WikiFX is a global forex broker regulatory inquiry app that has investigated and then reviewed over 35,000 brokers while collaborating with more than 30 regulators. To learn more about the security and legitimacy of your chosen forex brokers, simply log on to www.wikifx.com and utilize the search bar to arrive at the answers for your broker inquiries.
In today‘s article, WikiFX will be taking you on an in-depth review of Bold Prime, which is a relatively new Forex broker within the industry that was established in 2020, from various aspects including general information, regulatory status, and clients’ exposures.
General information:
At first glance on WikiFXs website, Bold Prime has a fairly low rating as the company does not have much information that could strengthen the reliability of this company.
Bold Prime or Bold Prime Limited is registered at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines, with the company number 26184 BC 2021.
Its official website is www.boldprime.com.
Although there is no phone number listed on the site, customers are able to seek help and advice via the 24/7 chatbox function or sales@boldprime.com or support@boldprime.com.
Market Instruments:
Bold Prime offers more than 28 Forex pairs as well as options, indexes/futures, shares, and commodities. Currently, Bold Prime does not offer the trading of cryptocurrencies like many of its rivals do.
Trading platform:
Bold Prime offers both MT4 and MT5 platforms for its trading clients that are both available for free downloads on iOS, Android as well as desktop. If you are unsure of which platform to choose as a trader/investor, take a look at this article that WikiFX has prepared for your convenience: https://www.wikifx.com/en/newsdetail/202205172984312699.html.
Account Types:
Bold Prime offers 4 different types of accounts for traders at each level.
One of the main attractive features offered by Bold Prime is the low minimum deposit of only $15 required, high leverage up to 1:2000, and low spreads from as low as 0-0.1 pips.
Do note that a common tactic used by forex brokers to capitulate newbie traders‘ accounts is by recommending high leverage and low deposit accounts. There is a much higher chance for these inexperienced traders to blow their account easily which is equivalent to “easy profits” for the broker itself. In this case, Bold Prime’s Cent and Standard accounts should be used with great caution.
Regulatory status:
Unfortunately, the biggest flag of Bold Prime is being unregulated. There is no information regarding the regulatory status of Bold Prime stated on wikifx.com and neither is there any proof on Bold Primes official website.
This is the reason why WikiFX gave Bold Prime such a low rating because it is a broker that possesses a lot of uncertainties and potential risks.
Having no license and being unregulated means that clients trading capitals are at a much higher risk.
On Bold Prime‘s ’Status page https://status.boldprime.com/, it is stated that Bold Prime Limited is licensed and registered with the National Futures Association NFA (ID: 0544038).
However, WikiFX discovered that this license does not come with an official authorisation which added more ambiguity to the reliability of Bold Prime.
Exposure:
WikiFXs Exposure page (https://exposure.wikifx.com/en/revelation/1.html) is where traders can obtain honest and transparent feedback from other traders. For any unresolved disputes, WikiFX would step in as an intermediary to work out a satisfying solution between the trading client and the broker in question. To date, WikiFX has helped over 1200 people to resolve their complaints and recovered over $36 million.
There are a total of 6 exposures of Bold Prime listed on the Exposure page and most of them are regarding withdrawal issues.
This trader from Malaysia was unable to withdraw his/her funds.
Another trader who faced withdrawal difficulty whose email was ignored by Bold Primes customer service team.
Conclusion:
WikiFX does not recommend Bold Prime as it is a risky broker with no license nor any other form of regulatory status. It could be “bold”, but it does not pass as “prime”.
Given that there are a myriad of forex brokers in the market with higher credibility coupled with licenses and regulatory statuses, traders who wish to trade with Bold Prime should reconsider this decision carefully or make further research personally.
Forex brokers can be easily found and compared with just a few clicks on www.wikifx.com or on the WikiFX mobile app that is available for free download on both Google Play and App Store. Get your hands on WikiFX now to ensure that you are backed by a trustworthy forex broker in your trading journey.
