We found a discrepancy regarding the legal background of BoldPrime and thus decided to do the BoldPrime Review. Here, you’ll find all the info you need about this broker.
BoldPrime is, in fact, an offshore brokerage without a Forex trading license. It’s a risky combination and judging by the complaints we found, a trading scam.
Yes. Here’s the thing – BoldPrime is run by the company of the same name, i.e. Bold Prime Ltd, which is actually based in Saint Vincent and the Grenadines (SVG).
Due to the island’s lax laws, this offshore domain is infamous for being the nest of crooked scammers. The problem with SVG brokers is that they are unlicensed to provide Forex trading services. SVG’s Financial Services Authority doesn’t regulate that market.
Now let’s review what BoldPrime said on its website. Namely, the broker mentioned Bold Prime (AU) Pty Ltd, a company registered with the Australian Securities and Investments Commission (ASIC).
This financial authority is a reputable Tier 1 regulator but BoldPrime clearly doesn’t follow ASIC’s rules. For example, the broker offers leverage up to 1:200 to retail clients whereas ASIC set a cap of 1:30. BoldPrime’s website domain is the only one the broker uses, which is the offshore domain.
Moving on, BoldPrime claims to be the brand name of OPTIM Investments Limited, a company supposedly registered with the Mauritius FSC, another offshore domain. This isn’t the case.
Last but not least regarding the BoldPrime regulation, the broker is a member of the Financial Commission, an independent self-regulatory organization and external dispute resolution body dedicated to Forex. This organization allegedly offers a compensation of 20,000 EUR per complaint.
However, as the commission stated itself, it’s independent, i.e. not a governmental body, which raises doubts about its legitimacy.
BoldPrime may be registered in Australia with ASIC but the broker operates offshore through its one and only domain. Since 2020, BoldPrime has scammed traders from Malaysia, Indonesia, Singapore, India, and the Philippines.
We’ve outlined the facts about BoldPrime’s legal status hoping you’ll take them into account if you’re still interested in this broker.
Our suggestion is that you find a reputable broker that operates under the jurisdiction of the European Securities and Markets Authority (ESMA). This authority requires brokers to have a minimum operating capital of 730,000 EUR.
In addition, clients get segregated funds, negative balance protection, a true compensation scheme of up to 20,000 EUR, and leverage restriction (1:30) for safety. In case you have issues with your broker, ESMA will always review your complaint.
From what we gathered, BoldPrime was mainly active in the Southeast Asia region. Here’s a list of countries where the broker left traces:
BoldPrime is not authorized to operate in any of these countries. As a matter of fact, the broker has no trading license whatsoever.
We hopped over to Trustpilot and WikiFX to see what traders had to say about BoldPrime. Unsurprisingly, we found numerous complaints against the broker. It seems that traders were vexed by withdrawal issues. Here’s what some of them said about BoldPrime:
They wont allow you to win big money , i have profit 66K usd and i tried to withdraw 20K usd but they rejected all my withdrawal request and suspended my account…
Very bad experience they rejected my withdrawal request of 2300$ and told me that you used a software to manipulate price which is garbage…
BoldPrime offers three amazing trading platforms. Namely, these are the famous MetaTrader platforms, 4 & 5, and cTrader. MT5 is only available for the Prime Platinum account.
MT software can be downloaded for Windows, iOS and Android, i.e. there are both desktop and mobile versions of the platforms. On the other hand, cTrader is available only for Android and iOS, according to BoldPrime’s website.
cTrader is a relatively young trading platform, designed by Cypriot-based Spotware Systems in 2010. This neat piece of software was created to be MT4’s competition.
In some aspects such as charting, cTrader is more advanced. The platform also has more timeframes than MT4, which scalpers will appreciate, but offers automated trading as well.
MT platforms were designed by MetaQuotes to conquer the trading industry. These pieces of software feature advanced tools and options such as algorithmic trading, live market reports, instant execution, etc.
Multiple timeframes and in-depth analysis are big advantages. Whether you’re a beginner or an advanced trader, both MT4 and MT5 will suit you just fine.
In terms of trading instruments, BoldPrime offers FX and CFD trading:
BoldPrime’s trading costs aren’t out of the usual. Depending on the account type, traders can get favorable conditions.
For instance, the BoldPrime Standard account offers a spread of 1.8 pips for EUR/USD with zero commissions. The Prime Raw account is more expensive but offers raw spreads from 0 pips and charges 7 $ per lot.
Here’s an overview of BoldPrime’s trading account types:
Each of these has a swap-free Islamic version. Only the Prime Platinum account offers MT5. Prime Raw and Prime Platinum account servers are located in the US and Europe while the other two are in the UK.
Yes. BoldPrime included a free demo account that you can use for practice. It’s a great option. However, if you decide to switch to a live account, you’ll learn about risks the hard way. Be careful, especially considering that BoldPrime is unlicensed.
BoldPrime offers bonuses. Namely, the broker has promised a 50% deposit bonus. This is meant to entice you to trade and deposit more and more.
You should know that bonuses are banned in both Europe and Australia. Offshore brokers include them all the time with strings attached in form of shady bonuses policies.
According to BoldPrime, the broker accepts the following payment methods:
The minimum deposit is 15 $, with no fees. The BoldPrime withdrawal policy is kind of vague so we’re not surprised traders struggled with withdrawal issues. The good thing about these payment methods is that they allow for a chargeback or a recall.
To sum up, BoldPrime’s unlicensed status is the biggest problem here. That’s why Global Fraud Protection is here to help any trader that lost money to this offshore broker.
If BoldPrime violated any terms and conditions, please let us know. Our experts will surely help you with the chargeback or recall procedure. It’s important to act fast.
If this broker steals your money, start the chargeback process. The easiest and fastest way to contact us is via Online Chat. Book your free consultation today!
BoldPrime is unlicensed to provide Forex trading services so it’s not a good idea to trade with this offshore broker.
Yes, BoldPrime included a free demo account that traders can open.
Yes, all three platforms that the broker offers are available as mobile apps.
No. The broker is a member of the Financial Commission that offers a compensation of 20,000 EUR. ESMA offers the same amount but is a much safer jurisdiction.
BoldPrime is unlicensed to provide Forex trading services so it’s not a good idea to trade with this offshore broker.
Yes, BoldPrime included a free demo account that traders can open.
Yes, all three platforms that the broker offers are available as mobile apps.
No. The broker is a member of the Financial Commission that offers a compensation of 20,000 EUR. ESMA offers the same amount but is a much safer jurisdiction.
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