Prime Holdings Review: is it a scam or legit?
Prime holdings claim to be one of the leading forex and CFD broker in the market. The company claims to incorporate cutting-edge trading technology and access to a variety of trading options. Just like every other scam broker, Prime Holdings leaves no stone unturned in their self-praise. With claims of being present all around the world, the company also states itself to be people’s favorite. However, there is a plethora of evidence that states otherwise and we will tell you why.
About Prime Holdings:
Upon a little research on their website, the company claims to be the brainchild of ADSS Securities LLC. Now, this mother company is a liability company that is registered in the UAE. The company is legitimate and has a valid license from the Central bank of UAE and the FCA of the UK. However, the main point to note here is that Prime Holdings does not hold any relation with ADSS Securities LLC. Whatever Prime Holdings has said on their website is fake and they are a scam. After a little investigation, we found out that Prime Holdings has been using ADSS to lure in traders. This type of scam is known as cloning where a scam broker pretends to be a legit broker or affiliated with a legit broker in order to trick the innocent traders. The FCA or the Financial Conduct Authority of the UK has taken action against this and issued a warning against Prime Holdings. The Regulatory states in its warning that the fraudster has been scamming people in the UK in the name of an authorized firm. It also asks the people to stay away from Prime Holdings as it is possibly a scam broker.
Prime Holdings is an offshore registered company. An offshore company means that the company has been registered in remote places that do not authorize brokers. Such places, which include St. Vincent and the Grenadines, Marshall Islands, etc. are a favorite among the scam brokers as there are no regulatory authorities there. This raises another red flag against the company indicating that Prime Holdings is a scam.
This company offering an array of trading accounts at a leverage of 1:100. Now, one of deciding factors of whether the user will experience a win or a loss is the leverage. Higher leverage indicates a big win or a big loss. Therefore, lower leverage is mostly preferred by every regulatory authority and experienced traders alike. Prime Holdings offers their customers a variety of trading accounts, namely, Basic, Bronze, Silver, gold, diamond, VIP, elite, and business. Each of these trading accounts has a different initial deposit ranging from 500 euros to 500,000 euros. Another red flag against Prime Holdings is that it does not allow citizens from the US. This seems a little strange for a company that claims to be people’s favorite.
Is Prime Holding a scam or legit?
To conclude, Prime Holdings is a complete scam. We warn our readers from investing or trading with this scam company. If you have been or are a victim of any of these scams, report it with us through this complaint form. We will get back to you at the earliest with the best possible solution to claim your money back. Till then, stay aware and keep reading!