Prime Quotes Review: Fake Firm Won’t Make Your Wallet Fatter

The company name presented on this broker’s website does appear in a number of regulator registries. However, the license information is always unclear and ambiguous.

Read the remainder of our Prime Quotes review to learn why we don’t recommend trading with this business.

Shady Legal Information

Prime Quotes broker claims to be operating out of Saint Lucia, with an alleged license from FSC Mauritius. Offshore registration and an offshore license definitely don’t instill trust. There is, however, a company called PrimeQuotes Markets, licensed by FSC as of April 2024.

The website also lists an alleged license from FSCA (South Africa). An entity called Primequotes (Pty) Ltd is indeed found in the FSCA register (license number 53226), but without a company website. 

Now, since no domain is listed on the register, there’s no proof that this domain belongs to the exact company. This doubt is further deepened by the fact that there’s also primequotes.com which resembles primequotes.io but we can’t tell for sure if they’re connected.

Regulatory Warnings

Yet another proof that the company we’re reviewing is a totally anonymous business prone to fraud is the multiple warnings against it. The firm has become notorious with prominent EU regulatory bodies. 

FMA warning, which was issued first, clarifies that primequotes.io isn’t licensed to provide financial services in any form. This publication was reposted by several other financial regulators, including FSMA, AFM, IOSCO, FI, CNMV, FINANSTILSYNET and FSC.

Short-Term Lease on the Website

The majority of domain information in the Whois database has been redacted for privacy. What we did manage to find out is that the website was launched in June 2023, with a lease term of 2 years. This brings up another question – who launches a brand hoping that it would fail? Remember, fraudsters like Falcon Group use a number of short-term websites in order to avoid public scrutiny.

The majority of online users come from these particular areas:

• Australia
• Canada
• Germany
• Spain

Troublesome User Ratings

Prime Quotes reviews are not very numerous. Still, looking into the company’s TrustPilot profile, we again see behavior telling of an online scam. Out of the grand total of 14 separate ratings, there are only 1-star and 5-star comments. These are distributed on a nearly 1 to 1 basis, meaning that the firm actually pays for positive reviews to keep their reputation afloat.

Everything we’ve found so far about the company indicates predatory behavior. If you’ve invested any funds with this firm, consider contacting our recovery experts via the live chat.

How The Fraud Functions

The Prime Quotes scam works like many other contemporary online scams. The strategy, much like with PrimesGain, relies on boiler room agents to attract victims. These are basically operators in a fraud call center.

They will call the marks directly and promise huge profits in a relatively short timeframe. If the victims pay them money, agents will make recurrent calls in order to squeeze more money out, making one set of outrageous promises after another.

To help with this idea of legitimacy, the firm also operates social network profiles. These can be found on Facebook, Instagram, YouTube, X and LinkedIn.

Trading Environment is a Hoax

It’s not unusual to see even blacklisted firms offering premium trading platforms like MT4 and MT5. These are the options for the Prime Quotes app that you can choose from once you register for a demo or live account.

The software can be downloaded on any device or accessed via the web. The problem is that this is a non-licensed financial services provider and, what’s worse, blacklisted for scams. While they may promote world-class trading technology, it is practically useless when offered by a fraudulent entity.

Account Types Don’t Offer Much

While many acclaimed Forex dealers offer a wide variety of packages for any user preference, this broker fails to do so. On this platform, you will only find a few account types, and none of them offer anything you can rely on. 

For example, premium features, a dedicated manager, as well as customizable tools are advertised, but these are not specified anywhere. Minimum deposit requirements are quite attractive, however, but you shouldn’t trust the service anyway:

• Standard – $0
• ECN – $0
• VIP – $5,000

Trading Terms

The more you invest, the better trading conditions await you on this trading portal. This primarily stands for spreads, which start at 1.3 pips for the Standard account and go down to 0.9 pips for VIP. The leverage is always the same, regardless of your package, and the maximum ratio is 1:400. There’s allegedly no commission or tax on executing trades, which is beyond suspicious.

While the firm insists on negative balance protection, it still reserves the right to charge a fee to clients who incur debt. A 4% legal fee will be billed unless the debt is covered within 7 days.

Withdrawal Methods are Hidden

The information on financial channels is rather limited. Clients will not know which methods the company accepts for fund transfers until they create a Prime Quotes login account. Only after creation will the deposit methods be listed. These include crypto transfers (USDT, DOGE, LTC), local bank and bank wire transfers, and credit card payments.

To even view the supported payout methods, you’ll have to pass a KYC procedure. While the Terms and Conditions document outlines how withdrawals work, they never list any specific details. This allows the swindlers to improvise and ask for additional funds from the client. Don’t fall for the trap – contact our recovery experts!

Support Via Encrypted Channels

There are several ways you can contact the support office via the web:

• Email
• Online form
• Chat

However, what is actually recommended is that you use some of the specialized chat apps with encryption systems.  These are the communication methods that swindlers usually prefer to manipulate their victims more easily due to privacy measures. We’re, of course, talking about Telegram and WhatsApp.

Scammers Took Your Money? We Can Help!

This online brokerage tries to present itself as a legitimate firm to its customers. Unfortunately, no matter how hard we looked, we couldn’t find a single piece of evidence to corroborate their claims. The presence of so many regulatory warnings, however, tells us that we’re dealing with a trading hoax.

If your Prime Quotes withdrawal request gets inexplicably denied, you can always opt to seek help from our recovery professionals. You may reach us at any time via the live chat, and book your free first consultation.

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