Prism Capital review is about yet another scam broker. They promise profitable trading with a safe and competitive service. Instead, you get to deal with an unregulated entity that’s based in the scam haven – Saint Vincent and Grenadines.
But things only get worse. The business cannot give you access to any form of open or competitive trade environment. Things like an outdated platform, huge spreads, risky leverage, and many more issues, will all be explained in detail in this article.
|Headquarters||Saint Vincent and Grenadines|
Regulation and Security of Prism Capital
Prism Capital broker is owned by Sanguine Solutions LLC – a company based in Saint Vincent and Grenadines. According to the FSA directive, all Forex and CFD trading providers should opt for a license in the country of service. That’s how Sanguine Solutions LLC ended up blacklisted in Spain, Italy, and other countries.
Now, Saint Vincent and Grenadines have a local financial regulator called SVGFSA. This authority does not regulate forex brokers and does not impose any sort of laws in the sphere of forex trading. That’s why you should be extra careful when considering doing business with companies that offer financial services and are located in SVG.
To be registered in the Caribbean nation does not mean to be regulated there, The laws of the nation are very inviting to scammers for they allow a certain amount of misconduct that very few nations allow.
This means they aren’t licensed for the services they are offering, and you should stay away from them.
Trading Platform at Prism Capital
The only Prism Capital trading platform you will get access to is a basic WebTrader. There are some helpful features, but the fact that the software is used only by scammers is a good enough sign to skip their offer.
MT 4 and MT 5 are industry standards, and both platforms have a wide range of trading features, support advanced trading strategies, and are fully customizable. Investors can enjoy many technical indicators, social trading, and EAs.
MetaQuotes states the older software is a product of its time and is too limited with its 32-bit architecture. On the contrary, MT5 has a modern, 64-bit architecture. This has allowed its developers to introduce an increased number of features – there are over twice as many timeframes as the older platform.
MetaTrader 5 is the dominant PC trading platform nowadays. This is for many reasons – the platform packs many cutting-edge features and is at the forefront of innovation efforts. However, it has the advantage of being incredibly easy to use as well, with a client-friendly and comprehensive interface.
Besides MT4 and MT5 mobile apps, GrandCapital offers a proprietary WebTrader, and mobile app as well. The mobile app is available only for Android devices, so iOS users will have to be satisfied with the MetaTrader.
Prism Capital Trading Instrument
The trading assets offered by PrismCapital are listed below:
- Currency pairs – EUR/USD, GBP/USD, AUD/CAD
- Commodities – corn, coffee, gold
- Indices – Dow Jones, FTSE100, CAC40
- Shares – Amazon, Microsoft, Google
This broker Prism Capital doesn’t support crypto trading, despite crypto being one of the most popular trading assets nowadays.
Prism Capital Deposit and Withdrawal Method
Prism Capital accepts only payments via credit/debit cards and wire transfers. Withdrawals can be performed only through the same bank account or credit/debit card that the customer used to deposit the funds.
They require a $250 minimum deposit, which is unreasonable given that an average legit broker now accepts micro accounts for a maximum of $10.
There are undisclosed withdrawal fees that the broker talks about enough, but not once does it reveal what the fees are. The user is left to experience this, but to do so, he must first be allowed to withdraw, which we don’t believe the client will ever be able to do.
The non-deposited fund’s clause in the deposit and withdrawal policy clearly states that the user cannot withdraw profit which altogether completely makes the entire thing bizarre.
How The Scam has Carried Out
The first step of becoming a financial victim is to leave your contact number. That’s when experienced salespersons start calling you, and promising you quick and easy profits. Even if you decline, they will continue with the calls, because they live from cheating innocent people. They will even persuade you to motivate your family and friends to deposit funds, as well.
It’s best if you never leave them any of your details because you can never know what they will use them for. They are interested in easy profit. Launch a site, scam as many people as people, and when people start with negative reviews, they shut down the operation, and start it under the new name.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse if your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction. Some examples of regulatory authorities that issue brokerage licenses are:
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority (FCA)
- The Australian Securities and Investments Commission (ASIC)
Best Performing Forex Brokers
We have set up a table of Forex brokers we highly recommend. They are doing everything according to the law, and your money is safe with them. They have segregated accounts, negative balance protection, and guaranteed funds. All the things Prism Capital does not have.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Prism Capital Summary
Prism Capital is a broker company located in Saint Vincent and Grenadines. This Caribbean country is a scam heaven, due to the lack of regulators for forex brokers.
This trading company offers a basic WebTrader that doesn’t have any advanced features. Especially compared to MT 4 and MT 5.
The minimum deposit is $250, which is a lot higher than what top-notch brokers ask for. Overall, there are no good things we can say about this cam broker.
FAQs About Prism Capital Broker
Is Prism Capital Legitimate Broker?
This is most definitely not a legitimate broker since they aren’t licensed for the services they offer.
What is the Minimum Deposit for Prism Capital?
The minimum deposit for Prism Capital is $250. Legit brokers ask for a lot less to open a micro account so there is no reason to go with Prism Capital.
How Long Does it Take to Withdraw from Prism Capital?
Allegedly withdrawals take up to 7 days, but we are sure some clients won’t be able to withdraw.