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PrimeOT Review - is it scam or safe?

PrimeOT review - Is primeot.com scam or good forex broker?

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

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PrimeOT is an offshore broker that offers a wide variety of forex pairs and CFDs with six account types, leverage of up to 1:600 and a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads
Self Manage Account Account 250 EUR 1:100 3 pips, fixed
Basic Account 5000 EUR 1:200 n/a
Gold Account 10 000 EUR 1:300 n/a
Platinum Account 25 000 EUR 1:400 n/a

Diamond Account

50 000 EUR 1:600 n/a

VIP Account

n/a n/a n/a

 

Unfortunately the broker is not regulated as it is supposed to be if they want to provide any kind of financial services on regulated markets like the European Union, Australia or Canada. That, combined with some rather unusual withdraw conditions and fees, we spotted in their client agreement, makes us rather skeptical about PrimeOT credibility. 

 

PrimeOT Advantages:

 

Leverage of up to 1:600

 

Leverage as high as 1:600 is quite exotic these days, especially since the regulatory authorities in the EU, the U.S., Canada, Japan and now even Australia significantly cut the maximum leverage allowed with forex transactions to levels well below 1:100. You should always remember to use higher leverage with extra caution as it is associated with much higher risk.

 

Large selection of forx pairs and CFDs

 

The selection of trading instruments we came across on the PrimeOT trading platform includes 38 forex pairs some of which minor or exotic like USDTRY, USDZAR, USDSEK, USDSGD, USDRUB, USDPLN, USDNOK, USDMXN, USDCZK and USDDKK, as well as CFDs on stocks, gold, silver, platinum, oil, natural gas and even a number of crypto coins - Bitcoinm Dash, Ethereum, Litecoin and Ripple. And if you enjoy the idea of trading crypto assets, here you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Acceptable minimum deposit requirement 

 

PrimeOT asks for a minimum deposit of 250 USD and this is standard for most other brokers as well. Still, bear in mind that some big well established companies like FBS and IG will let you start trading with just 5 USD or so.

 

PrimeOT Disadvantages:

 

No license

 

PrimeOT is owned and operated by Cortofin Ltd, which is an offshore company based on St. Vincent and the Grenadines. And as we already noted PrimeOT is not a regulated broker as the financial authorities on  St. Vincent and the Grenadines simply does not regulate forex and CFD brokers. 

 

Surely PrimeOT can obtain a license by one of the well known and well respected financial watchdogs across Europe or Australia like the Financial Conduct Authority (FCA) in the UK, Australian Securities and Investments Commission (ASIC) or let say the Cyprus Securities and Exchange Commission (CySEC), but they have not, and that significantly lowers their credibility.

 

The general problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money, and quite too often they are simply involved in scam. 

 

So our best advise is to trade only with properly regulated brokers like the ones licensed and authorized by the FCA, where your trading account will even be covered by an insurance of up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Unusual Fees 

 

PrimeOT charges its clients a 1% (or minimum 30 USD) withdraw fee, which is not a standard practice. On top of that if you have not traded for 30 days you will be charged a 300 EUR monthly dormant fee, which also no legit broker will ever ask for. Dormant fees are generally applied if you have not logged into your account for at least 12 months.

 

 

 

On top of that PrimeOT says that they may charge you additional fees and expenses, without specifying what. See for yourself:

 

 

Unusual withdraw period

 

Most brokers will process your withdraw request within 24 hours, while PrimeOT says it will take them between 7 and 10 business days to do that.

 

Trading bonuses

 

Beware of any trading bonuses PrimeOT might offer you, as they are invariably linked to a certain minimum trade volume requirement -  in this case is as high as 50 000 times the amount of the bonus. Too often trading bonuses are used by scammers as a pretext to cancel your withdraw requests.

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice as high as the levels traders usually find attractive with a standard account. In any case you can always check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

PrimeOT offers a lousy looking web based platform, which lacks many of the standard features readily available with classical trading solutions like the MetaTrader4. 

 

 

For example you can not run algorithmic trading sessions, which is standard function of MT4 – you do that with the help of customizable trading robots and market indicators. And besides, with MT4 you can rely on an excellent set of advanced charting tools, so here you may also check our list of brokers supporting the platform:

 

>>MT4 Brokers<<

 

Conclusion:

 

PrimeOT  is not a broker we can recommend. For a start it is unregulated and this is a major issue. As a rule unregulated brokers can not be trusted, because for the safety of your funds you will have to rely solely on the integrity of the people who run them. Unfortunately quite too often thier integrity is not very high.

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Traders` reviews for PrimeOT

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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