PrismCapital Review: Who Is Behind This Broker?

When it comes to PrismCapital, there is a lot to cover. With that being said, sit back, relax, take a cup of coffee or tea, and read on this review about this investment scam.

Since there is a lot to cover it’s a bit hard to choose where to start from, but here we go. Prism Capital Forex brand belongs to the already notorious Sanguine Solutions LLC from St. Vincent and the Grenadines. This was the first red flag we’ve come across.

But there is more to come. Not only are they an offshore company, but they also don’t hold any regulation, which is another red flag.

And this PrismCapital broker review will cover them all, so read on. And what’s more, you can also read our Liquidspro and Еxpochains scam brokers reviews.

Regulation and Security of PrismCapital

As we have mentioned above, Prism Capital broker is owned by Sanguine Solutions LLC. This firm is based offshore, in the only country with no financial regulator, which is St. Vincent and the Grenadines.

And according to the FSA directive, all Forex and CFD trading providers should opt for a license in the country of service. In other words, FSA doesn’t provide or overlook forex and CFD trading.

Because of that, many fraudulent brokers such as Liquidspro and our dear PrismCapital, choose this destination. But we also checked all the Tier 1 registered just in case.

As expected, Prism Capital regulation is nowhere to be found. We did, however, manage to find warnings about them issued by CNMV and CONSOB.

PrismCapital Trading Platform

PrismCapital claimed to offer, and you have probably guessed, a state of the art, cutting edge technology trading software. But the only Prism Capital trading platform you will get access to is a plain WebTrader. It has no advanced features such as EAs, social trading, or any advanced indicators.

Basically, trying to find the best trading strategy with this oversimplified trading software is impossible. That’s why it’s always best to choose a broker that offers MetaTrader4 and MetaTrader5.

Trading Instrument Available at PrismCapital

Customers can trade in the following markets:

• Currency pairs – EUR/USD, GBP/USD, AUD/CAD
• Commodities – corn, coffee, gold
• Indices – Dow Jones, FTSE100, CAC40
• Shares – Amazon, Microsoft, Google

Oddly enough, broker Prism Capital doesn’t support crypto trading, despite crypto being one of the most popular trading assets nowadays.

When it comes to the spread it starts at 3 pips for EUR/USD pairs, being higher than the industry average. Other fees are not specified, but based on the spread, we can tell you’ll pay a significant amount of money to this bogus broker.

Deposit and Withdrawal Procedure

It took us by no surprise that this scammer only offers deposits via cryptocurrencies. This is a preferred payment method for all illicit brokers, since cryptos are anonymous and untraceable.

On top of that, the minimum deposit is $250, while the minimum withdrawal is not specified. Additionally, there’s no time frame for processing the withdrawal request or other necessary information.

PrismCapital Account Types Offered

PrismCapital stated that they have four different account types and those include the following ones:

• Standard – $250
• Classic – $1,000
• VIP – $5,000
• Pro – $10,000

The minimum deposit is straight out outrageous, but the broker didn’t stop there as you can see. Additionally, the Prism Capital Demo account is not enabled. You can register an account and access the platform, but you will have to risk your own funds if you want to place trades.

How Does Offshore Brokers’ Fraudulent Works?

You may be surprised but many people often become careless and leave their personal data on the internet. Once these investment scams get a hold of them you will likely be their next victim especially if you decided to put your phone number anywhere. 

Be prepared to get overwhelmed with an enormous number of calls and even emails just so you will at least make a minimum deposit to this fraudulent broker. You will of course also hear many made-up stories so they would appear more legit in your eyes.

Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer. We also encourage you to reach out to us as we can help you.

PrismCapital Summary

In this PrismCapital broker review, we tried to warn you about this online trading scam and their tactics for pocketing people’s hard-earned money.. The broker allegedly gives its clients the opportunity to invest in forex, commodities and much more but of course there is no trading that is taking place on their so-called platform.

In addition to this, PrismCapital has also been issued a warning by CNMV which is a Spanish regulatory body and one from CONSOB as well. These warnings should always be taken seriously and never overlooked as they often indicate that the broker is no more than a cheap scam.

Be sure to always do proper research on the broker you want to work with so you know what you are getting yourself into. Online reviews could also help you get a clearer picture.

FAQs About PrismCapital Broker