See Why There Are Better Options in Our Venn Prime Review

Is having any license better than having none at all? Well, in the case of forex brokers, the answer is a big no.

Our Venn Prime Review will tell you what’s the deal with this broker’s regulation and what that tells us about them. So without further ado, let us start!

Is Venn Prime Securities Regulated?

As always, the first thing we check is the license. This time, we did not have to do arduous digging since Venn Prime put their license on their website. There we can see the regulation from the Labuan Financial Services Authority.

The LFSA is a regulator from Malaysia that regulates many markets, including Forex. But Venn Prime is a Malaysian-based broker, which puts it under the jurisdiction of the Securities Commission of Malaysia. Sadly, we could not find Venn Prime Securities in the SCM register, which is a huge blow to their credibility.

While the LFSA is a legitimate regulator, we would like to have seen an SCM license from VennPrime. The SCM imposes a stricter set of rules to protect the traders, and the stricter the regulator, the safer the investors. Other similar, trustworthy regulators include those from Turkey and the Philippines.

Venn Prime Profile

Found on vennprime com, this broker has a modest, yet appealing offer, at least for some. Let’s start with software.

Venn Prime Securities brings you the MetaTrader 5 platform. It has been the industry standard ever since it first came out. The software offers great functionality, advanced trading tools, and above all, it is very user-friendly. Traders of all skill levels like it and choose it over any other platform. You can download it on your PC and phone.

Moving on to accounts. This broker gives you a choice between three types of accounts:

• Classic – $100
• Pro – $500
• Elite – $10,000

As you can see, the jump in minimum deposit from the Classic to the Elite account is huge and not too enticing for young traders. The good thing is that you can open a demo account first and see how you like trading with VennPrime.

Finally, this broker has a standard trading instrument offer, nothing too flashy. You can trade in Forex, Stocks, Metals, Energies, and Indices.

Is Venn Prime Securities Legit?

The jury is still out on Venn Prime. The most important thing with any broker is their license, and we already gave you our 5 cents on that. If it were our money, we would choose a different broker simply because of a weak regulator.

If Venn Prime had an SCM license, it would have been a different story, but since it does not, we would pass on them. However, that does not mean you should avoid trading altogether. Contact us today, and we can find you a safe broker that also fits your trading needs.

Trader Reviews – Sharing Experiences

We also did not like the utter lack of trader reviews for Venn Prime. User reviews help you see what doing business with a broker looks like, their practices, customer support, etc. Not knowing any of that lowers the broker’s credibility and makes it harder to recommend. The brokers we do not recommend at all are GrandCapital and VoyaFX.

How Does the Venn Prime Platform Reach Clients and Who Are They?

Unfortunately, we cannot give you much information on this question either. We know very little about the VennPrime platform and with no online reviews, we are completely in the dark.

However, we can advise you on what red flags to look for. The classic one is the too-good-to-be-true offer. If a broker contacts you with this dreamy story of quick and substantial returns, you can be sure it is a scam.

Additionally, you should watch out for honey trap schemes. Those involve a person contacting you, usually on social media, wanting to start a relationship. Their ultimate goal is to get as much money as possible from you, so do not engage when a random person starts flirting with you; it is a scam.

Deposits and Withdrawal Methods

We also could not find anything on the payment methods Venn Prime accepts for deposits or withdrawals.

The only information we found on this topic was that they do not charge you any fees for deposits and withdrawals. However, take that with a grain of salt. No one does anything for free, and while no deposit fees are common in the industry, brokers always charge you for withdrawals.

Reasons To Avoid This Company

We would reiterate the point we made earlier in this Venn Prime Review, and that is the strength of their license. Having one is a must, but the issuing authority is also a key factor. Therefore, we recommend you choose a different broker that is part of a stricter regulatory framework, and we can help you with that.

Our Safe Trading Experts’ Opinion of Venn Prime

Reaching the end of this Venn Prime Review, we saw that more things go into a legitimate broker than having any old license. You should carefully research everything about a broker before giving them your money.

And with so many options, finding the right broker can be difficult, but you do not have to be alone in your search. Contact us today, and we will consult with you for free and help you choose the perfect broker for your needs.

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