Parker Prime Review Is Parker-prime.com A Legit Forex Broker

Parker Prime Review: Is Parker-prime.com A Legit Forex Broker?

Parker-prime.com Review: this is the website of a Forex brokerage offering traders of all levels top-class trading. Is Parker Prime a scam Forex broker? Before you deposit funds with this broker, read all the details we found about it.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Parker Prime mentions that it is owned and operated by CloudFin OU which is registered in Estonia. Then, it mentions that its operational office is in Bulgaria. These details are intentional attempts to confuse inquisition about its legitimacy. The website does not mention any regulatory body and thus we conclude that this is an unlicensed brokerage.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Parker Prime

The broker is run by a team of highly skilled and experienced professionals who are dedicated to customers’ success. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Parker Prime offers clients unequaled trading speed as well as simplicity. It uses a trading platform that can be used by traders with all levels of expertise.

Parker Prime Trading Platform

The Parker-Prime Forex broker gives clients access to a trading platform called Sirix. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are CFDs and Cryptocurrencies. Nothing is said about Forex currency pairs. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is not mentioned and while some may seem generous, they are not advisable. High leverages can lead to a huge loss of funds as well. Spreads are fixed at 3 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Parker Prime

The means of making deposits and withdrawals with ParkerPrime Forex broker are VISA, MasterCard, Bank Wire Transfer, and Maestro. We find it discouraging that some e-wallets are not allowed for transactions. This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $250 which is within the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees are 3.5% for card deposits, $20 for Bank wire transfer, and $20 for withdrawing amounts less than $20. A monthly fee of $50 is applied if a trader’s account has been inactive.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Parker Prime Licensed?

No. Parker Prime does not provide us with any verifiable information concerning its license. We advise the broker to make this public.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get more information about this broker, dial +353 76 888 6039 (Ireland), +44 20 3966 3385 (UK), +372 618 9492 (Estonia), and +359 2 490 3032 (Bulgaria). Also, you can send an email to [email protected]

Conclusion

Parker Prime is not regulated properly and this makes us give it a low rating. It does not support the MetaTrader trading platform and uses high spreads. The minimum deposit requirement may be affordable but transaction means are limited.

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Fortrade

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Parker Prime Review – is it scam or safe?

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Trading Accounts and Conditions

Parker Prime says to be a forex broker registered in Estonia. It offers trading on Leverate’s Sirix platform and a choice of five account types. However, the broker hasn’t disclosed any trading conditions, so we filled the above table with the information we got from the platform. Apart from their trading conditions and accounts, we have serious concerns regarding Parker Prime, so make sure you read this review prior to investing any money.

Parker Prime Advantages

Sirix platform available

The only possible benefit of Parker Prime we could think of is the fact that the broker provides access to Leverate’s Sirix platform. Although not as advanced as the MetaTrader4 (MT4), Leverate is an easy-to-use alternative for those traders who seek some diversity. Besides its user-friendly trading environment and intuitive charts and graphs, Sirix also includes a Social Trading option.

Parker Prime Disadvantages

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Parker Prime is allegedly owned and operated by CloudFin OU, a company registered in Estonia, which has its operational address in Bulgaria. Unlike many other shady brokers, this one does attempt to lend itself an air of legitimacy. It does not claim to be regulated, and of course, it isn’t licensed by the Estonian Financial Supervision Authority, nor by another EU financial regulator.

So, the people operating this broker are not bound by any law and are not overseen by any government regulator. This means that potential clients (or victims) of Parker Prime have no one to turn to in case they have legitimate grievances. What is worse, our experience shows that the majority of unregulated brokers are simply fraudsters, searching for ways to rip off naive investors.

Zero clarity on trading costs, high spreads on platform

Another worrisome sigh regarding Parker Prime is that the broker’s website has not disclosed any essential trading parameters, such as the spreads, maximum leverage levels provided, commission fees, if applicable, and so on. Furthermore, the brokerage does not offer free demo accounts, so we can safely conclude that Parker Prime is not transparent at all regarding its services and pricing. This is also very typical of scam brokers.

We had to open a live account (without investing any money) in order to sneak peek into this broker’s Sirix and see the spreads. Unfortunately, they are not lucrative for traders at all, fixed at 3 pips on EUR/USD.

Click on the image to view larger.

MetaTrader not supported

Although Sirix is a decent forex trading platform, it still cannot be compared with the industry leading MetaTrader4 (MT4). The MT4 is a perfectly equipped trading terminal that allows you to trade in the financial markets with ease of use. It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, and create and use automated trading strategies (Expert Advisors).

When we read the broker’s terms and conditions, we stumbled upon a couple of clauses, which are quite unfavorable to traders. For example, by signing up with Parker Prime, clients agree to be charged monthly inactivity fee of $50.

Withdrawals are charged with a fixed fee of $20 or 3.5% of the withdrawal amount, depending on the payment method used.

Conclusion

Overall, there is nothing tempting in Parker Prime’s offer. The broker is not regulated, and doesn’t offer a square deal, so you’d better find yourself a more reliable trading partner.

Note that Investing in unregulated brokers brings a high level of risk – there may be commingling, platform intervention, and every possible kind of investment scam. That is why we advise our readers to do business with reliable companies, such as the ones regulated by a reputable financial authority in Europe. One of the most popular ones is the Cyprus Securities and Exchange Commission (CySEC).

And finally, the highlights of this review in a few words:

Sirix platform offered

No financial regulation

Zero clarity on trading costs, high spreads on platform

Parker-Prime.com Review Visit site

About Parker-Prime.com

Parker-Prime is a CFD broker. Parker-Prime offers the Web-based CFD trading platform. Parker-Prime.com offers CFD on currencies, commodities, stocks, indices and cryptocurrencies for your personal investment and trading options.

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Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.