PrimeFX Review - Is it scam or safe?

RATING: 2 / 3 REVIEWS

PrimeFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

Account type	Minimum deposit	Minimum trade size	Maximum leverage	Spreads
Silver	$2 500	0.1	1:400	1 pips, fixed of variable from 0.5 pips
Gold	$1 000	0.1	1:400	0.7 pips, fixed or variable from 0.5 pips
Islamic	$2 500	0.1	1:400	1 pips, fixed of variable from 0.5 pips
Platinum	$25 000	0.1	1:400	0.4 pips, fixed or variable from 0.3 pips

Clients of Prime Fx Bank (PrimeFX) are offered several account types, all of which offer leverage up to 1:400, the option to trade in mini lots and to choose between fixed or variable spreads. Besides, there is a special Islamic (swap-free) account for investors of Islamic belief. Unfortunately, micro lots are not available for trade to those unwilling to put much at stake.

Indeed, PrimeFX’s trading conditions seem pretty attractive: high leverage levels and tight spreads. However, we find the minimum initial deposit of $1 000 required too high, especially for a non-regulated broker. A number of reliable and well-regulated brokers require less or none at all. For instance, one may open an account with leading FCA-licensed brokerage IG with just $1.

The Company. Security of Funds

Company	Country	Regulation
DGX Systems Ltd.	Commonwealth of Dominica	N/A

PrimeFX or Prime Fx Bank offers trading in Forex, Indices, Commodities & Share CFDs on both MetaTrader 4 and Sirix platforms. The company that owns and operates the PrimeFX brand and website is DGX Systems Ltd. It is registered in the Commonwealth of Dominica, an offshore zone, where forex businesses are not regulated.

With regards to the above said, we don’t recommend PrimeFX, as it not licensed nor supervised by any authority. Besides, most user reviews we read in the Forex Peace Army forum about this broker are negative, claiming it is a scam. We suggest that you select among brokers duly regulated by CySEC, FCA, ASIC or another trustworthy regulator, as doing business with offshore companies is risky.

Trading Platforms

The broker supports the ever-popular MetaTrader 4 platform, as well as Sirix.

MT4 offers all a trader needs: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.

Sirix WebTrader is an innovative and interactive trading platform. Requiring no download or installation, it ensures secure trading, while remaining friendly for maximum ease of access. Some of the platform’s key features include advance charting tools, seamless social trading and Visual Trends - a tool that provides a visual interpretation of major market trends and conditions.

Methods of Payment

PrimeFX offers the following payments methods: bank wire transfer, credit/debit cards and China UnionPay.

Conclusion

Apart from the high minimum initial deposit required, the offerings of PrimeFX’s seem attractive: tight spreads and high leverage levels available on two trading platforms. In spite of this, we do not recommend PrimeFX, because it is registered in Dominica and is not regulated by any authority. Here are, in a nutshell, the advantages and disadvantages of this broker:

Pros	Cons
Tight spreads	Not regulated
MT4 and SIrix platforms available	No micro tradeable lots, limited payment methods
	High initial deposit required

Latest news about PrimeFX

No news about PrimeFX. Check back later.

Broker	Advantages

	FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
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	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
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	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

Broker	Country	Regulation	Platform	Min Deposit	Review
	US	CFTC, NFA	MT4, Web, in-house	$50	Review Website
	Cyprus, UK, Belize	CySec, FCA, IFSC	MT4, MT5, Web	$5	Review Website
	Cyprus, Australia	CySec, ASIC	MT4, Web, Mobile app	$100	Review Website
	Australia	ASIC	MT4, MT5, IRESSTrader	$100	Review Website
	UK, Cyprus, Australia	FCA, CySec, ASIC	MT4, MT5	$5	Review Website
	UK, Australia	FCA, ASIC	MT4, Trading Station, NinjaTrader	$50	Review Website
	UK, Cyprus, UAE, South Africa	FCA, CySEC, DFSA, FSB	MT4, MT5, FxPro Markets, cTrader	$100	Review Website
	Hong Kong	SFC	MarketSpeed FX, Trading Station	$1	Review Website
	Cyprus	CySEC	MT4, MT5, Web	$1	Review Website
	Belize	IFSC	MT4, MT5	$100	Review Website
	Cyprus, South Africa, UAE	CySec, FSCA, FSC	MT4, MT5, Web	$5	Review Website
	Cyprus	CySEC	MT4, Web	$25	Review Website
	Cyprus, UK	CySEC, FCA	MT4, MT5	$1	Review Website

Traders` reviews for PrimeFX

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Deposit/Withdraw

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Customer service

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Summary

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Possible Fraud

Opened an account with them back in Sept 2018. Saw money go out, money go and it looked legit. Requested a withdrawal from account, said I would be receiving in 5 business days and nothing. Can't get anyone to reply by email and phone number goes straight to a VM. Sounded legit but now, not so much.

M 01/15/2019

(0)

it is a big FRAUD

They stole my money. WHen they want your money call you several times over the day but when you want your money and/or benefits back they disappear. This site is a BIG FRAUD. I have more than 9000€ hold by them and don't find a way to get answers from them. I seem very difficult to get my money back but hope to avoid that other people make the same mistakes

Juan Plasencia 07/31/2018

(0)

PrimeFX fraud

I was cheated by this company. They told me that I could earn a lot of money by investing in the stock exchange. It turned out to be a fraud. I paid to them $328 to receive benefits, but it was false. They kept taking money from my visa card without my authorization. They are a gang of swindlers. Be careful.

Moises Diaz 05/17/2017

(2)

(1)

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