According to the company, Paramount Markets Limited is licensed in Saint Lucia with a number 2023-00643. Thus, with offices in the United Arab Emirates, we would expect much more from this firm.
In any case, they present themselves as a business established 10 years ago and with more than 25,000 traders. If these details are true or not, find out by the end of this FX Paramount review.
| Regulated By: | No Regulations |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings From: | N/A |
| Registered In: | Saint Lucia |
| Operating Since: | 2024 |
| Trading Platforms: | MT5 (Allegedly) |
| Maximum Leverage: | 1:1000 |
| Minimum Deposit: | $10 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptos, forex, indices, shares, commodities |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | Withdrawing funds from this offshore broker is highly speculative considering too many misleading details. If you experience any issues, feel free to contact our refund consultants for refund options. |
Legal Info: Is FX Paramount Legit Or A Scam?
First, we have to cover the company’s regulations. FSRA in Saint Lucia has never issued a license to this broker. Even if they did, such licenses don’t authorize them to provide services in any top-tier regulated country. Instead, the company should have FCA, BaFin, CFTC, ASIC, or similar regulations. Of course, they don’t.
Even though the company claims “Trust is their currency,” you can realize it’s all a farce. After all, with non-existent legal documents, you know what to expect here. On top of that, with the alleged 25,000 traders, you can’t find any FX Paramount reviews. This tells you all about their services.
Who Are FX Paramount’s Victims?
Some countries that are the primary targets of this broker require specific regulatory oversight. Yet, this firm doesn’t care. So, if you come from these countries, be careful:
- United States
- Germany
- United Arab Emirates
- Turkiye
Another problem is that the company claims to be active for more than 10 years. Yet, the domain they are using was registered in 2016. On the other hand, the other domain fxparamount.trade was registered in 2023. In any case, both of those were updated just recently in 2024. So, if you were one of their victims, get in touch as soon as possible for advice on refunds.
Leverage, Commissions, Spreads, Fees and Taxes
One of the positive things about the FX Paramount broker is its transparency about trading conditions. The potential problem might be whether they will comply with those or not. In any case, traders can expect spreads starting from 0.0 pips, commissions of up to $7 per lot, and even swap-free accounts—except for the Pro account, where the swap rates remain undisclosed.
In any case, the offered leverage goes up to 1:1000. Surely, this is not something any top-tier regulator would accept. Such high leverage can easily wipe out your account balance. This is highly possible if the company uses proprietary trading platforms where they can manipulate such details.
Bonuses
Without transparent legal details, it’s hard to inspect if the company offers any bonus deals. Transparently, not. But once you register, you can expect anything.
FX Paramount Trading Features
One of the advanced options with FX Paramount trading firm is the copy trading feature. This account doesn’t include any commissions, but there will be a 5% platform fee. Sooner or later, you will owe them something. Same as the traders who trusted Tyark brokerage.
Trading Platforms Available
According to the company’s presentation, Meta Trader 5 should be available. However, you learn with experience not to trust anything before you register. So, if you sign up and get anything else except MT5, you know you are getting scammed.
Available Trading Assets
Whatever your trading desires are, you can satisfy them with the assets offered in FX Paramount account types. All in all, you can trade all five major classes:
- Forex – USD/GBP, AUD/NZD
- Indices – ASX200, DAX30
- Commodities – gold, platinum
- Shares – IBM, Tesla
- Cryptos – ETH, LTC
Account Types
When it comes to the account types, traders can choose between four options. Fairly, none of these look as greedy as you would expect from an unregulated broker. The minimum to start with is as low as $10, and all options are:
- Standard – $10
- ECN – $100
- Pro – $5,000
- Copy trade – $300
Mobile Trading App
If you are looking for the FX Paramount app for mobile devices, you’ll have the MT5 download option. However, that doesn’t necessarily mean you will have the option to trade on your account there. The same advice you got for the desktop platform works here.
Demo Account
Generally, when companies have Meta Trader in the offer, they usually offer a demo account. There’s nothing to be hidden. With this broker, that’s not the case, and that raises suspicion if they have MT5 at all.
Unfortunately, many brokerages have the same tactics, as can be seen from our BCInvesting review.
Education
When it comes to education, the company only provides one page with a few answers about Forex and trading in general. If you are looking for webinars, live sessions, or some advanced education, this broker is not the right place for it. Certainly, after this, not even the FX Paramount minimum deposit of $10 is worth it.
FX Paramount Withdrawal
The key concern with the FX Paramount withdrawal is the company’s withdrawal policy. They reserve the right to change processing time without prior notice. So, they can manipulate you all day long. With this in mind, can we trust the withdrawal conditions? Anyway, two options for a withdrawal are available: cryptos and wire transfer.
Withdrawals should be processed within 24 hours, and wire transfers should include a $50 withdrawal fee. On the positive side, cryptos include 0%.
Customer Support
As can be seen, the company advertises 24/7 customer support. Available contact options are e-mail, phone line, and call back request form. If you can’t get in touch with them, there’s only one thing to do. Apply for a refund as soon as possible.
Key Information To Consider About FX Paramount
In the first place, the company is misleading traders about regulations, the number of active traders, and the registration date. That’s more than enough to keep your money away from them. However, with low deposit requirements, copy trading options, and MT5, they can easily attract inexperienced traders.
Hopefully, you will find this FX Paramount review sooner and realize this broker is not genuine. If that’s not the case and your money is stuck with them, contact us immediately for free professional refund advice.
FAQ Section
What is FX Paramount?
FX Paramount is an offshore brokerage based in Saint Lucia and registered offices in the United Arab Emirates.
Is FX Paramount Legit?
No. FX Paramount broker misleads traders about license, registration details, number of traders, platforms, etc.
What Should I Do If a Scam Broker Has My Money?
In those situations, you should immediately report it to authorities and apply for a refund. For refund assistance, you can reach our experts anytime.
Source:
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