Among some of the most desperate attempts to hide their scamming business, some brokers are changing domain, the alleged owner, and the headquarters just to avoid being blacklisted. However, even that didn’t help PrimeFX to escape the inevitable – shutting their scheme down.
We’re here with our honest PrimeFX review to give you all the details and help you get your money back step by step.
- But firstly, we want to invite you to read our recently updated AlpsMarkets, AG Markets and Primefin scam broker reviews.
|Broker Status:||Unregulated Scam Broker|
|Regulated by:||Unlicensed Firm (No Regulation)|
|Scammers Websites:||pfx-bank.com, pfxbank.com, PrimeFX.org|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||FCA, Estonian FI, CNMV|
|Broker Owner:||DGX Systems Ltd / Prime FX Ltd|
|Headquarters Country:||Commonwealth of Dominica / UK|
|Online Trading Platforms:||MT4, Sirix|
|Broker Deposit Bonus:||Not Available|
|Available Trading Assets:||Currency Pairs (FX), Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||No, only live accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
Is PrimeFX Safe And Regulated? – The Importance Of Regulation
While regulation is of utmost importance for a broker, it’s not something that PrimeFX can brag about. When established, the broker was owned by Prime FX Ltd and allegedly based in the UK. However, once the FCA issued an official warning, the broker moved to the Commonwealth of Dominica under the name DGX Systems Ltd and changed their domain from pfxbank.com to pfx-bank.com.
What’s Wrong With the PrimeFX License?
Once we determined who the broker was, it was left to find out whether PrimeFX is regulated or not. And according to the FCA, FSU of Dominica, and a couple more Tier 1 registers, PrimeFX regulation doesn’t exist.
Beware of this since you will not have any assistance in getting your money back!
Scam Warnings Against PrimeFX
The risk of running a scheme is being discovered by authorities. That’s precisely what happened to PrimeFX forex brokerage. The UK FCA made the first official warning, followed by the Spanish CNMV and Estonian FI.
Warning Issued by FCA
Since, as explained, the broker firstly claimed to be UK-based, their authority body was the one to break the ice and uncover the illicit operation. According to FCA, PrimeFX is a fraudulent brokerage without a license that should be reported immediately.
PrimeFX Login Problems – One Of The Signs Of A Scam
One of the common issues all clients report is the PrimeFX login problem. Apparently, whenever a client asks for withdrawal, the broker will block their account and make sure they can’t access their funds anymore. It happened multiple times, according to PrimeFX reviews, so if you were one of those who couldn’t access the account while the website was operating, know that you have been scammed. In such a case, you can contact us for assistance in retrieving your funds.
PrimeFX Platform – What Trading Platform is Better to Choose?
There are two types of PrimeFX trading platforms – MT4 and Sirix, technically an improved web trader. So, it all depends on your previous experience, personal preferences, and the tools you’re looking for in the platform itself. If you had any sort of experience, you were most likely using an MT4 since it’s the most widespread platform in the world.
Therefore, having an MT4 again with various tools and indicators should make you comfortable enough to start. If, however, you have no experience or got used to using a WebTrader, Sirix is a simplified platform that will give you equally good trading experience as MT4 in a less complicated manner.
PrimeFX Trading Instruments – What Can I Trade?
While there’s not much to say regarding trading assets since the platform is inactive, we made a brief list for you. Clients could trade with:
- Currency pairs (Forex)
All of the assets were available both on the MT4 and Sirix.
PrimeFX Spreads, Leverages & Fees
The leverage was fixed at 1:400 for all the account types, while the spread was offered both fixed and variable. For the Silver account, the minimum fixed spread was 1 pip, while the variable was 0.5 for every account type besides Platinum, starting from 0.3 pips. However, if you choose a fixed spread, you have certain fees to pay, depending on the asset.
PrimeFX Trading Accounts – Demo & Real Accounts
PrimeFX was offering 3 regular Live accounts and an Islamic swap-free account. Besides Islamic, clients had Silver, Gold, and Platinum accounts. The main difference was in the amount of money you need to deposit, spread, and perks you get, such as a personal account manager.
PrimeFX’s minimum deposit is $1,000, while the Silver account requires an upgrade to $2,500.
Unfortunately, there’s no Demo account with PrimeFX, so clients were forced to start with a too high initial deposit just to test the platform.
PrimeFX Deposit Methods – How To Deposit?
As you’ve probably experienced yourself, PrimeFX accepted a couple of different depositing methods, including:
- Wire transfer
- China UnionPay
These same methods could be used for withdrawals as well.
PrimeFX Withdrawal Issues – No Money Withdrawal Guarantees
Since we’ve determined PrimeFX is not regulated, you have no guarantees for your funds. If the broker has scammed you, there’s no official authority that could assist you in getting your funds back. However, you always have an option to file a dispute and request chargeback within the deadline. That’s why we would love to hear your story and find the most suitable solution for you to get your funds back.
What To Do If You Fall For A PrimeFX Scam? – File A Complaint!
If you have been scammed by PrimeFX, let us know. Our chargeback specialists will help you collect the evidence, file a dispute, and start the process. Contact us via online chat, book your free consultation and let’s get your money back before it’s too late.
Don’t Let the Scammers Go Away for Free!
What Is PrimeFX, And Should I Invest Money In It?
As we discovered, this is an online trading firm that stopped operating once several authorities blacklisted it.
What is the PrimeFX minimum deposit?
The minimum deposit with PrimeFX broker is $1,000 and can be made via card, wire transfer, or China UnionPay.
Which Trading Platforms Are Supported By PrimeFX Broker?
Company supports MT4 and Sirix, an advanced version of a WebTrader.
Are My Funds Safe With PrimeFX?
No, since PrimeFX has been blacklisted in the UK, Spain, and Estonia, it’s clear your funds are not safe.