Updated on February 20, 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 FX PREMIUM due to the issues we've identified.
Is FX PREMIUM Scam or Legit broker? ▲
Trading with FX PREMIUM is strongly discouraged. This brokerage firm is under the ownership of FX PREMIUM Group Ltd., a corporation based in the offshore jurisdiction of Vanuatu. This particular region has gained notoriety for its lenient regulatory environment, making it a fertile ground for less scrupulous forex brokers. For instance, to set up a brokerage in Vanuatu, the process is worryingly straightforward - simply complete an online registration, demonstrate a nominal initial capital of merely $2,000, pay a registration fee, and within a timeframe of 2-3 months, the brokerage is operational. This lax regulatory framework has attracted a number of questionable brokers, such as IC Finance and 70Trades, to name a few.
Our extensive research has revealed that FX PREMIUM is unregulated and has been disseminating misleading information regarding its regulatory status. Adding to the concern, the Cyprus Securities and Exchange Commission (CySEC) has placed FX PREMIUM on its warning list, further validating the apprehensions regarding its legitimacy.
FX PREMIUM operates as a broker dealing in Forex and Contracts for Difference (CFDs). The broker asserts that it is subject to stringent European regulations, claiming regulation and licensure by CySEC (Cyprus), compliance with MIFID II, and registration with notable financial oversight bodies such as BaFin (Germany), the FCA (UK), and the ACPR (France). Additionally, FX PREMIUM Group Ltd alleges membership with the ICF (Investor Compensation Fund).
However, upon closer inspection, it becomes evident that the registration details touted by FX PREMIUM actually pertain to a different, legitimately regulated entity with no ties to FX PREMIUM. This discovery raises significant concerns regarding the broker's claims of regulatory compliance and its overall credibility.
FX Premium Review Conclusion ▲
It is our strong recommendation for investors and traders to steer clear of FX PREMIUM and seek alternatives among brokers regulated in more reputable jurisdictions, such as those in the UK or Australia. Trusted and reliable brokers, including Alpari, FXTM, and Avatrade, provide safer trading environments with adherence to stringent regulatory standards.
FX PREMIUM UPDATE: A recent investigation into FX PREMIUM has uncovered that its website is currently inactive and unreachable, indicating a suspension of its trading services and account opening procedures. Given this development, we advise potential clients to exercise caution and avoid engaging with FX PREMIUM or any offerings that may emerge.
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.
FX PREMIUM Review 2024
