Table of Content
Prism Capital Review – Find Out What This Broker Can Offer
Table of Content
PrismCapital is just another offshore broker to be wary of. Despite the company’s claims that it can give customers access to a secure and competitive service, it is simply an offshore broker that can make no promises other than the fact that it will steal your money. Prism Capital appears to dislike it when its clients actually withdraw their money after it has been deposited with the broker. Prism Capital is run from an offshore scam haven.
Naturally, this is typical of offshore brokers, but things only get worse. The business cannot give you access to any form of open or competitive trade environment. Prism Capital is a broker you should avoid for multiple reasons, starting with its outdated platform, huge spreads, and risky leverage. But that’s not all, there is a great deal more to be said about the company and its numerous errors, which we have fully detailed in our PrismCapital review.
|Headquarters||St. Vincent and the Grenadines|
How Are You Protected at PrismCapital? Broker Regulation
According to PrismCapital, it is legally based in Saint Vincent & the Grenadines.
The fact that Saint Vincent and the Grenadines lack an established FX regulator is a key warning sign in this case.
There is no regulator, not even unofficially, which means that none of the registered brokers are subject to local regulation. There are thousands of them, but fewer than 1% of them are legitimate—that is, they have a mainland subsidiary that is licensed.
As we have repeatedly stated, merely being registered in a Caribbean country does not imply that one is subject to its regulations. Additionally, the country’s laws are highly welcoming to scammers since they permit a degree of misconduct that very few other countries do.
There are no additional details; PrismCapital maintains the SVG narrative. Therefore, PrismCapital is entirely unregulated, a scam, and a risk to everyone. The money invested will all be lost.
Available Trading Software at PrismCapital
When compared to a genuine competitor platform like Metatrader 5, this software is rather basic. This is due to the fact that while the platform may include some simple charting tools and indicators, more advanced capabilities like automated trading are nowhere to be found.
However, even if Prism Capital had a competitive platform, that would not change the fact that the broker is totally unregulated and run from where it is run – and is not to be trusted with a dime of your money and a second of your time!
Offshore companies frequently manipulate their platforms to provide the impression that your money is being traded, but in reality, the money you put goes straight into their pockets. As a result, you need a trustworthy broker in addition to a trustworthy platform.
Account Types Offered by PrismCapital
PrismCapital looks to provide four different account options. Here is a basic summary of all the available accounts:
- Standard – $250 deposit, 1:20 leverage, tight spreads
- Classic – $1000 deposit, 1:50 leverage, tight spreads
- Vip – $5000 deposit, 1:80 leverage, tight spreads
- Pro – $10.000 deposit, 1:100 leverage, tight spreads
What Market Instrument Can Be Traded at PrismCapital?
The trading assets offered by PrismCapital are listed below:
- Currency pairs – EUR/USD, GBP/USD, AUD/CAD
- Commodities – Corn, Crude Oil, Gold
- Indices – Dow 30, DAX Index, UK 100
- Shares – Apple, Tesla, Meta
PrismCapital Deposit and Withdrawal Process
The broker accepts deposits made using cryptocurrency. Furthermore, it requires a $250 minimum deposit, which is unreasonable given that the typical broker now readily accepts micro accounts for a maximum of $10.
There are hidden withdrawal fees that the broker frequently mentions, but never specifies what those fees are. The user is left to experience this, but in order to do so, he must first be allowed to withdraw, which we don’t believe the client will ever be able to do.
One more point: The deposit and withdrawal policy’s non-deposited funds section explicitly indicates that the user cannot withdraw profit, rendering the entire policy null and void. Make no investments here!
How Do I Get My Money Back If PrismCapital Scams Me?
Your best option after being scammed is a chargeback. Next, get in touch with the company that issues your credit or debit card. It’s beneficial to know that MasterCard and VISA have a 540-day chargeback period.
Reimbursing bank investments is more challenging but not impossible. The client’s best course of action is to get in touch with her relevant bank and follow the bank’s plan of action from there as most banks have some form of strategy for dealing with lost money. Additionally, in the event of fraud, we advise consumers to update their bank account username and password.
It is regrettable to inform you that cryptocurrency investments are extremely tough to recover. Where the investor’s money will end up is a mystery.
- Unregulated and unlicensed
- Based in St Vincent and the Grenadines which is a popular base for investment scammers.
- Dubious withdrawal policy
- No demo account just access to a platform overview
FAQs About PrismCapital Broker
Is My Money Safe with PrismCapital?
As PrismCapital is unregulated, you can be sure that your money is not safe with them.
How Long Does it Take to Withdraw From PrismCapital?
Withdrawals take up to 7 days, but we are sure some clients won't be able to withdraw.
What Are The Funding Methods For PrismCapital?
Currently, Prism Capital accepts deposits made with cryptocurrency, which are quite difficult to return.