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Brokers from St Vincent & The Grenadines: Should you avoid them?

WikiFX | 2022-09-29 18:24

Abstract：There have been many brokers registered in St. Vincent and the Grenadines in recent years. However, we have received numerous complaints related to these brokers registered in St. Vincent and the Grenadines. Which raises a question: how reliable is an SVG broker?

About St Vincent & The Grenadines

Saint Vincent and the Grenadines is one of the most popular offshore jurisdictions in the world for forex brokers. The Caribbean country is well-known for its low taxes and ease of doing business, but it also has little oversight over forex brokers registered there.

Traders in Saint Vincent and the Grenadines who are considering opening an account with a forex broker should be aware that the government does not “regulate, monitor, supervise, or license” any forex brokers. This is clearly stated on Saint Vincent and the Grenadines Financial Services Authority's website, which means that any broker claiming to be regulated in the country is lying.

The advantages of St Vincent & The Grenadines

Setting up a forex-related company in SVG can save costs compared to other regions. Although the forex broker need the regulatory license, it is not necessary for a new started forex broker to have a license in SVG.

Setting up a business entity in SVG will only take a few weeks at most.

Should you avoid SVG broker？

Admittedly, many Scam brokers choose to register with SVG in recent years. Because they are barely regulated by the government, they often take advantage of policies to defraud investors of their money. Dutch Prime Securities Ltd is one such broker.

Dutch Prime securities ltd. is a broker based in St. Vincent and the Grenadines, engaging in providing global clients with various financial products and services, including forex currency pairs, shares, indices, and precious metals. It is registered in SVG. And it is an unregulated broker with a very low WikiFX score of 2.04/10.

We also received complaints against this broker from the victims.

Many fraudulent SVG-registered brokers like Dutch Prime can be found on WikiFX. The biggest problem that these brokers have lies in withdrawal rejection. Once your money is taken away by these scammers, there is no way to get the money back.

We don‘t advise you to invest in a SVG broker as it is too risky that your money never come back. WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFX’s official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!

Broker Forex Analysis

Related broker

No Regulation

Dutch Prime

Company name：Dutch Prime securities ltd.

Score

1.54

Website：http://www.dutchprimesecurities.com/

5-10 years | Suspicious Regulatory License | Suspicious biz area | High potential risk

Score

1.54

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