Is FXpremium Legit or Scam?
Run far away! FXpremium is a scam broker that masquerades as a legitimate service provider. They steal the identity of real, regulated brokers to trick unsuspecting investors. This review will expose their deceptive tactics and guide you toward safe trading practices.
Company Overview
Feature | Description |
Company Name | |
Website | Not recommended (likely a clone site) |
Regulation Status | Unregulated |
Services or Products
FXpremium falsely advertises forex and CFD trading with a vast selection of assets. However, their true nature is revealed when you attempt to open an account: they offer binary options on a low-quality web platform. Binary options have been banned in the EU since 2018, further solidifying their scam status.
If you have lost money to companies like HitBTC, or Cronosca; please report it to us on our Report a Scam form.
Trading Platform & Leverages
FXpremium doesn’t offer the industry-standard MetaTrader 4 platform. This user-friendly platform with advanced charting tools is a staple for serious traders. Information on leverage is also unavailable due to their lack of transparency.
Spreads and Cost of Trading
Costs associated with FXpremium are deliberately obscured. However, a red flag is their 10% withdrawal fee, which is unheard of with legitimate brokers. Most reputable brokers don’t charge withdrawal fees at all.
License and Regulations
FXpremium is completely unregulated. This means they are not accountable for how they handle your money. Regulation by reputable bodies like the Financial Conduct Authority (FCA) in the UK or CySEC in Cyprus ensures brokers meet strict capital requirements, segregate client funds, and undergo regular audits.
Legal Warning Against FXpremium
Be aware that FXpremium clones the registration details of legitimate brokers. Do your due diligence by verifying a broker’s registration directly with the regulatory body they claim to be licensed by.
Deposit and Withdrawal Methods
Information regarding deposit and withdrawal methods is likely limited and unclear on FXpremium’s website. Due to their scam nature, depositing any funds here is highly discouraged.
FXpremium Pros and Cons
Feature | Pros | Cons |
Services | None | Unregulated, binary options only (banned in EU) |
Platform | None | No MetaTrader 4 |
Leverage | Unknown | Potentially risky leverage practices |
Spreads | Unknown | Likely high spreads |
Fees | None listed | 10% withdrawal fee |
Regulation | None | Unreliable and risky |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers like FXpremium operate with no oversight. This means:
- Your money is not safe: They can disappear with your funds without consequence.
- No dispute resolution: If they steal or mismanage your money, you have no legal recourse.
- Unfair trading practices: They can manipulate prices or execute trades against your interests.
Client Feedback
There are likely very few if any, genuine positive reviews about FXpremium. You’ll likely find numerous complaints about withdrawal difficulties and suspicious trading activity.
How Can “Reviewsadvice” Help You If You Get Scammed?
Unfortunately, once scammed, recovering your funds can be very difficult. While Reviewsadvice can’t directly recover lost funds, they connect you with resources to fight back. If scammed by a broker, Reviewsadvice can help with:
- Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
- Recovery Specialists: Connecting you with services to potentially get your funds back.
- Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
- Disappearing Brokers: Help find experts to track down the broker and guide your next steps or you Can report to us today by the below form.
File A Complaint Against Scammers
Final Thought
FXpremium is a dangerous scam. Avoid them at all costs! Always choose a properly regulated broker with a transparent fee structure and a proven track record. Take your time, do your research, and prioritize your financial safety.
