A clone broker, PrimeQX is claiming to be the best broker around. The broker is using a legit FCA-regulated company as their own. Prime QX is without a doubt a scam that will easily block your account. Depositing funds with this platform has led to several complaints. Victims have been posting scathing comments regarding their time with the broker. There’s more to this website than meets the eye. Get to know more in this detailed and vivid PRIMEQX Review.
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Most offshore brokers will create a compelling website to attract investors. With a few investors doing due diligence, newbies are likely to sign up due to the attractive promises. Before you think of signing up with Prime QX, you should do your due diligence.
Any online investment opportunity requires heavy research. Thanks to reviews from leading websites, you can tell how a broker operates.
PrimeQX is not operating in good faith. The broker seems to appear legit, but everything else is wrong about their trading services. Signing up is easy, and the process takes less than five minutes to complete.
The broker will later ask you for verification documents which is a bit odd. Some of the documents they ask for don’t relate to trading, such as a copy of your ID and credit card details.
To ensure the platform appears professional, the broker claims to offer an account mentor. These are paid call agents who don’t have any experience with trading. The agent will present themselves with English names, but their accent is Indian.
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We believe the broker is hiring call agents to act as trade mentors. Before these mentors give any advice, you must first deposit funds with the platform. These call agents earn money through commissions from every deposit.
Algorithmic trading features on Prime QX
The broker claims to have an algorithmic account that helps members trade faster. It means that the broker offers a bot for trading. There’s no mention of the bot’s accuracy or the extra cost of having this bot.
We also don’t know how the bot works or the frequency of using this bot. From our experience, it’s best to have tested bots with proven accuracy. For all we know, this could be a dummy account program.
Assets and trading instruments
Information on available trading assets is missing on the entire website. You would expect that the broker offers users information on the available trading assets. This goes to show how ill-prepared the broker was when creating this website.
Apart from claiming to offer low spreads, there’s no mention of tradable products. We believe that the broker intends to offer the usual classes of trading instruments. Expect to get commodities, crypto, forex, indices, and stocks.
Prime Business Finance Ltd is the name they use as the full owner of this platform. The company is indeed located in the UK and has a valid license from the FCA. When we made contact with the company, they openly denied knowing this broker.
The company does not even deal with trading, which explains a lot. To fool investors in the UK, the real owners had to look for a company with valid FCA credentials.
Tom Gunn is one victim who wishes that he did some research before jumping on the broker’s bandwagon. He had deposited over $10,000 with the broker and now can’t even withdraw half of the amount. Efforts to contact the broker on his behalf have fallen on deaf ears.
He knew something was off when he sent a withdrawal request of $5,000. The broker immediately shut down his account, and Tom hasn’t heard from them ever since.
You can easily check a website’s online footprint using free domain checker tools. We use these tools to check when and where the website resides. The IP from this website shows California, which doesn’t exactly pinpoint their address.
What is weird is the website’s history, as it shows the site has been running for 16 years. With that longevity, you would expect brokers in the UK to know more about them. No seasoned broker or investor in the UK has heard of this platform.
Features of PrimeQX
PrimeQX offers users three accounts that come with a different set of features. The accounts include Mini, Classic, and Premium. Mini account holders can deposit a minimum of $250 to start trading.
The account has no attractive features except individual competitive spreads and commissions. Only the Premium account holder gets an account executive team that comes at a price. You must deposit a minimum of $20,000 to start trading.
Contact and support
Another feature that should make you avoid this broker is their support structure. Each account comes with an online chat support feature. We notice that the website doesn’t have any online chat, which shows their lack of concern.
Contacting the broker is either via email or phone number. With emails, the broker might take ages to respond. The broker also monitors calls and is likely to block calls from members who have already deposited.
Deposit and withdrawal
There are three channels you can use to deposit with this platform. You can deposit using bank drafts, credit/debit cards, and wire transfers. According to their withdrawal procedure, the process takes 2 days to complete.
We can straight away tell you that this is not the case. No member has come out with proof of withdrawing funds from the broker. And this makes the entire platform a huge scam.
A web trader is what the broker offers to and doesn’t have relevant trading tools. The best trading terminal is MT4 or MT5, which offer users a huge advantage. One of the biggest problems with web traders is security.
If the website is not secure, hackers can take advantage and steal banking information. Hackers will use these platforms as a gateway to your PC.
PrimeQX License and Registration
PrimeQX is not a legit broker as the FCA does not have them on their database. It means that the broker does not comply with trading regulations. This puts member funds at risk since the broker does not insure funds.
If the broker was legit, they ought to post copies of their license documents. Please stay away from such brokers, especially those that use false credentials.
Safety of funds with PrimeQX
There’s no safety of funds as the broker does not comply with rules. There’s no segregation of accounts taking place.
Immediately you deposit funds, the broker transfers them to their personal bank account. There’s no way to recover such funds as most brokers have their accounts in offshore jurisdictions.
Scam or Legit PrimeQX
PrimeQX is a scam waiting to pounce on any investor who dares to sign up and deposit. The above evidence is enough to stop you from interacting with the broker.
We won’t recommend a broker that uses another company’s profile as their own. Please stay away from Prime QX.
The best option is using reliable brokers that bring a ton of experience to the table. It guarantees your safety when trading and offers a more realistic way of earning reasonable profit margins.
We wish you all the best.