River Prime Review – It’s Raining False Regulations!

Every single word of this River Prime review should be taken as a warning against a scammer with a tradition of claiming to be regulated to deceive clients. The SVG incorporated firm – River Prime Ltd is the parent company of a broker with the same name. While they’re indeed registered with SVGFSA, their brokerage brand has no way of being licensed by this financial authority. We’ll explain the reasons for this a bit later.
Various offices around the world, top-notch software, and super helpful support team are all the ways River Prime advertises their sham. Read this review thoroughly to learn their vicious methods and how to protect yourself.    

Is River Prime a Scam Broker?

Do not be fooled by the fact that River Prime is registered with SVGFSA. There’s a single most important fact about this authority. The institution has altogether stopped regulating brokers in the area. Because of such circumstances, fake brokerage companies are opened back and forth as we speak. 

No body overseeing their activities and they can engage in kinds of unscrupulous projects. River Prime tries to build a false image of a regulated broker by advertising their registration here. But that carries little value in the whole regulation and legitimacy aspect. 

The regulations page at the River Prime also mentions LFSA in Libuan but isn’t clear on the license concept. They’re only saying that LFSA means Labuan Financial Services Authority. We looked through that register as well, but it contained no info on River Prime. 

River Prime also allegedly has offices in Dubai and Jordan. Financial authorities in these jurisdictions are DFSA and JSC but neither of them know anything about River Prime. 

In addition to these facts, we’ve also checked with some Tier 1 registers, including FCA, BaFin, ASIC, CySEC and CONSOB. River Prime is completely unknown to all these regulators. Despite all that, and the obvious lack of license, they provide financial services worldwide. All that while not installing segregated bank accounts, leverage limit to 1:30 and 1:50 and without implementing negative balance protection and compensation funds. 

If we consider the actual trading environment at River Prime, it’s fully risky and unsafe. From leverage bordering insanity at 1:400 to no secured funds storing and exposure to becoming indebted quickly, River Prime is unsafe and untrustworthy to the core!

River Prime Platforms – A Software Comparison

Atypical for con artists, River Prime actually offers you trading on MT5. The platform is supported on PC, mobile and web. MT5 is the most widely used and advanced technological solution in the Forex world. Such richness in features, ease of access and comprehensiveness and unparalleled speed are unique in the industry and MT5 rules over all other platforms. 

But don’t have your hopes up just yet. What River Prime actually does is direct you to download the Demo version of the software directly from the developers website. 

In all honesty, this is something any of us can do on their own. Why would we need some anonymous broker like River Prime linking us? That’s because the broker itself doesn’t have their own proprietary trading server. This further solidifies our claims about them being completely unregulated.  

What Financial Instruments Does The Platform Include?

The list of tradable asset groups at River Prime isn’t all that breathtaking. Rather unappealing and poorly assembled, the offer of tradable instruments is limited to only a few categories. The offer of financial instruments at River Prime reminds us of another scam broker – Atomic Trade. Nonetheless, here is how the list goes:

• Forex (EUR/USD, AUD/USD, CHF/JPY, EUR/NZD)
• Indices (UK100, JPN225, ES35, DE40, FR40)
• Shares (Facebook, Tesla, BMW, Barclays, Bayer, Tesco)
• Commodities (Sugar, Silver, Corn, Wheat, Gold, Copper, Coffee)

River Prime Countries Of Service

Completely disregarding the fact they lack a license, River Prime doesn’t shy away from forcing their services on unsuspecting victims. These targets come from the furthest corners of the world. Some traders are from heavier and some from more loosely regulated areas. That should be proof enough of how cunning this particular fraudster is. Here are the countries where River Prime mostly operates:

• United States
• Argentina
• United Kingdom
• Germany
• Canada

Account Options Offered by River Prime

If River Prime indeed provided the services they promise, we’d be impressed by their offer of trading accounts. The number of packages isn’t high, but each account is well-equipped and customized for specific profiles of traders.

It’s a damn shame this broker is an unlicensed financial predator instead of an honest and transparent services provider. Even the features given on that page explaining account types are most probably completely illusory. Either way, we present you their offer as follows:

• Pro – $20
• Prime – $250
• Premium – $3 000

Can a Trader Use a Demo Account?

Every trader is appreciative of a broker that allows Demo trading. It’s tremendously important for examining the general trading environment and conditions. 

Although, with scam brokerages like this one, even a Demo account presents unrealistic trading parameters. It serves as an outward bait for attracting more innocent victims like moths to the flame. River Prime does give you a virtual amount of $10 000 to trade for a trial period on MT5. Alluring, isn’t it? But beware. Everything looking too good yet coming from a shady provider is not something to rush into.   

River Prime’s Partnership Programs

We’d firstly like to remind our audience that all the bonuses, promotions and special programs you see with questionable brokers have a dark side to them. They do not only exist to force you into depositing and becoming their customer. These schemes also intend on binding you by their conditions and protocols that turn you into the River Prime financial hostage. 

While they may promise and swear on extra profit, relief from paying fees and other fictitious features, they’re usually completely fake. All these swindlers want is for you to make their job easier and bring in more victims. The promotional program at River Prime includes the following:

• Social Traders – chance for beginners to advance by following advice from pros
• Introducing Brokers – crafted for entrepreneurs and corporate introducers
• Money Managers – enables MAM and PAMM fund managing
• White Label Partnership – for banks, investment firms, and financial services
• Affiliates – for digital marketers, bloggers, social media influencers

Terms of Service for River Prime 

This is the part when a sham usually exposes itself. Because they need the clients to agree to these conditions, River Prime shows their true face. The text you have to accept upon opening a real trading account is more damaging than beneficial for you. The only party taking advantage of the whole agreement is none other than River Prime. 

We always urge our readers to carefully read these conditions before agreeing to any of them. The small text at the end of the page that everyone usually leaves out without ever reading first could get you into a lot of trouble. Later when you want to reject your obligation, River Prime has evidence of you agreeing to it. So be careful what you sign and accept!

Leverage, Spreads and Fees

Seeing the leverage going up to crazy 1:400 cleared our doubts about this broker forcing clients into risky trades. Bigger leverage means greater risk, and that is exactly how River Prime fishes for profit. This exact leverage is offered at another scam site known to us – FXLeader.

Trading under such exposure could quickly rid you of your hard-earned money and send it directly to the swindler’s pocket. That’s why EEA, UK and AU have leverage capped at 1:30, while it’s 1:50 maximum in the US.

Spreads at River Prime seem about as realistic as our ability to fly. Starting from 1 pips for the cheapest account option and 0 pips for other two accounts, while commission sits at $6 or $3 is absurd beyond fairy tales. 

Withdrawing Profits From Your Broker Account

Another reassurement from River Prime comes in the form of claims about withdrawals being fee-free and lightning fast. This collides with their Terms and Conditions doc, which actually forces you to agree to pay any fees, commissions, and other taxes occurring during transactions. 

As a matter of fact, this is nothing new. It is, after all, the principal way of River Prime earning off their customers. The withdrawals are only so great and easy in theory. But the deviousness of this faux financial services provider lies in their capacity for money extortion. 

River Prime has already stated to reserve the right to charge customers any kinds of fees. The con artist will masterfully come up with just about any excuse to convince you to pay more and more until you’re completely drained. Any pretext can be enforced. The final result is you losing your entire investment and profit acquired, while the scammer counts their earnings. 

What can I do if I was scammed by River Prime?

Worry not – you’re not the first of the last victim of this complex money laundering project. We do, however, implore you to make haste and get in touch with us as soon as possible. Our team of experts has been battling such suspicious sites and brokers for a while, trust us. 

Because of the experience and knowledge on this and similar schemes, we can help you prosecute them and regain the funds they stole from you. You have every single right to react and retrieve what was unlawfully taken away. So allow us to help you by contacting us and asking for our advice on how to act further. The results you hoped for will be visible faster than you expect!