EuroPrime is an online CFD and forex broker that maintains current registration with CySEC. Their spreads are generally uncompetitive, and they aren’t clear about other fees that traders must face. CySEC has temporarily banned the broker in the past. They are currently unable to do any business with UK residents by the FCA.
EuroPrime is one of the many brands under which F1Markets Ltd operates as a forex and CFD broker. They established this brand in 2017. This company has been suspended by CySEC, the financial regulator of Cyprus, in the past. They are also unable to offer their services to the UK residents after the FCA banned the company from operating there under any of their brands.
One of the key issues we found during our EuroPrime review is that the company behind EuroPrime operates many other brokers without clarifying that they are all the same company. F1Markets promotes only two of these brands through its website, Investous and StrattonMarkets. They appear to distance themselves from EuroPrime, along with their other brand 24CM. It is F1Markets themselves that are the subject of the current FCA ban, so all of their brands are covered.
Online User Reviews
There are numerous user reviews of EuroPrime online. Overall, these reviews are generally negative. Their customers cite several specific complaints. They say that the broker has a number of hidden or unexpected fees. Many feel that these fees are unfair. Investors also say that they have trouble making withdrawals from the broker. They say that the broker is only attentive to the needs of clients with the highest account type, largely ignoring the rest of their user base.
EuroPrime Account Types
Our EuroPrime review took a look at the three different account types that EuroPrime offers. These are mini, standard, and VIP. Users who go with the higher accounts receive more access to resources along with more favorable spreads.
The mini account is the entry-level account. It includes access to a number of educational resources. There are basic training videos on how to use the platform and a few basics. There are also some more advanced tutorials about trading. EuroPrime says that there is a personal account manager. Still, many online reviews claim that lower accounts are ignored in favor of the bigger fish. Mini accounts also receive access to one free month of the broker’s trading signals.
The standard account features everything included in the mini account, along with some extras. Spreads are lowered, giving traders a better chance of turning a profit. They also receive access to a “professional trading expert” who gives trading advice to users with standard accounts. The trading signals are now available permanently, rather than the one-month trial of a mini account. There also daily market analyses made available to users with this account level.
The VIP account is the premium trading account. The even lower than for the standard account, giving traders the best profits that the broker has to offer. This appears to be the only stated improvement over the standard account. Users say that it is only members with VIP accounts who receive any attention from the broker, including the professional trading experts.
EuroPrime carries an unremarkable set of assets available for investors. They provide both CFDs and forex. CFDs are available on several different classes of assets. CFDs on commodities area available whether you’re looking for base metals or crops. There is a standard range of CFDs on indices and stocks. They also have a good selection of CFDs on cryptocurrencies, including Ripple and Litecoin, beyond the obvious Bitcoin and Ethereum.
The spreads on the assets aren’t great when compared to other similar brokers. It is only those who put down the substantial deposit for a VIP account that receives anything close to decent spreads. The starting spreads for a mini account are up to twice as high as the same accounts at comparable brokers. This broker’s offerings are unimpressive.
EuroPrime lets users choose between using MetaTrader4 or their own platform. Bizarrely, EuroPrime doesn’t give access to MT4 through their website. Many brokers do this, allowing users to download the platform and then set up a demo account to try it out before putting down a deposit. To get access to the platform, users have to sign up and then receive instructions over the phone from one of EuroPrime’s representatives. This is an incredibly strange arrangement and must seem off-putting to many of their users.
Once users have managed to access MT4, they have access to the industry-standard suite of features. This platform popular among many brokers, and users have come to be very familiar with it. There are great charting tools that make evaluating positions incredibly simple. There are also automated trading tools that allow users to perform advanced functions.
The other option for trading with EuroPrime is the SIRIX web trader. The broker boasts about this platform, claiming that it is one of the most impressive trading platforms ever produced. This is a major overstatement. Most of the features offered by this platform are very basic.
There aren’t the necessary in-depth analysis tools that serious traders would expect. It’s clear that MT4 is the better choice when trading with EuroPrime. The platform also lacks proper tracking tools, making understanding your positions somewhat difficult. There isn’t anything that makes SIRIX stand out from web traders used by any other broker.
This platform is also available in the form of a mobile app. Unfortunately, it is very poorly optimized. Navigating the platform on your device is not intuitive or streamlined. Users can perform trades using this app, but it is a difficult and unpleasant experience. Other brokers have had great success with their apps, creating simple to use and easy to navigate platforms that let investors trade on the go just as well as they can at home. EuroPrime has not met this standard with its app platform, which is below the bar set by comparable brokers.
EuroPrime’s Vague Fees and Unreliable Communications
EuroPrime states on their website that they have zero percent deposit fees. That’s pretty good, with most similar brokers charging two to three percent depending on the payment method. However, their website also states that this zero percent is subject to certain terms and conditions. They don’t clarify, making it unclear whether deposits face fees or not. It seems like users will simply have to try it and find out afterward.
EuroPrime claims to offer leverage up to 1:400. Leverage can cause beginner traders to lose all of their funds extremely quickly. This happens to many new traders who first invest in CFDs and forex online. 1:400 is an extremely high leverage that promises high rewards but also imposes an obscenely high risk. What’s more, this leverage would be illegal in the EU. ESMA rules mandate that the maximum leverage to individual traders is 1:30. While EuroPrime might have methods in place to prevent EU residents from using their 1:400 leverage, they have not made any such arrangement clear.
There are several ways that traders can get in touch with EuroPrime. They have an online chat on their website where you can reach a customer service representative. They also have a phone number listed on their contact page. Their call center is only available through the business week, so you can’t reach them on weekends.
Passporting Rights with the UK Revoked
The UK has been cracking down hard on CFD and forex brokers in the past few years. The FCA banned several brokers in June 2020. Included in this ban was F1Markets Ltd, the parent company behind EuroPrime and several other brands. This wave of bans was in reaction to a campaign by multiple brokers that involved the use of fake celebrity endorsements. They used these fake endorsements to promote CFDs in the UK. The FCA claims that UK traders have lost hundreds of thousands of pounds due to these endorsements.
The FCA has strict rules about risk disclosure for any broker offering CFDs. CFDs can provide high rates of return, but they are incredibly complex and only suitable for experienced traders. Failure to disclose these facts led to the FCA rescinding the passporting rights of F1Markets and several other brokers. Without passporting rights, the CySEC registered broker is unable to offer any financial services to UK residents.
Suspended by CySEC
EuroPrime is a CySEC registered broker and is under the jurisdiction of that regulator. As such, CySEC issued a temporary suspension against EuroPrime and the other brokers that had been the subject of the FCA’s ban. When the FCA exposed the brokers’ use of phony endorsements, CySEC responded with punitive actions against the brokers. The brokers were required to implement corrective measures and were suspended for the month that CySEC gave them to comply.
The ban and suspension of EuroPrime gave other regulators around the world reason to take a closer look. FI, the Swedish financial regulator, made public the fact that they had been receiving more and more complaints about these brokers in the lead up to the ban.
The regulator’s statement claimed that these complaints were primarily about the brokers’ pushy sales tactics. Other complaints included issues making withdrawals and the unclear fee structure. Not properly explaining the risk of trading CFDs was another point covered by these complaints. After all of this was made public, the Italian regulator CONSOB issued a warning to citizens of Italy to avoid doing business with F1Markets Ltd and any of its brands.
The Key Points on EuroPrime
Our EuroPrime review has found this forex and CFD broker to have no notable advantages over other online brokers. The minimum deposit of $250 to get started isn’t great, and it’s made worse by the lack of a demo account. Traders can use MT4 or their SIRIX platform. However, the SIRIX platform is lacking many of the features that traders have come to expect.
Their fee structure isn’t apparent, and many online user reviews cite unexpected fees. The most important point we’ve discovered is their track record of bans and suspensions from financial regulators, along with warnings from other regulators. It doesn’t sound very wise to start investing with a broker that has been specifically banned by the financial regulator of the UK and then suspended by CySEC. Anyone trading with EuroPrime is opening themselves to the risk that the broker might act against regulations again in the future.
Stand Up to Unreliable Brokers
You shouldn’t let brokers walk all over you. If a broker you invest with has caused you to invest in assets you don’t understand through pushy sales tactics and false advertising, you should hold them accountable. Our team has the experience and tools needed to retrieve your funds from these brokers. Contact us today to get started on your refund. The initial consultation is entirely free, and with the details of your case, we’ll be able to tell you if our fund recovery process will work for you.
Has CySEC lifted its suspension against EuroPrime?
Yes, EuroPrime and its parent company F1Markets have met the conditions set by CySEC for the removal of the suspension, which was in place for one month
Has the FCA lifted EuroPrime's ban?
No, the FCA has continued to remove passporting rights from any brokers found to be promoting CFDs using falsified celebrity cameos, including several more brokers following EuroPrime's ban Yes, the FCA has not changed their decision to revoke passporting rights from Investors and other firms. In the time since they've gone on to do the same to other brokers as well.
Is investing at high leverage a good idea?
No, investing at high leverage opens you up to greater losses. There's a reason that the ESMA mandates maximum leverage of 1:30. If a broker is offering you higher leverages, don't take them.
How much do I need to deposit for a VIP account
A VIP account requires a whopping initial deposit of $10,000, a substantial amount to send to a broker you can't even try out with a demo account.