Bold Prime Review
If you have been contemplating joining the financial markets in order to tap into the opportunities they offer, you need a broker. While the markets appear to be brimming with numerous companies offering their trading services, it doesn’t mean that you should throw all caution out of the window and just opt for the first company that pops up. Your priority should be to find a legitimate platform and this is exactly what you need to ask when you come across Bold Prime. It is essential to know the truth, unless you are willing to put yourself at risk of identity theft or don’t mind losing your money. Bold Prime review can tell you what you should be aware of.
A quick look at Bold Prime indicates that it claims to be one of the best CFD providers and MT4 brokers operating globally. The offerings of the broker sound irresistible because it claims to have no trading restrictions, spreads as low as zero, excellent support service and on and on they go. Sure, such an offer is undoubtedly attractive and also too good to be true. Why? Let’s find out:
Regulation and Licensing
When you check out the licensing and regulatory status of Bold Prime, you will come to know that it is just another offshore broker that doesn’t have a trading license. It is operating out of St. Vincent and the Grenadines, which is a favorite hotspot of scammers because of the lack of regulation. There is no oversight by the government there and registration is low-cost and easy, so it is a given that criminals would be attracted to such a spot.
From the perspective of traders, dealing with brokers like Bold Prime means that there are no guarantees regarding the safety of your information or the funds you deposit. There is no authority that you can get in touch with in case you have a complaint or a dispute.
As per the claims of Bold Prime, they make use of the both the MetaTrader4 (MT4) and the MetaTrader5 (MT5) trading platform. This would have certainly been considered good news if it was a legitimate brokerage. However, even if you try, Bold Prime doesn’t let you test their MT4 platform even via a demo account. Otherwise, these would prove to be the two best platforms for online trading.
If you take a look at the trading conditions that are offered by Bold Prime, you will come to know that their pips for the EUR/USD pair in the Standard account start at 1.8 pips. This is significantly higher than what most brokerages usually charge, which means trading will definitely be costly for you here. As far as leverage is concerned, Bold Prime is offering 1:1000, which is extremely high and comes with a huge level of risk. While the minimum deposit that Bold Prime is charging is on the low side, they are quite persuasive when it comes to convincing people to deposit more.
Once you have done so, you may find it extremely difficult to withdraw the funds because of vague and complicated withdrawal policies and high fees.
When it comes to payment options, you will find that Bold Prime supports debit and credit cards, including Visa and MasterCard. They also have e-payment options on their platform, which include Skrill and Neteller. However, it is better for traders to stick to debit and credit cards because there is a possibility of chargeback in case of fraud or scam.
Even though the offerings of Bold Prime are extremely lucrative, considering their extensive asset offerings, high leverage and the MT4 and MT5 trading platforms, you need to bear in mind that it is not a licensed and regulated broker. This makes Bold Prime a very risky platform because it offers you zero security and there is no in-depth information about the company itself.