Prima FX – Can You Make Money?

Website URL: https://primafxonline.com

Founded: N/A

Regulations: N/A

Languages: English, Chinese

Deposit Methods: Bank Transfers, Cryptocurrencies

Minimum Deposit: $250

Free Demo Account: Yes

Number of Assets: 5

Types of Assets: Forex, Precious Metal, Crude Oil, Indices, Bitcoin

Prima International is a significant regional trading organization that specializes in online Foreign Exchange brokerage, precious metals, crude oil, indices, and the cryptocurrency market. Traders, institutions, and money managers may benefit from Prima International’s diverse variety of services, which are available to both individual and corporate clients worldwide. It provides an innovative, safe, and complete online trading system to its customers, with client money maintained in a separate customer account and bank-grade security assured.

Trading Accounts and Conditions

PrimaFX, an unregulated, offshore broker, does not meet the threshold of legitimacy. Such internet trade platforms, on the other hand, lack trustworthiness and frequently turn out to be hoaxes. Stay away from them and instead choose a broker who is regulated by a reputable EU government body.

There’s not much to say about account types since the only option is to either open a demo account or open a live account. Assuming that there is only one live account type, the minimum deposit for it is $250. Considering some legit brokers will let you trade for $10, that alone should be reason enough to not trust Prima FX.

Prima FX – Advantages

Are there really any advantages at all to using an unregulated broker? There are absolutely none. Don’t use this broker and look for better and more realistic options than Prima FX.

Prima FX – Disadvantages

Sketchy Regulation Status

Prima FX’s regulatory situation is a complete disaster. To begin with, it appears to be a Marshall Islands-based offshore broker, which is terrible news for traders. The listed country is an offshore jurisdiction that does not control local Forex markets, making all brokers risky because no authority holds them accountable.

The Marshall Islands don’t even have a financial regulator, so you can see how awful things are on the ground. Above all, the government permits the formation of anonymous International Business Companies (IBCs), making it virtually hard to determine who is behind the brokerage and what their true motives are.

We were given a legal document stating that Prima FX has a trading name registered as a security dealer in Indonesia when we opened an account. We examined the registrations and discovered it, however, there are two caveats. To begin with, Indonesian Forex brokers are not effectively regulated, so the authorization granted makes little difference—Prima FX is still unable to operate freely in a number of regions, including the EU, UK, Australia, and the United States.

Not to add the fact that the regulator’s website is not in English, demonstrating how trustworthy BAPPEBTI is. Second, we had to ask ourselves why Prima FX buried this piece of information in a legal document that can only be seen during the sign-up process?

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Withdrawal and Deposit Methods Are Signs of A Clear Scam

The minimum deposit by bank transfers and cryptocurrencies is $250; both methods are final, therefore clients will not be able to charge back or get any kind of return. The lack of a conventional alternative such as credit/debit cards raises suspicions about Prima FX, which appears to aim to limit chargeback choices.

There is no minimum withdrawal amount, although transactions under $100 will be charged $5. That’s not so bad, but this piece of information is astonishingly absent from the Risk Disclosure that clients must approve before signing up. Simply put, the contract lacks clear withdrawal terms and specifies that Prima FX reserves the right to amend the present clauses at any time. By checking the box, clients are essentially granting the broker authority to act irrationally, such as levying exorbitant extra fees, rejecting withdrawals for no apparent reason, and so on.

Trading Costs Are Higher Than Normal

Prima FX offers MetaTrader 4, a premier platform that has dominated the retail Forex industry for more than a decade. It comes with a variety of advanced features, such as Expert Advisors, Strategy Testers, and so on. If you deposit with an unauthorized broker like Prima FX, however, you won’t be able to make use of the platform’s potential because the trading expenses are twice as high as the industry standard—the EUR/USD spread is 2 pips. To put it another way, consumers pay $20 for each lot, whereas most licensed brokers receive $10 or less for providing the same service. Prima FX is not just over-the-counter, but it is also prohibitively costly to trade.

The platform also discloses that the broker may be too hazardous for many users, since the leverage may exceed 1:400, which is a risky ratio that might result in a total loss quickly. Leverage is so harmful that it’s controlled by almost every reputable regulatory body. Prima FX has previously demonstrated that it is unconcerned about rules and likes to operate illegally, so this isn’t shocking.

Conclusion

Prima FX is an offshore broker that does not appear to be trustworthy – it does not even provide an address, much alone any proof of validity. At the same time, it shouts loudly that it is “a top brokerage, specialized in online Foreign Exchange.” There is no compelling incentive to invest with Prima FX.

Offshore brokers, such as PrimaFX, are notorious for using simple but effective methods to defraud investors of their funds. They will guarantee you the most tantalizing discounts, and everything will appear to be great as long as you deposit consistently into your trading account. Everything will change, though, if you decide to withdraw part or all of your funds at any point. The con artists will make up every excuse they can to refuse your withdrawal requests, and if you persist, they will cut you off.

Prima FX

2.3

User Experience

2.2/10

Payment Options

2.0/10

Security

2.5/10

Support

2.5/10

Reputation

2.2/10

Pros

• None

Cons

• Sketchy Regulation Status
• Withdrawal and Deposit Methods are Signs of a Clear Scam
• Trading Costs Are Higher Than Normal