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4XPrimeTrade Review: Is 4xprimetrade.com Legit Or Scam?
4xprimetrade.com Review: this is the website of a trading company that offers cryptocurrency investment solutions. Is it safe to trade with 4xprimetrade.com? Read the following details as we place details about this broker in the spotlight.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Perusing the page of 4XPrimeTrade, we found that it claims to be located in the United Kingdom. Forex trading in this region is regulated by the Financial Conduct Authority (FCA) and all UK based brokers are regulated by it. But when we checked the online register, we did not find the broker listed among legit brokers there.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of 4XPrimeTrade
The company claims to be regulated and offers data security. Also, it mentions that blockchain is the main focus of the firm. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
4XPrimeTrade Trading Platform
There is no mention of the type of platform used by the trading company. However, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
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Trading instruments offered to traders are majorly cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is not also mentioned on the website. Nothing is said about what spreads are used for trading. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on 4XPrimeTrade
The means of making deposits and withdrawals with this broker are VISA, MasterCard, Bank Wire Transfer, Perfect Money, PAYEER, and crypto coins. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with Coinsmex Forex broker is $300 which is much higher than the average of $100 – $250 common among legit brokers. Withdrawal fees are not disclosed. We would prefer it if they are mentioned or not.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is 4XPrimeTrade Licensed?
No. 4XPrimeTrade is not a properly licensed and registered broker. The Financial Conduct Authority (FCA) does not permit it to trade in the UK.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker or its customer service, interested clients are to send an email to [email protected]
4XPrimeTrade is an unlicensed brokerage and thus gets a low rating. The trading instruments offered to clients are limited and MetaTrader platforms are not supported. It requires a high minimum deposit which is also discouraging.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
4XPrimeTrade review – Is 4xprimetrade.com scam or good forex broker?
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4XPrimeTrade says to be a UK based company offering crypto currency investment solutions to clients all around the world. What is more, 4XPrimeTrade say to be using some advanced investment techniques to guarantee hourly returns of up to 100%.
|Account type||Min. deposit||Max. leverage||Spread s|
|Exclusive Plan||$20 000||n/a||n/a|
We all agree that this sounds fantastic and yet there are a number of questions that make us quite uneasy about 4XPrimeTrade offer – despite their claim to be a legit financial company registered in the UK, they are not regulated by the local Financial Conduct Authority (FCA) as the should be, if they want to target UK customers or customers from the broader EU.
Also, you should be extra cautious if someone promises you guaranteed returns, so if you are considering investing your funds with 4XPrimeTrade, better read the following lines.
We usually do try to list any possible advantages a broker might offer its clients and yet, with 4XPrimeTrade there are simply no positive sides.
4XPrimeTrade claims to be owned and operated by 4Xprimetrade Ltd., a UK company registered on 66 Great Suffolk Street, London, United Kingdom, SE1 0BL. As we already noted all companies offering financial services from British soil should be licensed and authorized by the local Financial Conduct Authority.
A FCA license guarantees that the broker maintains at all times operational capital of no less than 730 000 EUR, keeps all clients money in a segregated, form its own, protected form creditors trust account, files regular reports, allows external audits and participates in a client compensation fund basically insuring your trading capital for up to 85 000 GBP.
And the problem here is that 4XPrimeTrade is not registered with the FCA and that makes their operations in the UK or on any other regulated market completely illegal.
Also, when we checked their contact address in Google, it turned out a number of other unregulated financial companies appear to be headquartered in the same place. On top of that all those companies – 4XProTrade, FairCryptoMarkets, IndexCryptoMarket, FXCryptoGain, TradExpertFX, FXTradeBox, FXCryptOption, together with 4XPrimeTrade basically have identical websites, which makes us suspect that what we have here is a serial scam.
Our best advise is to avoid unregulated websites like 4XPrimeTrade at all cost and trade only with properly regulated brokers, like the ones, licensed and authorized by the FCA. Here you may check our list of UK regulated brokers:
What 4XPrimeTrade is basically offering are managed accounts, which they claim will be earning you hourly returns of between 33% and 100%, 100% guaranteed. See for your self:
What you should have in mind here is that 4XPrimeTrade act as a market maker, which means they make money whenever traders lose. So, when they offer you to manage your account, this basically means they will have an incentive to lose your money in their own pockets – this is called conflict of interest.
Also be aware that 4XPrimeTrade reserves the right “to change the rules, commissions and rates of the program at any time” and at their sole discretion without notice. See for yourself:
Skrill not available as payment method
Despite the various logos of e-wallets displayed on their homepage, as we proceeded with our registration the only payment methods available turned out to be Bitcoin, Ethereum, some major credit cards and bank wire. You can not pay with Skrill for example and this is notable, because of the new anti scam policy adopted by the money transfer company a year ago. According it Skrill partners only with properly licensed brokers and as we already established – 4XPrimeTrade does not have a license whatsoever. Here you may check our list of brokers, accepting payments with Skrill:
4XPrimeTradeis a unregulated website, which seems to be a part of a serial scam – one of a dozen identical websites, released by scammers one by one, after the previous scam website has been exposed. Once again be sure to trade only with proven and properly regulated brokers like the ones licensed and authorized by the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) – probably the three best known financial regulators in the industry.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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