Prestige

Overview of Prestige

Overview of Prestige:

Prestige is a licensed institution named 天誉金号有限公司 operating in Hong Kong under a Type AA License regulated by Hong Kong's regulatory agencies. The institution's regulatory status and licensing information indicate that it operates within the regulatory framework established by the authorities. However, caution is advised when dealing with this institution as there have been 24 complaints received by WikiFX in the past 3 months, suggesting a potential risk or scam.

Prestige offers market instruments such as LOCO LONDON GOLD and LOCO LONDON SILVER. These instruments allow investors to engage in trading gold and silver based on prevailing market prices. They provide a platform for investors to buy or sell these commodities. For example, individuals can buy Loco London Gold at a specific price, such as $1926.18, as indicated by the trading data provided.

Prestige offers different account types, including a demo account and a real account. The demo account is a risk-free simulation platform that allows users to practice trading strategies without using real funds. On the other hand, the real account involves actual monetary transactions and carries associated risks. Users deposit real funds and engage in real-time trading activities. The minimum deposit required to open a trading account with Prestige is US$700.

Pros and Cons

Prestige is a licensed institution regulated by Hong Kong's authorities, offering market instruments for gold and silver trading. They provide a demo account for risk-free trading practice and offer multiple deposit methods. The brokerage also provides a comprehensive MetaTrader 4 trading platform and educational resources to enhance precious metals knowledge. Additionally, Prestige offers customer support through a hotline, email, and online message board. However, there have been 24 recent complaints suggesting potential risk or scam associated with Prestige. The reviews of the broker on WikiFX are overwhelmingly negative, accusing fraud and scam. Users have reported high service fees and difficulties in withdrawing funds. There are also allegations of misleading customers with false promises and limited customer support availability. Moreover, Prestige has a high minimum deposit requirement of US$700 and provides limited account types. It is crucial to consider these pros and cons and conduct further research before engaging with Prestige or any financial institution.

Is Prestige Legit？

Prestige, a licensed institution named 天誉金号有限公司 operating under Type AA License regulated by Hong Kong's regulatory agencies, is currently regulated. The institution's regulatory status and licensing information indicate that it operates within the regulatory framework established by the authorities. However, it is worth noting that there have been 24 complaints received by WikiFX regarding this broker in the past 3 months, suggesting a potential risk or scam. Caution is advised when dealing with this institution.

Market Instruments

LOCO LONDON GOLD:

Loco London Gold is a market instrument that holds significant value in the trading industry. Gold, with its rich historical significance, continues to be one of the commodities that witness active trading. Loco London Gold represents the gold traded in the London market, providing investors with the opportunity to engage in gold trading. It serves as a platform for investors to buy or sell gold at prevailing market prices. For instance, individuals can buy Loco London Gold at a specific price, such as $1926.18, as indicated by the trading data provided.

LOCO LONDON SILVER:

Loco London Silver holds immense importance as a market instrument due to its widespread use in various industries. Silver has even been converted into currency in circulation by many countries, further establishing its value as an investment choice. Loco London Silver enables investors to participate in silver trading, allowing them to buy or sell silver based on prevailing market rates. For example, the provided data indicates a buy option for Loco London Silver at a price of $23.09.

Pros and Cons

Account Types

DEMO ACCOUNT: A demo account is a risk-free simulation platform that allows users to practice trading strategies without using real funds or assuming any financial risks. It helps explore the features of a trading platform and learn about market dynamics. Simulated funds are used in a demo account, and it does not support telephone trading systems.

REAL ACCOUNT: In contrast, a real account involves actual monetary transactions and carries associated risks. Users deposit real funds and engage in real-time trading activities, which can result in profits or losses. Real accounts support telephone trading systems. It's important to understand these differences to make informed decisions when engaging in trading or investment activities.

Pros and Cons

How to Open an Account

To open an account with Prestige, follow these steps:

1. Visit Prestige's website and click on the “Registration” page.

   

2. Read and carefully understand all the terms and conditions in the “Customer Agreement” provided. Accept the agreement.

   

3. Fill in the required personal information as prompted on the registration form.

   

4. Double-check the accuracy of the information you provided and ensure everything is correct.

5. Click on the “Confirm and Send Information” button to submit your application.

6. Wait for the account opening review process to be completed.

7. Once the review is complete, you will receive the result of your account opening application.

Spreads

Prestige offers floating bid-ask spreads, which refer to the difference between the buying (bid) and selling (ask) prices of a trading instrument. The specific numbers for the spreads may vary depending on the market conditions and the trading instrument being traded.

Contract Size

Prestige offers contract sizes for trading instruments such as Spot Gold and Spot Silver. The contract size for Spot Gold is 2 USD, while for Spot Silver, it is 0.2 USD. These specific contract sizes provide traders with a standardized unit for trading these precious metals, allowing them to calculate their positions and manage their risk effectively.

Minimum Deposit

Prestige requires a minimum deposit of US$700 to open a trading account.

Deposit & Withdrawal

Deposit method:

Prestige offers multiple deposit methods to cater to customer preferences. One option is local deposit or wire transfer, which allows customers to remit funds through various channels such as inter-bank transfer, counter remittance, check deposit, ATM deposit, and overseas wire transfer. There are specific beneficiary accounts provided for different banks, including ICBC (Asia) and Bank of China (Hong Kong). Customers are required to include their name and account details on the transaction certificate and submit it via fax or email to the company. Another option is online transfer, which is currently the most popular method. Customers can easily transfer funds through the company's account management system using their bank cards. However, it's important to note that a 5% handling fee applies to online transfer transactions, which can be waived if customers meet certain trading lot requirements.

Withdrawal method:

Prestige strives to provide online withdrawal service in the industry. Customers can apply for withdrawals 24 hours a day through the account management system. The processing time for withdrawals is fast, with funds reaching the customer's account within 1 hour. Additionally, alternative withdrawal methods are available. Customers have the option to fax the completed withdrawal application or email it to the provided contact details. In the case of public holidays, the withdrawal process may be postponed to the next working day. Customers can contact customer service for more information and assistance regarding withdrawals.

Pros and Cons

Trading Platforms

Prestige offers the MetaTrader 4 (MT4) trading platform for PC, which is a comprehensive system with advanced features. MT4 provides real-time quotes, more than 30 technical indicators, personalized smart strategies (EA), and trading tools, among other functionalities. It is widely recognized as the most popular electronic trading platform due to its cutting-edge technology.

Additionally, Prestige provides a mobile version of MT4, compatible with both Apple and Android systems. Traders can access real-time quotes, execute transactions (including opening, closing, and modifying orders), and stay updated with market news through the mobile platform. MT4 offers easy access to the international precious metal market, enhancing investment opportunities for users.

Pros and Cons

Trading Tools

1. MARKET QUOTES:

Prestige provides market quotes for various trading instruments, including precious metals like physical gold. For example, the latest prices of Spot Gold and Spot Silver are available, along with information on price changes and the percentage of change. These quotes are regularly updated to provide traders with the most recent and relevant information for making informed trading decisions.

2. FINANCIAL NEWS:

Prestige offers a range of financial news articles to keep traders informed about the latest developments in the market. The articles cover various topics, such as the analysis and warnings issued by the European Central Bank regarding financial prospects and interest rate changes. Additionally, there are reports on significant events, such as the potential impact of the debt limit crisis and the launch of the Hong Kong Stock Exchange's dual counter trading model. These news updates helps provide traders with valuable insights into market trends and potential trading opportunities.

Educational Resources

Prestige offers educational resources to assist traders in expanding their knowledge and understanding of precious metals investment. One of the resources available is the Knowledge Base, which provides informative articles on various topics. For example, articles discuss what drives the price of gold, highlighting its financial advantages such as fighting inflation and providing stability during political turmoil. There are also articles providing tips for investing in gold, catering to investors seeking stable investments and ways to mitigate risks. Additionally, beginners can utilize the demo account to gain experience in precious metal trading, familiarizing themselves with system operations and learning to set stop losses for adverse price movements.

Prestige also provides an Encyclopedia of precious metals investment knowledge. This resource delves into the two main types of investments: physical and electronic. It explains that physical investment involves buying and selling precious metals based on market optimism. On the other hand, electronic trading involves leveraging market price fluctuations of precious metals, such as gold and silver, to potentially achieve higher returns at a lower cost. The Encyclopedia helps provide introductory knowledge to help investors navigate the precious metals market with confidence.

Customer Support

Prestige offers customer support services to assist traders with their inquiries and concerns. They can be reached through a customer hotline, available from 08:00 to 23:00, with specific numbers for the China area (400 120 9818) and Hong Kong and other regions ((852) 3759 6888). Additionally, there is a fax number ((852) 3759 6800) for communication purposes. Traders can also contact the customer service team via email at cs.support@prestigegroup.com.hk. Furthermore, a 24-hour online service is available through a message board for and accessible support.

Reviews

The reviews of Prestige on WikiFX are overwhelmingly negative, with many users accusing the broker of fraud and scam. Users report losing large sums of money and describe incidents of background manipulation and denial of responsibility. The platform is criticized for misleading customers with false promises and giving reverse order recommendations that result in forced liquidations. There are also complaints about high service fees and difficulties in withdrawing funds. Overall, the reviews paint a picture of Prestige as an untrustworthy and fraudulent broker.

Conclusion

In conclusion, Prestige, operating under Type AA License regulated by Hong Kong's regulatory agencies, appears to be a legitimate institution within the established regulatory framework. However, caution is advised due to the 24 complaints received by WikiFX in the past 3 months, indicating a potential risk or scam. The market instruments offered, such as Loco London Gold and Loco London Silver, provide opportunities for trading in gold and silver. The availability of demo and real accounts allows users to practice and engage in actual trading activities, respectively. Opening an account with Prestige involves a registration process and account review. The spreads offered are floating bid-ask spreads, and the contract sizes for Spot Gold and Spot Silver provide standardized units for effective risk management. The minimum deposit required is US$700, and there are multiple deposit and withdrawal methods available, although a 5% handling fee applies to online transfers. The MetaTrader 4 trading platform, along with its mobile version, offers advanced features and access to the precious metal market. Market quotes, financial news, educational resources, and customer support services are also provided. However, the overwhelmingly negative reviews on WikiFX raise concerns about fraudulent practices, including misleading customers, forced liquidations, high service fees, and difficulties in withdrawing funds. It is important to consider these factors before engaging with Prestige.

FAQs

Q: Is Prestige a legitimate institution？

A: Prestige, operating as 天誉金号有限公司 under Type AA License regulated by Hong Kong's regulatory agencies, is currently regulated. However, there have been 24 complaints received by WikiFX in the past 3 months, suggesting a potential risk or scam. Caution is advised.

Q: What market instruments does Prestige offer？

A: Prestige offers Loco London Gold and Loco London Silver for trading.

Q: What are the different account types offered by Prestige？

A: Prestige offers demo accounts for practice trading and real accounts for actual monetary transactions.

Q: How can I open an account with Prestige？

A: To open an account, visit their website, read and accept the customer agreement, fill in the required personal information, and submit your application for review.

Q: What are the spreads offered by Prestige？

A: Prestige offers floating bid-ask spreads, which vary based on market conditions and the trading instrument.

Q: What is the minimum deposit required by Prestige？

A: Prestige requires a minimum deposit of US$700 to open a trading account.

Q: What deposit and withdrawal methods are available？

A: Prestige offers various deposit methods such as local deposit, wire transfer, and online transfer. Withdrawals can be done online, via fax, or email.

Q: What trading platform does Prestige offer？

A: Prestige offers the MetaTrader 4 (MT4) trading platform for both PC and mobile devices.

Q: What trading tools are available？

A: Prestige provides market quotes and financial news to help traders make informed decisions.

Q: Does Prestige offer educational resources？

A: Yes, Prestige offers a Knowledge Base and an Encyclopedia of precious metals investment knowledge.

Q: How can I contact Prestige's customer support？

A: You can reach Prestige's customer support through their hotline, fax, email, or online message board.

Q: What are the reviews of Prestige？

A: Reviews on WikiFX indicate numerous complaints of fraud and scam, with users reporting financial losses and manipulation by the broker.