This was a fake brokering platform that operated in mid 2021. It dominantly targeted the citizens of Malaysia. The Boldprime.com website is down.
The platform was registered to a company from Saint Vincente Grenadine, which is always a bad sign as it is a safe haven for schemes. What’s more, Bold Prime had no official trading license. It provided no information about how the platform operated, or who its CEO was.
How the Scam Worked
Like many fraudulent trading platforms, Bold Prime advertised high returns with no risk investments. It gave excellent trading conditions with leverage going as high as 1:1000 and pibs being 1.8.
They used social engineering to entice targets to invest more, all the while discouraging them from collecting their funds. They feigned technical difficulties if a client wanted to collect their money. What’s worse, they charged withdrawal fees.
The scam affected Malaysian brokers the most, and it is estimated that thousands of people frequented the site. After a couple of months in mid 2021, Bold Prime stopped issuing withdrawals and the con people disappeared.