Read our Premium Finance Solutions Limited review to see if this broker is a scam or legit. Just to clear doubts, this is a premiumfinancesolutionsltd.com review.
As the number of scams are increasing on a daily basis, it can be daunting for people to have to sort through the thousands of online brokers that are offering their trading services. It can be a very confusing and overwhelming process for many because every company seems to be just the right one.
Everything just jumbles up and it can become difficult to distinguish the genuine ones from the fraudulent. But, it is not that complicated, as long as you know what to look for. This Premium Finance Solutions Limited review can give you some idea about the reasons to avoid a brokerage.
This is due to the fact that even though scam companies are likely to advertise similar services as legitimate ones, they are not going to be able to deliver.
Their story holds up only as far as convincing you to deposit money and as soon as you try to access any of their services, you will find that there is nothing really available, or at least not what was promised. Therefore, the key is to be prepared to invest a bit of time and effort into going through a company’s offerings to confirm their authenticity.
If there are any discrepancies, you will have a reason to avoid the brokerage altogether and this will enable you to make the best decision for achieving your trading goals. Bear in mind that making this decision quickly could result in a setback because you are bound to miss something and this can lead to a bad outcome.
Thus, it is better to take your time and make this decision very carefully, so you do not become the next victim of a scam platform. This definitely comes in handy in the case of Premium Finance Solutions Limited because it is using a very dangerous trick to fool people.
On the surface, you will find that Premium Finance Solutions Limited is the perfect choice because it seems quite legitimate. Then, why should you avoid this broker? You can find out here:
No regulation or licensing
Before deciding to choose a particular broker, you should always look at their regulation and licensing. This is the certificate that the company you are dealing with is legitimate and can be trusted because you can hold them accountable and they are compliant with the laws and rules of a jurisdiction, as per their location.
You will find that most fraudulent brokerages do not have a license, which automatically implies that you should not rely on a company that is not under regulation.
Where does Premium Finance Solutions Limited fit in this regard? You will find that the broker claims to have an office in the United Kingdom, which implies that it should be under the regulation of the Financial Conduct Authority (FCA).
It is one of the strictest regulators in the world and their license is considered quite valuable. But, you will find that the FCA has actually issued a warning against Premium Finance Solutions Limited because it is operating without a license. However, this is not the only problem the FCA has with the brokerage.
According to the regulatory authority, Premium Finance Solutions Limited has stolen the logo and the name of a genuine company that is indeed licensed by the FCA.
The British financial authorities have clarified that it is a clone firm, which means that it is using the details of a legitimate company to pass off itself as authentic, when it is not. In fact, it means that you are dealing with an anonymous company that you know nothing about and is best avoided.
Another reason for you to avoid opting for Premium Finance Solutions Limited is the fact that it is offering trading bonuses to its clients. No matter how lucrative they might be, you should note that the FCA is one of the regulatory bodies that has banned this practice in its jurisdiction.
Given that Premium Finance Solutions Limited claims to be based in the UK, it should not be offering bonuses at all, yet it is doing so, which is further proof that the company is up to no good.
The reason that bonuses were banned was because of the malicious policies they came with and this is quite evident when you check out Premium Finance Solutions Limited’s bonus policy. It dictates that traders will not be able to withdraw their funds until they have achieved a specific minimum trading volume.
The problem is that the requirement that has been imposed is impossible to achieve for just about anyone. Even professionals will have a tough time coming close, which means there can be no withdrawals and your money is as good as gone.
Lies about trading platform
The most attractive feature of Premium Finance Solutions Limited is that it offers its clients access to the MetaTrader 4 trading platform, which is recognized as one of the best ones in the market.
It boasts powerful technology and a ton of tools to use, which can often convince people to open an account with the broker. But, the reality is that this just a blatant like that Premium Finance Solutions Limited is telling.
There is no MT4 trading platform available at Premium Finance Solutions Limited because it has a lackluster web trading platform to offer. This is very basic and without any sophisticated tools, which does not do you any good.
Dangerous trading conditions
The trading conditions that Premium Finance Solutions Limited offers are very dangerous because the leverage goes as high as 1:100. First things first, brokers in the UK can only offer leverage as high as 1:30, so this should not be possible. Such ratios are extremely dangerous because they can magnify your profits.
Apart from that, the minimum deposit requirement at Premium Finance Solutions Limited is about $1,000, which is four times the standard amount, showing that they do not have good intentions.
All of these are strong reasons for you to avoid Premium Finance Solutions Limited entirely and look for a different broker.