PrevailFX Review – Everything Good At First Glance
PrevailFX LLC is a freshly registered broker from St. Vincent and Grenadines. They operate since 2021 worldwide but without proper authorization. Even though they have good presentation and much crucial information transparent, they miss one very important.
Which one is it, find further in our latest PrevailFX review. But don’t forget to read our comprehensive Dav Invest and BN93 reviews to understand better how trading companies operate and what to watch for.
|Prevail FX LLC
|St. Vincent and Grenadines
|From 1.5 pips
Regulation and Security of PrevailFX
The main regulator in St. Vincent and Grenadines is Financial Services Authority. However, they decided for a long time not to provide trading licenses. Primarily because many scam companies registered their entities there. Consequently, trading companies should opt for licenses in other countries. We always recommend traders look for Tier 1 licensed brokers.
Such licenses are coming from FCA, CFTC, ASIC or BaFin. Mainly because they have the highest security standards and monitoring of trading activities. Some of them provide even compensation funds. However, going through their registers didn’t bring any results about the PrevialFX scam broker.
With this in mind, you know that they are not obligated to comply with anything they claim on their website. Think about it for a second. If they really wanted to do anything legit, wouldn’t they get a license first?
Trading Platform Overview
Through experience, you can easily learn that trading software is important. But also not crucial to determine if the broker is genuine. For example in the case of the PrevailFX investment scam. They provide traders with one of the most trusted options – Meta Trader 4. However, there is no use for such software if traders can’t get the money out.
The main advantage of MT4 comes from high reliability and a vast of trading tools. But also some advanced features like Expert Advisors. Moreover, the platform is available for any iOS and Android device. Which makes it suitable for anyone.
In general, funding options are quite mystical with PrevailFX broker. For depositing traders can use:
- Debit/Credit cards
On the positive side, you can choose a card transfer if you want to continue this journey. But have in mind that you can get a chargeback within the first 540 days upon transfer. Of course, if anything goes wrong. On the contrary, Bitcoin is an anonymous and irreversible transaction. Which makes it suitable for scammers to hide their identity.
Of course, during the withdrawal procedure broker may require additional documents. Mostly because of AML laws. For that procedure, the broker might take up to 5 business days. On top of that, if they send you money you can expect it in 2-3 business days. Important to realize is that crypto transfers are instant. But also broker has limitations on how much money you can withdraw with certain method.
PrevailFX Account Types Available
With PrevailFX broker there are only 3 account types:
- Standard $10
- PRO $250
- VIP $10.000
The higher you go, the lower the spread. However, there is a commission of $7 per lot. Otherwise than spreads, traders don’t get any competitive advantage.
As for the leverage it goes up to 1:500. Thus, throughout Europe maximum allowed is 1:30. The main reason for that is the risk of wiping your account balance off.
Implementation of the Scam
As shown above, a broker has quite suspicious withdrawal methods and policies. Nothing up to that point is a problem for this broker. The only problem they have is when you want your profits out. They can use different tactics to make you deposit more. But you would be surprised how many inexperienced traders fall for it.
Firstly they might give you another trading offer or even bonus funds. If you deny that offer and still continue with the withdrawal request you could face an inadequate verification document problem. Whereas the broker prolongs the withdrawal period and leaves enough room for your failure.
Lastly, they might even try to charge you non-existent fees or taxes. Don’t fall for it, because if those really exist they could take it from the account balance.
Another offshore scam is on the sight. PrevailFX doesn’t provide any credibility to its traders. Even PrevailFX broker reviews claim that. The company is not licensed by any financial regulator. The only positive thing about them is the software. Other than that, nothing is attractive. Starting with funding policy and trading conditions.
If you had any issues with this broker let us know. Our fund recovery team can primarily assist you in recovering your funds. Our advanced tools like CipherTrace can find even your crypto transfer. Don’t let swindlers get away with your money. Get in touch today.
FAQs About PrevailFX Broker
Is PrevailFX Regulated?
No. The company doesn’t have any license therefore the funds are not protected in any way.
Is PrevailFX a Trustworthy Broker?
No. Besides weak security, the broker is not completely transparent and has negative reviews.
What Funding Methods Does PrevailFX Accept?
The only accepted depositing options are debit or credit cards and Bitcoin.