Prime CFDs Review Update 2023: The FCA finally issued a press release warning investors of signing up with this broker.
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Primecfds is an investment brokerage that was registered in April 2017. So yes, they are relatively new compared to more established brokerages who have been operating here for the last 5 years or so. However, Prime CFDs has already started walking down the beaten path as the business is not regulated, and they are also being blamed for mishandling client funds.
When we take a tour on their About Us page, we get very little useful information about them. We wonder why Prime CFDs and similar other brokers always have to settle down on mediocrity even when it’s clear that the industry is too competitive not to give clients reasons why they should trust you.
Of course in an attempt to lure customers to their operations, Prime CFDs has posted a few sentences ranting about the vision of the company and the features which they allegedly offer their customers.
The reason we are now focusing on Prime CFDs in this review is because we want to bring to your attention that this brokerage is suffering from the usual problems that affect brokerages that end up shutting their doors at some point.
The first thing we’d like to know is who is responsible for the operations of Prime CFDs as an investment brokerage?
According to the information found at the footer of the site, Prime CFDs is owned by a company known as Orion Solutions SRL which is based out of Romania. However, at the time of forming this company, it was located and registered in Bulgaria. Unfortunately, Prime CFDs still does not look like a trustworthy operation that people can be confident about.
Their contact page reveals that this company operates offices in a number of countries which include the Netherlands, Australia, Finland, Nigeria, Norway, Bulgaria etc.
Whereas this brokerage has maintained a phone number for all the aforementioned locations, it’s difficult to tell whether actual offices are present in those locations.
When we try to scrutinize the domain further using public registries like who.is, we find that indeed it is publicly registered to someone called Nikos Aristeidou. He has also stated that he represents PrimeCFDs Ltd.
Now, looking at this fact, we think that it will go towards the pros column of this brokerage. They are at least not afraid to reveal who is behind their operation. That is a good sign that things are headed towards the right direction.
There are 5 different types of investment accounts which progressively demand significantly larger deposits. The high the account rank, the more perks you are supposed to enjoy with that type of account.
There’s the mini account, and this one features a payout of up to 82%. With this account, members can access customer support 24/7. Professional charting solution is also available too. The only challenge with this account is that monthly withdrawal fees apply.
On the other hand, the silver account offers all the features of a mini account. Then it also offers trade alerts, access to an account manager as well as the basic version of the broke’s trading central.
Now, given that this account type has a personal trading coach or manager (depending on how you want to call them), we must say that anyone who pursues this type of account must be very careful when it comes to dealing with account managers. This is because their interest is usually not consistent with that of the trader.
Prime CFDs has also been accused of implementing aggressive marketing tactics other than having account managers whose interest seldom coincide with those of their clients.
Gold account lets you enjoy payouts of up to 84%. However, trade alerts can be sent through email and in text message. Monthly withdrawal fees apply too. It is promoted as the most popular account type that clients of Prime CFDs go for.
Now, the Platinum account does not include the monthly withdrawal fees. In addition to this, it does raise the payout to 86%. This account offers live training sessions in addition to Forex pairs which clients can trade.
Finally, the Diamond account raises the payout limit to 88% and offers everything that the Platinum account is offering. The one thing that surprises us is that Prime CFDs has never mentioned anything to do with minimum deposit.
We actually had to source for this information on client forums where they alleged that PrimeCFDs was accepting a minimum investment of $250.
You can expect fairly standard deposit and cashing out methods implemented on this site. They have also implemented the dreaded KYC policy which basically means that clients will find it harder to withdraw funds from this platform. In fact, some traders have even alleged that people can only fund an account with this broker but not to withdraw any money from them. If these traders are speaking the truth, then this brokerage is nothing but a scam operation that tries to pretend that they are credible.
TraderSoft platform is the dominant trading platform here. It allows people to trade Forex, Binary Options and CFDs. Basically, everything is self-explanatory. The charting solution offered by this platform is also quite okay. Apart from these features, there’s nothing else to praise the platform for. You can either like or hate it.
This broker also makes sure that clients can trade a lot of instruments on their platform.
We have at least painted a picture of what we like and what we do not like about Prime CFDs. We like the fact that the owner doesn’t see the need to hide their details. But that could also mean that they are very daring, and are risking a lot in the process. If the accusation that this broker doesn’t process withdrawal requests is anything to go by, then we can only say that the operator of this brokerage firm is taking a huge risk.
Also, the fact that this brokerage is unlicensed means they can choose to handle your funds the way they like it. Use these Forex brokerages instead.
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5 Replies to “Prime CFDs Review: Scam or Just Weird Broker?”
they are regulated by the vanuatu financial services commission
Ya hemos confirmado el nombre del principal estafador en España de los brokers de fraude más activos, Cristian Manuel Arenal Ambrosio con DNI 72059607-D con domicilio en Madrid. Es el líder de una banda que lleva más de 4 años engañando a personas en España. Pertenece a una banda internacional y es número 1 en España. Utiliza multitud de nombres y números de teléfono falsos. Hay causas abiertas en juzgados de toda España, muchos en Madrid, así como en los juzgados de primera instancia de muchas otras ciudades. Gracias a otro estafado acabamos de localizar a otro estafador de esta pandilla que se hace pasar por profesor de Trading, su nombre es Luis Alberto Hontoba Pérez con DNI. 32892079D. Todo estafado debe saber que puede presentar una denuncia ante la Policía de su localidad y dar estos datos para asegurarse de que puedan ser los mismos. Esta banda será próximamente juzgada en la Audiencia Nacional después de ser detenidos en 2022. Adjunto link de la noticia publicada por TeleMadrid:
Scam – they phone me every few days wanting money and refuse to stop. I’ve never heard of a reputable business using practices like this to attract clients.
they are not regulated !! they are a Scam from OptionsXO !!! they will never give you back your Money !!!!