Puprime is a forex broker that claims to offer a wide range of trading services, including CFDs, forex, and crypto. However, there are a number of red flags that suggest that Puprime is a scam broker.
Company Overview
Puprime is a relatively new broker, having been founded in 2021. The company is headquartered in Seychelles, which is a well-known offshore financial center. Puprime is not regulated by any major financial regulator, such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Commission (SEC) in the US.
Team
The Puprime website does not list any information about the company’s management team. This is a red flag, as legitimate brokers should always disclose this information.
Services or Products
Puprime offers a wide range of trading services, including CFDs, forex, and crypto. However, the spreads and fees are high, and the trading conditions are not competitive.
License and Regulations
Puprime is not regulated by any major financial regulator. This is a major red flag, as it means that the broker is not subject to any oversight or scrutiny. This makes it more likely that the broker will engage in fraudulent or unethical practices.
They claim they are regulated under Sechylles, but unfortunately, this organization is not permitted to regulate any financial organization.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any oversight or scrutiny. This means that they are more likely to engage in fraudulent or unethical practices, such as:
- Using fake or misleading information to lure in investors
- Charging high fees and commissions
- Locking investors out of their accounts
- Refusing to pay out withdrawals
Second, if you lose money trading with an unlicensed broker, you may have difficulty getting your money back. This is because unlicensed brokers are not subject to the same regulations as regulated brokers, and they may not be required to keep client funds in segregated accounts.
Legal Warning Against Puprime
The Financial Conduct Authority (FCA) in the UK has issued a legal warning against Puprime. The FCA warning states that Puprime is not authorized to provide financial services in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of negative reviews about Puprime online. These reviews allege that the broker is a scam and that they have had difficulty withdrawing their money.
Feedback About Their Trading
Some clients have complained that Puprime’s trading platform is buggy and unreliable. Others have said that the spreads and fees are too high.
Feedback About Their Customer Service
Customer service at Puprime is reportedly poor. Clients have complained that they have had difficulty getting in touch with customer support and that the support staff are unhelpful and unprofessional.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Puprime or another unlicensed broker, there are a number of things you can do:
- Report the scam to the relevant authorities, such as the FCA in the UK or the SEC in the US.
- File a complaint with a financial ombudsman.
- Try to recover your money through a chargeback or a civil lawsuit.
You can also get help from a company like Reviews Advice. Reviews Advice is a company that specializes in helping people who have been scammed by forex brokers. They can help you to:
- Investigate the scam
- File a complaint with the authorities
- Recover your money
Final Thought
Puprime is a scam broker that should be avoided. If you are considering trading with Puprime, we advise you to reconsider. There are many legitimate brokers out there that offer much better trading conditions.
We hope this article has been helpful. If you have any further questions, please feel free to contact me.
