Prestige Coins Review – You Are One Step Away From Losing Money

Prestige Coins broker firstly doesn’t reveal any ownership information. According to the address presented by the company they are based in Zurich – Switzerland. As well known as a secure country, traders shouldn’t have second thoughts on this. However, there are many reasons to do so.

Stay tuned with our Prestige Coins review to find out why to avoid this shady brokerage. Keep yourself informed by reading our latest updates on MorganStern and Beurax reviews.

How Are You Safe at Prestige Coins? Regulation and Security

Prestige Coins broker tried hard to look legit but failed even harder. Let’s start with domestic regulation. The main regulatory body in Switzerland is FINMA. With high-security standards and requirements, brokers with such licenses should be trusted. Thus, brokers like Prestige Coins can’t be trusted. They are not regulated but on the contrary. Regulators are warning traders against them.

Numerous institutions like OSC (Canada), CSA (Canada), and ASC (Canada) have published a warning against this broker. Looks like they were stealing from the wrong yard.

After this, all their presented securities fall down the drain. Starting with liquidity providers such as HSBC and Barclays Bank. Even though those are highly trusted banks, there are low chances that they provide liquidity for an investment scam.

An Overview of Trading Software

With only web-trader available this broker doesn’t raise much hope. Instead of trusted MT4, MT5 or cTrader, they opted for the poor version. Only essential features that get it running are available through the software. But features like social trading, copy trading and automated trading are missing. Not to mention the lack of iOS and Android apps.

Another key sign of this investment scam is the additional software that the broker promotes. It’s called UltraViewer and serves to control traders’ devices. It’s similar to AnyDesk and TeamViewer. Such platforms are often used to manipulate traders and even steal from them in the worst cases.

Prestige Coins Account Types

Nothing significant is presented by this broker in terms of account-type offers. The only information regarding the trading conditions is connected to leverage. Which violates all EU regulations. Starting with ESMA and FINMA. Not to mention some stricter ones like FCA. In fact, it goes up to 1:400. Your choices here are:

• Self-managed
• Basic            $250
• Gold             $5.000
• Platinum       $25.000
• Diamond       $50.000
• Libra             Invitational

Other benefits that the broker claims to provide are an account manager, market review, trading signals, trading bonus and financial planning. Have in mind that the account manager must be a licensed person. But also that bonuses are banned all across Europe

Funding Procedure at Prestige Coins

As for a scam broker, we didn’t expect anything positive here as well. The company has quite a narrow funding method range. Those are:

• Debit and Credit cards
• Bank transfers
• Crypto transfers

Even though those are narrow, it’s more than enough to perform fraudulent activities. Those transparent funding methods are often used for smaller deposits. But see if they will accept card payments of $50.000.

Nevertheless, processing time varies from instant to 5 business days depending on the method.  Wire transfer has a fee of more than $25 while card transfers are free of charge. Cryptos by default have their own transaction fees. Thus, fees from the broker are the ones that should concern you.

If the client is requesting a withdrawal from an unverified account or before reaching a turnover of 200, you will be required to pay a 10% fee. But that’s a non-existent fee.

How is the Scam Carried Out?

These malicious withdrawal policies are seen everywhere. The broker primarily prolongs withdrawals with non-existent verification procedures. They will require you to provide unnecessary documentation. Meanwhile, they will be looking for ways to get more money out of you.

If you, by some magic, satisfy their documentation needs they will require additional fees to be paid. However, for a $1.000 deposit turnover of 200 would be $200K. If you reach $190K and request a full withdrawal, they can charge you 10% of that, which is another $19K. Once you send that, you can forget about that money. Simply because their mission is accomplished.

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Prestige Coins Summary

With many warnings and no transparent information about the company, the broker is not reliable at all. Fake funds protection measures and misusing trusted banks is a huge warning sign. On top of that, there is no trusted trading software or transparent trading conditions.

After all, the company has a completely transparent malicious withdrawal policy. Practically they tell you what’s going to happen. But don’t be to lazy to read that down. Knowledge will keep you protected. If you were part of this anonymous scam, get in touch with us and start your money recovery process now.

FAQs About Prestige Coins Broker