PrimInvestFX – Is It Safe or Is It a Scam?

Website URL:  https://www.priminvestfx.com/

Founded: N/A

Regulations: Unregulated

Languages: English

Deposit Methods: Visa, MasterCard, Bank Wire Transfer, Deposit By Phone

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currency Pairs, CFDs on Commodities, Indices, Gold and Silver, Natural Gas and Oil.

Trading Accounts and Conditions

PrimInvestFX touts itself as one of the best brokers for Forex in the industry, and it claims to offer trading in more than 50 currency pairs as well as CFDs on various asset instruments such as indices, commodities, precious metals, and so on.

The broker also offers 4 different accounts from which to choose:

• Mini Account: This is the basic account, which has a minimum deposit requirement of $500.
• Standard Account: This account has a minimum deposit requirement of $5,000, which is a big jump from the Mini Account.
• Gold Account: This account type requires you to deposit a minimum of $50,000 before you can begin trading on it.
• Platinum Account: This the premium account that the broker offers, and you need to deposit a minimum of $150,000 to be able to trade on it.

The trading conditions show that the broker offers a maximum leverage of 1:50 and a spread of 3 pips.

PrimInvestFX – Advantages

While this broker has multiple red flags, it is only fair to highlight its good points too:

• Offers a Choice Between MT4 and Sirix

PrimInvestFX offers its customers a choice between the web-based trading platform Sirix and the MetaTrader 4 platform.

Sirix is a very user-friendly platform developed by Leverate, and it quite popular with many traders. And the MT4 trading platform is the world’s most used interface, with more than 100 customizable indicators, trading bots for automated trading and charting options.

Both platforms are well-known and reliable, so this is a major plus that PrimInvestFX offers both to its customers.

PrimInvestFX – Disadvantages

Sadly, with the exception of the trading platforms, we don’t see anything else that is good about PrimInvestFX. Here is the list of all its disadvantages:

• Lack of Licenses and Regulation

The most important proof of legitimacy that a broker can provide is to be regulated according to the law of the land in which it operates. Unfortunately, PrimInvestFX does not have any legal license to operate at all.

The broker’s website states that it is owned and operated by PrimInvestFX Limited, which is an offshore company that is registered in the Marshall Islands.

Marshall Islands is notorious for its affiliation with unlicensed brokers as it has no financial regulatory authority. What this means is that any company registered in this territory is not regulated at all.

Dealing with an unregulated broker is the best way to lose your money, since you have no protection from the government in case you are a victim of fraud or a broker going bankrupt.

Plus500

$100

Minimum Deposit

Start Trading

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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

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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.

• Blacklisted by the CONSOB

The Italian financial watchdog, the CONSOB (Commissione Nazionale per la Societa la Borsa), has blacklisted PrimInvestFX as a possible scammer since the broker is unregulated and not permitted to carry out operations anywhere in Europe.

Basically, PrimInvestFX is operating illegally due to its lack of regulation.

• Trading Bonuses

PrimInvestFX offers its client trading bonuses, which is another sign that this broker is a potential scammer. Trading bonuses have been forbidden by law in regulated countries because of their unfair terms.

Traders are required to achieve extremely high trading volumes to be able to withdraw their funds, and brokers use their inability to reach these targets as an excuse to cancel their withdrawal requests and keep their money.

• Poor Spreads

The broker offers its clients a spread of 3pips (we checked the benchmark Forex pair, the EURUSD), which is not beneficial at all for traders. This is twice as high as what the market average is.

This kind of a spread only works in favor of the broker, and not the trader.

• Limited Payment Options

PrimInvestFX accepts payments only from Visa, MasterCard and via bank wire transfers. The broker does not have any support for other, more convenient methods such as Skrill.

This fact is pertinent because payment providers such as Skrill have implemented strong anti-scamming policies, and considering that PrimInvestFX seems to be a rather suspicious broker, this is another red flag.

• Withdrawal Terms

The withdrawal terms on PrimInvestFX’s website are also rather disturbing. There is no information about how much the broker charges for the withdrawal of funds.

Added to that, the broker also states that it will take 5 business days to transfer funds to your account. Legitimate brokers take as little as 24 hours to transfer your funds.

• High Minimum Deposit Requirement

PrimInvestFX also has a $500 minimum deposit requirement, which is two times has much as the industry average. Most brokers ask that you make an initial deposit of between $100 and $250.

It is never a good idea to put in a big first deposit, even with a regulated and legitimate broker. You should first understand the trading terms offered by the broker and see how the trading platform works before you put in more money.

And it is even more dangerous to put in so much money as an initial deposit when the broker is unlicensed and unregulated.

Conclusion

After having gone through the PrimInvestFX website and trading platforms in detail, we would strongly advise you to avoid trading with this broker, or you stand in danger of losing your funds.

The brokerage is unregulated, has been blacklisted by the CONSOB, offers banned trading bonuses, has suspicious withdrawal terms, high minimum deposits and limited payment options. Such a broker is best left alone.

PrimInvestFX

3.2

User Experience

3.5/10

Payment Options

3.1/10

Security

3.2/10

Support

3.4/10

Reputation

3.0/10

Pros

• Choice of 2 trading platforms – MT4 and Sirix

Cons

• Lack of Regulation
• Blacklisted by CONSOB
• Trading Bonuses
• Suspicious Withdrawal Terms
• High Minimum Deposit Requirement