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PrimespotWay Review: Read Before You Trade With This Broker
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Today we deal with yet another investment scam—PrimespotWay. This shady brokerage firm is allegedly registered in several locations but no evidence of it. Not only that, the company operates illegally since it doesn’t hold any trading licenses and renders unprofessional services based on unfavorable conditions and manipulative trading software.
Moreover, the PrimespotWay broker is debunked by the British FCA (Financial Conduct Authority), which is more than enough reason for avoiding this bogus brokerage company.
|Headquarters||Dominica, BVI, Cyprus, Germany, UK|
|Minimum Deposit||100 $|
Go through the next PrimespotWay review that is highly recommended to read before you trade with this broker.
Regulation of PrimespotWay and Funds Security
Regarding funds’ protection, it is ensured by regulations implemented by financial supervisory bodies. Since PrimespotWay is an unlicensed brokerage firm, another way of putting it, your money is not safe here.
PrimespotWay’s deception is so obvious. Claiming to be headquartered in premium jurisdictions such as Germany, Cyprus, and the UK without being authorized by BaFin, CySEC, and FCA is an apparent bluff. Anyway, it didn’t go unnoticed since several watchdogs (FCA, CONSOB) warned against this broker scam.
On the other hand, PrimespotWay might be based in Dominica since it is a safe haven for offshore-based fraudsters (no regulations on the forex market there). As for BVI, it is also an offshore jurisdiction, overseeing FX brokers by its financial market regulator, FCS, but it is nowhere near as good as tier-one authorities (FCA, CySEC, ASIC, among others).
Still and all, PrimespotWay is not approved to provide trading services anywhere. That is to say, it is an illicit broker that is more likely to defraud you.
PrimespotWay Trading Software Reviews
What else can be expected from a dishonest scam broker, nothing more than falsehoods, right? Given that, ignore all promises about the effectiveness of the PrimespotWay trading platform, which is far from an adequate program for trading.
If you want to get the most out of trading, you should opt for an online financial trading company that provides MetaTrader 4, MetaTrader 5, Sirix, or cTrader. With these advanced trading programs, you can be wrong. They all come with user-friendly interfaces, can be accessed from any device, and have cutting-edge tools (stop loss, EAs, copy trading, and more).
What Account Types Does PrimespotWay Offer?
With reference to trading accounts, PrimesportWay reveals only that its minimum required deposit is 100 USD. This is an unnecessary risk since you can set up a live trading account with a legitimate broker for under 10 USD.
In addition, a demo account option is not available at PrimespotWay, which is expected since this option is provided by real brokerage firms and enables traders to practice and test trading platforms, conditions, instruments, and strategies and all for free.
Lastly, this bogus broker attempts to entice you with high leverage (1:400) and faked spreads (ultra-low); you should know that leverage is limited for retail clients in most jurisdictions, especially in the UK and EU (1;30).
What Can Be Traded on PrimespotWay Market?
Concerning trading instruments available at PrimespotWay, we advise against taking chances with this fraudulent broker. If you want to trade with peace of mind and with popular global markets, your best option is a credible forex provider. For instance, you can trade the following products with a genuine multi-asset broker.
- Currency pairs: EUR/USD, GBP/CHF, AUD/CAD.
- Commodities: energies (natural gas, crude oil, gasoline), metals (gold, silver, platinum), and agricultural products (wheat, corn, sugar).
- Indices: Dow Jones, S&P500, FTSE100.
- Stocks: Tesla, Apple, Amazon.
- Cryptocurrencies: Bitcoin, Ripple, Tether.
Deposit and Withdrawal Process
According to the PrimespotWay website, there are lots of payment methods available for deposits and withdrawals, including major credit cards, wire transfers, and a range of digital wallets (such as PayPal, PaysafeCard, Neteller, Skrill, WebMoney, QIWI Wallet, Yandex Money, AstroPay, and VLoad).
Actually, this phony broker accepts only crypto wallets for deposits; as for payoffs, don’t expect they are possible at PrimespotWay. But, we will talk more about withdrawal issues and cashback options in the following heading.
Continuing on withdrawals, this financial swindler is not transparent about withdrawal fees and processing time. Anyway, as we have already mentioned, there are no money withdrawal guarantees with scam brokers, only troubles.
How Can I Get a Refund If PrimespotWay Scammed Me?
So, if you are one of the unsuspecting victims of the PrimespotWay scam, you should take some instant measures since it is possible to retrieve the money. Before all else, it is important to leave negative PrimespotWay reviews to alert other traders.
In the case, you have deposited via VISA or MasterCard, you have 540 days timeframe to apply for a refund. If you have used a bank transfer, it can be canceled until it has been approved.
The most challenging funding method to reverse is a crypto wallet since it enables a great deal of anonymity. That is why scammers prefer this means of payment. But with the help of cyber security experts, it is possible to undo crypto transactions and get money back. So, you can contact our company for assistance with any type of chargeback.
To conclude this PrimespotWay broker review with the following important facts.
- This untrustworthy brokerage firm is nothing alike a reliable trading company such as a UK-based, Germany-based, or Cyprus-based broker, despite its claim that it is a registered business in those countries.
- In fact, FCA has issued a warning against PrimespotWay, labeling it as a clone company of FCA-licensed firm BGC Brokers L.P.
- Not just that it is an outright fraudster, but its services, trading platform, and terms of exchange are just completely pointless.
- All in all, all traders are advised to steer clear from this and similar unlicensed companies.
FAQs About PrimespotWay Broker
Is PrimespotWay A Good Broker?
No, it is the opposite, it is an unscrupulous broker that will take any chance to rip you off.
2. What Are The Funding Methods For PrimespotWay?
It reportedly supports credit/debit cards, bank-to-bank transfers, and several electronic wallets like PayPal, Skrill, and Netteler; but it is questionable.
Does PrimespotWay Offer a Demo Account?
No, it doesn’t; fraudulent brokers usually don’t provide it.