PUPrime falls into the category of offshore brokerage firms that may appear enticing but, in reality, deliver only empty pledges and financial turmoil. Despite their offshore regulatory status, they manage to partake in various deceptive practices.
This PUPrime review aims to uncover the inner workings of the PUPrime scheme and reveal what lurks beneath its polished facade. Continue reading the PUPrime review to gain insight into how these gray-area brokers can swiftly undermine your financial well-being.
Website – https://puprime.com/
Address – 1 Floor, First St Vincent Bank Building, James Street, Kingstown, St. Vincent and the Grenadines
Warning – Comisión Nacional del Mercado de Valores (Spain), Autorité des Marchés Financiers (France)
Regulation – FSA Seychelles Blacklisted, Offshore
Domain Age –
|Date Registered||July 30, 2019|
|Domain Age||4 years, 2 months, 17 days, 3 hours, 52 minutes, 54 seconds|
About PUPrime Regulation
Companies are mainly required to register with the FSCA, which is in charge of regulating the markets in South Africa. But there are no extra guarantees or safety measures for traders with this registration. It does not, however, guarantee that registered enterprises have the qualities required to prosper in unstable and competitive marketplaces, nor does it stop scams, even though it provides some responsibility. We verified the existence of PUprime in our inquiry by cross-referencing the FSCA database.
Because PUprime is listed, there is, in fact, some regulatory control, albeit very little. It is noteworthy because PUprime provides its services outside of South Africa, which normally necessitates permission from the appropriate authorities. The French AMF, for example, has issued a warning in this regard.
Despite PUprime holding a license, the effectiveness of that license remains questionable. Furthermore, it has operated in regions where such activity is illegal. This pattern aligns with the behavior often observed in offshore brokers lacking robust regulatory oversight.
PUPrime Review: Trading Platform
PUprime offers a diverse selection of trading software options. This includes both Metatrader 4 and its advanced successor, MT5, accessible on desktop platforms, alongside a web-based version of MT4. These platforms exhibit the clean design and practical tools commonly associated with the Metatrader software.
However, we encountered an obstacle in locating the server that PUprime claims to have. Consequently, desktop trading does not appear to be a viable option, and it raises doubts about the existence of a proprietary platform provided by the broker. Once again, this situation appears quite dubious.
PUPrime Review: Trading Conditions
The trading conditions offered by this company raise some concerns. Let’s begin with the spreads, which start at 1.3 pips. This figure is somewhat higher compared to many contemporary firms, as they often offer spreads well below a single pip, and this is typical without requiring additional commission fees.
Additionally, the issue of leverage comes into play. PUprime offers leverage of up to 1:500, a level that is not accessible to retail traders in many parts of the world. As previously mentioned, South Africa’s regulatory environment is relatively lenient, allowing traders to access such high leverage levels, regardless of their level of experience in the financial markets.
PUPrime Review: Customer Support
Our initial unsatisfactory encounter with PUPrime’s customer service involved the absence of an email containing our login credentials. The live chat function, despite its name, doesn’t provide immediate access to a staff member; instead, it operates as a message board where you leave your query and contact details, awaiting a response via email. Unfortunately, in our case, such a response was never received.
Furthermore, the provided emails address and phone number appeared dubious, which could explain why clients frequently report difficulties in receiving any form of response.
The issue goes beyond the inadequate regulation of this offshore broker. The fact that they have been blacklisted on multiple occasions speaks volumes about the security of your funds.
If you’re beginning to harbor concerns about the safety of your investments with PUPrime, it’s essential to take swift action. Simply complete our online complaint form, and our experts will provide you with a free consultation, outlining the necessary steps to recover your funds. Your financial security is our utmost priority, and we are dedicated to assisting you throughout the entire process.
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