XE Prime Review (2022): Is It Legit or a Scam?
There’s so little on the internet about XE Prime. And that’s why we’ve created this XE Prime review — to make sure you’re fully in the know.
Have you ever lost cash to a scammy forex or CFD broker that you initially trusted? Many traders will confirm this fear. It’s dreaded by all investors, but it seems to find its way to an insanely outrageous amount of people.
Cases of forex and cryptocurrency scams are rampant in the UK and worldwide. For instance, in 2019, about 1250 people were scammed over £4 million after an investment scheme, Infinox, ceased its operations.
The above case is just a tip of the iceberg in trading scams reported over the last decade. If you’ve ever been scammed by a broker, reach out to us now (for free). We can help you get your money back.
Is XE Prime Legit?
In most cases, the first impression of a potential broker’s website can tell a great deal—or nothing at all. It can reveal whether a broker is regulated, possesses years of expertise, a global clientele, innovative tools, and exceptional services.
You can’t tell much from the XE Prime (EU) website. This makes it hard to determine whether the broker is looking out for the interests of its clients.
Often, traders peg their decisions to choose a particular trading platform by answering some of these questions:
- Is the process of withdrawing money simple?
- Is there a quick resolution to account issues?
- Is the customer support team fast and professional?
We’ll take a closer look at XE Prime’s inner workings in this review to help you determine its legitimacy and whether it is a safe broker to invest your money in.
Before committing your money, always research the trustworthiness of your brokers so you know if you are getting ripped off.
This XE Prime review will also help you in determining if the expected returns are real while analyzing the risks involved if you invest with them.
Here is what you need to know about XE Prime:
General Overview of XE Prime
Established in 2017, XE Prime Ventures LTD is a technology and liquidity provider for financial trading on a B2B and B2C basis. It is located at Grand Cayman, Midland, Cayman Islands. It’s run by All New Investments LTD, which also runs LegacyFX.
The broker claims to offer best-in-class products and contribute considerable value to licensees and retail brokers.
It adds that product innovation has provided it with vital data, tools, and capabilities to help them grow sustainably in an ever-changing regulatory landscape.
The company’s 3 pillars include what they call:
- Back office systems
- Front-end trading platform
- Business intelligence technology
Even scam brokers have well-crafted tactics, trader information, and websites in order to entice naïve investors into their schemes. This mandates strictly working with reputable brokers to keep your money safe.
We look at XE Prime’s actions and products to see if they are real. In addition, we’ll let you know if and by which authorities the brokerage is overseen. We will make a final judgment on the company’s validity based on the data we’ve gathered.
What Baits Does XE Prime Use?
Despite the company’s existence for several years, it may have signs of scammy operations while hiding behind legal licenses. We can determine this by weighing the legit features against those that hint at scammy operations.
Here are some of the tactics it uses to make people think it’s legit:
- It is regulated by CySEC
- As an investor, you can use different money-transfer platforms like UnionPay, Visa, MasterCard, and Skrill.
- It forbids investors under 18 years from trading on the platform.
- It allows users to experience real and demo accounts.
- Investors must provide a national identity card, driver’s license, or passport as proof of identity. They must also prove their residency and payment.
- With MetaTrader 5 (MT5) and TraderPro at their disposal, traders can take advantage of well-known trading platforms.
- It offers educational materials
Is XE Prime a fraud? Are all these features there to close your eyes and avoid suspicion?
XE Prime Trading Instruments
Customers can trade CFDs in a wide range of markets, including stocks, indices, currencies, commodities, and more.
As part of its B2B offering, XE Prime provides retail brokers with the ability to license its own proprietary trading platform and CRM software, back-office and business intelligence systems, and use its liquidity technology to provide multi-asset execution, prime brokerage services, liquidity, and risk management tools.
XE Prime Scam Signals
The following signs may support the claims that XE Prime may be a scam:
The online trading platform, XE Prime, has no visible reviews, whether positive or negative, from its users. Without them, a new investor cannot make informed decisions based on other people’s experiences.
No Records on the Financial Conduct Authority (FCA)
Through our in-depth XE Prime review, we discovered there are no records of the trading platform on the FCA. Therefore, it’s not authorized to provide services in the UK.
Countries like the United States have strict regulations regarding financial institutions and trading brokers. Restricting XE Prime’s accessibility in such regions poses a challenge, as we cannot gauge its legitimacy against the strict regulations.
Poorly Designed Website
If you look at XE Prime’s website back to back with any of the top brokers, you’ll be surprised. XE Prime’s site is poorly designed and offers very scanty information. In fact, there’s very little you can get without first creating an account.
XE Prime Review Verdict: It’s a Scam
There’s no doubt that XE Prime is a regulated scam. The site itself is extremely scanty, poorly designed and it doesn’t reveal much info. There are no good reviews of the company online. We all know that great forex brokers have droves of reviews on the internet.
If you’ve lost money to XE Prime or any other scam forex broker, schedule a free consultation so that we can start the process of getting your money back.