PrimoTrade Review – Worst Offshore Entity

PrimoTrade is an unregulated broker located in Dominica. They are registered locally, but that does not mean that they are up to par with the regulated brokers in any way. High leverage is advertised by them, but during our investigation, we found data that clearly says otherwise.

If you scroll to the terms and conditions section of their website, you will find literally tons of hidden clauses. Fees charged by them are way higher compared to most brokers and user feedback also reveals their ugly side pretty well.

Apparently, they offer over 200 instruments, but during our testing, we did not come across that many. Obviously, there are a lot of things about them which are shady to say the least.

In other words, you need to be extremely careful with them and never share your banking information with them before going through the following paragraphs. This post will enlighten you about them and help you make better decisions.

PrimoTrade Regulation

Online brokerages have been around for roughly 2 decades now. History clearly shows that investing with unregulated entities is risky and regardless of what anyone says, during turbulent times, they will always be the first one to go down.

PrimoTrade is registered in Dominica as IBC. While the terminologies might sound fancy, know that it does not offer any protection to the clients. There is no insurance provided by them and in case they go down, investors won’t be able to do anything about it.

The longevity of this platform is not the brightest we have seen and the chances of them being around for long are slim. So, always keep the big picture in mind and never compromise on safety regardless of how many benefits they might promise you.

After all, the first rule of investing is to never lose money, right?

Support Team

Online brokerages nowadays go an extra mile to make the lives of their clients easier. Due to the high profit margin and tight competition, every brokerage wants to offer exceptional customer support.

Even the shady ones do their best to pretend to have a good team in place. PrimoTrade’s staff can be reached via phone, email and a contact form. As the working hours and response time are not mentioned anywhere, it is better to contact them via phone.

They call themselves as one of the best industry leading platforms, but the user feedback points in the other direction. Also, if you are being pushed towards spending more money, then do yourself a favor and walk away from them.

• Address – 8 Copt-hall, Roseau Valley, 00152 Commonwealth of Dominica.
• Email – support@primotrade.co
• Phone – +442030979427, +447537152821

PrimoTrade Interface and Assets

PrimoTrade offers a mediocre web based trading software. The interface is not user-friendly and it lacks a lot of trading tools. For starters, custom indicators are not supported and copy trading facilities are not provided.

Of course, the web based platform is light weight, but due to the lack of many essential tools, it might not be worth it for many traders. Charting is also basic and unless you are a beginner, chances are you will be disappointed.

All the major forex pairs, commodities and indices are offered. However, the leverage varies from one account type to another. In order to calculate the margin levels precisely before opening a position, talk with the support team to know the exact conditions applicable.

Though the number of instruments offered are huge, the spreads are high and other trading costs are also present. In short, you need to double check every parameter before pulling the trigger in order to avoid any surprises.

Leverage and Conditions

Exact leverage offered by this broker is very difficult to figure out. On their homepage, they say that the leverage is capped at 1:400, but when we signed up for an account, it was capped at 1:100.

While there is nothing wrong with trading using less leverage, the lack of clarity is certainly a big issue. As we mentioned before, the spreads are higher and the swap rates present might eat up your profit margins.

Trading signals are provided, but associated things are not mentioned. For example, we do not have a clue about their win ratio, drawdowns and average holding period.

All in all, the entire experience is full of hassles and one might feel overwhelmed while using this platform.

Payment Methods

Payment methods supported by PrimoTrade are Visa, MasterCard, and SOFORT. Note that they have a high degree of control over the funds and the processing time required by them is not mentioned clearly.

Moreover, additional charges are present and if anyone does not fulfil their criteria, then they might get charged up to 10% of the amount deposited. The policies structured by them are not kind towards the clients.

Bonuses are offered, but it also carries a lot of conditions that are almost impossible to achieve. So, keep your eyes open and read the fine print, if you really want to proceed with them.

Lastly, the minimum withdrawal amount is also unknown and that fact alone acts like a knockout punch.

PrimoTrade User Reviews

PrimoTrade has earned a lot of negative reviews online. On every major website, people are expressing their frustration and the consensus is bad. We found a bunch of reviews about them on Trustpilot.

As expected, majority of them were apt and it kind of revealed their real side. Take a look at the comment made by one of the users. Isn’t it disturbing and scary at the same time?

Just a SCAM. You will loose your money – just like me.

They are lovely to deal with when you want to invest and pretend to help you all the way, but when it’s time to try to withdraw some of your money the problems will start and you will have no access and no way to recover your money.

Verdict

PrimoTrade is not the brokerage that will help you achieve success. Hassles present on their platform are so big that we cannot list all of them in a single blog post. Moreover, they are unregulated as well.

At the end of the day, the best thing to do is to walk away from them and never even think about joining them unless you are okay with gambling your funds.

Stay away from PrimoTrade for your own good. Share your views with us by commenting below.