PrimeFunder – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
PrimeFunder - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
The following are the trading accounts offered by PrimeFunder:
- Slim Account: The minimum deposit is $250 and you are offered more than 1,000 trading instruments. The maximum leverage is 1:30.
- Six Pack Account: The minimum deposit is $2,500, and you are offered more than 1,200 trading instruments. The maximum leverage is 1:30.
- Fat account: The minimum deposit is $10,000 and you are offered more than 1,500 trading instruments. The maximum leverage is 1:30.
There is no information on the broker’s website about the spreads offered, but when we registered on their web-trader platform, we saw the spreads on the EURUSD pair were at 3 pips. The leverage on their platform showed a maximum of 1:100, which is in contradiction to the 1:30 mentioned on their website.
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: www.primefunder.co
Founded: 2020
Regulations: Unregulated
Languages: English
Deposit Methods: Credit Card, PayTrio
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: 10,000+
Types of Assets: Forex, Commodities, Indices, Shares
Trading Accounts and Conditions
The following are the trading accounts offered by PrimeFunder:
- Slim Account: The minimum deposit is $250 and you are offered more than 1,000 trading instruments. The maximum leverage is 1:30.
- Six Pack Account: The minimum deposit is $2,500, and you are offered more than 1,200 trading instruments. The maximum leverage is 1:30.
- Fat account: The minimum deposit is $10,000 and you are offered more than 1,500 trading instruments. The maximum leverage is 1:30.
There is no information on the broker’s website about the spreads offered, but when we registered on their web-trader platform, we saw the spreads on the EURUSD pair were at 3 pips. The leverage on their platform showed a maximum of 1:100, which is in contradiction to the 1:30 mentioned on their website.
PrimeFunder – Advantages
We did not find any advantages with PrimeFunder.
PrimeFunder – Disadvantages
Here are the disadvantages we found with PrimeFunder:
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Unregulated Broker
On its homepage, PrimeFunder claims to be owned and operated by a company called Normask Group Ltd. This company is located in St. Vincent and the Grenadines (SVG).
However, when you check their Terms and Conditions page, the broker claims to be regulated under Estonian laws.
Well, here’s our take on this information. The government of SVG does not have regulations in place for forex and CFD brokers (though they are currently working on creating a framework). This means that being based out of this country does not give a broker license to operate.
And if the broker is regulated by Estonia, then it needs to be licensed to operate by the financial regulator of the country, the FSA (Financial Supervisory Authority). When we checked the FSA’s online register, we found that this broker was not listed with the regulator, which means that PrimeFunder has lied about its regulatory status.
With no other licensing information given, we can conclude that PrimeFunder is operating without proper authorization.
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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Issues with Trading Platform
On its website, PrimeFunder claims to offer three different kinds of trading platforms – the Status Webtrader, the Mobile Trader and the MT4 software.
We did not check the Mobile Trader, but we did check the MT4 and Status Webtrader platforms.
The MT4 platform belongs to a third-party entity called WhiteRockPartners. Therefore, whatever trading conditions that you may find there do not belong to PrimeFunder. This means that it would be useless trading on this platform since the actual cost of trading could vary significantly.
Next, the Status Webtrader. This is a web-based platform that looks good – cosmetically. However, when you actually inspect this platform, you will find that it has very few features that are required for trading. The only thing you can do on this platform is buy/sell assets.
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Broker Can Change Margin Requirements
PrimeFunder states that it has the right to change its margin requirements at any time – without giving you any notice.
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Limited Deposit Methods
There are only two ways by which you can deposit money in your trading account – via credit card or by a strange payment portal called PayTrio.
Most other brokers offer multiple payment options from reliable payment providers such as Visa, MasterCard, Skrill, Neteller and so on.
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Trading Turnover Requirement for Withdrawals
One of the withdrawal conditions that we take exception to is the trading turnover requirement.
Withdrawals will be charged a fee of $35 for credit cards, $50 for wire transfers and $25 for other withdrawal methods. However, if you have not met a trading turnover requirement of 200 lots, then you will be charged an additional withdrawal fee of 10% of the amount you wish to withdraw.
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Non-Deposited Funds Clause
Non-deposited funds refer to the bonuses that are offered by a broker. So, the fact that there is such a clause tells us that PrimeFunder offers bonuses. Why this is an issue is because trading bonuses have been banned in the UK, Europe and many other nations because of their unfair conditions.
And sure enough, we have found some unfair conditions attached with these bonuses being offered by this broker. You are not allowed to withdraw any of the profits you make from the bonuses that you get. Furthermore, the broker can choose to allocate bonuses to your account for technical purposes. But once those bonuses are transferred to your account, any profits you make will be stuck!
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Unfair Terms and Conditions
Here are some of the Terms and Conditions that we found most exceptionable:
- The broker can change its terms and conditions at any time without giving you prior notice.
- The broker can deny you access to its platform at any time – without giving you any reason for doing so.
- The broker can close its website without giving any of its customers any warning.
- The broker will not be responsible for any losses that you may suffer because of trading on their website.
- All claims against the broker will be voided after a period of 12 months. And finally, the most irresponsible clause is that this broker does not focus on providing services or even functionality on its website.
Conclusion
Everything we have found out about PrimeFunder clearly indicates that this broker is out to scam as many traders as possible. It has lied about its regulation status. Its trading platform is a suspicious-looking one that we have seen on many other scam sites. And its terms and conditions are all designed to ensure that trading with this broker will be as unfavorable as possible for you.
This is not a broker you can trust!
PrimeFunder
Pros
- None
Cons
- Unregulated Broker
- Issues with Trading Platform
- Broker Can Change Margin Requirements
- Limited Deposit Methods
- Trading Turnover Requirement for Withdrawals
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.
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