Premium FX Trade Review: Premiumfxtrade.com Scam
Premium FX Trade (Premiumfxtrade.com) is a broker who claims to be a jack of all trades. PremiumFX Trade is a platform with claims of offering Binary Options, CFDs, Cryptocurrency, and Forex services. PremiumFXTrade is professing to be an intuitive trading platform designed with the latest technology. Don’t let these claims and promises fool you, this is another rotten online scam. Read our genuine PREMIUM FX TRADE Review for more details.
About Premium FX Trade
The about us page suggests Premium FX Trade is a platform that was designed for solely trading. They claim the platform is user friendly which is far from the truth. A recent investigation reveals their platform is far from being user friendly. Other red flags we noticed with the platform is lack of any details regarding ownership. Premium FX Trade is quiet when it comes to the founding and staff members. It is safe to know who is handling your funds at all times.
Another problem we noticed with Premium FX Trade is lack of any trading history. When it comes to a platform’s background, it is better to use one that is reliable. Details are emerging that the platform has no credible trading history. With such platforms, it is best to stay away and use recommended experts. Stay safe when trading with online platforms and use transparent and vetted brokers at all times. Using industry recommended and top rated brokers is the only true way to trade safely.
Asset Index
According to their binary page, traders use Cryptomatefx to trade options. If what the platform is claiming is true, the website is a clone. Cryptomatefx is another scam which means Premium FX Trade is a brother to a known scam platform. CFD trading is also listed as one of the assets found within the platform. Cryptocurrency is their main selling point which the homepage is filled with the asset’s information. The platform claims to offer tight spreads when it comes to Forex trading. Currency pairs include AUD/USD, USD/CHF, and more.
The indices listed by the platform include internationally recognized indices. For UK residence, they profess to use the FTSE100. They also claim to offer daily rolling index trading services. It means traders can take a financial position on an index pasts its closing time. The platform bases its spread on future index values rather than current market value. Traders should note daily rolling contracts attract an overnight fee for each day rolled.
Domain Details
According to the trusted domain register whois.net, the website was recently created. Data from the trusted register shows the website premiumfxtrade.com was created on 3rd May 2019. These scam artists claim they have been in the industry since 2016 which is a lie. Scam artists will try and sell their reputation by claiming to be in the industry for long. Luckily for us, we do know how to get domain details. It is clear we are dealing with a rogue trading platform which does not offer any real trading services.
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License and Registration of Premium FX Trade
The platform posts the UK as their base of operation. A through check using the official regulator in the UK suggests the platform is a hoax. The Financial Conduct Authority does not have a platform licensed under this name. And this is solid proof Premium FX Trade is NOT LICENSED OR REGULATED to offer any trading services. These scam artists have not been telling members the truth. Without a valid trading license, funds remain unsecured and prone to looting.
Since the platform claims to be located in Europe, we had to check with other regulators. The regulators we contacted include BaFIN, CNMV, CONSOB, CSSF, CySEC, and FINMA. None of these regulatory bodies has ever heard of a platform named Premium FX Trade. These scam artists posts false regulatory claim which is against the rules. Certificates and licensing documents are missing from the entire website.
Restrictions of Premium FX Trade
Account Details
With a platform that offers CFDs and Forex, it is expected that different accounts are present. Premium FX Trade is not furnishing traders with any account types. And this is disturbing as the platform fails to disclose the acceptable minimum deposit. Other missing features include set leverage and spread types. With such a platform, unsuspecting investors are asked to deposit different amounts. The industry has set $250 as the acceptable minimum deposit. Any platform that asks for more is extorting investors.
Contact and Support
Another disturbing feature with Premium FX Trade is lack of adequate communication channel. The website has no listed phone number which is odd with any online website. These scam artists have used a message box as means of communicating. The problem with sending messages is response is not instant. And this is why live chat support is the best form of communicating. Without live chat support, communication is far from being efficient. Ensure you use platforms whose communication channels is fast and reliable.
Deposit and withdrawal
Depository channels listed include American Express, Maestro, MasterCard, PayPal, and Visa. The entire website does not have any information regarding depositing and withdrawing procedure. And this is where we find fault with their payment options. They claim to pay via Bitcoin while their depository channel only uses Cash. Another problem is no trader has been able to withdraw funds. And this makes Premium FX Trade another online platform ripping off investors.
False Numbers
Looking at their about us page; you will notice the platform has posted some random numbers. Scam artists will try and sell their efficiency by posting random numbers. Premium FX Trade is no different as they claim to have over 165K daily transactions. If this were true, the platform would be one of the best in the UK. Such high trading volumes are reserved for reputable platforms. Scam artists use high numbers to try and entice newbie investors from signing up.
Payment Details
According to their payment page, the website reveals they pay using Bitcoin. After confirming the payment details with Blockchain ledger, we are certain these are false. Blockchain ledger does not have any payment details listed on their page. These scam artists have used random links to act as payment details. These scam artists will do or say anything to try and make their platform appear legit.
Trading Platform
When it comes to the trading platform in use, PremiumFX Trade is mute. From what we discovered, the platform is using a custom made trading terminal. The problem with custom made trading platforms is they lack credibility. Advanced tools are not available and the platform tends to be unstable. Lack of proper testing and security features make the terminal highly risky. Hackers can easily take over the platform and steal vital data such as credit card information.
Security of funds with Premium FX Trade
Another shocking feature with Premium FX Trade is lack of adequate security. Members are depositing funds to one single statement as pooling of funds takes place. These are scam artists who prey on newbie and unsuspecting trades. It is best to stay away as no member will ever receive compensation. The platform does not participate in a compensatory scheme.
Scam or legit Premium FX Trade
With all the evidence out, PremiumFXTrade is a scam which must be avoided. The platform has already faced a backlash from most trading communities. Warn your family and friends from joining any of their affiliate programs. Mark their emails as spam and never click on any links sent by their email marketing team. Avoid any calls from their call agents who pretend to be experts asking for your credit card information. Block any calls or promotional materials from this platform.
Bottom Line
After viewing all the pros and cons, we have to add this platform to our scam blacklist.
Stay safe by using Approved and Genuine Cryptocurrency trading robots at all times.
We wish all traders the very best in their trading endeavor.
March 31, 2023 @ 3:34 am
I am so glad I found this information online. I received a email about the website and have been messaging someone that claims to work for the company promising high yield returns and all of it seemed to good to be true so I decided to do a Google search and see if the company was legit and it wasn’t. Thanks for the info you saved me from a lot of frustration and loss of funds so again thank you