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PrimeCapitec (Primecapitec.com) is claiming to help traders build their path to success. Prime Capitec is professing to be a broker who mainly deals with Cryptocurrency. A closer look at their homepage does not reveal much in regards to their trading background. What is clear is the high number of complaints floating around the web. Members are crying foul after the broker openly refused to allow withdrawals. And this is the problem. Read this genuine and honest PRIMECAPITEC Review for more.
A look at the disclaimer at the footer of their homepage reveals the broker is located offshore. According to the information, PrimeCapitec is located in St. Vincent and the Grenadines. They continue claiming their actual operational location is Switzerland. Of the two locations, the only one closer to the truth is St. Vincent. Scam brokers will try and use European locations to try and gain recognition. They target European investors and as such, post locations such as Switzerland as their home base.
Not much information is posted regarding who actually owns the platform. Features available are also not listed which leaves more questions than answers. The broker also claims to offer Forex trading services according to their educational page. What leverage and spreads available on the platform remains to be seen. And this is why we must try to expose these scam brokers before other victims fall. PrimeCapitec is a perfect example of offshore brokers scamming unsuspecting investors.
Cryptocurrency and Forex assets is what the broker claims to offer on their platform. According to the homepage, the broker is an expert when it comes to digital currency trading. Currency pairs on the platform have a leverage ratio of 50:1 which is favorable to traders. The broker uses trading features that make a legit trader want to sign up. Credit is due to the broker as they do offer enchanting trading features. The problem with these features is there is a hefty price to pay.
PrimeCapitec is the sole owner of the platform, there is no other named third party owner. And there is a problem as the platform gives no details as to the founding members. The website claims the platform is operated by a team of trading experts. They claim professional traders came together and created this amazing trading platform. The problem is lack of proper information regarding these founding members. Without actual names being given, the broker remains to be anonymous.
According to the trusted domain register whois.net, PrimeCapitec is a website which is barely six months old. Records clearly indicate the website primecapitec.com was created on 18th February 2020. Claims of having over six years of online trading experience quickly disappear. These scam brokers are trying to buy their online reputation using false claims.
One would expect the broker to offer real insight to newbie or novice traders. An educational center is used to educate and inform members on the platform’s available tools. These scam brokers have no actual educational materials which should benefit members. A real trading platform will offer educational materials such as eBooks and webinars. Other traders offer real live classes to help their members. These scam brokers only claim to have an educational center which is not the case.
The broker claims to be located in two different locations. The FSA does not offer trading licenses to Forex brokers. It means the broker is not licensed in St. Vincent and the Grenadines. Moving to Switzerland, the regulatory body also has no broker licensed under the name Prime Capitec. FINMA does not recognize the existence of this broker and plan to issue an alert.
PrimeCapitec is NOT LICENSED OR REGISTERED to offer any trading services. Any trader who signs up will be losing their funds to an offshore broker. Funds deposited with such a broker are not insured as dictated by trading regulations. And this is a problem which can be easily avoided. It is best to use regulated brokers who follow the strict rules set by the industry. With an unregulated broker, recovering funds is next to impossible. And this is the problem facing members of Prime Capitec.
There are five account types to choose from with this platform. PrimeCapitec is furnishing members with Silver, Gold, Platinum, Signature, and VIP account types. According to the account’s page, the basic account holder must deposit $10,000 to start trading. The account features are almost the same which is odd. Every other account comes with an account manager apart from Silver account holders.
For a platform whose basic depository amount is $250, a professional account manager is a must. Sadly, the broker in question is an offshore scam artists who hires call agents to act as account managers. Scam brokers have been doing this for a while as investors have no idea who is handling the accounts. These account managers end up calling the members with depository demands.
The contact details also reveal other damning information regarding the broker. Disclaimer at the footer of their homepage shows the platform with a UK telephone address. And this is proof we are dealing with a scam broker. They use virtual phone numbers to try and fool European investors. The calls rarely go through as the broker doesn’t want to communicate directly with victims. They prefer the use of emails which gives them an advantage of choosing which message to respond to.
PrimeCapitec is not clear on the depository methods available on their platform. A look at their homepage reveals no information regarding which funding options are available. And this is a huge problem as it ensures the broker uses any means they deem fit. After opening an account, the broker sends an email with a bank account number. The problem with this method is members don’t know this is a personal bank account. Each member will get a different bank account to deposit funds.
Withdrawing funds has been an issue as none of the members have been able to access their funds. And this is proof we are dealing with a rotten broker whose intent is to steal from investors.
Lack of proper security firewall on their platform puts traders at risk. Hackers can easily take over the platform and steal vital data such as credit card information. And the problems don’t end there; execution speed is slow at its best. The platform is also not compatible with mobile devices. And this means the platform is unstable due to lack of proper testing.
The broker is pooling funds in one account as members make direct deposits to a personal bank account. Segregation of funds is not taking place as dictated by trading regulations. Members should not expect any compensation from the platform in the event of bankruptcy or insolvency. The broker does not participate in a compensatory scheme as which is against trading rules.
After carefully going through the complaints and features, it is clear PrimeCapitec is a scam. Stay away from brokers who are based offshore and don’t have proper license details. Warn any loved one on the effects of trading with prime capitec. These are professional scam brokers who will stop at nothing when targeting unsuspecting investors. Mark their promotional emails as spam and don’t click on any links sent.
By adding the broker to our scam blacklist, we hope to protect our esteemed readers. Deal with the right tools and success will follow. Smart Cryptocurrency traders are signing up with dependable brokers backed by experts.
Continue reading our reviews and find out more on online trading products and services. We wish all traders a successful trading experience.
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