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Prime Investing Review: Another Unregulated Scam Broker
Table of Content
Forex trading is in full swing, and it goes together with an escalating number of scam brokers. More people are interested in buying and selling stocks online, and fraudsters are well-aware of this growing trend and capitalize on the lack of experience of beginner traders.
A textbook case of an investment scam is the Prime Investing broker luring newcomers with its fake offers. Its website fraudulently imitates one of the legitimate-looking websites comprising bold statements, such as the one that this company enjoys an excellent international reputation, has a decade-long experience, and is focussed on your success and safety. In reality, Prime Investing faces lots of scam allegations, is only skilled in cheating, and is interested just in your money.
Therefore, it is essential to educate the general public about FX trading and forewarn people about financial swindlers. Please continue reading our Prime Investing review to get a better understanding of this broker scam.
|Minimum Deposit||5,000 EUR|
|Broker Type||Forex broker|
How Are You Protected at Prime Investing? Regulation
In short, you are not protected at all when trading with Prime Investing since it is an unlicensed brokerage. To elaborate further; all forex providers must be authorized by a relevant financial market regulator to render services legally. Whether it be a Cyprus-based, German-based, UK-based, or offshore-based broker, it must hold a valid broker’s license. Although Prime Investing is registered in Bulgaria, it isn’t accredited by the Bulgarian FSC (Financial Supervision Commission).
Some well-regarded trading credentials are those issued by the British FCA, Cyprus CySEC, Swiss FINMA, and Australian ASIC. It comes with no surprise since these supervisory bodies have stringent licensing requirements and cover traders. Having said that, every broker must adhere to legislation all the time. For example, FCA demands a broker maintains a minimum working capital of 730K GBP. Additionally, in case of a broker’s insolvency, FCA compensates traders for up to 85K GBP.
Unlike an unauthorized broker, a licensed forex provider delivers high-quality service. For instance, legitimate companies manage risk arising from trading by developing risk management strategies, such as negative balance protection (a trader can’t lose more than initially deposited) and segregated funds (an investor’s money is kept separate from a broker’s capital, i.e., a broker’s bankruptcy can’t affect investors).
The heart of the matter is that Prime Investing isn’t regulated by any third-party auditors, and as such, can be involved in fraudulent trading activities without consequences. So that is why you should better stay away from this untrustworthy and not legit brokerage.
Trading Platform Overview
Speaking of trading software, which is paramount for trading, Prime Investing offers an internet-based trading platform that lacks the necessary tools. Its Webtrader is subpar compared to the latest trading programs, such as MT4, MT5, cTrader, and Sirix. These cutting-edge trading platforms are the preferred choice of many companies due to their reliability, ease of use, and compatibility.
On these platforms, traders can use advanced instruments to be more effective like economic calendars, market analysis, expert advisors, stop loss, automated trading, and copy/social trading. On top of that, modern trading software is available as a browser-based platform on desktops and smartphones or as a download program for PCs and mobile phones.
Thus, if you want the most out of trading, you should opt for well-established forex brokers utilizing proven and tested trading platforms. That is not possible with Prime Investing’s manipulative trading software.
Trading Account Prime Investing Offered
When it comes to real trading accounts, Prime Investing states you can set up a live account in one minute and start trading immediately, which is strange and an obvious sign that everyone can open an account with Prime Investing. Opposite, legit companies request some proof of identity and address from new traders. Anyhow, this financial swindler offers several account options outlined below.
- Bronze: minimum opening balance is 5,000 GBP
- Silver: minimum opening balance is 10,000 GBP
- Gold: minimum opening balance is 25,000 GBP
- Platinum: minimum opening balance is 50,000 GBP
- Diamond: minimum opening balance is 150,000 GBP
- Pro: minimum opening balance is 250,000 GBP
These amounts are much higher than the industry normal, e.g., you can open a trading account with a genuine company for as low as 1 USD. Also, leverage is limited to 1:30 for retail traders in the EU, but allegedly this EU-based broker offers 1:300 leverage – these are apparent warning signals.
Market Product You Can Trade
Regarding trading instruments, Prime Investing claims it offers thousands of tradable assets, including major currency pairs, metals, energies, agriculture commodities, stocks, indices, Bitcoin, and other appealing digital coins. However, if I were you, I wouldn’t fall for this since it is a clear decoy. Anyway, some of its 300+ trading instruments are included below.
- Forex: USD/EUR, EUR/CHF, USD/CAD, GBP/EUR, USD/JPY, etc.
- Commodities: crude oil, natural gas, gold, silver, wheat, etc.
- Shares: Tesla, Amazon, Apple, Microsoft, Netflix, etc.
- Indices: NASDAQ 100, S&P 500, DAX 30, FTSE 100, Dow Jones, etc.
- Cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dogecoin (DOGE), Zcash (ZEC), etc.
Deposit and Withdrawal Process
Concerning Prime Investing funding methods, this bogus brokerage allegedly provides multiple ways of funding and withdrawing, like credit/debit cards, electronic wallets, and bank wire transfers.
Prime Investing is inconsistent in its statements. For example, the minimum required deposit is 250 USD on the home page, but a minimal amount of 5,000 GBP is needed when you start opening an account.
As for withdrawals, the payoff limit is 250 USD/GBP/EUR for bank transfers and 100 USD/GBP/EUR for other methods, and it can take 2 to 14 days for withdrawals. Also, this phony broker charges different withdrawal fees, such as 50 USD/GBP/EUR for wire transfers and 25 USD/GBP/EUR for e-wallets and credit/debit cards (plus processing fees). It also levies a 10% fee for inactivity and for drawing out funds from not verified accounts and with less than 200 turnovers.
Nonetheless, your funds are at the highest risk when trading with this not trustworthy broker since there are no money withdrawal guarantees. Thereby, please stay away from Prime Investing by all means.
Prime Investing Offers Bonuses and Promotions
As a bogus broker, Prime Investing offers bonuses and promotions even though they are banned in the EU and some other jurisdictions (despite the fact it is reportedly registered in the EU country, i.e., Bulgaria). So, it provides several options, such as:
- First-time deposit bonus: you get a 15-25% deposit bonus when you open an account with Prime Investing for the first time.
- Friends-bring-friends bonus: a 10-15% referral bonus if you recommend Primal Investing to your friends for online trading.
- Also, you get a bonus on the deposit that depends on the type of account and ranges from 3,000 GBP to 250,000 GBP.
However, these bonuses come with strings attached, viz, they cannot be withdrawn. Thus, be careful about easy earnings, and don’t be deceived by the so-called enormous opportunities offered by this online trading scam.
Got Scammed by Prime Investing? Chargeback Is Your Solution!
This dishonest scam broker boasts that it has 500,000 active traders, considering negative Prime Investing reviews, we would rather say victims. If you are a victim of the Prime Investing scam, it is important to act fast and inform the relevant authorities. With their help and advice from cyber security experts, getting your money back is possible.
Likewise, VISA and Mastercards offer assistance with cashback, if you have deposited via credit/debit cards. Remember, scams can happen to anyone! Thus, don’t feel embarrassed about reporting a scam! Your actions can help others avoid being defrauded by the same financial swindler.
Prime Investing Summary
In the end, the principal points of this article are as follows.
- Prime Investing is an unlicensed and illegal broker claiming to be registered in Bulgaria, but it isn’t regulated by the local or any financial market regulator. So, no license – no funds protection.
- This shady brokerage has set a hefty minimum required deposit. So, to start trading with Prime Investing you must risk 5,000 EUR. Thanks, but no thanks!
- Its reportedly powerful trading software is nothing but a poor trading platform that can’t offer a prosperous trading experience.
- Finally, yet importantly, think twice before taking any risks while investing money, and only trade with a licensed online financial trading company.
FAQs About Prime Investing Broker
Is Prime Investing Regulated Broker?
No, it is not. It claims it is registered in Bulgaria but is not authorized by the local or any other financial regulatory body.
Does Prime Investing Offer A Demo Account?
No, it doesn’t, which is common for a fraudulent broker.
What Is The Minimum Deposit for Prime Investing?
This illicit broker requires a whopping 5,000 GBP minimum deposit, which is too high and too risky.