Beware Prime is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: ADS Dahui Group
- Registration/license: None
- Registration/license requirement: –
Prime is a Forex and CFDs broker. The broker claims to be owned and regulated by ADS Dahui Group as a part of ADS Securities LLC. ADSS is a limited liability company registered under the laws of the UAE and licensed by the Central Bank of the United Arab Emirates and the Financial Conduct Authority in the United Kingdom. All the information about ADSS is correct and the company is legal, however, Prime broker has nothing to do with the regulated entity. It turned out the broker has been using the details of the ADSS in order to delude the traders.
It is called a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so investors should be especially wary if they have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) that was given to the authorized firm or other details. The Prime broker is just one of these “clone firms”, so it definitely should be avoided.
Moreover, the FCA in the UK has issued a warning against Prime by ADS Securities (clone of FCA authorized firm):
“This firm (Prime) is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm. Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK. This FCA authorised firm (ADS Securities) that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK.”
FCA warns about the suspicious brokers and urges investors to consult its website prior to investing with any forex broker that claims to be regulated in the UK. We also highly recommend to only deal with regulated forex brokers, authorized by reputable regulatory institutions like CySEC, FCA, or ASIC.
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