Several Canadian regulators have issued warnings against Prestige Coins. Traders have also left complaints against the broker on the forums.
Thus, we decided to analyze the whole scam and present evidence of fraud in our Prestige Coins Review. This fraudulent entity and “prestige” cannot go in the same sentence.
Scam, scam, scam… This website is virtually anonymous, i.e. Prestige Coins’ regulation is fake. If you open the contact page, you’ll read a Swiss address.
Since Switzerland is part of the EEA zone, the local regulator FINMA, which is a Tier 1 regulator, implements the regulations of the European Securities and Markets Authority (ESMA), the grand jurisdiction in Europe.
One of ESMA’s rules is the leverage cap – a 1:30 cap for retail clients. Prestige Coins offers up to 1:400, which is proof that this isn’t a real Swiss broker. In the T&C section, you’ll also read about how this broker operates under Estonian law, which is another lie.
Therefore, please avoid this trading scam and instead find a reliable broker that’s actually regulated by a Tier 1 authority such as the aforementioned FINMA, or the FCA, CFTC, IIROC, BaFin, etc.
Prestige Coins is not welcome in Canada at all. We found four regulatory warnings issued against this financial swindler by Canadian financial watchdogs.
After doing some digging, we found out where Prestige Coins was active. This shady broker tried to infiltrate heavily regulated domains.
Basically, we have three EEA zone states, which means it’s off-limits. Then we have the US, probably the most regulated domain in the world. Australia is also hard to infiltrate. Canadian regulators have all blacklisted Prestige Coins.
Unfortunately, Prestige Coins claimed a lot of victims. We read the complaints of many traders, outlining how the scam works.
Yes I fell victim to (prestige coins) scam, i was scam out of a large some money, all that was discovered here about this broker, is the truth, they are professional thieves /criminals, they have no heart for anyone, please people be aware of this platform it is dangerous…
Prestige Coins uses UltraViewer. This program is a remote desktop software that helps a user to remote control another’s computer.
While this software is useful if used for good, that’s not what Prestige Coins intends to use it for. On the contrary, this scammer wants traders to download this app and enable access to their desktops. Imagine the disaster if Prestige Coins could see all you finance-related files and information.
There’s only one available trading platform on the website – WebTrader. This is a browser-based trading terminal that offers elementary charts, indicators and graphs.
You may get a calendar and that’s about it. WebTrader doesn’t have advanced features such as multiple timeframes and an automated trading option.
Those tools are available on MT4 and MT5 platforms. Prestige Coins doesn’t support those platforms.
When it comes to different trading instruments, Prestige Coins offers the following:
For the benchmark EUR/USD pair, Prestige Coins offers a spread of 0.2 pips. That’s impressive albeit we don’t know whether the broker charges commissions on top of it.
Prestige Coins did provide a table of overnight swap fees. Nevertheless, we don’t recommend you trade with an unlicensed broker even if the spreads are favorable.
According to the website, Prestige Coins offers six trading account types:
As for the leverage, it ranges from 1:100 to 1:400. We already mentioned that these caps directly violate ESMA’s regulatory rules. Extremely high leverage is dangerous and risky, it often results in huge losses.
Prestige Coins does not offer a risk-free demo account. It means that you cannot access the trading platform or try out trading for a trial period.
That’s bad news, especially considering that we’re dealing with a blacklisted broker. Every legitimate and regulated broker you find will offer a risk-free demo account.
Prestige Coins accepts payments via several different payment methods:
The minimum deposit is 250 $. According to Prestige Coins’ withdrawal policy, the minimum withdrawal for wire transfers is 250 $ and for any other method is 100 $.
However, the fees are outrageously high. Prestige Coins charges 50 $ for wire transfers, 25 $ for credit cards plus a 10 $ processing fee, and 25 $ for OK Pay. On top of that, “a levy of 10% of the withdrawal amount will be charged to any withdrawal from an account that has not executed more than 200 in turnover and/or from accounts that have not been verified.”
If you’ve lost money to Prestige Coins, please notify our team about it. We are open to evidence that Prestige Coins violated any terms and conditions.
Global Fraud Protection will gladly assist you in getting your money back. Our experts specialize in bank chargebacks, recalls and crypto-tracing software such as CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to book a free consultation with us is via Online Chat.
No. Prestige Coins is an anonymous scam broker. This entity has been blacklisted by four Canadian authorities. Do not invest!
No. Prestige Coins does not offer a risk-free demo account for practice.
No. Prestige Coins’ trading platform is a web-based terminal with limited features. And the broker is not regulated.
No. Prestige Coins is an anonymous scam broker. This entity has been blacklisted by four Canadian authorities. Do not invest!
No. Prestige Coins does not offer a risk-free demo account for practice.
No. Prestige Coins’ trading platform is a web-based terminal with limited features. And the broker is not regulated.
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