Already on the crosshairs of FINMA, ForexPrimo is not worth your time. The call to action message reads, ‘Trust your funds with a reliable broker,’ which is a cliché. And their leverage is shocking as the broker sets it at 1:1000. They claim to offer ultimate risk protection tools and security. With the complaints already reaching the regulators, this broker is already on our blacklist. Get to know the reasons why this broker is on the blacklist in this detailed FOREXPRIMO Review.
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About ForexPrimo
On their about us page, the broker wants us to believe they are an international brokerage company. Just below the about us page, the broker claims to have a solid foundation that dates back to 1989. It means that this broker has over 30 years of trading experience.
If that’s the case, they shouldn’t be on the blacklist of a major European regulator. All we see from their website is a broker who knows to create compelling websites.
ForexPrimo is nothing but a website that has trading information. When it comes to actual trading, this broker does not offer any legit trading services. The reason they are on FINMA’s blacklist is due to blocking accounts. Forex Primo is not a valid broker as they also fail to have a trading license.
It points to a greedy broker with no intention of releasing funds. You better stay away from this unscrupulous platform.
Affiliate programs
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One of the many reasons why this platform was added to FINMA’s blacklist is their affiliate programs. After affiliate members received a backlash from victims, they reported the matter to authorities. These affiliate members did not receive their commission as per the agreement.
And this is why the broker is trying to hide behind the industry jargon on their homepage. We suspect that these are offshore brokers trying to make a mark in the European trading scene.
Assets and trading instruments Forex Primo
The broker claims to have it all when it comes to trading assets. Available assets found include commodities, crypto, forex, indices, and shares. We expect scam artists to state a claim in the lucrative online Crypto world.
With the prices of Bitcoin skyrocketing, scam artists want a piece of the cake. The broker tries to sweeten the deal by claiming to offer superfast trade execution. These are all false claims to compel newbie investors to sign up.
Business owner
Our efforts to search the real names of the people behind it bore no fruits. Offshore brokers hide behind non-existent companies. ForexPrimo is no different from the company behind it; SWISS-PRIMES AG is nonexistent.
We did a quick check using Switzerland’s registrar of companies and found no entity with this name. Anonymity is what scam artists use to steal from investors and ensure no one tracks them down.
Only a few victims have come out and shared their experiences with the broker. Most claim that the broker is currently blocking access to their accounts. These victims have over $4,000 in their trading accounts.
Efforts to reach the broker have not borne any fruits. With the way the broker is behaving, we have doubts that anyone can recover funds. It’s the norm for offshore brokers who use such websites to steal from investors.
Domain insights (forexprimo.com)
As we are publishing this post, the website is 277 days old. According to a trusted domain checker tool, the website went live on July 2, 2020. What is interesting is their IP history which shows the website has been running for over 15 years.
There have been 13 changes on 12 unique IP over the past 15 years. As we suspected, this is another short-term website that the scam artists will shut down. Due to the heat from authorities, the website won’t last long.
Features of ForexPrimo
Account details
ForexPrimo is furnishing members with four account types. These accounts include Micro, Standard, Premium, and VIP. The Micro account has a minimum deposit of $250, with VIP account holders having to deposit $100,000.
Most of the account features are the same, and the minimum leverage is 1:100 for a VIP account. The spreads differ with each account as telephone trading is available for Premium and VIP accounts.
Bonuses
The broker knows that bonuses are not allowed in today’s trading world. They create an illusion by claiming to offer fund management. Before you think that this is a good idea, history shows otherwise.
Such bonuses have come back to bite at investors as offshore brokers leverage bonuses for more deposit. You will have to deposit the equivalent amount of bonus to access your funds.
Even if your account has enough balance to cover the bonus, the broker demands a fresh bonus. Once you do so, they then close the account without giving any warning. These bonuses are mainly used to alert the broker when a member wants to leave or make withdrawals.
Contact and support
You will notice that the broker has an appealing website with no live chat. Today’s trading market demands that the broker be available 24/7. These offshore brokers try to control the communication process.
It becomes easier for them to contact you than you to them. This way, they are a step ahead when it comes to any problems facing members. It’s another avenue for them to know when a broker wants to get out of the platform.
Trading terminal
Instead of using reliable trading platforms such as MT4 and MT5, the broker uses a web platform. You should also know that their platform is custom-made, making it unreliable. It lacks advanced trading tools, and executing trades is next to impossible.
Members have been complaining of the slow reaction time when making trades. It’s another concrete reason to stay away from Forex Primo.
ForexPrimo License and Registration
ForexPrimo is not a legit trading platform and has a warning from FINMA. Staying away from the platform is the sane thing to do. Without any license, members are left at the mercy of these offshore brokers.
There’s no credibility from a platform that fails to offer any valid documents. A warning from FINMA is enough for us to blacklist the broker.
Safety of funds with ForexPrimo
Another missing feature of this platform is the security of funds. The broker is likely putting all funds in one account. There’s no segregation of accounts when it comes to this platform.
You won’t recover any funds once the broker has your money.
Scam or Legit ForexPrimo
Forexprimo is a scam that is waiting to pounce on naïve investors. Our review and FINMA blacklisting the broker will open your eyes. Share this post and ensure that no one else falls for this scam.
It’s a shame that offshore brokers are tarnishing the good name of Crypto trading.
Our Verdict
We won’t recommend a broker already blacklisted by a reputable regulator.
Instead, we recommend the use of experts who have your interest at heart. These experts ensure you have a fair and transparent trading experience.
We wish you all the best in your trading experience.
