Prestige.FM Review (2023)

Is Prestige.FM a scam or legit broker?

No, it is not safe to trade with Prestige.FM. Prestige.FM is owned and operated by Euro Wealth OÜ, and claims to be located in Tallinn, Estonia.

Prestige.FM offers vast trading opportunities on Forex and CFD asset classes, as well as offers generous bonuses with trading conditions. However, the broker’s location and the nature of the business requires authorization from the industry regulator, which is not the case of Prestige.FM.

Even though the Prestige.FM claims its leading positions at the industry while there are numerous awards received alike “Most Promising Forex Broker 2015”, “Best Forex Service Provider 2017” and its operation under General Data Protection Regulation Complaint. Yet, the broker not holding any license to deliver its service within Estonia or beyond, as well as none of the authorities check on the following of international standards that are necessary for online trading. Therefore, the stated information might be just marketing that has nothing to do with reality.

In addition, the UK’s Financial Conduct Authority (FCA) has issued a warning against Prestige.FM in August 2018:

“Prestige Financial Markets is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

We also have feedback from traders that they cannot withdraw money. You can read the feedback here.

Conclusion

We advise all investors and traders to avoid Prestige.FM and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HotForex.