Beware! PrimespotWay 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.
The only good thing about PrimespotWay is their website which looks decent. Other than that this is just another unregulated company that offers a lacking trading platform and not guarantees that you would actually be treated in accordance with all relevant laws. Avoid at all costs.
PrimespotWay REGULATION AND SAFETY OF FUNDS
PrimespotWay states that it is based in Germany – an EU country with a fairly strict regulatory regime when it comes to forex brokers. However, some of the conditions this broker offers go directly against certain EU regulations – such as bonuses and extremely high leverage. We also could not find any information about this broker being regulated in Germany – which leads us to the conclusion that they are not licensed. Trading with unlicensed companies could be extremely dangerous since the likelihood of you getting scammed is huge.
Our suggestion would be to avoid anonymous offshore brokers like Fwisolutions altogether and turn to a broker licensed in a strict jurisdiction such as the UK, the EU, or Australia. The level of reliability of such brokers is far higher, and you can expect transparency, and many protections – some reputable authorities like the UK’s FCA, Australia’s ASIC, or Cyprus’ CySEC (Cyprus has established itself as the main EU regulatory hub) will be making sure that all laws are being followed and that you are being treated fairly. European (UK and EU) and Australian companies have to maintain a minimum operational capital of €730 000 and A$1 million respectively to prove that they are financially stable and are here to stay. All UK and EU brokers are also obligated to participate in compensation funds – if such a broker goes bankrupt, each of their clients could receive compensation of up to £85 000 in the UK and €20 000 in the EU. Client money must be kept separate from the broker’s funds in segregated accounts – this proves that the broker would not be able to reinvest your deposits, promotes transparency, and speeds up withdrawals. Negative balance protection is provided to retail clients – this means you cannot lose more money than you have in your account, at least as a retail client.
PrimespotWay TRADING SOFTWARE
PrimespotWay provides access to something that only resembles a trading platform – a TradingVew chart with two additional buttons, one for buying and one for selling.
Such a thing could probably be used for some very basic operations but does not provide access to any charting and analysis tools or to use additional features. Hardly the best kind of software you could trade on. Considering the fact that you would be paying money in order to trade with this company, you should only expect the best – and this software is definitely not the best.
We would suggest that you try MetaTrader 4 or MetaTrader 5 – those platforms are far better than the rudimentary software scammers usually offer anyway. The MT software is a perfect mix of efficiency and convenience. You would be able to use a number of charting and analysis tools, trade automatically with the help of preprogrammed Expert Advisors, create your own trading bots and indicators, use Strategy Testers, set signals or subscribe to those set by others, employ multiple order execution types, and much more. MT4 and MT5 are both worth a try – don’t just take out word for it and open an account with a broker who can offer the MT experience.
PrimespotWay TRADING CONDITIONS
PrimespotWay offers various account types and access to various markets – forex, metals, commodities, indices, energies, stocks, and cryptocurrencies. However, no minimum deposit amounts were mentioned. In fact, the only thing thing that the broker did mention when it comes to its trading conditions was that you could get access to leverage as high as 1:400 depending on your account type and the asset you want to trade. No legitimate EU broker could offer such high rates since leverage caps exist in the EU – up to 1:30 for forex majors for retail clients. The reason for these restrictions is simple – trading with high leverage could lead to huge losses in case you do not have the necessary knowledge and experience yet.
Trading with scammers is not worth it when so many legitimate brokers have started offering affordable trading accounts.
PrimespotWay DEPOSIT AND WITHDRAWAL METHODS AND FEES
PrimespotWay only seems to accept deposits made via wire transfer – to get the broker’s contact details, you have to contact your account manager. This is not great news – although such transactions are not anonymous, it is very hard for them to be reversed. You would be much better off not depositing with this fraudulent broker in the first place instead of wondering how to retrieve your money.
This broker also seems to offer bonuses – which are actually banned in Germany where it is supposedly based. This proves once again that they could not be operating in the EU. Be careful when a shady broker offers bonuses – those usually come with strings attached. You would probably be asked to reach some impossible turnover requirements before you are allowed to withdraw anything – this is the most usual trick that scam brokers use to prevent you from withdrawing your money too soon.
HOW DOES THE SCAM WORK?
Scams like this one are becoming more and more prominent – they rely on people’s desire to make fast money without putting a lot of effort in. That is why it is important to know how you can tell apart a fully legitimate broker from a scammer and learn more about how such scams generally function.
All brokers promise certain things and try to advertise their services to their best capabilities – but all legitimate companies also provide statistics on how many people have lost money while trading with them. Scammers, on the other hand, promise guaranteed fast profits and a life of luxury. You will probably stumble upon the scam broker’s website randomly – or you might be pursued via phone or e-mail and asked to open an account. Maybe you have heard of people earning a living by trading – so you decide to set up such an account. The moment you provide the scammers with your phone number or email (if they have not already obtained it somehow), they will not leave you alone before you make an investment. These are professional smooth-talkers who scam people for a living – which means that they can be very convincing. Once you have made your first deposit, the scammers will ask you for bigger and bigger sums. You might even be happy to deposit more money because at this early stage, you will be turning a profit – scam brokers are good at manipulating results to make it seem like you are doing great.
The problems will start the moment you try to withdraw those profits – the broker will start making up reasons why this is impossible. – Usually, new, shady clauses in the Terms and Conditions will appear – you might be asked to reach some unattainably high turnover threshold or pay a high withdrawal fee. At some point, you will figure out something is wrong – and that is when the broker will stop answering your calls and e-mails and just disappear.
WHAT TO DO WHEN SCAMMED?
We should warn you that the chances of you getting your money back if you have already been scammed are slim -prevention is key in the world of online brokers. Choosing a legitimate company that holds an official license and has proven its reliability is essential. There are, however, still some things you can do if you have already been scammed.
Make sure to notify your bank that you have been scammed. Change all the passwords you have provided the scammers with. If you have given them remote access to your computer, remove the software immediately. Scam brokers usually claim that you need to install such software so they could help you with software set-up – or even help you trade – but their actual objective is to get access to your banking systems and steal even more money.
If you have deposited with Visa or MasterCard, ask for a chargeback immediately – both card providers allow such chargebacks within 540 days.
Notify the responsible authorities, and share your story with as many people as possible – this way, more people will know about such scams and learn how to avoid them.
Finally, don’t trust any “recovery agents” promising to retrieve your money for a fee – this is just another type of scam targeting scam victims. Often enough, the recovery agency is run by the same people who scammed you in the first place.