Beware! FXPrimary 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.
FXPrimary is a classic case of a misleading broker. In its description, it states that it is the number one crypto forex broker. This statement is not as misleading, as it is alluring, and FXPrimary is definitely one of those brokers wishing to openly tempt users into investing. It’s their only lifeline a the end of the day. Please read the following review before doing anything you might regret later on.
Registering was simple and suspicious at best. The user dashboard was of a style that does not really suit any broker. The biggest pro from this was that we accessed a fully functioning MT4. There we found out that the EUR/USD spread is 0.6 pips, which is very lucrative, while the trading assets are forex currency pairs, energies, precious metals, indices, futures, cryptocurrencies, and indexes. The leverage is capped at 1:200.
There is no information on a spread commission, however, this does not entirely rule out the possibility of FXPrimary having one. This broker is not trustworthy and is shady, and therefore might be hiding a commission somewhere.
The website of the broker is available in English only.
FXPRIMARY REGULATION AND SAFETY OF FUNDS
There really isn’t too much to reveal here. The information contained in the website is mostly useless, and there is almost nothing to suggest a license!
The agreement between user and broker is governed by the laws of Saint Vincent and the Grenadines. What’s noteworthy about Saint Vincent and the Grenadines is that the country has its own financial regulator, that does NOT license FX brokers. Local officials have said hundreds of times that the country does not have an FX regulator. But that has not stopped the influx of unlicensed brokers from flooding the nation. So, if FXPrimary is located in Saint Vincent and the Grenadines it does not have a legal license to offer FX trading services.
We also found, on one occasion, the claim that the website is not directed at any jurisdiction where local law would be against it. This piece of information is basically one to tell that the broker holds no license, but trick users into thinking that they have to be the ones who are licensed, which is definitely not the case.
Unfortunately, nothing else on the website speaks of a potential license or a regulation. FXPrimary is yet another UNLICENCED broker and a risk to all investors!
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FXPRIMARY TRADING SOFTWARE
In an unexpected turn of events, FXPrimary gave us full live access to none other than the MT4, the worlds leading FX trading software.
Some of the main features of the MT4 are pending orders, multiple chart indicators, time frames, VPS, Expert Advisors, 85 pre-installed indicators, advanced charting tools, and much more. No one can get wrong with using an MT4.
However, the presence of the MT4 is not enough to redeem the company.
FXPRIMARY DEPOSIT/WITHDRAW METHODS AND FEES
The only payment method through which a user can fund an account is a Bitcoin wallet. This means that the only investment method is through Bitcoin, no matter what the website claims its payment options to be. There should be no minimum deposit, seeing that users invest into some suspicious BTC wallet.
The withdrawal area was unavailable to non-depositing users. According to the terms and conditions, the withdrawal processing time is between 2 and 5 working days. There are no further details on withdrawals.
It’s worth noting that brokers offering BTC deposits usually never return investments, nor can users take them back. In our experience, the most scammer of all brokers are exactly those that offer crypto deposits only!
Do not waste your money and time in FXPrimary. This company is a sheer scam!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!