When opening a trading account, there is always one big question. Could this broker scam you? We’ve decided to answer all of your questions in our updated PrimoTrade review.
| Regulated by: | None |
| Headquarters Country: | Commonwealth of Dominica |
| Foundation year: | 2020 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 5000$ |
| Types of Assets: | FX, commodities, stocks, indicies |
| Maximum Leverage: | 7:40 |
| Demo Account: | No |
Regulation and Security
PrimoTrade is one of the youngest brokers on the market. It was established in 2020 in the Commonwealth of Dominica under the name Malarkey Consulting Ltd. The broker is not regulated in any country. When it comes to the security of the funds, the broker does not give any information about the location of the funds, are they on the segregated accounts, and what is the procedure in case you cannot get your funds.
We can say that the broker is not safe to trade with.
Warnings From Financial Regulators
We decided to dig deeper about PrimoTrade broker. And according to our review, it seems that the list of warnings against this broker is endless.
The FCA from the UK warned its citizens against PrimoTrade broker in February this year. Along with the warning goes to instructions on how to protect yourself and where to report this scam broker.
Besides the FCA, Belgium FSMA issued the same warning. After that, warnings are issued by Italian CONSOB, Danish DFSA, Spanish CNMV, and Slovenian ATVP.
Seems that this broker is everything but legit.
In which countries does this broker work?
Since the broker is not regulated, it shouldn’t be providing financial services anywhere. As you can see from the list of warnings, seems however that the broker is operating all around Europe. It’s working with clients from the UK, Belgium, Denmark, Italy, Spain, Slovenia, etc.
The only restriction on the broker’s website is the USA and the UAE. Seems that PrimoTrade has limits when it comes to scam.
How Online Trading Scams Work?
Online trading scams became very popular, especially during the Covid-19 pandemic. The unregulated brokers are using the fact people are desperate for another source of income. Usually, it all starts by selling the dream. Some scam broker, such as PrimoTrade, convinces you that you can secure your future by smart investments. And that would be true, if only you had a legit broker on your side. However, the goal of scam brokers is just to take your money. They will say anything you want to hear, just to get your money. And after the money is gone, you will never hear from them again. And this is the moment you understand you have been scammed, and you need help.
Victim of Primo Trade scam?
If, like many people before you, you were scammed by PrimoTrade, do not worry. All you need to do is file a dispute and request a chargeback. This is the way to get your money back.
But what is a chargeback? The chargeback is returning funds to your debit or credit card in case of a scam. If you paid for a service or product you didn’t get, you have the right to ask for the money back. Get in touch with us immediately for free consultations!
Is PrimoTrade a good broker?
PrimoTrade is an unregulated offshore broker. Therefore, we can conclude that it’s not good nor safe to trade with.
Is PrimoTrade a scam?
PrimoTrade broker is a broker operating with no regulation. Also, the company is registered in an offshore country. The broker has bad reviews from the clients. We can safely say that the broker is not legit.
Is PrimoTrade regulated?
PrimoTrade is operating from the Commonwealth of Dominica with no regulation by any regulatory body.
Where is PrimoTrade broker based?
The broker is based in the Commonwealth of Dominica.
