Prestige.fm is an unregulated broker owned by Euro Wealth OÜ, Commercial registry code: 14183116, registered address: Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-K006, 10119, The Republic of Estonia.
The brokerage is not regulated by a major governmental agency but the company is registered with the Private Investor Protection for Securities and Exchange (PIPSEC), which is an independent entity.
Is Prestige Financial Markets A Scam?
This brokerage has been around for a while and is still not regulated by a major financial watchdog. The company has changed names, addresses, and registries a few times which is not a good sign. The only sign of stability is that they have always been located in Estonia, so far as we know.
This broker may not be a scam but its users tell of woe, rip-offs, pushy managers and fraud that piled up over the years making this an unrecommended broker at best.
Editor’s Note: Why Doesn’t Prestige Financial Markets Suck in 50 Words
The Pro version of their Trade Smarter platform offers a big chart, with the possibility to switch time frames and to add a very limited number of technical indicators. This shouldn’t be something to get excited about and instead, it should be the norm but it’s still better than what other brokers are offering.
Why Does Prestige Financial Markets Suck In 50 Words
I simply cannot recommend a brokerage that is not regulated unless they have an incredibly good reputation online and this one has a craptastic reputation online. If you want to know why they suck read the 100’s of bad comments on our review page.
Should I Open An Account With Prestige Financial Markets?
The brokerage was launched in 2016 according to online sources, so they are quite new on the scene but I don’t see anything that sets them apart from the herd. The trading platform is Trade Smarter and is web-based, meaning there’s no download required. Overall it’s a good platform, not too complicated and not too simplistic. The best thing is the Pro version, which allows you to use limited technical analysis tools, but still more than other platforms (the Pro version is available for free on the website).
I am not very fond of their Account structure, basically because of the lowest account – Bronze – starts at 500 EUR, which is double the average of the industry and you won’t get any special perks. If you want Basic training videos you will have to open a Silver account, which has a minimum deposit if 5,000 EUR. So, 10 times more for Basic training videos? That’s quite steep if you ask me. If you want to be a VIP, you will have to deposit 50,000 EUR, but the perks are not worth it, in my opinion: you will get daily market reviews and advance training videos (among other things that are not even worth mentioning). Market reviews and training videos are available for FREE on many websites, so if you’re thinking to deposit 50K just to get them, think twice.
Overall this brokerage is not terribly bad from what I can see, but some of the things they offer are overhyped and not worth your coins. The platform is OK, but the Accounts are too high and the brokerage is not regulated. Also, there’s no feedback from real users online, so at this time I cannot recommend opening an account with them.
Prestige Financial Markets Complaints
As I’ve mentioned before, these guys get complaints by the bucketload. The list of issues is long and distinguished, a veritable playbook of financial marketing scams.
Prestige Financial Markets Bonus
According to their Bonus Policy, the “company reserves the right to target the bonus program at its discretion: geographically and regarding target audiences”, meaning that the bonus received can differ from trader to trader. The turnover and other potential strings attached are not specified so make sure you ask for more info before accepting a bonus.
Prestige Financial Markets Withdrawal
Withdrawals take 72 hours to process an additional 3 to 5 business days for the money to reach your account. On the website, they show the logos for Skrill and Neteller but they don’t offer enough information about this type of withdrawal. There are no fees for credit card withdrawals and bank wires may be charged a fee but they don’t explain when the fee is charged and when it is not.
Prestige Financial Markets Extras
Big charts if you use the Pro version of the platform and analysis from Trading Central (however, you will have to be logged in if you want to use the latter). This is nothing to write home about but it’s better than nothing.
Bitcoin Trading At Prestige Financial Markets
Bitcoin trading is available with nine listed pairs. The problem is that the pairs are all cross-crypto pairings so a bit harder to trade than simple USD or EUR/BTC trades.
Prestige Financial Markets Ratings
User Friendliness 14/20
The website is pretty clean and well organized but is only available in 2 languages (English and German). Demo accounts and mobile platforms are not available but the platform is easy to use.
Number Of Assets And Expiry Times 14/20
Prestige.fm offers 27 currency pairs (including Bitcoin/USD), 34 stocks, 4 commodities, 8 indices and one pair (Amazon vs Alibaba). This is not the largest asset basket I’ve seen but not the slimmest either and I like the addition of BTC/USD. The expiry times start with the super-fast 30 seconds (also, 60 sec, 2 min, 5 min), end of day, end of month and even end of year, with enough increments in between.
Commissions, Support And Effective Return 10/20
There are no commissions for opening an account but some fees may be paid in case you choose to withdraw via wire transfer. Also, according to section 8.5 of their T&C, the amount of the commission and other costs may be changed by the Company without preliminary notice to the client.
Live chat support was incredibly unhelpful and slow to answer. When they did answer, my query was not solved. The effective return ranges in the 70% – 75% range (this is below average), with some assets going up to 80%.
Deposit, Payment And Bonus 10/20
The minimum deposit is 250 EUR but the lowest account starts at 500 EUR so I am not sure how that works. Maybe you have to deposit 500 EUR at first and the following deposits can be as low as 250 EUR? I don’t understand and I think they should clarify it. Both deposits and withdrawals can be made via credit cards, wire transfers and e-wallets (Skrill and Neteller). The bonus is not specified and neither is the turnover.
Website Extras 10/20
The Pro version of the Trade Smarter platform offers more features than the regular binary options platforms. Bitcoin trading is available.
Prestige Financial Markets Overall Ratings (59) – Lots of Complaints (-10) = 49/100