Forex Prince Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-28 16:52

Abstract：Forex Prince is an unregulated brokerage company based in Saint Vincent and the Grenadines. It claims to offer currency pairs, precious metals, indices, and commodities CFDs via the famous MT4 platform.

　　Note:Forex Prince's official website:https://www.forexprince.com/ is currently inaccessible normally.

Forex Prince Review Summary
Founded	2012
Registered Country/Region	Saint Vincent and the Grenadines
Regulation	No Regulation
Market Instruments	Currency pairs, precious metals, indices, and commodities CFDs
Demo Account	❌
Leverage	Up to 1:1000
Spread	Average 1.6 pips (Premium account)
Trading Platform	MetaTrader 4 (MT4)
Minimum Deposit	$10
Customer Support	Phone: + 44 203 8088959
Customer Support	Email: support@forexprince.com

　　Forex Prince is an unregulated brokerage company based in Saint Vincent and the Grenadines. It claims to offer currency pairs, precious metals, indices, and commodities CFDs via the famous MT4 platform.

Pros and Cons

Pros	Cons
/	Non-functional Website
	No regulation
	Lack of Transparency
	No demo accounts
	High leverage

Is Forex Prince Legit?

　　At present, Forex Prince lacks valid regulation. Its domain was registered on Oct 29, 2014, and updated on Sep 30, 2023. The domain's current status is “client Transfer Prohibited”. We advise you to look for other regulated brokers.

What Can I Trade on Forex Prince?

　　Forex Prince claims to offer a wide range of currency pairs, precious metals, indices, and commodities CFDs. However, due to the inaccessible website, these products may not be tradeable now.

Tradable Instruments	Supported
Forex	✔
CFDs	✔
Commodities	✔
Indices	✔
Cryptocurrencies	❌
Shares	❌
ETFs	❌
Bonds	❌
Mutual Funds	❌

Account Type

　　Forex Prince provides 2 trading account types: Premium and Premium Pro. The premium account offers a sound minimum deposit of only $10, while for the Premium Pro the deposit requirement is up to $2000.

Account Type	Min Deposit	Min Trade Size	Max Leverage	Avg Spread	Commission
Premium	$10	0.01	1:1000	1.6 pips
Premium Pro	$2 000	0.01	1:100	0.3 pips	$6

Leverage

　　The Premium account provides high leverage up to 1:1000 and the Premium Pro only provides leverage of 1:100. However, please note that high leverage is a double-edged sword. It can bring both great profits and big losses.

Spread and Commission

　　The Premium account is commission-free with spreads from 1.6 pips while the Pro account involves a commission of $6 and spreads from 0.3 pips. Note that the spreads on the EUR/USD amount to 0.1 pips and no commission.

Trading Platform

　　Forex Prince offers MetaTrader 4 (MT4), which is available as a desktop download and mobile app. MT4 is suitable for beginners. However, we cannot verify this broker's trading platform for its website is inaccessible.

Deposit and Withdrawal

　　Forex Prince supports payment methods through credit/debit card, wire transfer, and third party payment providers such as FasaPay, Skrill, Neteller, WebMoney, Perfect Money, advcash, PayCo, and Bitcoin.