Primexbtoptions review – 5 things you should know about primexbtoptions.com

Primexbtoptions review – 5 things you should know about primexbtoptions.com

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Beware! Primexbtoptions is an offshore broker! Your investment may be at risk.

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Primexbtoptions presents itself as a regulated, award-winning broker that offers very favorable forex and CFD trading conditions. However, fact checking shows that the truth is different. Primexbtoptions is a scam website that illegally uses the name of a legitimate company. In fact, Primexbtoptions is part of a whole network of identical websites doing the same thing. Avoid Primexbtoptions if you don’t want to get scammed.

PRIMEXBTOPTIONS REGULATION AND SAFETY OF FUNDS

Even at first glance there are clues that the Primexbtoptions is not the legitimate business it claims to be. There are no Terms and Conditions or any legal documentation on the website, as is required of any broker. The website also has pop-up messages notifying how a particular person has just withdrawn a particular amount. These messages are of course fictional – if they were real, this would be in violation of every possible privacy law.

Primexbtoptions claims to have two licenses – as a trademark of the Cyprus broker TopFX Ltd and under the name Primexbtoptions Limited in Seychelles:

A check of the Cyprus Securities and Exchange Commission (CySEC) database shows that Primexbtoptions is not among the domains used by TopFX:

The regulator’s website also contains an explicit warning that the Primexbtoptions’ domain does not belong to an authorised company:

The same warning is also available on the Seychelles Financial Services Authority website:

Primexbtoptions is obviously lying about being a regulated broker. In fact, it is one of many scam websites misusing the name of the Cyprus broker TopFX.

When investing money in the financial markets, you should always first verify that your chosen broker is indeed licensed. It is advisable to use the services of one of the many companies that really work under the supervision of respected regulatory bodies like CySEC or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

PRIMEXBTOPTIONS TRADING SOFTWARE

Primexbtoptions claims to offer a trading software called cTrade, which is available in Windows, browser, and for Android and iOS mobile devices. However, there are no links on the website to download the software.

After registering an account, it becomes obvious that the Primexbtoptions does not have a trading platform at all. The client portal only has a few charts with current asset prices, which can be picked up for free from the TradingView website:

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

PRIMEXBTOPTIONS TRADING CONDITIONS

Primexbtoptions offers only one trading account with raw spreads of 0.0 pip and a commission of 2.5 USD per lot. For trading volumes over 50 lots there are fee reductions of up to 30%. There is also no minimum deposit.

In theory these conditions are very competitive, but in practice the Primexbtoptions does not offer real trading, so the values quoted on the website have no real meaning. If you are interested in legitimate brokers that allow trading with a very low minimum deposit, check out this list.

The stated leverage is 1:500, which is also a clear indicator that this could not be a licensed broker operating in the EU. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses.

The CySec, like all EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same rules apply to the United Kingdom.

PRIMEXBTOPTIONS DEPOSIT/WITHDRAW METHODS AND FEES

Primexbtoptions uses only cryptocurrencies as a payment method. This is typical of scammers because they take advantage of the fact that cryptocurrency transactions are difficult to trace and not refundable.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill, Sofort and iDeal.

The deposit menu accepts any amount, and the account is automatically set to use GBP.

Nowhere is there any information on depilatory and retrieval fees. As noted, the Primexbtoptions  has no publicly available legal documentation, so it is unclear what traps may be set in the Terms and Conditions.

HOW DOES THE SCAM WORK

Many people have a desire to invest in the financial markets but lack the necessary knowledge and experience. This makes them a potential victim of the many internet scammers posing as brokers and investment intermediaries. These types of scams have exploded alongside the cryptocurrency boom.

If you trust such a website and give them your personal information, you will be contacted by experienced scammers who will entice you with promises of easy profits. The scammers usually offer to take over all aspects of investing for you, sometimes even prompting you to install remote access software on your personal computer. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.

But you will never get the promised profits, nor will you be able to get your money back. If you want to withdraw funds from your account, you will find that you have suddenly lost everything in the market, or that you have to meet impossibly high traded volume requirements, or that you have to pay huge fees. It is also possible that fraudsters simply disappear because they hide behind fake names and shell companies in offshore areas that are not subject to any control and regulation.

WHAT TO DO WHEN SCAMMED

One of the few options to get at least some of your money back in such a situation is to ask for a chargeback. But this is only possible if you have used a credit or debit card for the transaction. Scammers typically use cryptocurrencies or dubious e-wallets that make it impossible to get your money back.

Under no circumstances should you trust people and websites that promise to magically refund your lost money for an upfront fee. This is also a well established scam. You may even fall victim to the same scammers again.

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