Scam Brokers

Fortune Prime Global – Are They a Scam?

Chainbits Staff | Publish date: 05/25/2022 (Last updated: June 02, 2022 07:15 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Fortune Prime Global - DO NOT TRADE WITH THIS PROVIDER

2.6/10

$100

Minimum Deposit

updated 2022

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The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

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Plus500CY Ltdauthorized & regulated by CySEC

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://fortuneprime.com

Founded: 2021

Regulations: None

Languages: English, Chinese, Vietnamese

Deposit Methods: PerfectMoney, China UnionPay, FasaPay, Tether

Minimum Deposit: $50

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Indices, Metals, Commodities

Trading Accounts and Conditions

Fortune Prime Global offers their clients two types of trading accounts:

Standard: The minimum deposit for this account type is just $50. There are zero commissions, and the maximum leverage is 1:500.
ECN: The minimum deposit for this account type is $1,000. The spreads start at 0.0 pips and there is a $3.5 per round turn commission. The maximum leverage is 1:500.

When we checked the MetaTrader 4 trading platform this broker offers, we found out that the spread for the Standard account was at 0.25 pips and for the ECN account at 0.11 pips.

Fortune Prime Global – Advantages

Here are some of the positives we found with Fortune Prime Global:

Trading Platform

Fortune Prime Global actually does offer a really good trading platform to their clients – the MetaTrader 4 software. For decades, this software was the number one choice for traders and brokers across the world. However, in the last few years, it has been overtaken by its upgraded version – the MetaTrader 5 software.

This does not mean that the MT4 software isn’t good. There are traders – and brokers – who would not replace this platform for any other. It is easier to use than it’s newer version (the MT5 software), and it has a massive range of trading tools on offer.

Fortune Prime Global – Disadvantages

Here are all the reasons why we have tagged this broker a scam operation:

Issues with Regulation Status

Fortune Prime Global states that their website is operated by Fortune Prime Limited, a company incorporated in Vanuatu. The broker provides their license number (700507), claiming that they are regulated by the Vanuatu Financial Services Commission (VFSC).

The issue we have with this information is this: Vanuatu is an offshore location. And while this jurisdiction actually does provide regulatory oversight for forex brokers (unlike most other offshore locations), their laws are not as stringent as you would expect from other, stronger regulators (such as the FCA in the UK or even the CySEC in Cyprus or the ASIC in Australia).

So, while yes, this broker is regulated, we are not as convinced of Fortune Prime Global’s legitimacy as we would like.

Plus500

$100

Minimum Deposit

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

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Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Issues with Account Types:

Fortune Prime Global offers their clients two types of accounts: a Standard account and an ECN account. On the surface, these account types look perfectly fine, with very competitive trading conditions.

However, here’s the catch: ECN accounts are usually much more expensive that what this broker is offering. With ECN accounts, traders get direct market access. Spreads are also lower than normal accounts and because of this, minimum deposits are much higher.

With Fortune Prime Global, on the other hand, the ECN account is pretty cheap, and spreads are also higher. It doesn’t really look like an ECN account at all. And there doesn’t seem to be any direct market access for traders with this account.

This little trick can really fool traders who don’t know what to look for, and this does cast doubts on this broker’s legitimacy.

Very High Leverage

Fortune Prime Global offers their clients a maximum of 1:500 in leverage. This is a very high leverage ratio, which can be very dangerous if not used with a great deal of caution. Traders have been known to go bankrupt when using such high ratios of leverage. This is the reason why a large number of strong regulators have placed limits on how much leverage brokers in their jurisdictions are allowed to offer.

Offshore locations such as Vanuatu do not have such limits, which is why many brokers prefer to set up shop in such locations; they can avoid the rigid regulations that govern markets such as the UK, Europe, Canada, the US, Australia and so on.

Issues with Payment Options

According to their website, Fortune Prime Global offers the following types of payment options – PerfectMoney, China UnionPay, FasaPay and Tether. Here is the issue: there are none of traditional – and safer – payment options. We cannot see any credit card, debit card or bank transfer options. We also do not see the popular e-wallets (that are also known to be more reliable) such as Skrill and Neteller.

Issues with Legal Documents

When you look at the legal section of a legitimate broker’s website, you will see that the Terms and Conditions are extremely detailed. They specify every term of service, every policy and every fee or commission that the broker charges.

With Fortune Prime Global, the Terms and Conditions consist of barely 3 to 4 paragraphs of very generically worded terms. No specifics and no details. This is the biggest sign of a scam.

Bonuses Offered

Another red flag we have found is that this broker offers bonuses. Bonuses are a rather contentious issue in the forex market since unscrupulous brokers use them as a way to con people into investing with them. Then, they lay down extremely unfair and difficult terms which will ensure that traders never get to withdraw their funds.

Here, Fortune Prime Global has not bothered to specify the terms associated with the bonuses they offer, which makes the whole deal highly suspicious.

Conclusion

Fortune Prime Global has done a good job of covering up the fact that they are a scam operation. The regulation by the VFSA, competitive trading conditions, a good trading platform – it would definitely fool a lot of us into believing that they are legitimate. However, it is the finer details – the issues with payment options, the fake ECN account, the lack of detailed legal documentation and so on – that are a dead giveaway that this broker is a scammer.