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PRIMECFDs Review - is it scam or safe?

PRIMECFDs Review - Is primecfds.com scam or scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz PRIMECFDs
PRIMECFDs is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit Maximum leverage Spread
Standard $250 Undisclosed Fixed, from 3 pips

 

PRIMECFDs is a company’ which presents its offer in a very strange way. Their accounts types section, gives the impression they are a binary options broker, providing payout percentages. The trading platform, as well as the company’s name, suggests they are a CFD broker,



The Company. Security of Funds

 

Company Country Regulation
ORION SOLUTIONS SRL Romania N/A

PRIMECFDs is owned by ORION SOLUTIONS SRL, a company registered in Romania. That being the case, they are not regulated by any appropriate agency. Besides, UK's FCA and Australia's ASIC have both issued warnings against it.



You may or may not know this, but financial regulators are government agencies which monitor the financial services sector. Trading with an unregulated company always carries the risk, you will never get your money back.



On the other hand, watchdogs such as CySEC (the Cyprus Securities and Exchange Commission) offer some form of protection. One of the major rules, which it applies is participation in the local investor compensation scheme. This is a system, which forces brokers to transfer some of their profits to a collective pool, which then serves as insurance against a broker going bankrupt. In the case of CySEC, accounts are guaranteed up to EUR 20,000.


 
Trading Conditions


 
Minimum Initial Deposit
The starting minimum at PRIMECFDs is $250. This is a bit high, when compared to the offers provided by other brokers. The majority of them, like HYCM, require $100, as an initial deposit.


 
Average spreads & Commissions
PRIMECFDs does not disclose its trading conditions well. Spreads are not mentioned anywhere, but given the fact, a portion of their website is similar to a binary options broker this is not surprising. Their trading platform revealed a 3 pips fixed spread. This is a lot higher than current offerings of other fixed spread brokers. For instance, easyMarkets provides a 1 pip fixed spread on EUR/USD, if you deposit a $250 or more.



Leverage

Yet another surprising aspect of the offer provided by PRIMECFDs is the fact they don’t reveal the leverage ratio. Other companies announce this very openly, despite the fact most traders don’t need the astronomical ratios given by some. They often reach and even exceed 1:500.



Trading Platforms


 
PRIMECFDs offers a web-based platform. It looks relatively nice and does the job right. While there is a lot of room for improvement, before it can reach the quality provided by MetaTrader4 (MT4). Here is a preview:






Methods of Payment


 
The methods of payment available at PRIMECFDs are Bank Transfer, Credit/Debit Card and some e-wallets. The latter include Netteler, Skrill, Yandex, Qiwi and CashU.


Conclusion


 
PRIMECFDs is an unregulated company, which allegedly offers forex and CFD trading. That being said, a portion of their website claims they offer “payouts” similarly to binary options providers. The overall presentation is very poor. Despite not being able to definitively say this broker is a scam, we would not recommend trading with them. This is the summary:

 

Pros Cons
  No regulation
  Lack of clarity on trading conditions
  High fixed spreads

 

Latest news about PRIMECFDs
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Traders` reviews for PRIMECFDs

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Marholeni EX

I wonder what happened to my investment or 750. I fell sick and got admitted for a long period and my laptop and phone were stolen. I have also forgotten how to logon. I was just about to be inducted on how to trade.

Please help me know about my deposit.


MarholenEleck 07/31/2018

Deposits Held

How does one get ones money back from Prime CFD's.What I read is disturbing.I cannot get into my A/C.Keeps returning Incorrect Password.Your assistance would be appreciated. With the Rand at a weak 13.88 to the Dollar is the time to get my money back & count my losses.

Ken Hounsom 07/03/2018

PrimeCFDs.com scammed me with a sum of 25700

Dear Sirs,
I have been contacted with an Internet site called www.PrimeCFDs.com is owned by and operated by Orion Solution SRL, 29 Erou Lanc Nicolae Str, Voluntai. Romania, also it appears that owned and operated by Orion Service EOOD who are based in Bulgaria. the Contact Us section is a UK-based one: +44-2033559997, they have a tel. nr. +31705690004 in Netherlands. There’s a contact form available as well as an email address: support@primecfds.com. primecfds.com web domain features public registration information, according to which, its registrant is Nikos Aristeidou, who represents PrimeCFDs Ltd, based at 71-75, Shelton Street, Covent Garden, London, WC2H 9JQ. After deep investigation I found the company is based in Israel.Name is ''toro media ltd.'' recently changed to ''asgard ltd'' the owner name is Tomer Levi, they office addresses are 5  arieh shenkar street Herzliya, Israel. For the new information that they operate Cypruc.


They had scammed me with a sum of 25700 euro that was the total balance of my account ( I did start with them first with 250 deposit till it reach to 13250 euro ) to be invested in gold and other forex trade, in the beginning they send me an insurance contract that all trades they will do for me is insured and if the trade lost it they will recover the fund immediately to my saldo, but after I lost all the money I invested with them they did not act according the contract, I did try many times to contact them to recover my lost money they refused to answer all my phone calls and messages.

I would like to know if can not help me, if there any organization can solve my problem helping me to recover my lost money.
Many thanks in advance for your help.

Best regars, 
Ismaeil Mohamed
Linzen Oord 40
3991 XR Houten 
The Netherlands
Tel 31626778323
katkhoda@ hotmail.com    

Ismaeil Mohamed 07/03/2018

Prime CFDs - do not touch them

I have made a number of deposits amounting to 10s of thousand of dollars
They keep changing the rules and the advisor brokers for mysterious reasons
They are always after more money and when you grow your account they take it out by claiming a bad trade or similar and then want you to put more in to enable you to get your losses back
Absolutely do not touch them or buy into their lies they are very good liars and can be very convincing
I am willing to testify to any one wanting more specifics to save them from being ripped off

Greg Abbott 05/02/2018

Scam

They didnt even get all my details before grabbing my money ,they took the money then said complete the registration and then apply for a refund phone calls do not matter to these people ,I dont know what it takes to bring these people to justice reporting them doesnt seem to have any effect, and the credit card people dont seem to care

Michael Gleeson 04/23/2018

PrimeCFD is a SCAM!!

I lost over R200 000 in one day of trading. Is there any why we can stop these fraudsters before they do this to any other persons? I am broken!

Please get in touch with me on ohshorne@yahoo.com

Peter 04/05/2018

Not complying with what they offer

this company promise me that I will make money in no time after I deposit money last month I never see my account my money or profits they send only trading advise so I think that they are useless in the trading industry

james leon ovies 04/04/2018

PrimeCFD is a similar to a Ponzi Scheme

I have been trying to withdraw funds since December 2017 - no go. They continually charge USD56 / month for inactive account and fees BUT will not let you withdraw. Soon all the funds will have been used in paying the scam fees!! When contacted they always state that you concerns are being addressed - but nothing happens - now they have stopped answering my emails?

Clive Benson 03/22/2018

I could not take out a penny

This company CFD prime is a fraud I invested $10,000 and grew it to 115,000 however I could not take out a penny
One trader by name of maxim is a joke, he lies through this teeth and only interested for you to keep depositing money even with 100,000 equity
Trust me stay away from them and pass it to other to avoid this company they will take you for a ride you will regret

Navaids 03/13/2018

False advertising

They kept sending me emails that i can make profit from $250 which i ended up joining with $250 then one of their consultant call me and asked me to put more money when i told him I don't have more money he just hang up the phone. Now after three months another consultant Tom Michaels calls me and he asked me to put more money when i said I don't have it he told me thinking that I can make profit from $250 is a child's game. When I asked him why they hive people wrong information he told me we are not kids to think that you can make money from $250 then he hang up the phone. I just think this a scam to collect $250 from people.

Freedom 02/21/2018

Conmans' Operations

Once you get in contact with them, they will persistently call you almost everyday to get you to sign up. So stay clear. Do not even bother to inquire.
Suspect them to be a group of scammers or cons. Lost USD250 to them, but lucky enough not to have lost USD1000 because they will try squeezing you into doin
Once you sign up, then you are trapped and done. Don't see any chance of getting my money back, a refund or whatever, if you do trade and make money.
I hope this advice will help, especially potential investors.

I'm sticking to Bitclub Network which is the real thing.

Wanz 02/03/2018

False advertising and failure to return your deposit

The video that is used to market the PRIMECFD business is misleading and inaccurate. It describes a 3 click process that then creates profits for you at $500 per hour so you deposit the initial $250 to find out more.
After a phone call from a broker you discover that actually you need to deposit additional funds and that you need to open and close trades in order to create a profit unlike the video which suggest that the software does it for you.
When I discovered this I requested a refund of my $250 before the account was actually verified. I have been waiting since the 9th January for a refund. Emails to the support email address keep promising that an account manager will call me to arrange the refund. This is obviously an automated email as nothing actually happens after that. I still do not have my refund and have had no call from anyone despite emails to promise this several times.
Be careful before you deposit funds into the primecfd account as you will not be able to get it back
Prime cfd is a dishonest scam

Tony O'Gorman 02/02/2018

Account suspended

Account suspended. Not yet started.fast to take my deposit of USD 250 without explaining all the terms and conditions.When opening your account with them you do need to properly read the terms and conditions.
Need verification of your State issue ID/Drivers license front and back, which I do not have a problem.Proof of address.Utility bill.No problem. Fist took pictures and send. No not showing everything. Flash light obstructing some data and info not clear enough. Copy and scan. Problem with Initials and name on account not same. Initials MJ and my name Thinus (Short for Marthinus).
The main concern lies with the bank card info they need. Need a proper photo of Bank Card front and back. I copied card delete numbers in order not to reproduce. This is not enough. I am still suspended. They need a picture and not scanned image of card.
They were to eager to take my money without the necessary verification pin code from my side. How they did this I still do not know. The reference on my bank on where money was deposited to states:Ref humey chang chun sh CN.
To me this site looks like a scam.
They always phone me from a UK number. If you do not answer the phone it comes through as if they phone from my country. South Africa
I aske dthem to refuns my money back into my account.
They still insists on the verification to go through first.
Why not verify ID before taking your money. What happens with all the 250USD taken from persons not willing to provide them with the card details.
Even my Bank say no. They do not need that info to verify your iD

Any advise will help

regards
Thinus Prinsloo

Thinus Prinsloo 01/18/2018

Cash out close account

I have $298 in thee account,the broker say I must put $250 more to cash out and close thee account,the question is why I must put $250 to close thee account.

Soonderass Naicker 01/09/2018
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