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PrimeOT is a simple broker that tries to sell its services, but there are many things from stooping it. Read on to find out what these things are.
One of them is a lack of a regulation. The broker is owned and operated by Cortofin Ltd which is a registered company in St. Vincent and the Grenadines. Readers should be aware that the small island nation does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Thus PrimeOT is in fact UNLICENSED and therefore a risk to all that invest in it.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The EUR/USD spread as seen on the platform is 4 pips. This is clear evidence of how little the company cares of the traders’ interests. Such a high spread is in no way favorable to investors.
The leverage is capped at 1:100.
Trading assets as per the broker platform are Forex Pairs, Crypto, Commodities, and Stocks.
The site is made exclusively in English.
The seemingly proprietary web based trading platform at PrimeOT is incredibly simple, and offers only a handful of options, most of which are the buy/sell options. There really isn’t much to say about it, except for the fact that it’s lack luster and not really worth it.
The Terms and Conditions document mentions undisclosed commissions on opening and closing a trading position:
PRIMEOT MINIMUM DEPOSIT
The minimum deposit is $250.
As per the Client Portal, the only means available to fund your account are via Credit/Debit card.
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 three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
PRIMEOT WITHDRAWAL TIME AND FEES
Apparently users can withdraw via bitcoin, where the minimum withdrawal amount is $250
However, as we have seen, there is no bitcoin deposit method. The minimum withdrawal, in general is said to be $100.
The fee structure for withdrawing is a bit confusing. We only gathered that there is a 1% charge for every withdrawal:
The withdrawal process take a significantly longer time than the usual; between 7 and 10 days.
The trading volume required in order to withdraw a bonus or any profit is the highest we’ve ever seen, at 50 000 times the bonus.
ADDITIONAL FEES AND TAXES
If an account is dormant for 30 days, the user will be required to pay $300, which is the highest inactive account fee we’ve encountered.
The broker will charge the user for charges, commissions and expenses in connection to any third parties that the broker collaborates with. These fees are usually payed by the broker, but at PrimeOT is seems the tables are turned:
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in PrimeOT’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain. 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.
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
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
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.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
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!
PrimeOT is ridiculous. This broker will not only withhold your deposit, but it will also charge you some extra fees on the side. There is nothing for you here except financial anxiety. Stay away!
PrimeOT compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines