Euro Prime Review is Europrime.com a Scam or Legit Broker

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Euro Prime Review – 5 things you should know about europrime.com

Beware! This is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Euro Prime is a forex and CFD broker, offering over 30 currency pairs as well as CFDs on spot metals, oil, commodities like coffee and corn, indices, stocks and crypto coins, including Bitcoin Cash, Ethereum, Litecoin and Ripple, with a leverage of up to 1:400. The broker also offers a choice between a web based trading platform and the MetaTrader4, as well as five account types with a minimum deposit requirement varying between 250 USD and 20 000 USD.

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Spreads are advertised to start at 2,5 pips with the Standard account, without a commission. Still, such spreads are higher than what traders usually expect to see. We should note that starting spreads are considered acceptable between 1 pip and 1,5 pips. Euro Prime also offers an Islamic swap-free account.

Euro Prime regulation & safety of funds

Euro Prime is a brand operated by Apsilon Ltd, which is registered on Saint Vincent and the Grenadines – an offshore territory in the Caribbean, where one can register a company online, without ever setting a foot on the islands. There is a local Financial Services Authority of St.Vincent and the Grenadines, which, however, does not oversee forex and CFD brokers, but only the local banks.

So basically Euro Prime is an unregulated offshore broker with very limited credibility. Have in mind that regulation is the single most important factor for the safety of any investment on the forex market.

Brokers holding a license by legit financial authorities in Europe, Australia and the UK, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are obliged to follow strict financial and ethical rules, among which to keep all clients funds in a segregated, protected form creditors account, to maintain a certain level of operational capital and in certain cases even to insure traders money.

Traders with FCA brokers for example are entitled to a compensation of up to 50 000 GBP in the event their broker files for bankruptcy. A similar compensation scheme guarantees traders with CySEC brokers up to 20 000 EUR of their investment.

Euro Prime deposit/withdrawal methods and fees

As most other brokers Euro Prime accepts payments with major credit or debit cards like VISA and MasterCard, wire transfer, as well as ecoPayz – an e-wallet. We miss, however, other popular e-wallets like Neteller, Skrill and PayPal.

We should also note that, while the broker is offering trading bonuses, it also ties them to certain withdraw conditions. Here is what they say in their Terms and Conditions:

“Profits accumulated in an Account that was grant with Bonus(s) shall be eligible for withdrawal subject to 0.1 Standard Lot round turn transactions per $1 of Profit.”

So basically if you have accepted a bonus and you have a 1000 USD profit, which you want to withdraw, you will have to reach a trade volume of 10 000 000 USD, before you will be able to withdraw (1 standard lot equals 100 000 base currency units). Note, that this might prove quite challenging even for professional traders over a long period of time.

On top of that Euro Prime says they reserve the right to change the withdraw requirements on their own discretion. Here is what the say in their Terms and Conditions as well:

“The Company reserves the right to alter, amend or terminate its Bonus program(s), including existing and running programs in the Clients Account, including but not limited, volume requirements, offer period etc., by posting the modified terms on the Company website.”

How does the scam work?

There are many scenarios scammers use to trick you out of your money. Here is one of the popular ones:

You will happen to watch a video promising you fast returns with a cutting edge financial company. If you get hooked you will fill a small registration form and leave you e-mail and phone for more information about the offer. Than you will receive a call form an “expertly” sounding financial adviser, who will convince you to invest just 200 USD and start making money right away. Your first trades will go great and in a matter of hours the funds in your account will more than double. This will happen not necessarily because you have taken great trading decisions, but simply because your account will be manipulated.

And next you will receive yet another call, this time form a “senior account manager”, who will congratulate you for your amazing trading performance and will suggest that if you want to start making real money, you will simply have to invest more – way not 10 000 USD? Chances are you will deposit those money as well and at first everything will seem fine – you will continue to trade and score good profit, until the moment you decide to withdraw some of your funds.

It will turn out you can not, because of some obscure clause in the broker’s Trems and Conditions, which links the eligibility to withdraw with the welcoming bonus and a minimum trading volume requirement. Of course, it could be something else, but the base line is you will not be able to withdraw any funds.

Keep in mind that at some point the scammers will ask you to send them copies of your ID and a proof of address (your latest electricity bill for example). They will cite the anti-money laundering regulations, but actually, if you give them that information voluntarily, they will have a much stronger case when you file for a charge back with your credit card company.

Keep in mind as well that some scammers might even try to trick you to install Team Viewer on the pretext to help you with the installation of some software or with the funding of your account. If you agree, the scammers will have full access to your PC and will surely get to your credit card number and online banking password. Then they will just steal the money form your bank account directly.

What to do if scammed?

Immediately file for a charge back with your credit card company. Note that you will be able to do that within a 6 month period only.

If you have given away your credit card number and other banking details or if you have agreed to install Team Viewer, cancel your credit card, delete the Team Viewer and change the password for your online banking service.

And finally, if you have fallen victim to scammers do not seek the services of the so called recovery agencies. They will simply take an upfront payment, without retrieving you even a single penny.

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