Beware! Prima Fx Invest 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.
Prima Fx Invest is nothing but another insolent scam broker – that is what we can conclude after conducting thorough research. Do not trust such scammers with any of your money – you will surely end up losing it.
Prima Fx Invest REGULATION AND SAFETY OF FUNDS
It did not take us a long time to discover that Prima Fx Invest is not a broker you can trust with your hard-earned money. First of all, this broker is more or less anonymous – the information they have provided about themselves is more or less useless. You will get to learn that Prima Fx Invest “was started by two brothers” and you will get to read a whole fairytale about how the company was created – that is what this broker means by company information. Do not expect specific numbers and statistics, or any sort of license numbers and proof of legitimacy. Prima Fx Invest is supposedly based in Sweden – but when we checked the register of the local financial authority, the Swedish Financial Supervisory Authority (Finansinspektionen), we did not get any matches.
This means that Prima Fx Invest is an unregulated enterprise that surely poses a danger to your investment.
Trading with an unlicensed company is risky – you could never be sure that you would be treated fairly and you can forget about all the protections clients of regulated brokers get access to. If you choose a broker regulated in the UK, the EU, or Australia, you could be sure that the broker had to meet many requirements before obtaining a license and that your rights will be protected by many laws. Minimum capital requirements exist in all of the regions we mentioned – €730 000 in the UK and the EU, and A$1 million in Australia. This money serves as proof that the broker is financially stable. Client money must be kept in segregated bank accounts – this ensures that your broker would not be able to reinvest your deposits, and keeps your money safe in cases of broker insolvency. In the EU and the UK, compensation funds ensure your capital up to €20 000 in the EU and £85 000 in the UK against broker insolvency.
As you can see, choosing a legitimate broker has many perks – so do not waste time on scammers.
Prima Fx Invest TRADING SOFTWARE
Prima Fx Invest promised that it would provide us with access to some advanced trading platform – but only after we had invested. Before that, we were not allowed to trade with this broker. As a result, we cannot be completely sure that they offer any sort of functional trading software in the first place.
Turn to a broker who can offer a solid trading platform like MetaTrader 4 or MetaTrader 5 instead. Both of these platforms have become true staples in the world of trading – while MT4 is the go-to platform for trading forex, MT5 provides access to multiple markets. Both of them are packed with useful features – a full charting and analysis package as well as tools like Expert Advisors, a Strategy Tester, the possibility to develop custom scripts or set trading signals, a market for additional trading apps, etc. There are many licensed brokers who offer one – or both – of these platforms – we would suggest that you turn to one of them instead.
Prima Fx Invest TRADING CONDITIONS
Prima Fx Invest did not put a lot of effort into describing its trading conditions – we were informed that we would be able to open an account for $150 but that is about it. The broker did not say anything about maximum possible leverage, commission, spreads, or even about the range of markets it provides access to. But since we did not get access to a platform, we dare say that talking about spreads and leverage is pointless anyways – such terms are only applicable when you are provided with a platform you could trade on.
Instead of wasting time on scammers, check out some legitimate brokers who offer affordable trading accounts – even for as little as $10.
Prima Fx Invest DEPOSIT AND WITHDRAWAL METHODS AND FEES
Prima Fx Invest only accepts crypto deposits – in Bitcoin, Ethereum, and Bitcoin Cash. Be wary of brokers who urge you to deposit in crypto specifically – there is usually something wrong if a broker prefers such deposits. Crypto transactions are anonymous since they can only be traced to a wallet number and not to a person or organization. More importantly, they are irreversible – which completely destroys your chance of getting any sort of chargeback at a later point. That is why this payment method is only to be used if you are completely sure you can trust whoever you are transferring money to.
Prima Fx Invest also offers bonuses – and bonuses are banned in all of the EU for a good reason. Scam brokers often use such promotions as a way of denying withdrawals – they create turnover thresholds you have to reach before you can get access to your profits, deposits, and the bonus. Those thresholds will keep getting bigger and bigger since such brokers can change their Terms and Conditions at a whim and you would never be able to withdraw your money. Prima Fx Invest did not provide us with Terms and Conditions or with a Bonus Policy – which means we cannot say what dubious clauses you will stumble upon only after you open an account. Bonuses always come with strings attached when you are dealing with such scammers.
HOW DOES THE SCAM WORK?
It is vital to know how such scams work – this will also mean that you know how to avoid them.
One day, while you are casually browsing, you stumble upon an ad for a broker’s website. You think to yourself that earning a little extra sounds nice, especially since you have heard of people trading professionally. You take a look at the broker’s website and want to see what they have to offer so you register. Once you have provided the scammers with a phone number and an email, they won’t leave you alone before you deposit – keep in mind, that these are experienced scammers and they surely will manage to convince you. And if you have transferred money once, you will have to do it again and again – and you will readily do so since at this point you might even be turning a profit.
However, when you try to withdraw those profits, reasons, why this is impossible, will appear – additional taxes, unfulfilled clauses in the Terms and Conditions, etc. At some point, you will figure out something is wrong – but the scammers will be long-gone at this point – with your money, of course.
WHAT TO DO WHEN SCAMMED?
The first thing you should do is change all your banking passwords and information you have given the scammers access to. If you have installed any remote access software, make sure to remove it. Scammers often claim that they will provide you with technical support or with help while trading if you install an app like TradingView or AnyDesk – but all they want is access to your computer and your banking systems.
If you have deposited with Visa or MasterCard, ask for a chargeback as soon as possible – both card providers have a policy that allows chargebacks within 540 days. If you have deposited in any other way, the chances of retrieving your money are much slimmer – but still, make sure to contact your bank to see if something could be done.
Notify the responsible authorities, and share your story with others – online, or in your acquaintance circle. This way, they will know to avoid scams like the one you fell victim to.
Finally, don’t trust anyone who calls themselves a “recovery agent” and promises to retrieve your money for a small fee – this is just another type of scam targeting desperate victims.