PrismCapital has quite a decent website, seemingly transparent. You can find the owner, the official address, and more. However, you won’t find any regulations which rang a bell in the first place.
Read our honest PrismCapital review and find what else is missing with this bogus trading platform.
Additionally, we strongly advise you to avoid the fraudulent brokersGMT Trading,Exo Trade Capital, andBuffets Finance.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Sanguine Solutions LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Proprietary platform|
|Minimum Deposit:||250 USD|
|Types of Assets:||Forex, commodities, shares, indices|
|Free Demo Account:||Not Available|
|Accepts US clients:||Yes|
Can I Trade Safely On The PrismCapital Platform?
PrismCapital is a brand of Sanguine Solutions LLC, registered in 2021 in Saint Vincent and the Grenadines. The same company operates another brand, Gitex Capital, blacklisted in several countries, including Spain, Italy, and Belgium.
Knowing this, we highly suspected PrismCapital’s legitimacy. Since SVG has no financial regulator for Forex and CFD trading providers, the brokerage should have opted for a license in the country of service.
Upon checking databases of the FCA, ASIC, BaFin, and more, we found nothing.
Reasons Not to Trust an Unlicensed Broker
Licensed brokers should keep your funds in segregated accounts, have compensation funds varying depending on the jurisdiction, and limit their leverage. With bogus firms, such as PrismCapital, you won’t find it.
Instead, you’ll be a victim like those involved with Gitex Capital and wait for the brokerage to be officially blacklisted.
So Is PrismCapital a Scam?
PrismCapital is an offshore Forex and CFD trading provider based in Saint Vincent and the Grenadines. The company has no license and operates illegally. The consumer index is low, indicating you should avoid the website.
What Do Traders Think Of PrismCapital?
PrismCapital reviews are far from ideal. Customers report all kinds of problems, from the lagging trading platform to stolen funds. It seems that broker employees use AnyDesk, TeamViewer, and other remote access apps to connect to customers’ devices and get to their online banking. From there, it’s pretty obvious what happens.
What Platform Does Prism Capital Offer To Trade On?
PrismCapital offers a basic proprietary trading platform. It’s web-based and rudimentary, without advanced features such as EAs or social trading. You’ll be left with several charts and indicators, trying to figure out how to profit with such a limited offer of features.
Instead of dealing with basic platforms and bogus brokers, find a legitimate investment firm providing advanced software such as MT4 or MT5. Not just will you get more tools, but you’ll also have fund safety.
Does The Broker Have a Version For Mobile and Tablets?
Yes, this proprietary platform is available as an app for Android and iOS devices. You can download it from the broker’s website and get the same desktop WebTrader in the mobile version. Again, the tools are limited, and your funds are not safe.
PrismCapital Accounts Overview
The company offers four account types. These are:
- Standart – $250, leverage 1:20, limited asset selection
- Classic – $1,000, leverage 1:50, tight spreads
- VIP – $5,000, leverage 1:80, all trading instruments
- Pro – $10,000, leverage 1:100, personal assistant
Besides the increasing leverage, perks are not as good.
Can I Try to Trade With a Demo Account?
Unfortunately, PrismCapital’s Demo account is not enabled. You’ll have to use your own funds if you want to trade. Since the firm is unlicensed, we don’t recommend you invest. Instead, find a regulated broker with a Demo account available.
PrismCapital Broker – Countries Of Service
The majority of complaints about PrismCapital trading scam come from:
- South Africa
Also, avoid the trading fraudsBullGeko,5Markets, andInvest Union LTDat all costs! Moreover, before investing, always look into the past of internet trading firms!
Bonuses And Affiliate Program Fraud
The company offers bonuses and affiliate program rewards. Anyone who advertises the company on social media or blogs, and brings new customers, gets certain benefits.
In addition, those who have invested can get a deposit bonus. However, this money is not free. If you accept any incentives, you’ll have to have a rollover of 25 times the deposit plus the bonus amount before being eligible for a withdrawal.
And that’s how scheme firms abuse bonuses to prevent you from getting your funds back.
PrismCapital Range of Trading Markets
The company offers to trade in the following markets:
- Currency pairs – EUR/AUD, CAD/GBP, USD/ILS
- Indices – Dow Jones, AUS200, DAX30
- Shares – Amazon, Tesla, Nvidia
- Commodities – gold, corn, natural gas
Cryptocurrencies are not on offer, making this firm even less appealing.
What Are Trading Terms Offered By PrismCapital?
The company decides its own trading conditions and doesn’t comply with regulatory rules. While EU and UK authorities have set a leverage limit to 1:30, PrismCapital offers significantly more, depending on the account type. As per costs, there are no clear specifications on whether you’re being charged anything else besides the spread, which is risky. Don’t trust scheme firms.
What Is the Broker’s Leverage and Spreads?
The firm offers leverage ranging from 1:20 to 1:100. It’s against legal rules and risky for your funds.
As per spread, it starts at 3 pips for EUR/USD pairs, which is pricey. The industry standard is double lower, standing at 1.5 pips.
PrismCapital Funding and Withdrawal Methods
The only accepted payment method is cryptocurrency. The minimum deposit is $250, while the minimum withdrawal is not specified. Additionally, there’s no time frame for processing the withdrawal request or other necessary information.
Why Is Paying In Cryptocurrency Unsafe?
Crypto payments are virtually untraceable and not subject to a chargeback procedure. Thus, you cannot retrieve the money that easily. This works perfectly fine for scammers who ensure that once they get ahold of your funds, they’re gone for good.
Instead, choose legitimate companies offering credible payment methods, such as credit cards and PayPal.
Scammed by PrismCapital Broker? – Let Us Hear Your Story
PrismCapital is an unregulated brokerage that has defrauded many. If you find yourself a victim, don’t get desperate. Instead, get in touch and book a free consultation with our recovery experts.
We may assist you in tracing your crypto and getting back what’s rightfully yours. Don’t give up. Let’s act together!