Primate Trade – Can You Trust Them?

Website URL: https://primatetrade.com

Founded: 2020

Regulations: Not Regulated

Languages: English

Deposit Methods: Bank Wire, Credit/Debit Card (Visa, MasterCard)

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Forex, Commodities, Stocks, Bonds

Trading Accounts and Conditions

Primate Trade offers its customers the following types of accounts:

• Starter: To use the Starter account, you first need to make a deposit of at least $500.
• Premium: To trade on the Premium account, the minimum deposit required is $1,000.
• Delux: To open a Delux account with this broker, you need to first deposit at least $5,000.
• VIP: To be eligible for a VIP account, you first need to make a minimum deposit of $10,000.

We were not able to find any information on this broker’s website with regard to trading conditions. Therefore, we do not know what the spreads or maximum leverages are.

The broker also has not published information about its account types. The only way we were able to get this information was by signing up for a real account.

Primate Trade – Advantages

While we try to be fair and look for both advantages as well as disadvantages while reviewing a broker, in Primate Trade’s case, we honestly do not think that you as a trader will have any advantages when you contract with them.

Primate Trade – Disadvantages

Here are all the disadvantages you will face if you decide to do business with Primate Trade:

• Anonymous & Unregulated Broker

You will be dealing with an anonymous as well as unregulated broker if you decide to contract with Primate Trade.

This broker has given literally no corporate information on its website. We do not know who its parent company is. All the information we have is an address and phone number in the UK.

This broker has not provided its registration information either. There is no registration or license number given on their website, so we had to do some digging.

All brokers are required to be regulated by the financial regulators in their country where they are based. Since this broker has provided a UK address, we decided to check whether they were registered with the FCA (Financial Conduct Authority) there.

Of course, all we had to go by was the broker’s name, and we did not find it listed on the FCA’s online registry. What this means is that this broker is not regulated in any way, and is offering its financial services illegally.

That this broker is anonymous and is providing illegal financial services are all indications that Primate Trade is a scammer.

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.

• No Trading Conditions Provided

As we mentioned at the beginning of our review, Primate Trade has provided no information about its trading conditions. Besides the minimum deposit requirements, we know nothing about the types of accounts that traders can choose from.

We also don’t know what the deposit charges are, if any. We also do not know the trading costs in terms of spreads, fee or commission. And we do not know what the maximum leverage levels are.

• No Demo Account

Since this broker has not even provided a demo account, there is no way we could check for trading conditions for ourselves.

A demo account is a great way for traders to assess brokers’ trading conditions for themselves, and also to test the platform offered. Not having a demo account indicates a lack of transparency on the part of the broker, so it is not surprising that an anonymous, illegal operation such as Primate Trade would not provide this feature to their customers.

• Trading Platform Missing

Since this broker does not offer any kind of a demo platform, we decided to open a live account (without putting any money in) so that we could check the trading platform it offers.

What we found only strengthened our belief that Primate Trade is a scam operation. This broker has no real trading platform! What we found, instead, was a strange web interface that displayed charts and has a list of quotes that clearly belonged to third-party providers. The only thing that you can actually do is deposit money.

This is a tactic that is common with scammers.

• Broker Promises Massive Returns

Primate Trade also promises its clients that they will see massive returns on their investments. For the $500 deposit, you are promised a 12.5% return. For the $1,000 investment, you will get a return of 25%. For the $5,000 investment, you will get a 37.5% return, and for the $10,000 investment, you will get a massive 50% return.

And this return will be made to you in 48 hours of you putting money in!

This is a lie. There not one single broker in the world that can guarantee such profits in either the Forex or even the highly volatile cryptocurrency market!

The reality is that most traders lost as much as their entire deposit during trading. In fact, regulated brokers are required to publish the percentage of traders who have lost money while trading on their platform. That number usually ranges between 65% and 85%.

• No Terms and Conditions

There are no Terms and Conditions on Primate Trading’s website. The Terms and Conditions are a legal document that state the terms that the broker will place on you if you choose to use their trading platform.

What this means for you is that if you decide to contract with this broker, you will be doing so blindly. You will not know what the costs you will incur are, you will not know the conditions for deposits, withdrawals, and so on.

 Conclusion

Primate Trade is clearly a scammer that is out to get your money. It would be best if all traders avoid doing business with this broker.

Primate Trade

2.6

User Experience

3.2/10

Payment Options

2.5/10

Security

2.4/10

Support

2.3/10

Reputation

2.6/10

Pros

• None

Cons

• Anonymous & Unregulated Broker
• No Trading Conditions Provided
• No Demo Account
• Trading Platform Missing
• Broker Promises Massive Returns