just 50 USD and that is also fine. Still bear in mind that with some big well known brokers like FBS and IG you can start trading with virtually 5 USD or even less.

 

Various payment methods

 

Prime Trade Markets accepts payments with quite a variety of payment methods, including e-wallets like NetellerSkrill, FasaPay UnionPay, QIWI, Yandex, WebMoney and CahsU, bank wire and credit and debit cards like VISA and MasterCard. Still as we do not see crypo coins in the list, here you may check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader5 supported

 

Prime Trade Markets do support the MetaTrader5 – along MetaTrader4, one of the most popular platforms on the market. It is highly reliable, light and intuitive and on top of that features an excellent set of advanced charting tools. 

 

Also with MT5 you can easily run automated trading sessions, with the help of customizable trading robots and about 100 market indicators. So here you may check our list of MT5 brokers as well: 

 

>> Check out the best MT5 Brokers <<

 

Prime Trade Markets Disadvantages:

 

No credible license

 

As we noted Prime Trade Markets is based on the Seychelles and the company operating it - Prime Trade Markets Limited is registered with the local Seychelles Financial Services Authority (FSA). 

 

Unlike some well known and well respected financial regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) the FSA in the Seychelles has a very “light” regulatory regime. 

 

Fore example the only requirements for a potential broker are for the company to be locally incorporated with a share capital of at least 50 000 USD, and to have at least 2 shareholders and 2 directors, but where a single person can be both a shareholder and a director.

 

Also initially the payed up capital should be deposited at a Seychelles bank, but subsequently it can be used for the operational needs of the broker and does not have to stay in the bank.

 

On top of that the broker can store all clients funds in its operational account, and that is in sharp contradiction with the requirements of all regulators in Europe, the US, Australia or Canada, where brokers are obliged to keep their clients money in a segregated, trust account.

 

Take a note as well that the minimum operation capital, that all EU regulated brokers are required to maintain at all times is as high as 730 000 EUR. As you have noted there is no minimum operational capital requirement for the Seychelles regulated brokers.

 

And besides if you trade with a FCA broker your funds will be covered by an insurance of up to 85 000 GBP. So here you  may also check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with additional withdraw conditions

 

Prime Trade Markets offers a 60% welcoming bonus and another one of up to 200%. As attractive as this may sound, be aware that trading bonuses always come with additional withdraw conditions, usually some minimum trade volume requirement. And with Prime Trade Markets we even do not know what that minimum trade volume requirement is, as the link to the file with their Terms and Conditions was not functional.

 

Conclusion:

 

Prime Trade Markets is a low credibility, offshore broker, which we can not recommend. Keep in mind that your funds will be safe only with brokers, holding legit licenses by well known financial authorities such as the FCA in the UK, ASIC in Australia and CySEC in Cyprus – those are the three most popular regulatory destinations in the industry.

Latest news about Prime Trade Markets
No news about Prime Trade Markets. Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Prime Trade Markets

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

 

 

de | cn | ru