Reason to avoid: No License
Listed Date: October 25, 2018
Top 3 Regulated Forex Brokers
Beware PrimeCrypto is a Non-Regulated Broker. It is NOT SAFE to trade.
- Company name:
Maplewalk Limited. PrimeCrypto.
- Registration Address/ License:
Bulgaria. No License, No Regulation.
PrimeCrypto is a trading name of the financial investment firm Maplewalk Ltd incorporated in Bulgaria. According to the Bulgarian law and its status being a part of the EU requires registration by the local authority FSC (Financial Supervision Commission), but this is not the case of the PrimeCrypto as there is no any license or regulation.
Apart from the issue with the registration and its legitimacy to deliver financial service or the trading environment, the company does not clarify clearly their trading offering. The broker states and position themselves as Cryptocurrencies seller or exchange service, however, it is not possible since the offering includes trading on CFDs only. Means the trader speculated on the price of the underlying asset only, therefore the company misleads investors by wrong explanations.
Moreover, since the company targets and uses marketing strategies in the jurisdictions that are strictly overseen by the local industry authorities, PrimeCrypto received a warning to deliver their service.
“This firm is not authorized by us and is targeting people in the UK. We strongly advise you to only deal with financial firms that are authorized and check the Financial Services Register to ensure they are.”
We strongly advise all traders and investors to cooperate only with Regulated Forex Brokers that are overseen by the reputable authorities, as well to take it seriously if the company appeared in alert listings. Besides to the legal side on the delivered services, the regulated brokers establish as well protection to their clients by funds segregation and participation into schemes in the unlikely events. Therefore, it is better to choose among FCA regulated brokers, or companies from other entities.