Premium FX Trade has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.premfxtrades.com.
Do not use Premium FX Trade for anything serious. I used them for over a year for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Dedicated account manager|Personal attention
Cons: Limited demo account features|Some tools only available on higher tiers
KYC with Premium FX Trade is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Demo account available|Intuitive for beginners
Cons: Desktop app not available on Linux|Would like more payment methods
Premium FX Trade has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Good mobile app|Regular platform improvements
Cons: Cannot customize dashboard fully|Mobile app could be improved
The hidden fees at Premium FX Trade are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Real-time alerts|Responsive team|Detailed reporting|Reliable uptime
Cons: Research section could be deeper
Premium FX Trade changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Helpful community forum|Easy withdrawals
Cons: Email notifications too frequent
Premium FX Trade offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Helpful community forum|Dedicated account manager|Portfolio tracking tools
Cons: Withdrawal takes 1-2 business days|No dark mode on mobile
I looked into Premium FX Trade and found they appear in the regulatory warnings database. Financial Conduct Authority has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Cons: Flagged by international regulators|Due diligence required
The platform itself is okay, but the customer service at Premium FX Trade is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Good mobile app|Customizable dashboard|Stable platform|Quick verification
Cons: Help articles are sometimes vague
Do not believe the bonus offer from Premium FX Trade. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited after attending a webinar they hosted and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Excellent charting|Easy to use platform|Risk management tools|Detailed reporting
Cons: Onboarding videos are outdated
Several red flags with Premium FX Trade: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly