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PrimeCrypto Review: Yes, they are a Scam

PrimeCrypto Review: Yes, they are a Scam

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PrimeCrypto is a broker focused on the Crypto currency market. They are offering a wide range of coins to trade, 60 coins to be specific. The way we see it is that PrimeCrypto is trying to present itself as a Crypto currency exchange where traders can buy or sell coins conveniently. However, when we investigate deeper, we realize that what is underneath is quite different from what we are seeing on the surface. These people are only offering Crypto CFDs or contract for difference products. There is no direct buying and selling of coins similar to what happens in a Crypto exchange platform.

In the CFDs trading environment, traders bet where the price will move next and they do not have to own the coins themselves. There are 5 different types of trading accounts with leverages ranging between 1:2 to 1:10. Therefore, if you plan to trade with this broker, you need to think twice. Read their entire site and familiarize yourself with some of the most important things like minimum deposit and spreads, although they claim that spreads are not relevant to their products.

In the meantime, if you want to utilize the services of a reliable broker, our advice is that you should make use of these brokers. 

PrimeCrypto Review

There are 60 coins to trade on this platform which include Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash, Litecoin, Zcash, Monero, USD Tether, Ethereum Classic, Waves, Steam, OmiseGo, Lisk, Gnosis, Golem, Augur, Otum, NEM, NEO, IOTA, EOS and Stellar. However, on their website, they also claim that they are providing up to 800 Crypto assets. Already this list of variety is impressive and if a trader was looking for variety or a specific coin which they love to trade, they would be advantaged by the fact that this broker offers that specific type of coin.

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However, this broker does not offer trading in other types of CFDs for Forex, Commodities, Stocks, indices and precious metals.

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Other features which you might be interested in

There is no minimum deposit to start with. However, if a trader wants to open a bronze account, a minimum deposit of $2500 will apply. For a silver account, PrimeCrypto demands a minimum of $10,000. For Gold and Diamond, they require 75K and 150K respectively. These minimums are still very high and if you choose your brokers wisely, you should be able to find a broker who can give you a decent trading account for as little as $50.

PrimeCrypto does not have a license

This broker is owned and operated by a Bulgarian company known as Maplewalk Limited. According to the laws of Bulgaria, any company providing financial or investments services should be registered with the ocal Financial Supervision Commission (FSC) or at least consider getting registered with any EU country. These conditions must be fulfilled in order for brokers like PrimeCrypto to operate legally in Bulgaria.

But unfortunately, PrimeCrypto is not registered by the FSC of Bulgaria or any financial watchdog in any of the EU countries. So this means that the broker is operating without a license, something that they don’t want you to inquire and will go an extra mile to distract you so that this question won’t come up in your mind. Our advice on this is that traders should only trade with well respected financial regulatory services like the Cyprus Securities and Exchange Commission (CySEC), the FCA or the Australian Securities and Investments Commission (ASIC).

If you trade with a broker who is either regulated by the FCA or CySEC, you will be entitled to a compensation in case the broker goes bankrupt. For brokers who are covered by the FCA, they will compensate up to 50,000 worth of GBP. On the other hand, all CySEC regulated brokers are required to insure their traders up to the tune of 20,000 EUR.

Trading conditions for PrimeCrypto not clear

The account types offered by this broker have some trading conditions and one of them is that the broker will deduct a fee of between 2-5%. This is something that Crypto currency exchanges do but not CFD brokers. It is not common among CFD brokers. Besides this, PrimeCrypto does not tell us what their spreads are and we’d like to have this information handy in order to make an informed decision on whether or not it is expensive trading with this broker.

Payment options

PrimeCrypto has a Bitcoin logo on their site which means that they are accepting Bitcoin as a form of payment. However, when you sign up and attempt sending your funds in BTC, you will suddenly discover that this option is not supported. So we are wondering what is the point of having BTC as a form of payment and yet this option cannot be used.

This broker does not accept popular payment methods like Neteller and Skrill too. They only accept payment in Visa and MasterCard.

Trading platform

There is neither an MT4 nor an MT5 platform here. Instead, they are offering an overly simplified trading platform which reminds us of the infamous binary options trading platform where dubious brokers used to cheat by manipulating the platform to show fake price feeds so they could be used with equally dubious trading apps for binary options.

Withdrawal fee of 5% is unusual

Now, this broker does the unthinkable by imposing a 5% withdrawal fee on the amount which a trader will get out of their system.

Also, if you happen to accept their bonus, you will have to meet a certain trading volume in order to withdraw your deposit. This trading volume is hard to meet and you can rest assured that this is one way people lose money with dubious brokers like PrimeCrypto.

Our best advice for you

PrimeCrypto poses as a reliable Crypto exchange but the fact of the matter is that they are unregulated plus their credibility is questionable. You cannot trade with an unregulated broker and expect that things will go the way you want them to go. Therefore, only trade with regulated brokers who have built their reputation over time.

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