Is Prestige Financial Markets a scam broker?
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Prestige Financial Markets (or Prestige FM) is owned by Nostro Technology OU and is located in Tallinn Republic of Estonia. But on some websites, they are supposed to be owned by Robertson Securities Ltd & Media Options Ltd., located in Bulgaria. The above facts are difficult to verify regarding ownership. They are not regulated by any major governmental agencies, (it is one of the signals of internet fraud) but from PIPSEC (Private Investor Protection for Securities and Exchange) and VFSC (Vanuatu Financial Services Commission) as forex and binary options brokers. Previously they were called PrestigeOption. They started their operations in 2016.
Being a new entrant there is very little information online and very less feedback.
Their trading platform is TradeSmarter and they have Pro version. Being professional version offers a big chart and it is possible to switch time frames and to add a limited number of technical indicators. Though most of the things that they offer are similar to what others offer nothing different from the herd. The platform is neither too complicated nor too simple.
Account types are Bronze (minimum deposit EUR 500), Silver (EUR 5,000), Gold (EUR 10,000), Titanium (EUR 25,000), VIP (EUR 50,000), and Platinum (EUR 100,000). The Platinum account is by invitation only. They do not have a demo account.
Traders can easily open an account by filling up the registration form. The payout is 70 – 75% even 80% on some assets and they have good assets and binary options types. The website is available in two languages English and Dutch.
It looks like Prestige Financial Markets is a scam broker because they are not regulated by any known financial regulators like FCA, ASIC, CySEC, CFTC and MTR Majandus. They are from Estonia and still not regulated by Estonian financial watchdog MTR Majandus is a surprising factor.
Secondly, their lowest account is Bronze with a minimum deposit of EUR 500 and industry standard is EUR 250. Their Silver account is EUR 5000 (10 times jump) and the difference is it as only one additional feature that is a basic training video. Basic training video and market reviews at many sites are offered free. Some things they have over-hyped and is not worth the amount.
Thirdly is the bonus policy. In their T&C they have mentioned that the company reserves the right to target the bonus program at its discretion, geographically and regarding target audience. That is to say, the bonus will differ from trader to trader. They have not mentioned other strings that are usually attached to bonus like turnover target etc. So do read T&C before accepting bonuses. Even the type of withdrawal is not to clear.
Prestige Financial Markets is a scam broker and if you are a victim you can contact MyChargeBack to recover your money. Whenever you request for withdrawal see to it that you email the compliance department and customer service department. Never ever rely on verbal communication like phone and to some extent even Skype. Whenever accepting a bonus from the brokers do read in between lines of broker bonus policy. You may have to trade 30 to 60 times trade volumes before you can withdraw your bonus and this is how investors are scammed online.