Beware! Primexbtpro 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.
We are reviewing Primexbtpro, an exceptionally fraudulent broker that’s lying about literally everything. It’s a clone abusing the name and license numbers of authentic companies, that can’t provide any trading platform and doesn’t even present legal documentation. Find out all the details showing it’s a scam scheme in the full Primexbtpro review.
Primexbtpro REGULATION AND SAFETY OF FUNDS
Primexbtpro makes way too many fraudulent claims about licenses and regulations. They claim to be licensed in Seychelles, Cyprus, Australia and Vanuatu, but that’s a lie. In fact, the broker is a clone firm wrongfully using the credentials of a genuinely regulated company- TopFX Ltd. We researched the CySEC register but found out that the company is not in any way associated with the deceitful Primexbtpro. Your funds are in danger if you make a deposit because it’s a scam.
Avoid this scam and see the high-rated EU brokers and British brokers instead. The European markets offer high-grade security, and the member states are compelled to operate deposit insurance funds that guarantee clients’ money in case of insolvency or fraud. Hence, CySEC brokers’ traders can claim up to 20 000 EUR, while the British protection is up to 85 000 GBP. Unregulated businesses like Primexbtpro are not only unable to provide safety but will most likely scam you if you deal with them.
Primexbtpro TRADING SOFTWARE
Primexbtpro claims to provide the best platform, the lowest commissions and the tightest spreads, but that’s falsehood. As already mentioned in the Intro, they can’t even deliver functioning trading software, so it’s impossible to execute any trade whatsoever. That’s a scam scheme and truly unsophisticated one because they didn’t even put effort to make things appear as if legit.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are reputable and proven to deliver upper-class software. The MT distributions are packed with advanced trading features such as Expert Advisors, many complex indicators and sophisticated charting tools. There is also a marketplace where clients can benefit from more than 10 000 apps and third-party trading solutions. MetaTrader is the best option on the market, so do not hesitate if you are eligible to open an account with some of those brokers.
As a result, there are no spreads and leverage levels we can discuss further on. Still, Primexbtpro falsely claims to offer a Buy/Sell difference of 0.0 pips and leverage as high as 1:500. So, more fraudulent pieces of information and more evidence of a scam. Nevertheless, we are going to concisely refer to leverage and some regulations because it’s the riskiest aspect of Forex.
In fact, leverage is so dangerous that many financial authorities enforced regulations to decrease leverage-related losses among traders. As a result, EU, British and Australian brokers have to limit their clients to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage brokers are poorly regulated offshore businesses, so be cautious.
Primexbtpro DEPOSIT/WITHDRAW METHODS AND FEES
Primexbtpro claims there is no minimum deposit requirement, but we can’t validate this information. They lie big time to the public, so we can’t take their word for anything whatsoever. The funding methods are Bitcoin and Ethereum only, both of which are seen as unsafe because digital coins payments are final, and it’s impossible to get a refund. In fact, in cryptocurrency transactions, you don’t really know whom you are sending money to, which makes Bitcoins very attractive for scammers.
While discussing deposit methods, see some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated brokers on the lists are strictly regulated, so you won’t face scammers.
As you already know from the Intro, Primexbtpro doesn’t present legal documentation, and that makes their business illegal. Moreover, the absence of documents leaves traders unaware of critical provisions related to withdrawals, fees, inactivity procedures, bonuses, refund policy and so on.
Overall, Primexbtpro is a deficient scam scheme that’s easy to recognise, and you should avoid it.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s effectively a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept their fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes and so on. Their imagination is very rich, and they would invent as many stories as possible to get the deposits wanted.
But the money transfer is not an end; that’s the beginning of the actual Forex scam. Gradually, scammers would manipulate the victims and would urge them to invest more. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the trading results to show victims massive profits and ask for more money, promising to generate a fortune in no time. However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, whatever the situation.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!