Prestige.fm is owned by Nostro Technology OÜ, with a registered address at Kai St.1, 10111 Tallinn, The Republic of Estonia. Their operational address is Lõõtsa 6, 11415 Tallinn, The Republic of Estonia. Payment services are offered by the same company.
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?
The brokerage is fairly new on the scene and is not regulated by a major financial watchdog. Also, on some review websites I found out that they were owned by Robertson Securities Ltd & Media Options LTD, located in Bulgaria. However, we cannot verify this, so we have to consider Nostro Technology the real owner (this company appears in their Terms And Conditions).
There is little information online about this brokerage but so far no horror stories regarding failed withdrawals or unauthorized trading by their account managers. However, I believe most of this lack of feedback is due to the young age of the brokerage.
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 hey, 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. Prestige.fm is not regulated and nobody speaks about them online. Also, they are new and don’t offer anything different from the other brokers. You can’t join the binary options race without something that puts you apart from others and expects to win the market.
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, I couldn’t find any complaints or feedback regarding this brokerage. Time will tell and we will update this review as necessary.
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.
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 15/20
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 12/20
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 13/20
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 13/20
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: 67/100