Prime Vertical Markets is a brokerage firm that offers trading services in forex, precious metals, energy, stocks, and indices for investors. The official website of Prime Vertical Markets is https://primeverticalmarkets.com/, and the site supports only English and Spanish languages. According to the Whois query, the domain name for the company's official website was registered on September 27, 2022, and it has been just over 1 year since the registration.
Company Background:
Information on the official website indicates that the company is registered and established in Australia. The results from the Australian Securities and Investments Commission (ASIC) website show that the company's registration information is genuine. However, the Australian Business Register (ABN Lookup) website did not provide any relevant information about the company, indicating that the company does not hold an Australian Business Number (ABN), which may pose tax risks or restrictions on conducting business in Australia. Additionally, according to the Whois query, the domain name for the company's official website was registered just over 1 year ago.
Furthermore, information on the Prime Vertical Markets website indicates that its affiliated companies, Prime Vertical Markets LLC, and PRIME VERTICAL MARKETS LIMITED, are registered in Saint Vincent and the Grenadines and Canada, respectively. The results show that the registration information for Prime Vertical Markets LLC on the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) website is genuine, while no relevant registration information was found for PRIME VERTICAL MARKETS LIMITED on Canada's Business Registries.
Account Registration:
Prime Vertical Markets' official website provides a registration link for investors to create real trading accounts. The registration process for a real account involves clicking on the "Register" button at the top right of the website or the "Open your trading account" button on the homepage. Users are then required to fill in information such as trading name, date of birth, email, phone number, country, password, etc., to complete the real account registration. The registration page for real accounts is available in English, Spanish, and Portuguese. However, the official website does not provide a registration link for demo accounts.
Account Types:
Prime Vertical Markets offers four types of trading accounts: Standard, MAX, V.I.P, and PAMM. These accounts differ in terms of minimum deposit, spreads, commissions, etc. However, the website does not provide information on the margin ratios for these four types of trading accounts.
Trading Products:
The company provides trading services for forex, precious metals, energy, stocks, and indices. Although the Prime Vertical Markets website displays spreads for some trading products, it does not provide information on all the trading products in forex, precious metals, energy, stocks, and indices, including spreads, commissions, margin ratios, trading hours, etc.
Margin Ratios:
The website does not provide information on the margin ratios for specific trading products in forex, precious metals, energy, stocks, and indices.
Trading Hours:
The website does not provide information on the trading hours for specific trading products in forex, precious metals, energy, stocks, and indices.
Deposits and Withdrawals:
Prime Vertical Markets' website indicates that the company supports various deposit and withdrawal methods, including VISA, Mastercard, Neteller, Astropay, Perfect Money, bank transfers, etc. Additionally, the website provides information on supported currencies, fees, processing times, etc.
Other Services:
The company offers services such as an economic calendar, PAMM Ranking, and Social Trading. The website does not provide information on PAMM Ranking, and it mentions that Social Trading allows investors to copy the trading strategies of others.
Other Services:
The company offers services such as an economic calendar, PAMM Ranking, and Social Trading. The website does not provide information on PAMM Ranking, and it mentions that Social Trading allows investors to copy the trading strategies of others.
Regulatory Information:
Prime Vertical Markets' website indicates that the company holds an Authorized Representative (AR) license from MGF CAPITAL PTY LTD (421246). Although the results from the ASIC website confirm the authenticity of this regulatory or authorization information, it is noted that the regulatory and investor protection standards of the AR license are relatively weak. Importantly, MGF CAPITAL PTY LTD has sold AR licenses to over 20 similar companies, including Prime Vertical Markets Pty Ltd. These companies have no relationship with MGF CAPITAL PTY LTD and are only using the AR licenses purchased from MGF CAPITAL PTY LTD for promotion, raising suspicions of fraud.
Furthermore, the website indicates that its affiliated company, PRIME VERTICAL MARKETS LIMITED, holds a Money Services Business (MSB) license from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, FINTRAC primarily regulates anti-money laundering and anti-terrorism financing in Canada and does not regulate or authorize forex brokers.
Conclusion:
Prime Vertical Markets raises suspicions of potential fraud. While the website displays registration or regulatory information for the company and its affiliated companies Prime Vertical Markets LLC and PRIME VERTICAL MARKETS LIMITED, it is crucial to note that Prime Vertical Markets holds an Authorized Representative (AR) license from MGF CAPITAL PTY LTD (421246), and the regulatory standards and investor protection of the AR license are weak. Furthermore, MGF CAPITAL PTY LTD has sold AR licenses to Prime Vertical Markets Pty Ltd and over 20 similar companies, indicating potential fraudulent activities.
Additionally, although the affiliated company PRIME VERTICAL MARKETS LIMITED holds a Money Services Business (MSB) license from FINTRAC, FINTRAC primarily focuses on anti-money laundering and anti-terrorism financing and does not regulate or authorize forex brokers. Based on these observations, there are concerns about potential fraud, and investors are advised to exercise caution when considering the services of this company. TraderKnows reminds you to be vigilant about the safety of your assets and to avoid falling into fraudulent traps.
