Scam Brokers

PrimaryFxMarkets – Are They Safe?

Chainbits Staff | Publish date: 08/19/2020 (Last updated: August 19, 2020 04:14 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

PrimaryFxMarkets - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2020

Try other platforms

PrimaryFxMarkets offers its clients 5 different types of trading accounts. They are:

Micro: The minimum deposit you need to make is €500. The spreads start at 3 pips.
Silver: For this account type, you first need to make a deposit of €1,000. The spreads start at 1.9 pips.
Gold: To use this account, you need to first make a deposit of €10,000. The spreads start at 1.5 pips.
Platinum: This account requires a €50,000 deposit. Spreads start at 1.2 pips.
Exclusive: The Exclusive account requires a €100,000 deposit. The spreads begin at 1 pip.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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: www.primaryfxmarkets.com

Founded: 2020

Regulations: Unregulated

Languages: English, German

Deposit Methods: Bitcoin

Minimum Deposit: €500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Foreign Currencies, CFDs

Trading Accounts and Conditions

PrimaryFxMarkets offers its clients 5 different types of trading accounts. They are:

Micro: The minimum deposit you need to make is €500. The spreads start at 3 pips.
Silver: For this account type, you first need to make a deposit of €1,000. The spreads start at 1.9 pips.
Gold: To use this account, you need to first make a deposit of €10,000. The spreads start at 1.5 pips.
Platinum: This account requires a €50,000 deposit. Spreads start at 1.2 pips.
Exclusive: The Exclusive account requires a €100,000 deposit. The spreads begin at 1 pip.

There is no information on the leverage ratios offered by the broker.

PrimaryFxMarkets – Advantages

We did not find any pros that were worth mentioning about PrimaryFxMarkets.

PrimaryFxMarkets – Disadvantages

Here are the disadvantages of trading with PrimaryFxMarkets:

Unregulated Clone Firm

PrimaryFxMarkets claims that it is owned and operated by a Cyprus-based company called FP Asset Management Cyprus Ltd. The broker also claims that its parent company is regulated by the CySEC (Cyprus Securities and Exchange Commission), and gives a license number (317/17) to highlight this fact. The broker also provides an address that is in Cyprus.

The problem here is simple. There is a company called FP Asset Management Cyprus Ltd located at the address provided by this broker. And it is regulated by the CySEC. However, this company has nothing to do with PrimaryFxMarkets!

The real domain name for FP Asset Management Cyprus Ltd is fp-am.com and not primaryfxmarkets.com. The phone numbers provided by PrimaryFxMarkets are completely different from those provided on FP Asset Management’s real website, which clearly shows that these are two separate entities and are unrelated to each other.

The brokerage has used the details of a regulated company and passed them off as its own. This is what you call a clone firm and scammers use this tactic to scam people into investing money with them.

Since this broker has not presented any other information with regard to its regulatory status, there are two things we can conclude.

First, this broker is anonymous – we do not know the real company behind this operation. We have not details about where it is located. All we have are a couple of phone numbers.

Second, PrimaryFxMarkets is an unregulated broker that is out to scam unwary traders of their money.

This is not a broker that any trader should ever deal with.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

Bitcoin Only Payment Option

PrimaryFxMarkets displays the logos of multiple payment providers on its website. There are, in fact, 22 different payment providers listed, from Visa and MasterCard to popular e-wallets such as Neteller and Skrill.

The reality is very different. When we registered with this broker and entered its client area, we found that the only way that any trader can make a payment is via Bitcoin using the WireCapital payment gateway.

First of all, the broker has lied about the types of payment methods it offers. And secondly, Bitcoin is a very dangerous way to make payments when you are dealing with a shady brokerage such as PrimaryFxMarkets.

Bitcoin payments, just like all other cryptocurrency payments, are irreversible and almost completely anonymous. This means that a transaction, once completed, cannot be reversed. So, if you deposit money using the Bitcoin option this broker has provided, then there’s no way you will ever get your money back.

And since such transactions are also anonymous (as is the broker), you will not know where to get your money back from.

Requires You to Download AnyDesk

PrimaryFxMarkets asks its clients to download the AnyDesk software. This software is a remote access tool which allows a user to access their desktop from any location.

If you download this application from PrimaryFxMarkets’ website and share the installation details with this broker, it will have access to all your personal information stored on your desktop. The broker will have its hands on all your banking details, your credit card details and even your passwords and can use this information to steal all your money.

High Minimum Deposit Requirement

PrimaryFxMarkets requires you to make an initial deposit of €500 to open an account. However, this sum is about twice as high as the market average, which ranges from $100 to $250.

Traders should also know that there are many reputed brokerages that allow minimum deposits of just $5 to start trading.

High Spreads

According to the information provided on PrimaryFxMarkets’ website, spreads for the basic account start at 3 pips. This figure and it makes the cost of a trade very high and basically unprofitable for a trader.

On average, brokers have spreads that range from just 0.5 pips up to 1.5 pips.

No Leverage Information

There is also no information provided on the leverage ratios offered by this broker. A regulated broker operating in Europe (as this broker obviously is) cannot offer leverages of more than 1:30.

MT4 Not Supported

There is no support for the MetaTrader 4 platform on this broker’s website. What you get instead is a simple web-based trading platform that would only be acceptable to a novice trader who is not aware of how trading tools can help with trading.

Conclusion

PrimaryFxMarkets is a scammer and you cannot trust this broker at all. It is unregulated, anonymous and worst of all, it is a clone firm. Everything about this broker is designed to take your money with no way for you to get it back. We strongly suggest that all traders avoid this brokerage.