Summary:
Core Prime positions itself as a worldwide online trading venue that provides access to Forex, Cryptocurrencies, Commodities, Energies, and Indices through MetaTrader 5. However, there are many alarming reports hidden beneath the smoothly working website – from fake registration information to not being formally licensed. In addition, the domain name was only recently registered in September 2024, and Core Prime bears all the hallmarks of being a high-risk and possibly dishonest broker.
About Core Prime
Core Prime purports to be operated by Core Prime Ltd, a St. Lucia-based company with registration number 2024-00573. The broker boasts four separate account types, with Islamic account options, used to entice traders from throughout the world for a meager $10 minimum deposit and leverage as high as 500:1.
However, a look into the details of the company’s registration, regulation, and legitimacy suggests a great deal of discrepancy, metrics that any trader should evaluate carefully before investing.
Trading Offerings
Core Prime advertises an extensive trading portfolio that gives opportunities for traders to trade:
- Forex – Major, minor, and exotic currency pairs.
- Cryptocurrencies – Major digital currencies such as Bitcoin and Ethereum.
- Commodities – Gold, silver, and oil.
- Indices and Energies – Global market indices and energy products.
Regulatory and Verification Concerns
1. False Registration Information
Core Prime asserts that it operates from Saint Lucia, but an inquiry on the official St. Lucia Online Company Registry revealed that the registered address of the company is fake.
2. No Regulatory License
The company claims that it is regulated by the St. Lucia Financial Services Regulatory Authority (FSRA), but an inquiry confirmed that Core Prime does not have any license or certification under its name. In essence, this means that the company is unregulated and operates without financial authority.
3. Recently Registered Domain
Another red flag is that CorePrimeMarkets.com is a new domain, as it was registered on September 26, 2024, according to Whois data. A short history of operating means that the company doesn’t have a credible performance history or evidence of trust from users.
Account Types and Deposits
Core Prime offers four account types with Islamic options and a $10 minimum deposit. Payment methods are:
- VISA and MasterCard
- Skrill and NETELLER
- Cryptocurrency
- Bank transfer
The company also claims the processing of deposit and withdrawal requests takes 24 hours and covers all transaction fees. Though this may sound appealing, it can be a method to convince traders to deposit money fast since time is of the essence, and without verifying.
Lack of Transparency and User Reviews
A significant concern is that there are no:
- Verified user testimonials
- Active social media accounts
- Details on how they operate
These are common problems often experienced on high-risk or scam trading sites, as they attempt to blur the lines between user testimonials and observed authenticity.
Also read TenX Prime review.
Frequently Asked Questions (FAQs)
1. Is Core Prime regulated?
No. The site claims to be regulated by the St. Lucia FSRA, but official records show that Core Prime does not have a legitimate license.
2. When was Core Prime established?
The domain name for Core Prime was registered on September 26, 2024, which indicates that it is a new website with no history.
3. What is the minimum deposit at Core Prime?
The minimum deposit is $10; these low starter deposits are often used as a marketing tool to secure small investors’ funds.
4. Can traders trust Core Prime with their funds?
Given the absence of regulation, false registration claims, and lack of user testimonial verification, we do not believe Core Prime is safe for depositing money or trading.
Protect Your Investments
Professional assistance is available if you have already made a deposit on Core Prime or if you believe there has been financial fraud.
To report the problem and get professional help getting your money back, contact us.
Check the list of the latest scam brokers here.
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