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PrimeOnline Review: Another Broker Scam

PrimeOnline Review: Another Broker Scam

PrimeOnline is a platform with a unique presentation that would make anyone fall for it. Before jumping and depositing funds with Prime Online, a couple of things to make out. The broker is lying about their headquarters, and they don’t have any license. If the broker is telling the truth about their UK headquarters, the FCA should know them. Sadly, the regulator hasn’t heard of this broker. Make sure to read this entire PRIMEONLINE Review and get the truth.

PrimeOnline Review

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A Brief Overview of PrimeOnline

‘Access Global Market with a Global Broker’ is the tag line used by this unregulated entity. The broker claims to be a globally recognized financial market specialist. If that’s the case, our team and dozens of other investors haven’t heard about them.

This is probably because the broker is trying to feign a strong online presence. Despite their claims, we have concrete proof showing that PrimeOnline is another offshore broker.

On their about us page, the broker claims to have over 320,000 active accounts. We don’t know how they managed to get a huge following in a short time. The website is barely two months old, as we will later disclose.

Another false claim is having clients from over 30 countries. What they have are victims from several countries all over the world. It’s these victims that want the broker exposed for the ill-trading services they offer.

Account opening procedure

There’s nothing new with their account opening as users give their address, email, and names. Once you do so, the signup process takes you to the verification step. This is where we raise a red flag as the broker demands banking information.

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You have to send bank statements, a copy of your ID, and credit card information. From our experience, the broker is trying to harvest banking information from clients.

The type of broker who asks for such documents will soon have access to your bank account. What they do is charge all their purchases to your credit card number. Don’t send your banking details to anyone apart from a legal banking lender/institution or government entity.

Advanced trading instruments

That’s the word they use to make the platform look professional. These advanced trading instruments include the normal assets. You can trade commodities, crypto, forex, indices, and stocks. The broker claims to offer low commissions and tight spreads with negative balance protection.

All this sounds fancy, apart from the fact that the platform is a scam. There’s no actual trading taking place.

Business holder

The name of the person behind this trading platform remains a mystery. Our efforts to trace the real owner hit a wall. The website fails to inform users of the people working behind it. A legit platform would inform users of the owner and professional brokers behind it.

All we have is a trading website with no names. This is a front for offshore brokers to steal funds from European investors. This is another anonymous trading website that investors must shun.

Complaints from members

Over the past couple of weeks, we have been receiving complaints regarding this broker. Magdalene was one of the very first victims who lost $5,900 with the broker. After depositing $6,000, her account balance reflected $5,900.

Prime Online User Experience

The broker promised to have a stable ROI of 20 percent every week. For a month, her account balance was increasing, making her believe she was winning. When she decided to withdraw funds, that’s when everything turned upside down.

She has been trying to contact the broker for the past few days with no luck. The broker has now blocked access to her account. Magdalene is not the only victim as more face the same scenario.

Domain history (primeonline.trade review)

The platform is 48 days old as we publish this review. Records show that the website was created on February 25, 2021. The name of the registrant has been redacted, with privacy being the reason.

We didn’t expect to find any name as scam artists won’t divulge such personal information. There’s no way they would want their faces covered with the word ‘scam.’ This shows that anonymity is what helps them avoid prosecution.

Features of PrimeOnline

Account types

PrimeOnline offers four account types to investors. The accounts listed include Zero, Average, Prime, and Extra. Zero account is the basic account, and investors have to deposit $300 to start trading.

Other accounts require $3,000, $10,000, and $30,000 respectively. Most of the features are the same, including trading signals and variable leverage. Only extra plan holders get a professional trading plan and VIP support.

PrimeOnline Account Types

Contact and support

There’s a UK phone number listed on their contact page, and this is a virtual phone number. You can also send an email, although withdrawal emails don’t get any response. The phone number rarely goes through, and when it does, a bot answers it with numbered answers.

This is not a professional support service, and don’t expect any help from the broker. The email support is used to notify the broker when a member wants to withdraw. That’s when the broker shuts down all communication and blocks the member’s account.

Deposit and withdrawal

There’s only one depository option, bank transfer. The broker sends a bank account where you deposit funds. Your account will reflect the balance minus the $100 processing fee. Withdrawing funds with the platform remains to be the biggest hurdle facing investors.

Please refrain from depositing with an anonymous online trading platform.

Trading platform

The broker claims that their trading platform is the synonym for success. There are over 250 trading tools available on the platform, and this is according to the broker. Although there’s an option to use the MT5 terminal, it’s of no help.

You don’t get to withdraw funds making trading with the platform worthless. When you get a reliable broker, we recommend using MT4, MT5, and SIRIX trading terminals.

PrimeOnline License and Registration

PrimeOnline is not a UK broker and does not have a license to operate from the FCA. If you do a quick search, you will find no results on the FCA’s official website. The broker does not even shed any light regarding their license number.

We don’t have the Company registration number of the entity behind this broker. Please refrain from engaging with online brokers who don’t provide license details.

Safety of funds with PrimeOnline

Safety of funds with Primeonline.trade

There’s no safety of funds as the broker does not segregate accounts. Once you deposit funds, the broker transfers them to a personal bank account. There’s no need to hire recovery agents as they won’t do much. The broker uses an offshore bank to store looted money from unsuspecting investors.

Scam or Legit PrimeOnline

PrimeOnline is a scam waiting to pounce on investors. We must expose it and hope no one else falls for the platform aesthetics. Prime Online is a classic example of offshore brokers trying their hand in the European trading scene.

Closing remarks

After confirming that primeonline.trade is a scam, we won’t recommend it to anyone. We will add it to our blacklist.

Go for approved and tested brokers who have a strong online reputation. These experts help take your trading to the next level. What are you waiting for?

We wish you all the best in your trading venture.

 

 

 

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