Find out the truth in the PrevailFX Review
There are a whole lot of scammers out there and PrevailFX is definitely part of that group. Luckily for you, we prepared a PrevailFX Review that leaves no stone unturned. Hopefully, by the end, we will have convinced you to stay away from this broker. So let’s get to the concrete information.
|St. Vincent and the Grenadines (SVG)
PrevailFX Reliability – License and Fund Security
PrevailFX has one of the most legitimate-looking websites you will see. It all looks highly professional, with seemingly trustworthy information all over. So much so, that no one would blame you if you jumped into business with them. But looks can be deceiving.
First of all, on their website, you can find registered domains in the Bahamas and the Marshall Islands, but that is simply not true. How do we know? Well, they are not registered with either of the two domains’ regulators.
This broker’s true headquarters are in SVG, which means they are NOT regulated. And if they have no trading license, your funds are all but safe. You trade with them at your own risk and we strongly advise against it!
Trading Platform Overview at PrevailFX
When it comes to the trading platform, PrevailFX gives its customers a chance to work on a premium MetaTrader 4 platform. This software is the software of choice for many a forex trader due to its wide range of features.
You have access to multiple timeframes, automated trading, and much more with MT4. However, this is never enough to compensate for the lack of a license for PrevailFX.
Moreover, if you try downloading the platform from their website, your PC will warn you about suspicious files. And you guessed it, this is a major red flag.
PrevailFX Trading Account
This scammer gives you three account options to choose from:
The main difference between the three is the minimum amount of money you must invest. It’s $50 for the Standard account, $250 for the Pro and $5000 for the VIP.
They also differ in the leverage (maximum is 1:500 with Standard and Pro accounts and 1:250 with a VIP account), commission per lot, and spread
PrevailFX Deposits and Withdrawals
You can fund your PrevailFX account in several ways. The two most common options are via Visa or Mastercard debit and credit cards. You can also deposit money using Bitcoin or USDT. And as we said earlier, you can deposit no less than $50.
On the other hand, there is no reliable information about money withdrawals. They just copied the whole Deposit section and replaced the word deposit with withdrawal. This lack of details is alarming, to say the least, and it’s a clear do not enter sign.
PrevailFX Trading Instrument
PrevailFX lists on its website a whole range of trading assets. Those include Forex, Indices, Commodities, and of course Crypto.
It is always good to have a variety of trading instruments, but as we cautioned several times in our PrevailFX Review – you are dealing with an unlicensed broker and you need to take everything they say with a huge grain of salt.
How is the Scam Performed?
First and foremost, if you happen to be a scam victim, don’t be ashamed. Scams can happen to anyone!
If you are a victim, you experienced all the con artists’ tactics on your own skin. You went through numerous phone calls, and the brokers made claims and offer that sounded way too good to be true, so you finally relented and made the investment, and maybe even another one after that.
The problem now is getting your money out, and here are some things you can do. We don’t guarantee they will work, but it’s always good to try.
As soon as you realize you are being scammed, file a chargeback request at your bank. Depending on how much time passes after your investment, the bank might be able to cancel the payment you made and return your money.
Also, be sure to consider crypto tracing. You can ask a company that deals with such a thing for help and they might just get your money back.
Hopefully, after reading this review, you are a bit more informed about how the PrevailFX scam works. And the good thing is that you can apply what you learned here to trading with anyone.
There are a lot of scammers out there, PrevailFX, Coin2FX, and Novobrokers being only some of them, so be careful! Use this review as a guide for investigating shady brokers in the future, and may luck follow you in your trading adventures!
FAQs About PrevailFX Broker
What Kinds of Accounts Does PrevailFX Have?
PrevailFX has three types of accounts. You can choose between Standard, Pro, and VIP.
How is My Security Ensured When Using PrevailFX?
It does not exist! PrevailFX is an unregulated broker, which means they cannot guarantee you any security.
What Funding Methods Are Accepted at PrevailFX?
There are several funding methods accepted by PrevailFX. You can use your Mastercard and Visa debit/credit cards, but they also accept cryptocurrencies.