FXPrimary – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FXPrimary - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL:https://fxprimary.com
Founded:2016-2021
Regulations: Not Regulated
Languages: English
Deposit Methods:Bitcoin
Minimum Deposit:$10
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Cryptocurrencies/cForex/Commodities/Indices
Trading Accounts and Conditions
There is no clear information provided about the types of trading accounts this broker offers. All we know is that the minimum deposit requirement is just $10, and the maximum leverage is at 1:200. We do not know what the spreads are. However, when we registered for an account with this broker, we found that it offers only one type of account – a primary ECN account.
FXPrimary– Advantages
Here is the list of pluses we found while reviewing this broker:
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MetaTrader 4 Platform Offered
FXPrimary offers its clients the MetaTrader 4 platform for trading, which is a huge plus. The MT4 platform is considered to be the best trading platform in the world today, with more than 80% of all traders using it to execute their trades. This platform offers you a range of tools such as complex market indicators, Expert Advisors, charts for market analysis and so much more.
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Low Minimum Deposit Requirement
This broker only requires you to make a $10 deposit to open a trading account with them. Considering that the industry average is between $100 and $250, this is a pretty low minimum deposit requirement.
FXPrimary – Disadvantages
Despite the fact that FXPrimary offers its traders the use of the MT4 platform and has a very low minimum deposit requirement, we would not recommend that any trader contract with this broker. There are too many red flags that point to the possibility of a scam here:
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Unregulated Offshore Broker
The first thing we always check when we review a brokerage is whether it is operating legally or not.
So, we checked. According to its website, FXPrimary claims that it is the registered trading name for a company called FX Primary Ltd. This company has been incorporated in St. Vincent and the Grenadines (SVG) and that it is regulated by the Securities Commission of the Bahamas (SCB). The registration number provided is SIA-F188.
Here’s the thing. We checked the online register of the SCB. There is no company by this name listed as a registered company with the authority. Furthermore, this broker is also not reguated by the SVG FSA (Financial Services Authority) since that regulator does not have laws in place to govern forex brokers.
All of this information we uncovered simply goes to prove that FXPrimary is an unregulated broker that is operating illegally. If you invest with this broker, chances are you will lose your funds. And without protection from regulators, there is no chance that you will ever see that money again.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Only Bitcoin as Payment Method
The only way that you can make deposits and withdrawals with FXPrimary is via Bitcoin. There is not other payment method available. This is a massive red flag that tells us clearly that this broker is a scammer.
Transactions carried out using Bitcoin are irreversible and untraceable. This means that you will not know where your money has gone, and you will never be able to reverse the charge. This is the reason why cryptocurrency payments are so popular with scammers.
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High Leverage
The maximum leverage offered by this broker is 1:200, which makes it very risky for traders. Most financial regulators across the world have placed a limit on the leverage ratio brokers can offer their traders. This is because, while the profits can be substantial, the risk is far to great for traders.
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Suspicious Verification Process
Another red flag was the verification process during account registration. We were asked to provide our credit card information as part of the verification process. This is clearly not standard (to say the least) and it is highly suspicious. It is highly possible that this broker is actually collecting banking information from its clients.
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No Way to Contact Broker
The only way in which you can connect with the broker is a chat tool on its website. And this chat tool isn’t even live chat. It’s just an email tool where you input your query and then you have to wait for the broker to get back in touch with you.
There is no other way that you can contact FXPrimary. This is yet another red flag that tell us this broker is a scammer.
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Withdrawal Policy Unknown
Because this broker was asking for credit card details as a verification process, we did not sign up for an account. And because of this, we were unable to access the withdrawal area; it is not available to those who have not made deposits with this broker.
In the terms and conditions section of this broker’s website, there is only one thing that is mentioned about withdrawals – the processing time. The broker states that it will take between 2 and 5 working days to process withdrawal requests. Besides this sliver of information, there is nothing else mentioned about the broker’s withdrawal policy. Therefore, we do not know if there are fees being charged, what the withdrawal limits are, etc.
Conclusion
FXPrimary is a scam broker through and through. It is based on an offshore location, is operating without legal authorization and there are many other red flags on its website that all point to less than honest dealings. We would recommend that all traders avoid contracting with this broker. If you look at the customer reviews about this broker, you will understand that it has already managed to scam a few people.
It would be best to find a broker that is honest – regulated, transparent about its terms of service and profitable. This broker is none of these.
FXPrimary
Pros
- MetaTrader 4 Platform Offered
- Low Minimum Deposit Requirement
Cons
- Unregulated Offshore Broker
- Only Bitcoin as Payment Method
- High Leverage
- Suspicious Verification Process
- No Way to Contact Broker
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more