What at first seems like a friendly, Belgian, crypto-focused brokerage is in fact a very rotten and dangerously unsafe trading platform. With an accent on crypto exchange, this broker allows every rule-breaking leverage and shows zero transparency at that.
While the owning company is an anonymous, Bulgaria-based agency, the broker is no better than a common scam. And we ought to prove that to be true, in our Premarkets io review ahead. So stay focused and read the following lines carefully, if you do not want to become another number on their list of defrauded traders.
Terms and Conditions doc mentions Bulgarian courts to be in charge of solving possible disputes between the firm and the user. But the Bulgarian financial authority – FSC is not in any way familiar with Premarkets.
Now let’s discuss the importance of a trading license in the brokerage world. Before anything, a broker applying for one has to provide proof of being a stable business with competent leadership. They do so by investing a big amount of capital. Following that, top security measures are installed; the most important of them are segregated bank accounts.
Leverage at Premarkets is a clear proof of the broker not following the crypto trading standards imposed by Tier 1 regulators in developed areas. Crypto market is highly volatile and the leverage cap in the EEA is set to 1:2, while in the US it goes up to 1:5 maximum. Premarkets has it’s insane value at 1:10 and it is futile trying to explain how disastrous that loss would be. Especially without negative balance insurance and without a compensation plan.
So please watch out for this scammer in disguise. As friendly as they may appear, their single goal they go by is quick profit off unsuspecting victims.
Peculiar fact about Premarkets is how they’ve managed to earn a solid number of positive ratings. On TrustPilot, they’ve even verified their company. The positive reviews make for the most part of the total opinions on this firm. We’re concerned they might come from the paid individuals that profit by writing false evaluations.
Thieving mongrels. $100,000 gone. My superannuation. Had retired and now have to go back to work. I hope they get what’s coming to them one way or another. KARMA!!!!
Saying they are located in Brussels when their numbers have Australian prefixes. ‘Adam Lansky’ sure that’s not your name but you know who you are. I hope you rot in hell for what you’ve done to me.
Not your usual scam but a scam nonetheless. Deposited money and made a few trades. 50% ROI in 2 months apparently. Now I want to withdraw and placed a withdrawal request. No response in over a month when they say they will contact you within 72 hours.
Was woken by a rude c@#t .continued to try to call me. Do not deal with these parasites.
Premarkets clearly targets Australian traders over other investors. The number of negative reviews mostly come from investors residing there. However, this broker does operate in more than one area. All of the countries of their service are heavily regulated zones. Conducting business in these places legally demands a valid brokerage license. And a premium one, for that matter. But Premarkets has none, yet continually offers their services to:
As some of the victims have reported, Premarkets proposes a deal that sounds just too good to be real. The unsuspecting victims of their unscrupulous practice see it as a once-in-a-lifetime chance to get rich fast. It starts with the small deposits that soon enough turn into bigger demands. This equals extortion. There’s no gentler word for it, because that’s what it is in its true form.
With time every trader will find themselves in a critical situation where they can no longer invest and would like to make a withdrawal. But what once used to be a friendly agent now turns a cold shoulder and even ignores contact.
Another common change would be for them to demand processing fees to be paid or more docs to be submitted. There will appear just about any excuse under the sun, just to postpone your payout. If, on top of all of that, you’ve also accepted bonuses, your chances of getting your withdrawal through are pitifully slim.
We wish we could describe the trading terminal at Premarkets as a technological breakthrough that has left us breathtaken. Sadly, we cannot do that as this is an unbiased review. What we can tell you is that this platform seems like a simple and comprehensive solution for beginners. But that is all there is to it.
You can’t perform complex analysis without advanced tools standardly included in leading platforms like MT4, MT5 and cTrader. Without these functions, you can’t build a profitable trading strategy that will ensure your advantage over other market participants. In this case, we can only advise you to turn to a reputable broker that can equip you with the trading conditions and tools that you deserve.
Since the website isn’t overly informative concerning the availability of trading instruments, we had to read these stats from the platform itself. Any information on the website pertaining to concrete trading activity is the TradingView widget.
So we explored the trading terminal more thoroughly and found these financial products to be available for trading:
The Withdrawal Policy at Premarkets is explicit about the firm only accepting withdrawal requests of at least $50.00 per transaction. Before submitting the request you have to go through some necessary steps like verifying your identity and paying the due taxes.
The broker is clear about that: “All payment and transfer charges will be borne by the client and the Company shall debit the client account for these charges”. Since none of the actual fees occurring are defined by the firm, you can expect them to be devastatingly high. After that, it takes about 5 (five) business days for your application for a payout to be completed. Or that’s what Premarkets claims. Your request may easily be denied under the most ridiculous of excuses.
We always emphasize the importance of calming your emotions, as hard as it may be in the moment of realizing you became a scam victim. But only keeping a cool head can help you plan your action against the scammer properly.
One of the first things to do is contact us so we help you get through the whole experience. Our agents have great knowledge and skills in dealing with these situations.
Whatever your story, we’ve probably already heard it, so no need to feel ashamed and lonely with your problem. The victims are bigger in number than you’re even aware. So we encourage you to contact us for advice on starting the chargeback process and to help you get through the crisis.
This is absolutely unnecessary, unless you want to get robbed on purpose. Opening an account with this unregulated broker will inevitably only lead to financial disaster.
While the broker doesn’t mention CFDs as available financial instruments, their obvious preference is for Crypto trading.
Right now, Premarkets doesn’t run such a program. But it wouldn’t be surprising if they did at some point, as it’s a great way for them to bring in new victims.
This is absolutely unnecessary, unless you want to get robbed on purpose. Opening an account with this unregulated broker will inevitably only lead to financial disaster.
While the broker doesn’t mention CFDs as available financial instruments, their obvious preference is for Crypto trading.
Right now, Premarkets doesn’t run such a program. But it wouldn’t be surprising if they did at some point, as it’s a great way for them to bring in new victims.
The post Premarkets Review – Dishonest And Fraudulent To The Core appeared first on Global Fraud Protection.
