Despite listing two addresses in two different offshore domains, Prevail FX is actually a broker from Saint Vincent and the Grenadines (SVG). Yes, the notorious offshore scam haven.
That’s why trading with Prevail FX is extremely risky. We have compiled key info about this broker in the Prevail FX Review so be sure to read to learn the truth about this shady business.
As mentioned, Prevail FX is an SVG-based broker. That’s a problem for Prevail FX’s regulation because SVG is an unregulated domain when it comes to Forex trading.
The local Financial Services Authority explicitly states on its website that Forex licenses are not issued in SVG. Prevail FX listed two other offshore domains as alleged addresses – the Marshall Islands and the Bahamas.
However, the financial swindler is not registered with those domains’ regulators. Not only is Prevail FX unlicensed, but the broker is also dishonest.
If you want to prevail in trading, don’t trust Prevail FX. Instead, opt for a regulated broker that operates under the jurisdiction of the European Securities and Markets Authority (ESMA). All Australian providers have to be registered with ASIC.
If you’re from the US, make sure your provider is registered with the CFTC and NFA. For Canadian traders, IIROC is your go-to for checking brokers.
Prevail FX claims to operate in three different offshore domains but none of them have sufficient regulation. Since 2021, this broker has scammed traders from the United States, the United Kingdom, Canada, and Trinidad & Tobago.
Since Prevail FX is an offshore broker, it’s bound to look for clients in heavily regulated onshore domains. We did some digging to find out where Prevail FX was active:
Basically, we have three domains with tight regulations in the US, the UK and Canada. There’s no way a broker like Prevail FX is allowed to provide services in those countries. This cyber fraudster also targeted traders from the neighboring island, Trinidad and Tobago.
We didn’t find any social media links on Prevail FX’s website. The broker only included a phone number and an email, which can also be used to contact traders and persuade them to invest in this fraudulent trading scheme.
Similar scammers also use private WhatsApp chats and Telegram channels to find potential clients. Another possibility is that Prevail FX hired agents to run online marketing campaigns and write fake reviews.
There aren’t many reviews of Prevail FX. Although, we did find some reviews that also warn of the risks and dangers associated with Prevail FX.
Aside from missing a trading license, Prevail FX also offers risky trading conditions. This one trader summed it up best:
The minimum deposit of only $50 is friendly to newbies, but 1:500 leverage is not suitable. The risk is too great! Such high leverage is not recommended for both novices and experienced ones.
Prevail FX offers the famous MetaTrader 4 trading platform. There is also an MT4 mobile trading app available for both Android and iOS.
MT4 is an amazing platform, courtesy of MetaQuotes, designed to revolutionize the world of trading. Equipped with advanced tools and features such as automated trading, multiple timeframes, a user-friendly interface and more, MT4 is truly a gem of a platform.
However, even MT4 cannot compensate for the lack of an official trading license and regulation. We don’t recommend you use Prevail FX’s platform.
If you attempt to download the program, your PC will warn you about suspicious files, possibly containing malware. This implies that the software was taken from who knows where.
In terms of trading markets, Prevail FX offers the following:
Let’s take a look at Prevail FX’s trading costs, i.e. spreads and commissions. The costs depend on the account type.
Thus, the Standard account offers fixed spreads, the Pro account floating spreads, and the VIP account has market spreads.
The average spread for the Standard account is around 1.5 pips, which is the industry’s standard, but on top of that, Prevail FX charges a commission of 7 $ per lot. You won’t make profits if the costs are that high.
Here’s an overview of Prevail FX’s trading accounts:
Super high leverage and unfavorable trading costs, that’s how we summed up this offer. With a leverage of 1:500, you could easily lose all your funds in a blink of an eye.
Hence why ESMA imposed a 1:30 cap for retail clients, plus all EEA zone regulators must provide clients with negative balance protection, something that Prevail FX doesn’t offer. In the US and Canada, the legal leverage limit is 1:50.
Prevail FX does offer a free demo account. It’s nice but you still have to be careful. Illicit offshore brokers sometimes include a demo account but the trouble starts when you switch to a live account. The scammer then shows its true colors and you end up having withdrawal issues.
The unscrupulous broker included two “partnership” programs – Introducing Broker and the Multi-Manager Account.
The former is basically a referral program, which requires you to invite friends in order to earn rewards. By doing so, you are drawing new victims into this foul scheme.
As for the latter, you’re supposed to trade on MT4 on multiple accounts. This concept is designed to make you invest as much as possible from multiple accounts in order to fill the scammer’s pocket.
According to the website, Prevail FX’s withdrawal and deposit methods include the following:
There’s no wire transfer option. We didn’t find anything on the fees that Prevail FX charges, if any. As for the minimum deposit, there’s a discrepancy on the website – Prevail FX says it’s 10 $ on the Home page but in the FAQ section, we read 25 $.
All in all, Prevail FX is not worthwhile. You’d be risking big time with this unregulated offshore broker. In case you’ve fallen victim to this scam, please let us know.
Notify our team if Prevail FX violated any terms and conditions. We can help you get your money back. Global Fraud Protection’s team has experience in chargebacks and tracing crypto transactions using CipherTrace.
If this broker steals your money, contact us for help. Please use Online Chat to set up your free consultation with us and find out what you should do.
No, Prevail FX is a shady offshore broker with no Forex trading license. Do not invest to trade with this fraudulent broker.
Yes, but that doesn’t mean that Prevail FX is a legit broker.
Yes, Prevail FX included an Android and iOS version of MT4 but the download files are suspicious.
MT4 is an outstanding trading platform but don’t forget that Prevail FX is unregulated.
No, Prevail FX is a shady offshore broker with no Forex trading license. Do not invest to trade with this fraudulent broker.
Yes, but that doesn’t mean that Prevail FX is a legit broker.
Yes, Prevail FX included an Android and iOS version of MT4 but the download files are suspicious.
MT4 is an outstanding trading platform but don’t forget that Prevail FX is unregulated.
The post Prevail FX Review – Please Read the Prevail FX Review Before Trading With This Broker appeared first on Global Fraud Protection.
