Forextimeprime is not a reliable broker for traders and should be avoided at all events. When searching its "Legal Docs/Terms", we found the firm presents several legal documents on its page as licensed brokers do. However, these documents are not available. When you click on them, there is no change. In fact, the entity seems scanty with relevant information missing, including license certificate, deposit&withdrawal methods and account types etc. More so, this broker does not offer funds separation guarantee and money back guarantee, which means trading on such platform is clearly a risk as your money cannot be protected.
Besides, Forextimeprime portrays itself as a legal business providing investors with forex services. But actually it is not entitled to operate on any market because it runs without a license. Viewing its homepage, the firm shows its official address is in Limassol, Cyprus. As per the Cyprus rules, any firm offering, promoting or selling financial services or products in the Cyprus has to be a Cyprus Investment Firm (CIF), which is regulated and supervised by the Cypriot financial regulator - CySEC. However, Forextimeprime isn't registered to be a CIF. What's unexpected, we found a warning against the firm issued by another financial regulator:
On 28 January 2022, the British watchdog - FCA added Forextimeprime to its alert list, saying that the firm is not authorised by it and is targeting people in the UK. In other words, the entity is an unregulated forex broker. You may click here to check full alert.
As per the evidences above, our final conclusion is that Forextimeprime is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
コメント