Primate Trade

Primate Trade pretty much seems and plays the part of a suspicious brokerage firm, even from the get go. Read the review to see all you need to know about this one.

The broker discloses a piece of info claiming that it alone chooses its clients, and is not opened for the general public. Mind you, there is no regulatory information or anything similar.
We assume that Primate Trade initiates one of the most popular scammer schemes in the book for users that have provided actual contact details via phishing adds, or similar methods of retaining contact info. Should users provide a real phone number they will be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.

Needless to say that Primate Trade is 100% UNREGULATED, and as already discussed, is a risk to investors' contact info and money.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

With that said, we were able to open easily an account, but what we got is more proof of the broker's irregularity. Overall, there are no trading conditions because of the trading platform…The next section covers this.

The only language is English.

PRIMATE TRADE LOGIN

Once we opened an account we were quickly confronted by the fact that the so called trading platform is nothing more than 2 live charts from a third party provider, that have absolutely no connection to the broker. Thus there are no real trading assets, or spreads to speak of. The broker simply depends on the trust of its clients,and then dumps them with these useless charts. Below is just the one chart:

PRIMATE TRADE MINIMUM DEPOSIT

Users can deposit via cryptocurrency, a method that is preferred by illicit brokers because of its untraceable nature. The minimum deposit seems to be 1 bitcoin, a sum that amounts to $7 290 as per the writing of this review.

Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

PRIMATE TRADE WITHDRAWAL TIME AND FEES

Withdrawals are also made via bitcoin, yet there is no info on fees or processing times. The website, too, is devoid of sch details.

ADDITIONAL FEES AND TAXES

The only legal document, is nothing more than a handful of paragraphs that pretty much reveals only 2 important clauses. First is the indemnification one.

The first clause is in support to the second one, namely a clause giving the broker the right to change rules, fees, and commissions at any time without notifying the client.

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defence for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Primate Trade is a scam, as scam go. This so called broker will pick its victims and steal their money. Do not deposit here!