PrimeMarkets review – Broker pretending to be legit
PrimeMarkets broker is under the ownership of Emerald Edu Group Ltd. We can see they operate since 2017 in the UK. Practicing FX and CFD trading services in the UK is very strict these days.
To see if this broker complies with all rules and regulations read this PrimeMarkets review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CONSOB, CNMV, FSMA|
|Owned by:||Emerald Edu Group Ltd|
|Headquarters Country:||UK (allegedly)|
|Minimum Deposit:||250 EUR|
|Cryptocurrencies:||Yes- BTC, ETH, LTC|
|Types of Assets:||Forex, Commodities, Indices, Shares, Bonds, Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is PrimeMarkets a Scam Broker?
PrimeMarkets trading company claims to be regulated by the EMA (European Markets Authority). Thus, such an institution is just a copycat of ESMA (European Securities and Markets Authority). Therefore, this company is misleading traders into believing their legitimacy.
Another key point is the UK regulation. Some of the most trusted Tier 1 regulators are FCA, BaFin and ASIC. To be able to provide trading services in the UK, you must have an FCA license or TPR (Temporary Permission Regime). However, PrimeMarkets broker doesn’t have any of those, but also no regulations from any Tier 1 regulator. Therefore, all their statements on the website are questionable.
Warning Issued by Financial Authorities
Above all, any legitimate company wouldn’t have any warnings. But PrimeMarkets scam broker does. Italian CONSOB has issued a warning against this broker for scamming Italian citizens.
PrimeMarkets Platforms – A Software Comparison
As for the trading software, PrimeMarkets broker offers Sirix. Even though it has reliable software for any device, it’s not as reliable as Meta Trader. Broker promotes basic features that are nowadays essential.
However, you won’t find options like social or copy trading. But also they miss automated trading options. Considering that they are UK based and have no FCA license, everything is doubted. Therefore, the platform that they offer is irrelevant without regulations and security. Similar examples of shady companies you can find in our Glenrocks and TradeFCM reviews.
What Financial Instruments Does The Platform Include?
If we disregard the lack of regulations, this company has quite good instruments range. With 3500 instruments available, that’s more than enough for anyone to find a proper opportunity.
PrimeMarkets broker covers:
- Currency pairs (Forex) USD/SEK, AUD/HKD, SGD/NOK
- Commodities Natural gas, palladium, cotton
- Indices DAX 30, CAC 40, Nikkei 225
- Shares Walt Disney, Amazon, Google
- Cryptocurrencies BTC, ADA, DASH
Important to realize is that for trading such assets in the UK, an FCA license is mandatory. Thus this broker doesn’t have it.
PrimeMarkets Countries Of Service
On the positive side, PrimeMarkets reviews reveal their scamming patterns. This company is mainly scamming traders from:
All countries have very strict regulations. Thus, this broker doesn’t have any of those. After this and warnings you realize that this broker is nothing but a bogus swindler.
Account Options Offered by PrimeMarkets
With PrimeMarkets broker there are 4 account types:
- Premium 250 EUR
- Zero Spread 500 EUR
- Copy 1.000 EUR
- Premium PRO 5.000 EUR
Trading conditions are questionable for each account. Considering their fraudulent history, it wouldn’t be a surprise that those are just fictive marketing strategies. Be aware of non-licensed brokers and think twice before investing money. Additionally, this broker doesn’t offer anywhere Islamic account. Even though these became very popular recently.
Can a Trader Use a Demo Account?
Whatever way you try to get access to the platform, you must register first. Have in mind that many licensed brokers offer transparent access to the platform. Whether through a demo or micro-accounts.
Thus, PrimeMarkets scam broker doesn’t offer any of those options. With this in mind, you know there is something hidden behind the scenes. Instead of risking your hard-earned money, you can stay patient until you find proper broker. But try to find a regulated one to avoid headaches over security measures.
Terms of Service for PrimeMarkets
PrimeMarkets trading company has icons of trusted payment providers. But if they really offer that or something else remains a mystery. Some of the advertised funding options are:
- Bank cards
- Wire transfers
- e-Payments (Skrill & Neteller)
Important to realize is that the broker doesn’t have any transparent withdrawal policy.
Leverage, Spreads and Fees
PrimeMarkets broker is quite mysterious when it comes to trading conditions. Leverage for most accounts is variable. Which means they will give you anything they find suitable. Of course to get you to deposit more money. For experienced retail traders, they allow leverage of up to 1:400. This directly violates ESMA rules. But what’s really concerning is who decides if the trader is experienced.
Even though spreads allegedly start from 0 pips on some accounts, that is questionable. Since you can’t get access to the platform you can’t confirm that. But most likely, that’s just a marketing strategy. Even though they advertise 0% fees on deposits, nowhere is to be seen withdrawal fees.
What Should I Do If I Have a PrimeMarkets Problem?
Since this company is not regulated, your solutions are limited. Firstly, you can share your experience with us. Warning other traders about fraudulent activities is always positive. Vice versa as well. Secondly, our expert fund recovery team can build you a strategy to recover your funds.
Whether you were making a card purchase or crypto transfer, you have a solution with us. The most important thing is not to wait until it’s too late. For instance, chargebacks are time limited for the first 540 days. Instead, you can file a request on time and solve all issues. Get in touch with us today. Our recovery team is available to give you any advice. Most importantly, the first consultation is free of charge!
What Is PrimeMarkets?
PrimeMarkets is a broker offering FX and CFD trading services with headquarters in the UK.
Is PrimeMarkets a Regulated Broker?
No. The broker doesn’t have Tier 1 regulation, but most importantly they lack FCA licensing.
Does PrimeMarkets Have a Referral Program?
Yes. They have multiple options to promote their company through referral and affiliate programs.
Does PrimeMarkets Offer a Demo Account?
No. The only way to get to the platform is by depositing 250 EUR.