Prime Crypto Review
The CFDs broker, Prime Crypto, with a primary focus on crypto coins, has five trading accounts. It offers choices of more than 60 cryptocurrencies. It also advertises itself as an ultimate cryptocurrencies exchange where one can buy or sell them. The broker only offers Contract for Differences over crypto coins. If our readers want to invest in this broker, you must follow this Prime Crypto review first. It will acquaintance you with all the necessary information.
About Prime Crypto:
To make review nonpartisan, we try to discuss all the pros and cons of the broker under consideration. We will first do a detailed discussion of the possible pros of Prime Crypto.
As mentioned in the overview, the broker offers 64 tradable cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Dash, Ripple, Zcash, Litecoin, Monero, USD Tether, Waves, Ethereum Classic, OmiseGo, Lisk, IOTA are few to mention. However, the CFDs over other taxable assets like foreign exchange, commodities, indexes are not offered.
Another pro can be it’s zero investment basic trading accounts. However, other accounts named Bronze, Silver, Gold, and Diamond accounts require a whooping amount of investment. They are $2500, $10000, $75000, and $150000 respectively.
The major con of this broker is its unlicensed aspect. The firm named Maplewalk LTD, situated in Bulgaria, is the owner of the trademark Prime Crypto. The CFDs brokerage services provider from Bulgaria must be regulated by a local financial body Financial Supervision Commission. In the case of Prime Crypto, it is not regulated by FSC or any other financial regulator across the globe. So we can say that the broke is operating illegally and can turn out to be a scam.
The broker also charges a commission of 2% to 5% per trade on different trading accounts. Actually, such fees can be seen at crypto exchanges, but the broker here only provides CFDs. Another thing is that the broker does not accepts payments via bitcoins. Instead, it requires deposition in terms of Euro or USD. It also charges 5% on every withdrawal. Metatrader trading platform is missing from the Prime Crypto’s offerings, and it lowers the broker’s credibility.
Is Prime Crypto scam or legit?
The broker is not regulated by local or any other financial regulator. Spreads and initial investments are high. No foreign exchange pairs and MetaTrader offered. Withdrawal has salty fees. Therefore, we call Prime Crypto is a potential scam cryptocurrency broker.