Beware! ForexPrimo is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing ForexPrimo, a fraudulent broker already awarded a warning by a European financial authority. The regulation problems aside, we could quickly disprove the claims that it’s a reliable broker by simply inspecting the leverage information. Moreover, the legal documentation presented isn’t in any way relevant to a Forex brokerage business. For more details, go through the whole ForexPrimo review.
ForexPrimo REGULATION AND SAFETY OF FUNDS
ForexPrimo is presenting itself as a broker based in Switzerland, and they even promise a genuine Swiss experience while trading. Well, that’s a deception because the Swiss financial authority FINMA itself issued a warning against ForexPrimo, exposing this business as a scam scheme. Your funds are in danger if you deposit with ForexPrimo because it’s a fraud.
About Switzerland, it’s one of the strongest financial jurisdictions in the world, attracting billions of dollars every year. To get a Swiss license, an FX company needs to register as a bank and provide 20 million Swiss francs in paid-up capital, roughly 22 million USD. Switzerland is highly renowned in the financial world, so many scam brokers are knowingly using its name to make their fraudulent schemes more attractive.
Stay away from ForexPrimo and see the high-rated EU brokers and British brokers if you are interested in trading and investing. We recommend those because the European regulated companies are covered by deposit insurance funds laid down to indemnify customers in case of insolvency or fraud. For example, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Europe offers high-grade security, so you can trust the EU and UK regulated FX companies.
ForexPrimo TRADING SOFTWARE
ForexPrimo’s trading software is online-based, and it’s visually very similar to the MetaTrader web distribution. However, that’s misleading because they deliberately made it look like this. In fact, it’s some modification with third-party provided charts and has nothing to do with the authentic MT platform. That’s a scam, and you should avoid it.
Instead, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers. We recommend these because MetaTrader is a reliable platform featuring sophisticated tools such as Expert Advisors, Algo Trading and many complex indicators. The platform also features a marketplace with more than 10 000 apps you can successfully deploy.
The EUR/USD spread we encountered was rather high- 2.7 pips in the middle of the London session, when the Buy/Sell difference is usually the lowest for the day. The spread forms part of the trading costs, so the lower the rates, the better the broker. The FX market is highly competitive, and it’s easy to find a reputable broker offering quotes difference of 1 pip and below.
The leverage level is a dodgy story. On their website, it’s said that the maximum possible level is 1:1000, while in reality, it’s impossible to go higher than 1:500. Nevertheless, 1:500 is an extremely dangerous ratio that could cause a total loss if carelessly used.
In fact, leverage is so risky that many financial authorities enforced regulations to restrict its usage. As a result, EU, British and Australian brokers are limited to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50 for retail clients. Most of the brokers providing higher leverage are poorly regulated offshore businesses, so be cautious.
ForexPrimo DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with ForexPrimo is $250, which is slightly higher than the regulated brokers’ standards. In fact, many reputable brokers are asking for only 5 or 10 dollars to open a real account. The funding method is very fishy- Gumballpay. It’s a highly unpopular high-risk payment processor that’s not surprisingly used by other brokers exposed as a scam.
Now, it’s time to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers. The high-rated brokers are strictly regulated, and you wouldn’t run into scammers like ForexPrimo.
ForexPrimo’s legal documents are inadequate for a Forex broker and do not cover essential aspects of their business. There is no information about withdrawal requirements, fees, refund policy, bonuses or anything else related to trading.
Overall, ForexPrimo is an exposed scam, so keep your funds safe and avoid it.
HOW DOES THE SCAM WORK
Internet is plagued by scammers’ fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and provide your e-mail and contact number, they’d ring you at once. You’ll be offered bonuses, managed accounts, risk-free deals, guaranteed profits and so on. Most scammers are seasoned manipulators, and while trying to strike a deal, they would inevitably ask for your bank card details so that you can start investing straight away. However, their actions would indicate urgency, and that’s a treacherous sign and evidence of a scam. So, if someone pushes you over the phone to start trading ASAP, then it’s most probably a scam.
Nevertheless, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Reputable companies wouldn’t push you to make deposits, so if you feel pressurised, that’s apparently a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this happens, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
Rich Snippet Data