Beware! PrimeFunder is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
PrimeFunder has the capacity to lure you in, we know that if we were a novice or a new comer PrimeFunder would definitely seem like the place to invest our cash. Yet, we come from a place where we have reviewed hundreds if not thousands of brokers, a huge bulk of which are illegitimate. Over time we have gained enough experience to detect when a broker seems suspicious. So, our preliminary thoughts on PrimeFunder, are that is certainly has something else going on. Read the review to see what it is, and to seek advice whether it is safe to deposit your funds in it.
When opening an account we were greeted by the most recognisable account creation screen. We have numerous times before completed the same form. Note that only scammer brokers use have used this process. It was no surprise, that after registering we came to a very familair dashboard, again common with fraudulent brokers.
The web-trader gave us a EUR/USD spread of 3 pips, quickly falling into the category of a cost of spread to high to be of any use to clients. The leverage is capped at 1:100, while trading assets are forex pairs, commodities, crypto, indices, and shares.
The languages of the website are limited to English, while the dashboard for registered users comes with Russian, Arabic, Chinese, Italian, German, and Spanish. A small but solid proof tat the client area template does not belong to PrimeFunder.
PRIMEFUNDER REGULATION AND SAFETY OF FUNDS
The Terms and Conditions have mentioned that the legal document is bound by Estonian laws, which we have seen before. These brokers either have no clue what they are talking about, or they think they can fool those that read the T/C. What ever it is, we can say without a doubt that PrimeFunder is not regulated in Estonia.
So, seeing there is no regulation to be found, we are left with the conclusion that PrimeFunder DOES NOT HOLD A LICENSE, and is therefore a risk to all those that invest in it!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
PRIMEFUNDER TRADING SOFTWARE
The only platform that we could open was the Status WebTrader. The alleged MT4 belonged to a different host called WhiteRockPartners. It’s not the first time a scammer broker utilises the MT4 under someone else’s name.
Even if looking impressive, Status is a platform that is to be tricked by. Yes, there are some handy features, but they are handy until your trading level exceed its capabilities. When that happens you will be left with a platform that looks good, but will not able to meet your requirements.
Please be aware that the broker has the right to change the margin requirement with no prior notice.
PRIMEFUNDER DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250. As per the payment area, the ways to fund an account are via Credit card and PayTrio, yet the whole thing feels very shady.
Here is the provision that reveals fee for deposits and withdrawals.
The withdrawal fees are as follows: $50 for wire transfers, $35 for credit card withdrawals, $25 for alternative payments. The user will be levied an additional 10% if the she has not done a turnover of at least 200. The withdrawal processing time is between 2-5 days, not that you would want to deposit in the first place. The following clauses reveals why.
As for deposit fees, there is no evidence save for the above snip, but we would not put are guard down if we were you. Based on the following provisions that we have found, one can expect anything from PrimeFunder.
There is an inactive account fee of 10% which is active after 3 months of no account activity
Here is the provisions that we all fear…the Non-Deposited Funds clause is a ban on withdrawing profits from trading. So if we are not able to withdraw our profits, whats exactly is our purpose at PrimeFunder?
The broker can deny access to users and even close the website without warning. Even more, PrimeFunder will not be held responsible for anything.
The Terms and Conditions can be revoked at any time without notice, weaning that the broker can easily adapt to different situations:
The following is a very clear announcement that the broker will not be held liable should a user experience financial losses because of using the website. Furthermore,e it clams that all liability is limited to last month’s commissions paid by the user, something we don to understand…
In connection to the aforementioned, all claims against the company will be voided after 12 months of their occurrence. Even more, the same clause states that PrimeFunder does not aim to provide services or functionality on the Site. Yet another ridiculous claim, which begs the question what is the real purpose of PrimeFunder? No doubt, it’s to steal your funds!
This overwhelming evidence works against PrimeFunder in every possible way. There is no reason at all to invest in this one. If you do, we guarantee that you will lose your funds!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.