PrevailFX Review – Not A Broker You Want To Deal With
What we’ve got here is a shady broker with a seemingly perfect website. A lot of key facts have been included there. It’s enough to convince the average person that this is indeed a legitimate broker but the PrevailFX Review has an eye for detail. Thus, we shall expose the dark secret hidden behind the tempting lies of this fraudster and prevent it from prevailing in its scheme.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Prevail FX LLC|
|Headquarters Country:||St. Vincent and the Grenadines|
|Minimum Deposit:||10 USD|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Litecoin (38 in total)|
|Types of Assets:||Crypto, Forex, Indices, Commodities|
|Free Demo Account:||Available|
|Accepts US clients:||Yes|
Is PrevailFX Regulated By a Financial Regulator?
No. Shocker, right? Well, not really and we’re going to tell you why. This is a typical offshore provider, based in St. Vincent and the Grenadines. SVG is a notorious scam haven that houses countless evildoers due to its favorable laws and lack of regulation.
The island’s financial regulator, i. e. the Financial Services Authority (FSA) does not issue Forex licenses, as per its official website. Therefore, a provider based in SVG can be registered with the FSA but that does not guarantee the safety of your funds.
Why Is Trading With a Licensed Broker Preferable?
If you yearn for full security of your money, as well as transparency, you ought to find yourself a reliable and legitimate broker. By that, we mean a provider that is regulated by top-tier financial market authorities such as the FCA, BaFin, ASIC, etc. Our financial swindler, however, cannot possibly fit those shoes because it operates offshore.
Is PrevailFX a Legit Broker or a Scam?
PrevailFX is a shady unregulated broker based in SVG that appears legitimate but isn’t. It mainly targets traders from the US, UK and Canada.
PrevailFX Provides Access To Meta Trader 4? – Trading Platform
What better way to attract potential victims than to promise the industry’s best software, Meta Trader 4? Of course, PrevailFX knows this and that’s why it included it. However, there’s one problem here – MT4 does indeed provide traders with all the features mentioned on PrevailFX’s website but that will never compensate for the missing license.
If you attempt to download the program, your PC will warn you about suspicious files. This implies that the software was taken from who knows where.
Trading on PC, Mobile Device and Tablet
PrevailFX claims that its platform can be accessed on multiple devices – PC, mobile and tablet. Regardless of where you use it, the result will be the same. You risk losing money either way. Plus, non-desktop versions of this software may have some issues.
Partnerships – Referral Program
This is a cruel, yet cunning trick that scammers love. Essentially, a referral program requires you to invite friends to join you. As you may have already guessed, by doing so, you are drawing new victims into this scheme.
Partnership programs are actually misdeeds in disguise that are intelligently presented as the real deal to make you develop a sense of being part of something bigger. A bigger evil plot to be more specific.
In this section on the website, you can see what we were talking about. You’re promised rewards for every client to manage to win over. This is a shameless attempt to scam as many people as possible.
Multi Account Manager
Trade multiple accounts from a single MT4 interface. That’s what it says. Well, if the previous concept is designed to draw more victims, this one is designed to make you invest as much as possible from multiple accounts in order to fill the scammer’s pocket.
Which Assets Can The Investor Trade?
Here’s a list of the alleged trading assets with examples:
- Forex – EUR/USD, GBP/USD…
- Indices – GER30, US30…
- Commodities – brent, copper, corn…
- Crypto – Bitcoin, Ethereum, Litecoin…
As you can see, PrevailFX did include all the popular instruments. Provided that you really get to trade these, it’s pretty cool. However, do not forget that you’re dealing with an unlicensed fraudster.
What Do We Know About PrevailFX Account Types, Leverage and Spreads?
Clients can choose from three different account types:
- Standard – $50, leverage 1:500, spread 1.5 pips;
- Pro – $250, leverage 1:500, spread 0.4 pips;
- VIP -$5,000, leverage 1:250, spread 0.0 pips.
PrevailFX went way over its head on this one. Leverage up to 1:500? Do you know how dangerous that is? A novice would probably lose every cent instantly. That’s why regulators limited leverage to 1:30 (UK, EU) to 1:50 (US, Canada) for FX major pairs. Spreads below 1.0 pips are acceptable, anything above it won’t bring profits.
Also, remember the names of the Winnex Consulting, AlphaPrime and CoinmasFX trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Every legitimate broker will provide you with a free demo account so you can check out the features. PrevailFX was smart to include one. This implies that the scam broker is patient and will gladly wait for unsuspecting victims to lower their guard. Thus, be careful.
Minimum Deposit and Withdrawal Terms
On PrevailFX’s website, we are told that the fraudulent broker accepts payments via credit cards and Bitcoin. No wire transfers? Strange. Scammers sure love crypto payments. This way, they preserve their anonymity.
One more alarming fact we’d like to point out is that on the website, there are three instances where a different min. deposit amount is mentioned. First, it says PrevailFX charges just $10 as the minimum deposit. The FAQ section says $25. Finally, the standard account requires you to pay $50. Who’s lying here?
Scammed by PrevailFX Broker? – Let Us Hear Your Story
If you’ve been scammed by this phony broker, we feel for you. However, you must keep your head up and consider ways to get a refund. We can assist you there. Let us tell you more about chargeback and crypto tracing.
A Chargeback And Crypto Tracing?
A chargeback is used to reverse credit/debit card payments. It can be requested within 540 days at the issuing bank provided that you haven’t given copies of your personal documents to the scammer.
Crypto tracing, as the name suggests, will lead you to a wallet within a crypto exchange. Then, submit a refund request to the exchange. It might be a long shot but it’s worth trying.
What Is PrevailFX?
PrevailFX is an offshore financial provider that claims to be based in SVG.
Is PrevailFX a Scam Broker?
PrevailFX is a scam broker because it is anonymous, shady and unregulated.
Is PrevailFX Available in the United States or the UK?
PrevailFX is available to clients from both the US and the UK.
Does PrevailFX Offer a Demo Account?
PrevailFX does offer a free demo account on its official website.