Warning! Prime Trades is an offshore company! Your deposit may be at risk.
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Prime Trades is a broker that the further you investigate it, the more you reveal its true purpose. It’s not difficult to guess where this is going. Read the review for all you need to know.
Prime Trades is one of those companies that, for some reason, keeps away all regulation and location information to itself. The many legal documents completely fail at this endeavor, and so does the website. This makes it UNREGULATED, but even so, it’s always a mystery why some illicit brokerage firms do not mention even a fake regulation. We digress; Prime Trades is unlicensed and therefore a risk to all investments made in it.
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)
Even though we registered, the broker did not grant us access to a platform, nor a demo account. The reason for this is that we had not confirmed our account by means of ID documents. Nevertheless, one of the legal documents indicated that the leverage is maxed at 1:500, while spread values are not indicated anywhere.
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PRIME TRADE LOGIN
After opening an account, we were presented with the opportunity to access a MT4 webtrader, and also users can download a desktop version of it. However, the web MT4 came with a different name, a Prime Tech of some sorts. This may indicate that the broker does not offer a trading platform.
Nevertheless, the MT4 has become a household name by offering some great features: micro lots, automated trading bots, 500 individual orders per account, VPSs (Virtual Private Servers), customizable trading indicators, and much more. The broker has included numerous add-on features that add an extra layer of immersion.
PRIME TRADE MINIMUD DEPOSIT
Even the payment section of the client dashboard was blocked by the unverified account barrier. So we must read of the website for payment info, something that almost always is in direct contradiction to the payment portal.
The two methods of making a payment are through Wire Transfer and Credit/Debit cards. As for the minimum deposits, it’s $2000, an exasperating sum.
Due to the 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
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
PRIME TRADE WITHDRAWAL TIME AND FEES
Bank Transfers take 3 days to be processed, while Credit/Debit card payments can take up to 8 days. However, the Terms and Conditions state that the company allows itself 30 days to process payments within the opening of an account, again proving that it is illicit by contradicting itself.
There seems to be no withdrawal fees, although we would not trust the broker with this info.
Honestly, by now, readers should have gotten the picture- Prime Trades is not worth your deposits.
ADDITIONAL FEES AND TAXES
There are no significant clauseS that cause major gasps. Yet we are obliged to warn you that 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.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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 defense 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!
There is absolutely nothing for you here. A broker without a regulation should NEVER be trusted!