Prince Markets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Prince Markets - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
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.
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://princemarkets.com
Founded: 2022
Regulations: Unregulated Entity
Languages: English, Japanese, Chinese, Korean, Malay, Indonesian, French, Dutch, Spanish, Portuguese, Vietnamese, Russian
Deposit Methods: MasterCard, Visa, Skrill, Neteller, Bank Transfers
Minimum Deposit: $100
Free Demo Account: Not Offered
Number of Assets: 600+
Types of Assets: Forex, Metals, Oils, CFD
Trading Accounts and Conditions
Prince Markets offers their clients the following types of trading accounts:
- Silver: The broker offers a minimum deposit of $100. There are no commissions and the leverage is capped at 1:500.
- Gold: The broker offers a minimum deposit of $500. There are no commissions, and the leverage is capped at 1:400.
- Platinum: The broker offers a minimum deposit of $5,000. There are no commissions and the leverage is capped at 1:300.
- Palladium: The broker offers a minimum deposit of $100. There are no commissions and the leverage is capped at 1:100.
While the spreads are not specified on their Accounts page, their trading platform shows the following spreads:
- EURUSD: 3 pips
- GBPUSD: 5 pips
- USDJPY: 4 pips
Prince Markets – Advantages
There are no advantages to trading with Prince Markets.
Prince Markets – Disadvantages
Listed below are the disadvantages that prove that Prince Markets cannot be trusted and that this broker is a scammer:
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Unregulated Clone Firm
The first indicator of Prince Markets’ scam is their lack of regulation. This broker claims that their website is owned and operated by Prince Markets International LTD Limited, a company that is based in the Seychelles. The broker also claims that they are regulated by the Financial Services Authority (FSA) of Seychelles. The broker also claims to be registered as a Cyprus Investment Firm and that they are regulated by the Cyprus Securities and Exchange Commission (CySEC).
All these claims made do not hold water. We checked the Seychelles’ FSA’s register and found that there is no company by this name listed with them. We also checked the CySEC’s register and found that there is no company by the name of Prince Markets listed. We did, however, find out that the license number that this broker presents as their own actually belongs to another company called Topfx Ltd.
First, the fact that this broker has lied about their regulation status tells us that we are dealing with a scammer. And second, the fact that Prince Markets has stolen another company’s information (i.e., CySEC registration number) tells us that this broker is also a clone firm. A clone firm is a scammer that presents a legitimate company’s information as their own in a bid to appear legitimate themselves.
All of this evidence clearly tells us that Prince Markets is a scammer and must be avoided.
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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Issues with Trading Platform
On their website, Prince Markets claims to offer their clients a Proprietary Trading Platform (PTP). This platform supposedly offers their clients the Proprietary Editor that allows you to create your own customized trading robots, advanced charts for experienced traders, and a hedging system.
All of these claims are unfortunately more lies.
We accessed Prince Markets’ live trading platform and we found out that it was not a very good quality trading platform. It is a web-based software that has only some tools and trading features. Nothing that would qualify as a quality software that would attract customers.
When there are issues with a broker’s trading software – in this case, the quality – it is a red flag. Legitimate brokers take extra care to ensure that their trading software is the best in the market. So, if you do not get that quality, then it is best not to deal with that broker at all.
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Issues with Trading Conditions
We also see a lot of red flags in Prince Markets’ trading conditions.
While the minimum deposit that this broker asks for is within industry standards at $100, it could be better. But that is not the issue.
The maximum leverage this broker offers is 1:500. And the broker claims to be regulated in Cyprus, which means that this broker is targeting traders in the European Union. And from the language options, parts of Asia. The point here is this: in the EU, the maximum allowed leverage – by law – is 1:30. In Japan and Hong Kong, it is 1:20, and so on. So, the leverage of 1:500 that Prince Markets offers is much too high – illegally so, in fact. And, of course, extremely risky.
Next, let us talk about the spreads Prince Markets offers. They are much too high at 3 pips. Market standards range from 0.5 pips to 1.5 pips, so the spreads this broker offers are already high – even with zero commissions (as they promise).
Other trading conditions are missing, so that is another red flag.
When there are so many issues with something so critical as a broker’s trading conditions, you know that you are dealing with a scammer.
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Payments and Withdrawals Issues
On their website, the broker claims to offer multiple payment methods – bank cards, bank transfers and e-wallets such as Skrill and Neteller. The challenge is this – Skrill and Neteller have increased their security policies to ensure that non-regulated brokers cannot use their services. Therefore, these claims of multiple payment options are lies.
Added to this, the broker has not mentioned what their withdrawal policy is. Prince Markets omits to tell us what their withdrawal limits are, if there are fees or taxes for withdrawals, how long the withdrawal request takes to be processed and if there are any conditions to withdrawals (some brokers require you to meet a minimum trading turnover requirement before you can withdraw your funds).
All of this lack of information is just another piece of evidence that tells us that we are dealing with a scammer.
Conclusion
Prince Markets is a scammer and dealing with them would mean you losing your funds.
Prince Markets
Pros
- None
Cons
- Unregulated Clone Firm
- Issues with Trading Platform
- Issues with Trading Conditions
- Payments and Withdrawals Issues
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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