Read our PrismCapital review to see if this broker is a scam or legit. Just to clear doubts, this is a prismcapital.pro review.
The hunt for an online broker has become a minefield where you have to step very cautiously because even a small mistake can have disastrous consequences. Even if a broker has the best website and checks all the right boxes, it does not mean it is what it appears to be. The beauty of the internet is that it is easy to create a front and this is where you have to be very careful. Your task is to thoroughly check the ins and outs of a company before you trust them and this PrismCapital review is one way of doing so.
The easiest way for anyone to learn the truth about any company is by checking its reviews. They can give you the insight into the different aspects and help you come to a decision. Online broker reviews are no different, as their goal is to help you go through the important services and features of the company to help you make a decision. Yes, this means dedicating some time to going through reviews, but it is worth it. How?
This helps you in choosing the right broker that can fulfill your trading needs, which means you do not waste your time and miss any opportunities. Plus, it also saves your money because you can avoid scams in this manner. Indeed, scams are rampant in the online trading world and it is only through research that you can avoid becoming a victim.
Even though Prism Capital has created a good website and promises to offer you access to a competitive and safe environment, you cannot just take them at their word. It is good that you do not do that because once you research, you learn just why it is not a broker for anyone. Let’s find out.
License and regulation
Your research into a broker should always start with their license and regulation. After all, when you search for any company, you always check whether it is legitimate or not and the same applies to a broker. With a licensed and regulated broker, you can have peace of mind because you know they comply with laws and standards and there will be accountability.
This minimizes the risks of scams and frauds happening, so you should do the same with PrismCapital and this is when you find your first issue. A look at the broker’s background shows that it is based in Saint Vincent and the Grenadines. The problem is that this is an offshore jurisdiction, which has become notorious for hosting scammers.
It is because the authorities here do not regulate the forex industry, which means there are no regulations or laws. The companies can do as they please, which means they can exploit you without batting an eye and then disappear.
Terms and Conditions
The next aspect that you need to look into about an online brokerage are their Terms and Conditions. This is essentially the contract you sign with the company, which means it outlines the policies you have to comply with, the rules to be followed and the costs that you will incur.
Going through them before signing up is recommended because it ensures that you are not surprised later on with a policy, or hidden costs. It is good that you decide to go through the Terms and Conditions of PrismCapital because this also reveals a problem.
You will discover that PrismCapital is offering you trading bonuses, which many traders find appealing. But, you should bear in mind that this practice has been outright banned in many jurisdictions because it exploits traders. Therefore, regulatory authorities are no longer in favor of it.
Since PrismCapital is not a regulated brokerage, it is offering bonuses and the reason for their ban becomes evident when you go through their bonus policy. It states that you have to meet a specific turnover requirement before you can make withdrawals, if your account has been credited with a bonus.
This is not something a legitimate broker would ever do because they will never stop you from withdrawing your funds when you want. It is common for scams like PrismCapital to do so because they intend to keep your money and just need an excuse to do so. The turnover is deliberately kept so high that it is impossible to achieve, so you do not get your money back.
The software that you use for executing your trades in the financial markets is called the trading platform and it is the job of an online broker to provide you with. There are different platforms available in the market, but not all are created equal.
If you look for the top trading platforms, you will quickly find names like MT4, MT5 and cTrader mentioned. These boast advanced technology and top notch trading tools that can help you make well-informed and smart decisions.
What does PrismCapital offer? You will find that there is a basic web platform available here, which has nothing special to offer. Many scam platforms offer this platform that does not even come close to the MT5 or any other software.
It is also necessary to take a look at the payment methods offered by the broker because you want to be able to make your payments easily and conveniently. This is another area where you will be concerned with PrismCapital because they appear to only offer crypto payments.
You will not find any other payment options supported and this is a big concern because cryptocurrency payments are irreversible. This means that there can be no chargebacks, as in the case of credit cards, so you will not be able to get a refund if you want.
Scams like PrismCapital prefer crypto as a payment option because it also gives them anonymity, so it is easy for them to get away with your money.
Once you have identified the concerns, you can see that PrismCapital is not a brokerage you should consider for your online trading journey.