EuroPrime Review 2023: Is This CFD and Forex Broker a Scam?
EuroPrime is one of the man trading brands of F1Markets Limited. This company also operates the brokers Stratton Markets, Investous, and 24CM. Their main offices are in Cyprus, and as such, the company has a registration with the Cyprus regulator, CySEC. Despite this registration, the broker has had multiple regulatory issues.
First Wave of FCA Bans Included EuroPrime
Above all, the FCA has strong regulations covering the trading of CFDs. In 2020, the regulator began to take action against the many CySEC-registered brokers that did not meet their strict standards. EuroPrime and parent company were among the first group of brokers that the FCA banned from the UK, along with Investous and several other brokers. This ban was in reaction to the brokers’ practice of making up fake celebrity endorsements for their advertisements on social media and other websites.
A Suspension from Their Own Regulator
When the FCA revealed the fake celebrity endorsement scheme that EuroPrime and other brokers engaged in, CySEC placed a temporary suspension on the broker. This suspension included a stop to all advertising and a moratorium against taking on new clients. The regulator made up a list of conditions that the broker had to meet to remove the suspension. The broker apparently met these conditions, as the suspension was removed at the scheduled date one month later.
Trading With EuroPrime
Our EuroPrime review revealed that the broker has a decent selection of tradeable assets. They offer forex currency pairs along with CFDs on commodities, stocks, indices, and cryptocurrencies. Their cryptocurrency CFD selection is alright, with the core cryptocurrencies all available. Their spreads aren’t great, with only the highest account types having good spreads. The EUR/USD pair spread usually indicates the overall quality of a broker’s spreads. This broker has a much too high spread of 2.5 pips for basic accounts.
The broker has two platforms available for traders, the standard MetaTrader 4 and the Activ8 platform, developed by Leverate. Most traders are already familiar with MetaTrader 4, as it is popular among many online brokers, Activ8 is roughly competitive with MetaTrader 4, with many advanced trading features available. There are also many market analysis tools included on the platform, with news and an economic calendar incorporated.
The broker doesn’t have any demo account and only lets users download their platform after signing up. The download only occurs after a phone call from the broker, a worrying sign as online brokers often engage in aggressive upselling during calls.
You Might Still Be Able to Retrieve Your Deposit
In conclusion, traders should probably shy away from the broker that the FCA chose to make an example of. It isn’t always easy to identify which broker you can trust, and many traders lose their deposit. If a broker is wrongfully withholding your deposit, you can contact us to explore your options.
How does EuroPrime have a license type?
EuroPrime has a license by CySEC that is suspended due to fraud activities. Therefore, we can say that currently this broker has no license whatsoever, and cannot conduct financial services at all. Do not believe allegations on their website that they still hold the license. CySEC register says differently.
Is EuroPrime safe to trade
EuroPrime is a broker with many regulatory body warnings against it. FCA and CySEC both issued a warning against this broker. CySEC registered this broker but then discovered that it’s not compliant with the trading regime. Based on this, we can conclude that the broker is not safe to trade with.
Is EuroPrime regulated?
EuroPrime or its owner IOS INVESTMENTS Ltd is based in Belize and regulated by IFSC. This is an offshore broker with an offshore regulation, therefore, we consider it not safe. The website of EuroPrime claims that the broker holds CySEC regulation, which is not true. CySEC issued a warning against this broker.