EuroPrime review – or why it is important to read about a broker before trading with them
Another day another broker, right guys? Well, today we have something of a special review prepared for all of you. Today we are talking about the EuroPrime Forex broker, which also known as the prime example of why you should read about a broker before you start trading with them. Why? Well, there is a simple reason. This broker has been operating on the European Forex market for a while and in those years, it has managed to become one of the worst brokers to ever grace the face of this planet. While the broker might not be a scam, they are definitely not the kind of broker that you eve want to deal with. They dedicate most of their resources to marketing while keeping the rest of everything about the brokerage sub-par. This results in many of the users they get being badly burned and never coming back to them. This is also why we are writing this review – so you know never to trade with them. So, let’s get into what these guys do and why you shouldn’t trade with them.
Is EuroPrime legit?
With the kind of introduction we gave the company, it is not surprising that you might be wondering about this. The thing is, yes, the broker is legitimate. At least in the sense that it is licensed to operate by an actual regulatory body. The Belize FSC has provided the company with the license that it needs to operate internationally, which is how it is able to keep doing what it is doing. Thankfully, the Belize authority is also really good at keeping track of whether the broker is doing anything illegal. So far, it seems that the broker has not done a single thing that might be illegal, which is why it still is allowed to run a business with the license that it received so many years ago. Despite the fact that the operations of the company are quite legal, there are those that would have you believe otherwise, and we do not entirely blame them for it.
If you go online, you will find that there are many EuroPrime reviews that talk about how the broker is nothing but a shame, a scam r a broker that is trying to just steal your money. The reason for this is quite simple. There are many traders who ended up trading with the broker and lost money because of it. Whether it is because of the charges that the company did not warn them about, or because of the platform is too slow or because of other reasons, it was not because of theft that this money was lost, or because the broker was trading against them. No, the broker is just that bad at their job of providing a good service. So why are they still around? Because, technically speaking, they do provide a good service, as long as you are part of the upper tier of their clients.
The broker has a system where users with more money can but better service. This is something else that many of the reviews about the broker complain about online. The types of accounts are all pretty useless unless you are trying to go above the Gold account. According to the users leaving reviews, the other accounts (mini, standard, VIP) barely get any attention, while Platinum gets the most.
EuroPrime review of everything
So, after licensing, it is time we talked about the real reasons why you should never trade with the company. The first thing I am going to notify you of is the fact that the website, EuroPrime.com review that we conducted resulted in me coming up with the thought that it might be one of the ugliest well-made websites I have ever seen. The combination of a terrible colour scheme, combined with the fact that some square picked the most boring geometric shape to decorate the website simply means that the broker has no idea how to design a website. What is disappointing though is that, the website is not bad. The pages might be a little annoying to get through when you are trying to gather the information you need, but the intention is not so bad. All of the information you need in order to make an informed decision about the company is readily discoverable, you just have to not mind spending the 30 minutes going from page to page in order to actually end up finding it. All of this is well and good, I just wish the entire process was a little less annoying.
This is where the pile of the problems that the company has starts to show itself, other than the website being ugly of course. The SIRIX platform is not popular among brokers and traders for a reason. The reason is, it is not that good. It is actually quite buggy, a little laggy and very basic in what it offer to its users. Simply ignoring the buggy and laggy parts, which are both extremely dangerous to the well being of any person’s trading capital, even just talking about how basic the tools that the platform provides should be sufficient to make it a point to never use it. But the broker uses it and forces all of its traders to use both the desktop and the mobile application versions of this app. If you were wondering why the EuroPrime rating was so low, this is one of the biggest reasons.
EuroPrime withdrawals, deposits, leverage
But the platform is not where the problems stop. We are just ramping up people, so be ready. This is probably the worst offence that the broker is caught in. The fact that the broker has, in big letters, on their homepage, written that they do not charge for deposits and the fact that they offer 1:400 leverage are both very alarming. That is because both of those things have little asterisks to them, which means “terms and conditions apply’ and it also means that those terms and conditions are there to mess up your day. In the case of the deposit no charges, well, there are charges. Just not on all deposits and mostly on the withdrawals, you will attempt to make from your account with the broker. The charges are arbitrary and not always there when you withdraw. This means that you can end up randomly losing a chunk of the money you were trying to withdraw because the broker thought it was time for you to pony up. The charges are also charged in percentages of your withdrawals or deposits, so make sure that when you are depositing large chunks you do not accidentally end up being charged an exorbitant amount of money.
The part about the leverage provided to the users is a straight-up lie. Well, not entirely a straight-up lie, but if you are a retail trader, it might as well be. You see, because of the new legislation introduced by the EU regulatory body, brokers are not allowed to provide more than 1:30 leverage to traders who are retail traders. This is to protect them from the dangerous effects of high leverage. The only people allowed access to crazy leverage levels is those who get categorized as pro traders. That means that these guys have been in the industry for years, trading huge amounts of money and also have a huge amount of money on their checking accounts. So that they can support the leverage, you know? This overmarketing is part of what the EuroPrime FX brokerage might call marketing, but what we call dishonest and messed up. While it is good that they comply with the local laws and regulations, it is also very messed up of them to be using the numbers that can only be applied to a very small subset of traders in order to promote their business. It is called false catfishing and it is not cool.
Something else that many people state their EuroPrime opinions on in the industry is the customer support. They all say that the customer support is terrible. Not because the broker does not try to provide a customer support team, and not because they are rude. They are some very nice people. It seems that the reason a lot of people are saying this (and I know it because I called) is that a lot of the time the customer support team is trying their best to solve the problem as fast as possible and move on to the next client. It seems like the office is a little understaffed at the moment. Which is why it takes the customer support a while to respond to any issue that the client might have.
So, it is time to conclude. The conclusion about this broker, as far as I am concerned, is to stay away. The broker has no redeeming qualities. Not a single one. Even the EuroPrime bonus that so many people talk about over and over again seems to be nothing even close to what most people would want it to be. The broker seems to have caused a lot of animosity in the industry as a result of terrible service. I wish there was another conclusion I could draw, but right now, not touching the broker is the best solution for everyone. Even the broker.