The unregulated Forex brokerage PrimeCapitec has been added to the warning list of the Swiss financial watchdog Swiss Financial Market Supervisory Authority FINMA. We learn this from the website of the Italian CONSOB which keeps and regularly updates one of the most comprehensive list of unauthorized financial service providers that have been blacklisted by regulatory agencies around the world.
PrimeCapitec operates via the website – www.PrimeCapitec.com – however, the trading conditions of the brokerage remain unclear and there are much inconsistencies on the website of the broker. Furthermore, the brokerage supposedly provides clients with a web-based trading platform, however, there is no demo account available and the trading conditions of the broker are not disclosed. Besides the obvious sign of trouble which is the official warning issued by the Swiss Financial Market Supervisory Authority clients simply should not risk it with such a lack of crucial information.
We always remind readers that the best way to exclude all risk of fraud in trading is by associating only with entities that fall under the regulatory oversight of prestigious agencies such as the FCA in the UK or CySEC in Cyprus.