Warning! PrimerFX.com is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
PrimerFX.com is one of the worst broker we have ever seen. At first you might think that it isn’t so bad, even though there is a definite air of irregularity. We though so as well until we started looking into the details of the broker, like payment methods and regulatory details. What we found is completely ridiculous, and very exaggerated, not to mention shady to the core. The following review covers the main points of what we found out.
The first thing we considered covering was the regulation of PrimerFX.com, or rather the lack thereof.
The footer falsely claims that the company to be regulated by CySEC, FSCA, and VFSC. None of these regulators have announced at any point in their existence that they regulate PrimerFX.com; there is no proof in either one of their online registries. Moreover, CySEC is one of Europe’s main regulators, and as such it would lose a lot of credibility if it legitimized such a scammer broker.
The legal docs claim at one point that the user must comply with local laws. What these laws are and what jurisdiction the user must conform to has never been revealed. The firm relies on ambiguity here, and once it is shattered in leaves PrimerFX.com gun-less in a standoff.
Then we come across a contact address in the UK suggesting a UK registration and FCA license. None of these are true. The broker is not regulated by the FCA, nor is it registered in the UK, legally that is.
In fact, the FCA has issued an official warning against the broker, which staples PrimerFX.com once and for all as an unregulated entity and a risk to all!
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 requirements 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).
The reason why this is one of the worst broker yet is the user area. Well, one of the reasons. After a very easy registration, we were met with an incredibly bad user area, one of the worst ones actually, plus a web trader that is actually not a real software. We will find out next why the web trader is so useless that it cannot even be considered a trading platform.
We cannot really talk about available trading conditions when the trading software is useless and nonexistent.
Behold, one of the worst web trader we have seen, and probably our readers.
The truth is that there is no no way to actually trade here. Users can start a trade, but in reality this green button does not do anything in particular. Considering that this is the most important function of any terminal, not having it is a sign that this is not a web trader. We can also speculate that PrimerFX.com is not really an FX broker, considering it does not offer an adequate trading platform.
PRIMERFX.COM MINIMUM DEPOSIT
The user area gives away only some crypto wallets for deposits to be made through.
There is no minimum deposit requirement, however users who invest will be directly sending money to a shady wallet, and they will never see this money again.
To call the payment poor would be c a compliment. This is one of the worst payment areas we have seen, and it’s a definite callout to the broker’s lack of a license.
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
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
PRIMERFX.COM WITHDRAW TIME AND FEES
The same payment methods are used for withdrawing, although to withdraw from this scam is never going to happen, unless PrimerFX.com had a sudden shift of heart.
From the legal docs, we learn that there may be fees, but what these are and how they apply only the broker knows.
Very bad payment grounds go hand in hand with the scammer nature of the broker.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
PrimerFX.com is a very bad broker, and even a worse scam. Do not waste your time here.