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PrimeOakmont Review – The Truth About This Scam Broker
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PrimeOakmont broker is a trading company based in Seychelles allegedly. They are owned by PrimeOakmont Ltd. and like that they should comply with Seychelles laws and regulations. This scam broker already earned multiple warnings against them. Yet, they are in the business since 2021.
However, not to jump to any conclusion we will present you with all the facts about this broker. An educated decision is much better than a rushing one.
On top of that, we seriously recommend you not to invest in the fake brokers PNL Advanced, Grow Pro Markets, and Finance Proof. Do not trade with these unlicensed brokers if you want to save your money!
|Review Rating||2.72 on Sitejabber|
|Broker Type||Unlicensed offshore broker|
The Safety of Funds and the Regulation of PrimeOakmont
The regulatory body in Seychelles is Financial Services Authority ( FSA ). They provide safety for clients trading on FX and CFD markets with companies coming from this offshore country. However, the PrimeOakmont broker doesn’t have any license with this authority.
Therefore, all funds deposited there are not in safe hands. According to PrimeOakmont broker reviews they are scamming traders from the UK, Canada, Germany, and Poland. That being said, they should also have a license from one of the regulators coming from mentioned countries.
We checked the database of Tier 1 regulators like FCA, BaFin, and CONSOB. As expected, this broker doesn’t have any regulations there either.
What is disturbing is that they already got many different warnings from authorities like KNF ( Poland ), OSC ( Ontario ), and BCSC ( British Colombia ). Most probably many more to come if they don’t vanish before that.
PrimeOakmont didn’t even bother investing more money into the trading platform. Instead of providing a third-party trusted platform like MT4/MT5 they just designed a web-based trading platform. They advertise it as the latest technological invention that will make your trading easier.
However, looking at the platform gave us a completely different feeling. The platform just offers a basic chart view with minimal technical and analytical tools. There are no EAs, social trading, or copy trading available. Moreover, they lack a mobile version of the platform. It’s a huge disadvantage, but we must admit that we expected something like this.
Account Types Offered
There are 6 different account types available. Unfortunately, this broker doesn’t offer a demo account besides live accounts. Anyway, live accounts are:
- Mini – 250$
- Silver – 1.000$
- Gold – 5.000$
- Platinum – 50.000$
- Diamond – 100.000$
- VIP – 250.000$
The only account that allows instant withdrawals is a VIP account. Any other takes up to 5 business days to be approved. The benefit, if we can call it that, is higher leverage. That is a two-edged sword. As much as you can gain that much and that fast you can lose everything from your trading balance.
PrimeOakmont Trading Instruments
What is another bad sign about this broker is that they offer only cryptocurrencies as trading assets. Those are highly volatile and they tend to wave in one direction very quickly. With the insanely high leverage that this broker offers it is very dangerous. That’s actually how people get scammed without knowing. When they realize it’s too late.
However, some of the available cryptos are:
Since this broker doesn’t provide any clear trading conditions, spreads and commissions are undisclosed. So, what we can expect is unexpected. We don’t trust this one anyway, because they don’t have any regulations and neither should you.
Don’t fall for this investment scam and start looking for a licensed trading company.
Deposits and Withdrawals Process
It is unfortunate that the broker doesn’t reveal what depositing options are. However, they are using dirty tricks to get you onboard, but when you need to take money out tricks become even dirtier. They rely on AML policy, where they need to verify your account to be able to trade with you as a client.
Nevertheless, if you want to deposit without verification, that is not an issue. Withdrawals are the issue and that’s where AML laws come into play. There are multiple verification steps and many documents required. Even after providing all of those it is not sure that you will get your withdrawal.
Another tactic that scam brokers like PrimeOakmont are using is remote control software. Those are TeamViewer and AnyDesk. That way they allegedly help you with verification steps and withdrawal procedures.
But the end goal is completely different. It is to see if you have more money in your bank account. It’s not unusual that money is transferred before the client even realizes it.
For terms and conditions with an unregulated broker, nothing is 100% sure. That’s why we always recommend our readers look for licensed trading companies.
How Do I Obtain A Refund After Being Defrauded by PrimeOakmont?
Since this broker doesn’t provide information about depositing methods, we are unsure what would be the right option. Yet, there are some standard ways. If they accept cards and you deposited with a credit/debit card you are entitled to a chargeback. Of course, within a certain time period.
On the other hand, if you were doing a crypto transfer situation is worse. Crypto transactions are hardly traceable and always encrypted. For those, you need experts with access to some exclusive software like Cipher Trace that is used for those purposes.
If you were scammed by a PrimeOakmont broker, don’t hesitate to contact us. Our recovery expert team can assist you with your first steps. Don’t let scammers get out unhurt. Get in touch now!
FAQs About PrimeOakmont Broker
Is My Money Safe at PrimeOakmont Broker?
Absolutely not. They are not licensed by any authority to provide trading services. On top of that, there are many negative reviews about this fraudulent broker.
How Long Do PrimeOakmont Withdrawals Take?
The withdrawal processing time is unknown due to the lack of a withdrawal policy. Many clients complained that this broker doesn’t let their money out, because of documentation or fake fees and taxes.
What Are The Funding Methods For PrimeOakmont?
According to PrimeOakmont reviews, this scam broker only accepts crypto transactions. Those are hardly traceable and encrypted.