Prestige Venture Review
Prestige Venture Review
Prestige Venture offers a couple of account types to its clients. All of them provide variable spreads and access to the renown MetaTader 4 platform. Classic and Standard accounts are commission-free and accessible with low initial deposits, however the spreads offered are very wide. Usually, brokers offer variable spreads within the range of 1.0 – 1.5 pips on EUR/USD.
Prestige Venture’s ECN spreads appear competitive, however, when we tried the broker’s demo ECN MT4, we found out that the average spread of 1.5 pips on EUR/USD also features a commission of $5 per standard lot. This means that average trading costs for this pair amount to 2 pips per lot, which is also not a good pricing. By comparison, major brokerage FxPro applies a commission of $4.5 per standard lot to the spread of 0.3 pips on its ECN (cTrader) accounts.
As Islam is the official religion of Malaysia, where Prestige Venture has a couple of offices, it offers swap-free services to investors of Islamic belief.
The Company. Security of Funds
Established in 2016, Prestige Venture offers trading in forex, precious metals and commodity CFDs. The company operating the brand, Prestige Venture Limited, is registered offshore, in the Seychelles.
Forex broker regulation is not mandatory on these islands, so brokers registered in the Seychelles are not overseen by any authority and don’t have to face any requirements. Basically, such companies can do whatever they like with your trades or your money.
Please, get yourself acquainted withal all the risks involved in doing business with offshore brokers. There are numerous reasons why we do not recommend doing business with such companies. Instead, we advise traders to select among brokers licensed by UK’s FCA, Cyprus’CySEC, or another reliable financial regulator.
Like most FX brokers, Prestige Venture supports the MetaTrader 4 platform. This internationally acclaimed trading terminal provides a full spectrum of trading tools and resources, such as solid charting, a lot of technical analysis indicators, extensive back-testing options, etc. In addition, the platform is equipped with a wide range of Expert Advisors (EAs), so traders can let the program do all the work.
Methods of Payment
Prestige Venture offers bank wire transfer, credit/debit cards, PayPal and Skrill as payment methods.
Prestige Venture is one of the many forex brokers registered offshore. It seems to target mainly Asian investors and offers trading on the popular MT4 platform. The main problem with this broker is that it operates without a valid forex broker license. Besides, its spreads are high.
Prestige Venture Review Conclusion
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