Reason to avoid: No license
Listed Date: May 1, 2019
Top 3 Regulated Forex Brokers
Beware 4xpremium is a Non-Regulated broker. It is NOT SAFE to trade.
Is 4xpremium a scam or legit broker?
No, it is not safe to trade with 4xpremium. 4xpremium is owned and operated by Index Limited. The broker doesn’t provide any information about its regulation as well as its contact details.
4xpremium offers trading with Forex and CFDs, including Indices, Commodities and Stocks. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The terms and conditions on the website state that the company is under the jurisdiction of Cyprus. We have checked the registered of the Cyprus regulator CySEC and didn’t find any records of 4xpremium or Index Limited. It seems like the broker doesn’t have any license to offer its financial services.
Moreover, the company has been blacklisted by several regulators. In September 2018, the UK’s Financial Conduct Authority has issued a warning against 4XPremium/Index Limited. The regulator mentioned that the owner-company Index Limited is a clone of the FCA-regulated Global Market Index Limited:
“Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Index Limited t/a 4XPremium (clone of FCA authorised firm)”
Also, the broker has recently been banned in Italy by its local regulator CONSOB:
“The National Commission for Companies and the Stock Exchange has ordered, pursuant to article 7-octies, letter b) of the Consolidated Law on Finance (TUF), the following companies to cease infringement: Index Limited through the website https://4xpremium.com”
We advise all investors and traders to avoid 4xpremium and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and XM.com.