Read our Fortune Prime Global review to see if this broker is a scam or legit. Just to clear doubts, this is a fortuneprime.com review.
Fortune Prime Global Review
Are you thinking about signing up with an online broker? This is not a small decision that you can make overnight and requires quite a bit of research. When you do your homework, you will learn about the existence of scam brokers as well. Indeed, you do not just have to think about the pros and cons of opting for a company to start trading, but also have to determine its legitimacy. No, it is not possible for anyone to tell a fraudulent and scam broker just by looking at it. This is because these companies are quite good at hiding their true nature, as this Fortune Prime Global review can show you.
In the initial days, these shady companies had some gaping holes in their story that made it easy for people to learn their reality very quickly. But, over the years, they have gotten smarter and the availability of tools and resources have meant that they are better able to conceal their true nature. Therefore, it has become extremely important for people to be cautious when they are looking for a brokerage because they do not want to end up falling for a scam platform and learn their lesson the hard way.
It has happened countless times, primarily because people are very eager to start and decide to skip out on their homework in order to begin as quickly as possible. You should remember that this hurry can cost you significantly in the long run, so it is better to take some time and do your homework where a brokerage is concerned. This means not only considering their pros and cons, but also checking their authenticity and legitimacy. It can help you avoid a scam, which is what you want, or else you will not be able to achieve your goals.
One of the companies offering you their trading services is Fortune Prime Global, which claims of having a license in Vanuatu and one of the fastest-growing ECN brokerages within the forex industry. These are undoubtedly big claims and would certainly impress, but are they true? This is what you need to find out and when you do your homework, it shows you a different side of the broker. What do you discover? Let’s see:
False licensing claims
The license of an online broker is of the utmost importance because it is often used to distinguish authentic companies from shady ones. Licensed companies comply with rules and regulations and have to maintain high standards when it comes to their services, which provides you added security when you are trading online. As stated above, Fortune Prime Global claims to be a licensed firm, but this does not mean that you just take their word for it.
You have to follow up their claim in order to ensure they are telling the truth. According to the Fortune Prime Global website, the brokerage is owned and operated by a company named Fortune Prime Limited, which is incorporated in Vanuatu. It further adds that they have a license from the Vanuatu Financial Services Commission (VFSC).
If you check the VFSC’s online register, you will definitely find the company listed, but there is a problem. It is registered, not as a securities dealer which is how forex brokers in the jurisdiction are, but as an international company. Moreover, there is also a contradiction on the Fortune Prime Global website. If you check out its footer, you will find that it mentions an entirely different company by the name of Fortune Prime Australia Pty Ltd.
This appears to be a Corporate Authorized Representative of a company called HLK GROUP PTY LTD, which is a company licensed by the Australian Securities and Investment Commission (ASIC). But, since all the documentation on the Fortune Prime Global website talks about Vanuatu, these details seem to be irrelevant. This conflicting information creates further doubt about the company’s authenticity and indicates that it is more likely a scam.
Uncompetitive trading conditions
The trading conditions of a brokerage are something that you need to check because these directly affect your costs and profits in the long run. Obviously, you want to trade in order to make money and you cannot do that until you know the kind of conditions you will be offered. You need to do the same with Fortune Prime Global and when you do, it shows you another problematic aspect of the company.
A look at the spreads shows that they are charging 5 pips for the EUR/USD forex currency pair. This is nowhere near competitive because most professional brokerages offer you tight spreads between 0.1 and 1 pips and this is 5 times higher. Secondly, you also need to look at the leverage that Fortune Prime Global is offering and you will find that the ratios go as high as 1:500.
While this may sound impressive, you should note that leverage can be immensely risky, due to which most regulatory authorities have imposed a cap on the amount of leverage that can be offered. The ratios that Fortune Prime Global is offering are too high.
No chargeback possible
Looking at the payment methods offered by a brokerage is also a must because you want to be able to make your deposits and withdrawals easily. Also, you want to ensure you can file for a chargeback if there is any problem with your funds. When you go over the payment methods offered at Fortune Prime Global, you will come to know that they offer PerfectMoney, FasaPay, China UnionPay and Tether as payment methods.
This means that Fortune Prime Global is not offering more conventional payment options, such as wire transfers, credit/debit cards and PayPal and this means that you will not be able to file for a chargeback. Hence, there will be no refund in case of a problem.
The fact that their trading platform is also not functional and they can charge additional fees at any time also confirm that Fortune Prime Global is a scam broker.