Updated on April 1, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Fin-Tech Prime due to the issues we've identified.
Is Fin-Tech Prime Scam or Legit Broker? ▲
Fin-Tech Prime operates under a cloud of regulatory uncertainty and is not deemed a secure choice for traders. The entity claims its roots are in Tallinn, Estonia, yet there is no regulatory oversight from the Estonian Financial Supervision Authority to back this claim. Furthermore, Fin-Tech Prime's affiliation is with Morgan Ltd., a company incorporated in the Marshall Islands—a notorious offshore jurisdiction that lacks stringent financial regulatory frameworks. This lack of oversight means that Fin-Tech Prime, like other offshore entities, operates without stringent guidelines, thereby jeopardizing the safety of client funds.
Registered in: Marshall Islands
Type of License: Offshore License
Is FinTech Prime safe to trade: No
Recommended Licenses: FCA in the UK & ASIC in Australia
Fin-Tech Prime portrays itself as a broker specializing in Forex and cryptocurrency trading, operating under the trading name of General Media OU based in Tallinn, Estonia. The brand is further tied to two more entities: Morgan Ltd., situated in Bulgaria, and Morgan Holdings Ltd., based in the Marshall Islands. However, the absence of regulation by the Financial Supervision Authority in Estonia or the Financial Supervision Commission in Bulgaria reinforces the notion that Fin-Tech Prime is yet another unregulated offshore broker. Compounding the issue, the Financial Conduct Authority (FCA) in the UK has issued a warning against Fin-Tech Prime, indicating it is conducting regulated activities without the necessary authorization, thus targeting individuals in the UK unlawfully.
When it comes to selecting a financial firm for trading, it is of utmost importance to ensure that the firm is authorized and regulated by reputable and reliable financial regulatory bodies. Verification of a broker's authorization with regulatory bodies such as the FCA can be done through their Financial Services Register. We highly recommend trading with brokers that are under the strict surveillance of well-regarded regulators. Therefore, based on our comprehensive analysis and the significant regulatory concerns identified, we strongly advise against engaging with Fin-Tech Prime. For those in search of a credible and regulated broker, our compiled list of FCA-regulated brokers might offer some suitable alternatives. It is also noteworthy to mention that the Fin-Tech Prime website appears to be inactive and unreachable, indicating that the broker may no longer be operational. Nonetheless, caution should be exercised, and any proposals from this entity should be avoided to safeguard one’s investment.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Fin-Tech Prime Review 2024
