Brokers like Priority Markets are scam Forex and CFD brokers. If you want to know why these kinds of brokers are scam, then you can find the details within our Priority-Markets review below.
About Priority Markets
Priority Markets is offering a platform where traders and investors can access a wide range of financial instruments such as currency pairs, indices, commodities. It boasts of powerful trading platforms, expert analysts, enhanced and transparent execution and expert support.
There are 6 accounts available with access to the web based platform. Minimum deposit begins from $500.
Priority Markets has company address located offshore in Saint Vincent the Grenadines.
Should you trust Priority Markets?
Priority Markets is not an authorized CFDs broker. This broker is not in the list of any financial regulator whatsoever. The risk of putting your funds in the hands of an unregulated broker is quite clear. You stand to lose all your money very fast.
- Priority Markets is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK. In fact, Priority Markets is not regulated in any country, it has no license whatsoever, which makes it an illegal investment service.
- Unlicensed brokers like Priority Markets do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Other unregulated brokers will also steal your money right away. Once you transfer funds to them, they block you from ever accessing your trading account.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Avoid Priority Markets at all cost because of the risk that comes with using offshore brokers and their platform. They can’t guarantee safety of your funds due to their unregulated status. Infact, the job of these offshore scammers is to convince you to transfer money to the fraudulent company’s payment processors. When you agree to do so, your money will be gone.
Is Priority Markets Safe?
Priority Markets is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
Priority Markets is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
The best way to invest in the markets is using a licensed broker
There is absolutely no reason to invest with an offshore or unlicensed broker. If you think you need high leverage or high margin rates, you are mistaken, and you will lose your money fast.
So go for licenced brokers, listed here.
AvaTrade is a Globally licensed Forex broker with copy trading benefits. They have a great trading platform that carters for both beginner and expert traders.
Test it out first on a free demo, see here.
How Priority Markets works?
We have proved that Priority Markets is a scam. Their investment offers are obviously meant to attract people and make them deposit as much money as possible.
Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
Priority Markets will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
Priority Markets is a scam broker that is trying to fool people into believing that they’re the best thing. Don’t fall for their lies.
One thing we are sure is that you will not like the experience of soliciting an offshore brokerage firm like Priority Markets.