Updated on February 12, 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 Premium Brokers due to the issues we've identified.
Is Premium Brokers Scam or Legit Broker? ▲
Engaging in trading activities with Premium Brokers is strongly discouraged, as it is an offshore entity. Owned by Premium Solutions Ltd, bearing the incorporation number 101925, and situated at The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, in the Republic of the Marshall Islands, Premium Brokers operates from a jurisdiction known for its lenient regulatory environment. The Marshall Islands, recognized as an offshore haven, often becomes the location of choice for companies seeking to circumvent stringent regulatory oversight. Particularly in the realm of financial investment and trading, the integrity of a company is paramount. Statistics reveal a grim reality: the vast majority of unauthorized firms fail to return investors' funds. Consequently, the recommendation is to steer clear of offshore entities or those without proper licensing, given the prevalence of fraudulent schemes.
Premium Brokers is a brokerage firm with an international presence, catering to its clientele by offering an array of trading assets along with advanced information technologies and software solutions for businesses, complemented by a variety of financial instruments. Despite its offerings, including low market spreads, the absence of re-quotes, transparent dealings, and cutting-edge trading technologies, Premium Brokers has encountered significant regulatory challenges. Notably, it has been blacklisted by the Spanish regulatory body, CNMV, for operating without the necessary authorization to provide investment services or advice, including foreign currency transactions. This regulatory action underscores the importance of dealing with licensed entities to ensure market stability, protect clients from fraud, and uphold the reliability of financial services. Premium Brokers' lack of licensing within the EU and other regulated jurisdictions resulted in its blacklisting and a cautionary alert from the EU authority.
Premium Brokers Review Conclusion ▲
It is imperative to avoid Premium Brokers and similar entities based in the Marshall Islands for trading activities. The absence of rigorous safety protocols among offshore brokers poses significant risks to investors' funds. Traders are encouraged to engage with brokers regulated by reputable authorities, such as those in the UK or Australia, to ensure a secure trading environment. Additionally, it has come to our attention that the Premium Brokers website is currently inactive, signaling a cessation of its trading services. Despite this, traders should remain vigilant against any trading propositions from this broker.
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.
Premium Brokers Review 2024
