Warning! PrimeForex is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Is PrimeForex (primeforex.net) an example of what a true broker should be, or is this yet another illicit addition of brokerage firms that have only the sole goal of stealing an investor’s funds? Read the review to find out all about it.
PrimeForex is primarily offered to chosen clients, hand picked by the broker itself.
This means that users are contacted individually, or by spam email, to deposit a hefty first sum, which initiates a very popular scammer broker scheme.
The scam involves users providing, willingly, their contact details on fake ads or fake surveys online, and other sources. 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.
What’s more is that there is no mention of a regulation, so even though PrimeForex might seem attractive and legit on the surface, it definitely is UNREGULATED, and is therefore a risk to all investors!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
While we were able to register relatively fast, the client dashboard revealed to us a core missing element of any broker- a trading platform. Without such a terminal not only can we not provide any trading conditions, but we can safely staple that PrimeForex is not even a broker broker, scammer or not.
We were able to access the website only in English.
There is no trading platform. After some digging in the dashboard, we discovered that PrimeForex is one of those, invest-to-profit ordeals. Basically, the just of it is simple enough. A user is expected to deposit a sum which will build an interest over time. Unsurprisingly, the bigger the initial deposit the higher the higher the profit rates. For instance, PrimeForex states that after a $2000 deposit users can expect a 100% or 150% profit in a couple of days.
This of course is a complete lie. Once a sum is deposited your money will be lost forever.
PRIMEFOREX MINIMUM DEPOSIT
The minimum deposit according to the client dashboard is $20. There are higher demands, with more promising profit turnovers. There are two ways to deposit money: bitcoin and PerfectMoney. Readers should be aware that bitcoin payments are untraceable, and as such are the preferred method of payment for broker. No doubt PrimeForex will push for crypto payments more.
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.
PRIMEFOREX WITHDRAWAL TIME AND FEES
Usually, withdrawal info is scattered throughout the legal documents, but PrimeForex has only a handful of paragraphs acting as legal documents in which there is nothing on withdrawals.
Even the client dashboard offers no info, except for the withdrawal methods which are the same as the depositing ones.
ADDITIONAL FEES AND TAXES
The only clause that we will mention is one concerned with liability, or lack thereof. In essence, your common indemnification clause:
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.
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 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!
PrimeForex is a prime example of an illegitimate broker that does not care who your are. Its one and only goal is to take your money!