We have been inundated with multiple reports from individuals who claim to have fallen victim to fraud by the company known as ‘Primus FX’ (http://www.primusfx.net/). In this Primus FX review, we provide all the aspects that why we add this broker to our scam broker list.
Rarely do we come across a brokerage that maintains such a high level of anonymity in every aspect of its operations. While mistakes can occur with other brokers, Primus FX stands out as an entirely different case. This platform takes anonymity to a whole new level, redefining the concept in the world of financial services.
Website – http://primusfx.net/
Website Availability – No
Address – NA
Warning – Comisión Nacional del Mercado de Valores (Spain), Commissione Nazionale per le Società e la Borsa (Italy)
Regulated – Unregulated
Domain Age –
| Domain Name | primusfx.net |
|---|---|
| Date Registered | December 15, 2022 |
| Domain Age | 7 months, 10 days, 19 hours, 15 minutes, 5 seconds |
Regulation
Primus FX asserts that it falls under the regulation of the Cyprus Securities and Exchange Commission (CySEC). However, our diligent search through the CySEC registry yielded no results, indicating that this claim of regulatory status is indeed false and misleading to unsuspecting investors. Moreover, the Comisión Nacional del Mercado de Valores (CNMV) has taken action by adding Primus FX to its warning list due to its unauthorized provision of investment services.
In essence, Primus FX operates without any proper regulation from a governing body. Placing investors’ funds in the hands of this broker poses significant risks, as there are no legal safeguards to protect these investments. It is evident that Primus FX is unequivocally engaging in deceptive practices and can be deemed a scam. Investors should exercise extreme caution and avoid any involvement with this unregulated entity.
Moreover, the Italian Companies and Exchange Commission (CONSOB) has taken action to order the blackout of the Primus FX website. This measure aims to restrict access to the website and its related services within Italy.
Primus FX Review: Trading platform
When it comes to describing the platform, PrimusFX lacks humility entirely. They boast about its supposed intelligence and advanced features, claiming users can engage in automated trading and achieve profitable investments effortlessly. However, upon using the desktop app, it immediately raised suspicions as it appeared to be potentially harmful software. Consequently, we opted to access the web trader instead.
The registration process was relatively fast, leading us to the web trader. Despite all the grand claims about its exceptional performance, we were disappointed to find an overly simplistic web terminal. This platform seemed almost useless for any real trading, hinting at its potential use for data manipulation by unscrupulous scammers themselves.
Primus FX Review: Trading Accounts
The use of broken English in PrimusFX’s explanation of their package benefits doesn’t inspire much confidence. Moreover, their packages are notably expensive. Allegedly, if you’re willing to invest a substantial amount of wealth, you’ll receive premium education, trading signals, and competitive conditions. However, PrimusFX fails to provide clear disclosure regarding the specific trading parameters associated with each account type. The minimum amount offered by the classic Account is $500, Gold Account is $5 000 and the Premium Account is $50 000.
Demo Account
The PrimusFX website does not display any indication of the existence of Demo accounts. Presently, they only provide live trading accounts, leaving no room for trial accounts with virtual funds for test-trading, which is a common practice among reputable brokers. It appears that PrimusFX might be withholding important information about their platform, trading conditions, and overall environment, which could be a reason behind the unavailability of Demo accounts.
Primus FX Review: Trading Conditions
The broker continuously boasts about the generosity and excellence of their services without providing any concrete details to support these claims.
The lack of transparency is particularly evident concerning leverage and trading costs, raising suspicions about their practices. Traders agree to certain terms and incur expenses without fully understanding the underlying specifics. This shady approach leaves investors in the dark and is cause for concern.
Conclusion
Based on all available evidence, it is apparent that this broker lacks regulation from any Tier 1 entity. In fact, recent developments show that they have been blacklisted by the Spanish CNMV. This raises significant concerns about their legitimacy and compliance with regulatory standards.
If you have been victimized by the Primus FX scam or any other fraudulent activity, take comfort in knowing that there is a path to seek resolution. You can visit our Scam Bitcoin website, where we offer a user-friendly complaint form designed specifically to address scam brokers. By utilizing this form and submitting your complaint, you become eligible for a free consultation with our team of experts. Our dedicated professionals will provide invaluable guidance and unwavering support throughout the fund recovery process.
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