Independent rating of Forex broker Zurich Prime

About company

Zurich Prime is a forex broker with its headquarters in Romania. Zurich Prime is owned by U-Nex Solutions. The broker is registered in the offshore zone of the Marshall Islands. The first thing worth paying attention to is that the broker is not regulated by any financial authority. Moreover, the FCA and the Ontario Securities Commission (OSC) warned traders that the company operates under their jurisdictions without holding appropriate licenses. In most cases, such warnings indicate that the specified broker is a fraud. 

Trading conditions

Clients can choose from a wide array of different account types, including an Islamic account with no swaps. However, there is no demo account to practise on.  The broker also offers its customers a vast range of trading assets, including currency pairs and CFDs on various trading instruments, indices, commodities, and stocks. A deposit of at least $500 is required when opening an account. Given that the broker has no license, which actually means that customers’ funds are not protected, this is a large amount of money to start trading.    Spreads depend on the account type and the minimum deposit: the higher the initial amount, the lower the spread. So, the owners of the Platinum account with the highest deposit of $50,000 are offered a spread of 1 pip. Those who open the Standard account with a $500 deposit will have a spread starting from 2.3 pips. The broker claims it does not charge any fees.  The maximum leverage is 1:400.  Zurich Prime operates on the Sirix trading platform available for desktop and mobile devices.   Its functions are similar to those offered by the MetaTrader platforms. In addition, Sirix provides access to social trading services. For instance, the platform helps traders make money by copying transactions of other successful traders. This option is good for beginners or those who do not want to spend their time on trading.   Clients can receive a bonus of up to 100% of the deposit. Yet, there is no information on the company’s website on how the bonus size is defined. There are several ways to deposit funds with Zurich Prime. Apart from credit cards and wire transfers, it is also possible to deposit money through Neteller, CashU, Qiwi, WebMoney, WesternUnion, and MoneyGram.

Support service

Customers can contact the company’s representatives by phone or email specified on the website. The support service is available from 9:00 to 21:00 local time (Romania) from Monday to Friday. 

Traders’ reviews

Comments from traders who worked with Zurich Prime reveal the fraudulent nature of the  broker. Some users complained that their money had disappeared from their accounts or they were unable to withdraw funds. There are also many complaints in the review section of the broker's trading app for Android on Google Play. Many clients warn that this broker is a scam.

Pros and Cons

A wide choice of trading assets is considered an advantage. However, the disadvantages outweigh them all. First of all, the broker is unregulated and has no license. Secondly, the initial deposit is rather high. Finally, the feedback from traders who cooperated with the company is mostly negative.