Updated on April 29, 2024
Quick Links
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 Prestige.FM due to the issues we've identified.
Is Prestige.FM Scam or Legit Broker? ▲
Engaging with Prestige.FM in any form of trading activity is highly inadvisable. Prestige.FM is a trading name utilized by Euro Wealth OÜ, which claims its base in Tallinn, Estonia. Despite these assertions, it's crucial to note that Prestige.FM does not possess any form of licensing to operate within Estonia or any other jurisdiction. This absence of regulatory oversight means there is no external verification of its adherence to the international standards crucial for secure online trading. As a result, the information presented by Prestige.FM could merely be a marketing strategy with no basis in reality, making it unsafe for traders.
Prestige.FM has been positioned in the market as a broker offering a wide range of trading opportunities across Forex and CFD asset classes, coupled with attractive bonuses and trading conditions. The broker boasts of its industry leadership with several awards like “Most Promising Forex Broker 2015” and “Best Forex Service Provider 2017” while claiming compliance with the General Data Protection Regulation (GDPR). However, the essential factor of regulatory authorization is missing, making Prestige.FM an unreliable choice for investors.
The credibility of Prestige.FM is further tarnished by the warning issued by the UK's Financial Conduct Authority (FCA) in August 2018. The FCA’s warning clearly states that Prestige.FM is not authorized to target or engage with UK residents, as it is believed to be involved in regulated activities that require authorization. This warning, combined with trader feedback regarding difficulties in withdrawing funds, presents a strong case against considering Prestige.FM for trading activities.
In conclusion, our extensive review and analysis strongly recommend against engaging with Prestige.FM and similar unregulated brokers. The absence of essential information regarding the broker’s regulatory status, trading conditions, and contact details serves as a significant warning sign for potential investors. Typically, such entities are involved in investment scams, endangering both the financial and personal information of their clients. Traders are advised to opt for brokers that are well-regulated, such as those in the UK or Australia.
Prestige.FM Update:
Our latest findings indicate that the Prestige.FM website is no longer active, suggesting that the broker has ceased its trading offerings. Nonetheless, we urge traders and investors to remain vigilant and steer clear of any trading propositions that may arise from this entity or similar unregulated brokers.
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.
Prestige.FM Review 2024
