Fx Paramount Review: All You Need to Know About This Scammer
We review brokers from all over the world, but it has been some time since we encountered one from the Middle East. Fx Paramount is a UAE-based broker with a shady background, so we decided to take a closer look.
We bring you this Fx Paramount review to warn you about this broker’s fraudulent activities, so be sure to read it before investing even one cent.
|Name:||Paramount FZ LLE|
|Warnings from Financial Regulators:||No|
|Contact info:||Email: [email protected]
Phone: +97 14 3232 183
|The majority of clients are from:||United States
|Customer support:||Yes (live chat)|
We are starting off like we usually do, with regulation talk. The reason we do this every time is that a license is the most important thing for any broker. They are given out to brokers that fulfill certain requirements, and it is all done to put traders out of harm’s way.
Now, Fx Paramount claims to be registered in the UAE, which would put them under the umbrella of the Central Bank of the United Arab Emirates (CBUAE) or DFSA. These are legitimate regulators, and a license from them would go a long way to boost this broker’s credibility.
Unfortunately for them, however, our check of the CBUAE and DFSA registers showed no traces of Fx Paramount. This means that the broker is 100% unregulated and, therefore, dangerous for business. We strongly advise you to avoid these scammers and invest with someone far more reliable!
Fx Paramount Profile
Scammers sometimes try to mask their true identity behind a superb offer. But not Fx Paramount. Their trading conditions are average at best, and there is almost nothing of note there. By far, the best feature is the MT5 platform. It is the pinnacle of trading software, and traders have been using it for more than a decade, proving its true worth.
On the other hand, almost everything else is nothing special. Fx Paramount offers only two account types – Paramount Pro and Paramount ECN, which is subpar compared to your typical account offer from legitimate brokers.
The good thing is that the minimum deposit is $100, as it allows traders on a budget to participate in the market. The leverage is at 1:500, which is entirely too high. Some risk-takers might like it, but we generally discourage trading with such a high leverage.
Is This Broker Safe?
We can approach answering the question at hand this way. You would not trust a doctor without a proper license, would you? The same principle applies to brokers.
You do not want to put your money in the hands of a broker that cannot guarantee to take good care of it, and FxParamount cannot. Without a license, they can do whatever they want with your investment, even stealing it without facing any consequences. Therefore, FxParamount is extremely dangerous, and we highly recommend you stay away from them!
Trader Reviews – Sharing Experiences
We now come to the most essential part of every broker review – the trader reviews section. We put so much stock in user comments because they paint us the true picture of what it is like working with a given broker.
So naturally, we were extremely disappointed to find no trader testimonials online about Fx Paramount. We did not find them on Trustpilot, and other review sites like Forex Peace Army and Reddit also did not have anything on this broker.
But this can be a good thing in a way because it is a clear sign that this broker is a scammer. The fact is no legitimate broker has zero reviews. Traders like to share their experiences, both good and bad, and no one commenting on Fx Paramount means everyone was smart enough to avoid it.
How Does the Fx Paramount Platform Reach Clients, and Who Are They?
Determining who Fx Paramount targets the most was made more difficult, with no user reviews to go on, but we managed to find the answers. Through our careful research, we discovered that most victims come from:
- United States
- United Kingdom
We do not need to mention that the broker does not have a license to provide trading services in these regions, so beware of any contact with Fx Paramount.
Deposits and Withdrawal Methods
As far as deposits and withdrawals go, Fx Paramount accepts only two payment methods:
- Wire transfers
- Crypto transfers
We are not surprised to see crypto on this list as it is a beloved payment method among scammers. Fx Paramount and UKBTC love those transactions because they give them a degree of anonymity, and it is borderline impossible to track them.
The deposits are free, while a wire transfer withdrawal comes with a $50 fee, which is way too high. All deposits are processed instantly, while it takes 24 hours to process withdrawals.
Reasons To Avoid This Company
We could go on for a long time about the reasons to avoid Fx Paramount, but we will keep it short. The most important thing to know is that this broker operates without a license. This puts you and your money at significant risk and all but guarantees you will never see it again. This is the main reason we advise you not to engage with Fx Paramount.
Additionally, the scammer does not have good trading conditions. The only good thing about them is the trading platform, and everything else is mediocre.
Long Story Short – Fx Paramount
Fx Paramount is no different than UberChains in that it is an obvious scammer, only after your money. And they will do anything to get it, so beware of any potential contact from their side.
But let’s end this Fx Paramount review on a high note. We want to help you get on your feet in trading, so we are offering you free consultations about your Forex journey. Contact us today, and let’s find you the perfect broker with whom you can achieve your dreams!
What Is Fx Paramount?
Fx Paramount is a broker from the UAE with a questionable background. Therefore, we are strongly suggesting you find a better trading partner.
Is Fx Paramount legit?
No, Fx Paramount is not legit. They do not have any license, which makes them extremely dangerous and bad for business.
What Are The Fx Paramount’s Platforms?
The only good thing about Fx Paramount is its platform. It is the industry standard MT5.