Scam Brokers

Primebitcoinhub – Are They Trustworthy?

Chainbits Staff | Publish date: 11/08/2022 (Last updated: May 03, 2023 07:43 AM)

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

Primebitcoinhub - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2022

Try other platforms

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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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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://primebitcoinhub.com

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum

Minimum Deposit: Unspecified

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Shares CFDs, Indices, Commodities, Precious Metals, Oil, Cryptocurrencies

Trading Accounts and Conditions

Primebitcoinhub offers the following trading accounts to their customers:

Starter Pack: The withdrawal timeline is 7 business days and you are promised a 50% Return on Investment (ROI).
Gold Pack: The withdrawal timeline is 5 business days and you are promised a 70% ROI.
Platinum Pack: The withdrawal timeline is 5 business days and you are promised a 100% ROI.

This broker has not provided any information on the trading conditions – no spreads, leverage, order execution methods, and so on.

Primebitcoinhub – Advantages

There are no advantages to trading with Primebitcoinhub.

Primebitcoinhub – Disadvantages

Given below are all the reasons why it would be bad idea to trust Primebitcoinhub:

Lack of Regulation

The first thing that tells us if a broker can be trusted or not is their identity and their regulation status. Regulated brokers are required by law to provide all this information clearly – their corporate identity and their regulation details (license and registration number and which regulator has issued this authorization for trading services).

Primebitcoinhub, at the bottom of their homepage, provides us with a UK address. However, the broker does not tell us the name of the company that runs their operation. There is also no phone number provided. And if you click on the Help Center or Contact Us links, then your computer’s email starts opening. There is no telephone number available at all.

Now, to operate anywhere in the UK, a broker needs to be regulated by the Financial Conduct Authority. This is the UK’s financial regulator. To see if a broker is licensed by them, you simply need to go to their website and search for the broker’s name (or the license number they have provided).

We checked the FCA’s website and found out that there was no brokerage by the name of Primebitcoinhub listed with this regulator. Which means that the address that this broker has provided is false and that they are not regulated at all.

Thus, here we have proof that we are dealing with an anonymous and unlicensed broker – 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 Legal Documents

A part of being a legitimate broker means ensuring that all your legal documents are in place. It is a regulatory requirement. With Primebitcoinhub, we have no legal documents. When you click on the links on their website, we get the error message: page not found.

The lack of legal documents is a clear sign of a scam. These documents are what tell traders what they can expect from their broker and what limitation under which they can trade with that entity. They get to know the cost of trading with that broker, the policies the broker has in place, the fees and commissions for financial transactions and so on.

So, when these documents are missing but a trader still goes ahead and signs up with that broker, then they are completely vulnerable to being scammed by that broker.

No Trading Software

The single product that a broker offers is their trading software, so legitimate brokers ensure that they offer their clients the best software in the market. This means the MetaTrader 5 software, a platform that offers users a wide range of features, all designed to make trading as easy and comfortable as possible.

However, with Primebitcoinhub, there is no link to download a software and neither does the broker mention a trading software anywhere on their website!

In fact, when we registered for an account to check for a trading platform, we were simply directed to a client area. Therefore, not only is this broker unlicensed, but they do not even offer the basic product that a broker is in business for.

No Trading Conditions

While we have established that Primebitcoinhub does not have a trading software, some scammers at least make the effort to present some trading conditions. This broker does not even bother with that. There is absolutely no information about trading conditions. Nothing about spreads, minimum deposit requirements, leverage ratios and so on.

Profits Guaranteed

The biggest hook that this broker uses is that they guarantee returns on your investment. And this is why novices who know nothing about the world of trading fall for such scammers.

According to their Account Types information, you are guaranteed a return on investment in as little as 5 business days. You are told that you can get back as much as 100% of your investment in that time period.

These claims are all lies!

The forex market is so volatile that most traders end up making losses rather than profits. In fact, according to the numbers, more than 75% of all trades end up in the red. This is why regulators mandate that all licensed brokers specify what percentage of their clientele has lost money while trading. And that number ranges from 65% all the way up to 85%.

Therefore, any broker that promises you profits – guarantees you returns – is lying and trying to scam you. Beware of such scammers.

Lies About Payments

Primebitcoinhub claims to offer numerous payment options – FasaPay, POLi, GiroPay, Sofort, Neteller, iDeal, Skrill, and AstroPay. However, when we checked their payments section, we found only 3 options: Bitcoin, Bitcoin Cash and Ethereum. All cryptocurrencies.

This is just more evidence of their scam. Scammers offer only crypto payment options because such transactions are untraceable and permanent. Which means that they can take your money and disappear and there will be nothing that you can do about it.

This is why it is important that you never opt for cryptos a payment method if you are dealing with a new broker.

Conclusion

Primebitcoinhub is another scammer and is definitely not trustworthy.