Is FX PREMIUM a scam or legit broker?

No, it is not safe to trade with FX PREMIUM. FX PREMIUM is owned by FX PREMIUM Group Ltd. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, 70Trades and more.

FX PREMIUM Review

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

FX PREMIUM is a Forex and CFDs broker. According to the website, FX PREMIUM Group Ltd operates under strict European regulations, regulated and licensed by CySEC (Cyprus), is MIFID II compliant, and is also registered with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (Germany), the FCA (UK) and the ACPR (France). FX PREMIUM Group Ltd is also a member of the ICF (Investor Compensation Fund). However, the registration details provided by the broker belong to another regulated company that has no association with FX PREMIUM. 

The broker is not regulated and has been misleading its clients with false regulatory information. Moreover, the Cyprus Securities and Exchange Commission has included FX PREMIUM in its warning list:

Is FX PREMIUM a scam or legit broker?

We advise all investors and traders to avoid FX PREMIUM and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.

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