Inter Prime – Are They to be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Inter Prime - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
Inter Prime offers you three different types of trading accounts – the ECN Account, the Algo Account and the Dealing Account. However, there are no further details provided. We do not know what the minimum deposits or the spreads are, but the broker does say on their website that they offer a leverage ratio of 1:500.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://www.interprimefinancial.com
Founded: N/A
Regulations: Unregulated
Languages: English
Deposit Methods: Bitcoin, Bank Wire, Credit and Debit Cards
Minimum Deposit: Unknown
Free Demo Account: Not Offered
Number of Assets: Not Mentioned
Types of Assets: Currency Pairs, CFDs on Metals, Shares, Indices, ETFs, Commodities, Futures, Bonds, Crypto Coins
Trading Accounts and Conditions
Inter Prime offers you three different types of trading accounts – the ECN Account, the Algo Account and the Dealing Account. However, there are no further details provided. We do not know what the minimum deposits or the spreads are, but the broker does say on their website that they offer a leverage ratio of 1:500.
Inter Prime – Advantages
We do not find that there are any significant advantages to trading with this broker.
Inter Prime – Disadvantages
Here are the many disadvantages of trading with Inter Prime:
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Chaotic Corporate Information
The first sign that we have that this broker is not trustworthy is the fact that their corporate information is confusing – to say the least.
The broker mentions a company called Inter Prime Financial Inc., which they claim is the trademark name of International Personal Finance Plc. Then, in another part of their website, the broker brings up another company name – Inter Prime Advisors LLC. This company, the broker claims, is regulated by the US SEC (Securities and Exchange Commission).
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.
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.
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False Claims of Regulation
Inter Prime claims on their website that they are regulated by the US SEC. The problem is that to be able to operate as a forex trader in the United States, a broker needs to be licensed by the US CFTC (Commodity Futures Trading Commission), not the SEC. With get a license from the CFTC, a broker needs to be licensed as am FCM (Futures Commission Merchant) as well as an RFED (Retail Foreign Exchange Dealer). Added to this, the broker also has to be a member of the NFA (National Futures Association).
So, first, we caught the lie about their regulation status. But just to be sure, we checked the online CFTC and NFA registers, and we were not surprised when we found that Inter Prime was not listed on either authority’s register.
It is not easy getting all the required licenses to be able to offer financial services in the US. And the thing is, you don’t only need the licenses to operate in this market. You are also required to maintain an operational capital of at least $20 million. This is equivalent to the minimum balance you would need to maintain in a Swiss bank! And this is the reason why you will find very few forex brokers based in the US – it’s just too expensive to get a license to operate in this country.
Such a huge lie clearly indicates that this broker cannot be trusted and they are a scam website that is misleading traders with their false claims of regulation.
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Offering Managed Accounts
Inter Prime offers to manage their clients’ accounts for them, which is a huge conflict of interest – and illegal. Let us explain.
Brokers, by the very nature of services offered, market makers. This means that when you lose money, they make a profit. So, if a broker is offering to manage your account, it is in direct conflict with their goals, which is to make money off of your losses. So, if a broker offers to manage your account for you, chances is that you will end up losing a lot more money than you would if you were to trade as an individual.
This is the reason why you will never see legitimate brokers offering to manage your trading account for you.
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No Information on Minimum Deposit Requirement
Inter Prime has not given any information about the minimum deposit they require you to make. Therefore, you won’t know how much you will need to deposit until you actually open an account with them.
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No Spreads Mentioned
We also do not know the spreads that this broker offers. A spread will tell you the cost of trading you will incur if you trade with a particular broker. So, this is a critical piece of information you need to be able to assess whether it will be advantageous to trade with a broker or not.
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No Access to MT5 Trading Platform
The broker claims to offer the MetaTrader 5 trading platform, along with a so-called proprietary trading platform that Inter Prime calls the Advanced InterPrime Pro Trading Platform. However, even though we tried to access the MT5 platform we were unable to.
If we had been able to access the MT5, it would have been a huge plus for this broker, since the MT5 platform, like its predecessor the MT4 interface, is an excellent trading software. It has tools for charting as well as market analysis, it offers automatic trading robots and you can trade in ETFs and funds from the same account.
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Unfair Withdrawal Conditions on Bonuses
Inter Prime offers their clients bonus promotions, which is a huge red flag. This is because of the seriously unfair withdrawal conditions attached with such promotions.
To snag clients, brokers like Inter Prime offer their customers bonuses that look really attractive. But the problem is that the withdrawal conditions that go with them are not. You will be required to meet a trading volume before you will be allowed to withdraw your money. And these targets are usually so unrealistically high that hardly any traders are ever able to meet them. Then, the broker uses this as an excuse to deny you your money.
Conclusion
Inter Prime is clearly a scammer and if you broker with them, you will lose your money. The brokerage has lied about having a license, you don’t have trading conditions details, they offer managed accounts and they offer bonus promotions.
We recommend to all traders that you stay away from this broker.
Inter Prime
Pros
- None
Cons
- Confusing Corporate Information
- False Claims of Regulation
- Offering Managed Accounts
- No Information on Minimum Deposit Requirement
- No Spreads Mentioned
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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