PrimoTrade says to be a professional trading brokerage, offering the most advanced tools and the best trading conditions. But, as tempting as it might sound, we need to warn you that we are talking about offshore brokerage. Is PrimoTrade regulated and licensed? What is the broker’s real offer?
Let’s see in our PrimoTrade review!
|Broker status:||Unlicensed Offshore Broker|
|Regulated by:||Unregulated Brokerage (Illegal Broker)|
|Blacklisted as a Scam by:||FCA and FSMA Regulators|
|Broker Owner:||Malarkey Consulting Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Types of Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
PrimoTrade Regulation and Security
PrimoTrade is a brand of Malarkey Consulting Ltd, a company based in the Commonwealth of Dominica. Regardless of the country, any company that wish to provide financial services needs to opt for a regulation. Did PrimoTrade do it? We’ve checked.
What’s Wrong With Regulation?
The broker is registered as IBC in Dominica. IBC stands for International Business Corporation and means nothing more but opening a company. For you, as an investor, it’s essential to know that PrimoTrade regulation is not valid, and you are not entitled to be reimbursed from any compensation fund.
Scam Warnings From Financial Regulators
As mentioned, to provide financial services, the broker needs to have regulation. Since PrimoTrade is unregulated, no wonder that several regulatory bodies noticed it. The first one to issue an official scam warning was the UK FCA in February 2021.
As per the FCA, the broker is illicit, and anyone who PrimoTrade has scammed should file a complaint about the broker immediately. After the FCA, the same warning was issued by Belgium FSMA.
What Are Trading Platforms Available?
Operating on the PrimoTrade trading platform won’t be such a glorious experience. Since the broker is offering only a web trader, you can already imagine issues with the design and features of the platform.
Besides issues with the platform, there are issues related to trading conditions as well. Like many offshore brokers not supervised by an authority body, PrimoTrade forex broker offers too high leverage. As per our review, you will be offered up to 1:400, which is exceptionally high and risky.
Countries Allowed and Prohibited by the Broker
Suppose you want to start online trading. The best would be to find a regulated broker. Since PrimoTrade is not the one, it shouldn’t be operating in any country. However, as per the FCA and FSMA warning, we can see that the broker is present in the UK, Belgium, and several other European countries such as Austria, Italy, Spain, Netherlands. Outside of Europe, we found PrimoTrade reviews coming from Australia, Singapore, and South Africa.
The only prohibited area is the USA, where the broker does not operate.
What Can You Trade With a Broker?
The broker is offering trading with currency pairs, commodities, indices, and shares. However, as mentioned, all the trades are executed on the web trader, which is not a good option.
If you want to start trading, the PrimoTrade minimum deposit is $250. This is pretty much a standard in the industry. However, regulated brokers are offering you to start from as low as $10. We believe it’s a much safer option for anyone, regardless of trading experience.
The deposit can be made using debit/credit cards, wire transfers, and E-wallets. Withdrawal methods are the same, but we couldn’t find more details related to fees and commissions.
Did You Fall Victim to the PrimoTrade Scam? We Can Help!
If you have been misled or scammed by PrimoTrade, there is a possibility of getting your money back. You need to file a dispute and request a chargeback. If you have any negative experience with this or any other fraudulent broker, we would be grateful if you could share it with us.
Our support team awaits ready for the chat!
Don’t Let the Scammers Go Away for Free!
What is PrimoTrade?
It is an unregulated online trading brokerage based in an offshore country.
Is PrimoTrade a legit online broker?
The broker is unregulated and blacklisted by the UK regulator FCA.
Is my money safe with the PrimoTrade broker?
Since the broker is not regulated, your money is not safe with PrimoTrade.
Who is the owner of PrimoTrade broker?
The owner of PrimoTrade is Malarkey Consulting Ltd from the Commonwealth of Dominica.