Is Premium Finance Solutions LTD Legit or Scam?
Red flags abound, pointing towards Premium Finance Solutions LTD being a scam broker. Here’s why you should avoid them:
- Unlicensed and Unregulated: They claim to be UK-based but lack FCA authorization, a crucial red flag.
- Clone Firm: They mimic a legitimate firm’s details, raising serious ethical concerns.
- Deceptive Bonuses: Their bonus comes with impossible withdrawal conditions, a telltale sign of a scam.
- Exorbitant Minimum Deposit: Their minimum deposit is significantly higher than legitimate brokers, further raising suspicion.
- High Leverage: Their leverage offerings are excessively high and illegal for UK brokers.
Company Overview
Country: | UK |
License: | None |
Compensation: | No |
Segregated accounts: | No |
Negative balance protection: | No |
Minimum deposit: | €1000 |
Spread: | 0.6 |
Leverage: | 1:100 |
Trading platforms: | Web |
Services or Products
Premium Finance Solutions LTD offers forex trading. However, their legitimacy is questionable due to their lack of regulation.
If you have lost money to companies like Bit HiveX, or IP Capital; please report it to us on our report a scam form.
Trading Platform & Leverages
Premium Finance Solutions LTD provides a standard web-based platform with basic functionalities. However, it lacks the advanced features and customization options offered by industry-leading platforms like MetaTrader 4 and 5.
Furthermore, Premium Finance Solutions Limited offers a high leverage of 1:100 on forex majors, which is illegal for UK brokers due to potential risks for less experienced traders.
Spreads and Cost of Trading
Premium Finance Solutions LTD boasts tight spreads of 0.6 pips on EURUSD, but fails to disclose additional commissions, potentially negating any supposed advantage.
License and Regulations
Premium Finance Solutions LTD is not regulated by the UK’s Financial Conduct Authority (FCA), a crucial red flag. They claim to be based in the UK, but this appears to be a deceptive tactic to appear legitimate.
Legal Warning Against Premium Finance Solutions LTD
Investing with Premium Finance Solutions LTD is highly risky due to their lack of regulation. This exposes you to potential theft of funds, manipulation of trading results, and difficulty in withdrawing your money.
FCA has issued a warning against this broker stating that this broker is a clone firm of a legitimate company regulated by FCA.
Deposit and Withdrawal Methods
Premium Finance Solutions LTD accepts deposits via credit/debit cards and potentially wire transfers (details unavailable). This allows for potential chargebacks within 540 days through Visa and Mastercard, but prevention remains crucial.
Premium Finance Solutions LTD Pros and Cons
Pros | Cons |
None Identified | Unregulated, potentially fraudulent, high costs, deceptive tactics |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers like Premium Finance Solutions LTD operate outside the legal framework, putting your funds and information at risk. They are not subject to the same oversight and accountability as licensed brokers, increasing the likelihood of:
- Fraudulent activities: Theft of funds, manipulation of trading results.
- Unfair trading practices: Unreasonable fees, hidden charges, manipulation of platform settings.
- Difficulty in withdrawing funds: Unresponsive customer service, fabricated reasons for withdrawal delays.
Client Feedback
Genuine client reviews for Premium Finance Solutions LTD are scarce, if not entirely nonexistent. This is a significant red flag, as legitimate brokers typically have a trail of customer feedback, both positive and negative, readily available online through trusted review platforms and forums.
How Can “ReviewsAdvice” Help You If You Get Scammed?
While recovering funds from scams is challenging, here’s what “ReviewsAdvice” recommends:
- Report the scam to your bank: Request a chargeback if eligible.
- Change compromised passwords.
- Remove any remote access software installed by PFSL.
- Report the scam to the relevant authorities.
- Share your experience to warn others.
- Be wary of “recovery agents” who often exploit scam victims.
Besides these, we will help you by providing free consultation and recovery service recommendations to help you in recovering the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
Avoid Premium Finance Solutions LTD at all costs. Choose a licensed and reputable broker to ensure a safe and fair trading experience. Remember, if something seems too good to be true, it probably is.
