Unfortunately, the information on the different trading conditions is limited to the maximum leverage levels available and the minimum investment required. Most importantly, the broker’s spreads are not specified.
– MT4 available
One of the few strong sides of this broker is that it supports the Metatrader 4 trading platform. With TradesPrime it is available in all forms and shapes – desktop download, web-based versiona nd mobile apps.
The MT4 trading terminal is globally popular due to its ease of use, advanced charting features, wide range of automated strategies (Expert Advisors) and technical analysis indicators, as well as its customization options.
– Many assets and payment methods available
The financial instruments available for trade at TradesPrime include currency pairs, and CFDs on indices, commodities, and stocks. Besides, the broker says that it supports payments made by bank wire, credit/debit cards and Bitcoin. Considering the popularity cryptocurencies enjoy lately, we consider the Bitcoin payment option an advantage
– Not regulated and likely a scam
According to the information on its website, TradesPrime is operated by Black Parrot Limited, a company registered offshore (Marshall islands). Offshore brokers are not overseen by any government agency and are basically free to do whatever they like with the trades in your account and your money That is why we generally do not recommend doing business with such
On top of that, Black Parrot Limited company supposedly operates the notorious broker Vortex Assets, which has obviously scammed many people from their money.
– Comparatively high initial deposit required
In order to open an account with TradesPrime, one has to invest at least $200. Such initial deposit required is not high, however many trusted brokers require less as a start. For example, you can open an account with leading forex brokerage FXTM by depositing just $5.
– Spreads not specified
Another huge red flag for TradesPrime is that it does not specify the spreads it offers on its website. Spreads are the most important element of each broker’s trading conditions and all decent brokers indicate them in a clear manner on their sites.
Usually forex brokers offer spreads within the range of 1.0 – 1.5 pips for the EUR/USD pair, and some, like IG, provide even lower spreads.
– Market Maker model
In its Terms and Conditions, TradesPrime admits to act as a principal in all trades, which creates a great potential for conflict of interest.
Overall, there are too many red flags with regards to this broker: it does not specify clearly its trading conditions, it is registered offshore, and the company that operates it is related to the notorious broker Vortex Assets. Many traders have complained they have been scammed by the latter on our website and in other sites and forums. Even worse, it is present on the warning lists of many financial regulators, including Italy’s CONSOB, the Polish Financial Supervision Authority (KNF), and Hong Kong’s Securities and Futures Commission (SFC).
Considering the above, you’d better not waste your time and money on TradesPrime and choose a good and reliable broker instead. One of the bast jurisdictions for forex brokerage regulation is those in the UK. Licensed companies are required to meet stringent rules on capital adequacy, client account segregation, AML, transaction reporting and many more.
TradesPrime Review Conclusion
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