Beware! PrimaryFXMarkets 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.
There is nothing to say about PrimaryFXMarkets that has not been said before. This is a questionable broker, whose aim is something completely from what it says it is. Read the review to find out all about it.
In order to register an account, the user has to pass a suspiciously familiar log in process, that leads to a treading terminal serving as the home page of the user area.
The web trading terminal revealed a EUR/USD spread of 3.8 pips, which is a value way to high to be of any worth to users. The leverage was capped at 1:200. The trading instruments used by trader are forex pairs, indices, commodities, stocks, crypto, ETFs, and bonds.
The website can be translated in English and German.
PRIMARYFXMARKETS REGULATION AND SAFETY OF FUNDS
There is no concrete regulatory information anywhere on the website. This is indicative of the nature of the firm, as it looks like PrimaryFXMarkets has not even lifted its finger in its deceptive schemes. This gives to show how little it thinks of its users.
It is said that the user is allowed to use the services of PrimaryFXMarkets only if the jurisdiction in which the user is currently inhabiting allows for the acquiring of financial contracts on the net. This is classic scammer talk, and it tries to convince the user that he is safe to trade with it, when in reality, safety is an illusion.
One other delicate but important detail is the AnyDesk help widget found on the right side of the screen. AnyDesk allows a third party to browse through your computer, checking your folders and vital details (like bank accounts, passwords, etc). The twist here is that this third party need your approval before doing so, so registered users are expected to receive recommendation emails or other type of messages from the broker asking the user for AnyDesk to be activate. If you allow PrimaryFXMarkets to take over you computer be assured that you will soon be a seeing money missing form accounts.
Finally, we have evidence that indicates CySEC has warned users that it does not regulate PrimaryFXMarkets. Any kind of a warning against any broker issued by CySEC is a one way ticket to shady town.
PrimaryFXMarkets is definitely an UNREGULATED broker that will not return your investments, should you deposit 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.
PRIMARYFXMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The only payment method is WireCapital, a very questionable looking payment method that we think is also in on the whole scam. The minimum deposit as per the payment area is $99.
The minimum withdrawal amount is $100. Withdrawals are processed between 2 to 5 days. There isn’t much on withdrawal fee, or other fees related to services, yet this does not mean that the firm will not launch potential commissions without warning. All this withdrawal info we took fro the website.
However, the payment area for registered claims the following. First of all, the withdrawal methods are via credit card, a bitcoin wallet, and through wire transfer. Second, the minimum withdrawal has not been indicated, so we cannot for sure what it is. As for the processing times, it really does not make a difference because the broker will most certainly not give back any deposits of profit. And, there is no indication of fee, which is unacceptable, and another sign that this firm is illicit.
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.