Prestige Financial Markets

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Prestige Financial Markets Review

  • Good trading platform
  • Wide array of financial assets available
  • Competitive fees
  • Not very established or trustworthy
  • Bad customer support

Prestige FM (Prestige Financial Markets) is a forex and CFD broker who formerly offered binary options trading. However, due to regulatory issues with the Cyprus Securities and Exchange Commission (CySEC), the brokerage has thus changed over to only offering Forex and CFDs trading on an extensive range of financial assets and markets. Now PrestigeFM appears to be regulated under the Republic of Vanuatu Dealers in Securities (Licensing) Act and is owned and operated by Media Options LTD.

Prestige Financial Markets has undergone some serious changes in terms of regulation and ownership as of late 2017/2018. Never the less, the online trading brokerage was established in 2015 and is now operating out of Bulgaria with their headquarters located at Gheo Milev, Svetlostrui, the no. 9, Sofia, Bulgaria. Prestige FM is an international trading brokerage that accepts traders from all around the world with the exception of some countries such as the US and Canada, and some countries in Europe and Asia. Also, the brokerage offers their services in the English and German languages.

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 Prestige FM has had quite a controversial past and has undergone severe changes in terms of regulation, investment services offered, and location. Therefore, can this online trading brokerage be trusted? In the following review we’ll delve deep into the aspects that make up this online trading brokerage and see what sets PrestigeFM apart from the competition and whether or not they can be trusted.

Exchange Platform

PrestigeFM utilizes the same advanced trading platform as before, known as the TradeSmarter trading platform. This platform is not as widely used among online trading brokerages but that doesn’t mean it’s inferior to other platforms. TradeSmarter is a web-based platform that is intuitively designed and easy to use. The platform features a sophisticated charting package along with numerous technical indicators, chart types, and drawing tools. As well, the platform is very fast with trading option time frames of 30 & 60 seconds, and 2 & 5 minute options. The TradeSmarter platform offered by PrestigeFM is also mobile compatible via downloadable applications for both Apple and Android devices.

Exchange Markets

Prestige Financial Markets offers an extensive range of financial assets available to trade on their platform. Traders have access to over 100 financial assets including 24 forex pairs, 16 stocks, 13 global indices, 5 commodities, and 5 cryptocurrencies. These assets can be traded with a variety of contracts including Call/Put or High/Low options as well as Short Term options.

Fees

Prestige Financial Markets has a very transparent fee structure and does not charge any fees for withdrawals and has no minimum withdrawal threshold. Traders incur fees through variable spreads which are often cheaper than fixed spreads. All in all, Prestige FM offers reasonable and competitive fees compared with the competition.

Security and Fairness

Prestige FM appears to be a safe and secure exchange and they are regulated by a reputable regulatory authority. However, the trading brokerage has a strange history with severe changes in regard to regulation and the investment products they offer. The brokerage does claim to employ the latest security measures and techniques such as SSL encryption and holds user funds in segregated accounts. As for fairness between users of the exchange, all users have access to the same investment products and trading platforms. However, PrestigeFM offers multiple account types in which users who deposit more money have access to additional education content and market info and economic news. We feel that educational content and market news should be accessible to everyone, regardless of how much money they deposit.

Support

PrestigeFM offers customer support via live chat, telephone, email, and postal mail. Unfortunately, the support representatives have been reported slow to respond and not very helpful with their response. In some cases, users even said support representatives were either pushy or rude. Besides support through contacting the representatives, traders have access to a comprehensive FAQ page and an educational training centre complete with tutorials, webinars, videos, a glossary and more.

Conclusion

All in all, Prestige Financial Markets is a somewhat controversial online trading brokerage. The broker has an odd past and has yet to prove themselves as a reputable and competent trading brokerage. However, Prestige FM does utilize a competent trading platform and features a decent variety of tradeable assets. As well, trading fees are reasonable, and the brokerage is regulated which provides a certain level of protection to traders.

Prestige Financial Markets FAQ

Here are some of the most common questions that are asked about Prestige Financial Markets crypto trading service.

Is Prestige FM regulated?

Yes. Prestige Financial Markets is regulated under the Republic of Vanuatu Dealers in Securities (Licensing) Act.

Where is Prestige FM based?

Prestige FM is based out of Bulgaria.

How does Prestige Financial Markets make money?

Prestige FM charges fees for each trade transaction through the spread. They do not charge withdrawal fees.

How do I deposit in Prestige FM account?

PrestigeFM accepts debit/visa (MasterCard, Visa, Maestro, JBC and Diners Club), Skrill and secure bank wire transfers.

How do I withdraw money from Prestige Financial Markets?

You can withdraw from Prestige FM via the same methods as deposits.

Can I trade on Prestige FM with my mobile device?

Yes, you can use your mobile device to trade on PrestigeFM through their downloadable mobile application.

Is Prestige Financial Markets reliable?

PrestigeFM has proven to be reliable thus far.

Is Prestige Financial Markets a scam?

No. Prestige FM is a legit brokerage, but traders should proceed with caution as the broker has not proven themselves to be reliable or trustworthy yet.

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Prestige Financial Markets Screenshot
Prestige Financial Markets Reviews by Traders
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RudyardK
122 reviews
Review date 12/06/2018
1 2 3 4 5 6 7 8 9 10
Prestige FM has a intuitive trading platform to access a medium range of tradable assets.
Prestige FM seems like they are not as whole as they wish to present.
Peterpan1
153 reviews
Review date 11/06/2018
1 2 3 4 5 6 7 8 9 10
Prestige Financial Markets offers an extensive range of financial assets available to trade on their platform.
Prestige FM has terrible customer support they are not reputable.
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