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PrimeXQ Review - is it scam or safe?

PrimeXQ Review - is primexq.com scam or good forex broker?

RATING: 1.1 / 0 REVIEWS PrimeXQ
PrimeXQ is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size Max. leverage  Spread
Mini  $500 0.01 1:400 3 pips
Classic  $5000 0.01 1:400 3 pips
Premium  $20000 0.01 1:400 3 pips

 

*The trading conditions above are as presented in the broker’s Spreads section of the website.

 

Clients of PrimeXQ are offered three account types, however the trading conditions are not that clear, with contradictory information in the different sections of the broker’s website and its platforms. On top of that, PrimeXQ is not regulated, which is the main reason why we gave it such a low rating.

 

Below, you can find more details on the broker’s offer and its corporate situation.

 

 

PrimeXQ Advantages

 

MetaTrader4 supported

The presence of the MT4 platform is always deemed as beneficial in any broker’s offering. The reason for this is that the MetaTrader 4 has proved to be reliable and most traders are familiar with it. Besides, this piece of trading software offers some great functionalities, such as the top-notch charting and the automated trading bots developed known as Expert Advisors or simply EAs.

 

Yet, we could not test PrimeXQ’ MT4, which is by the way provided by a third party.

 

 

>> Check out the best MT4 brokers <<

 

 

Wide range of tradeable assets

Another possible advantage of PrimeXQ is that this broker offers wide range of financial instruments for trade: more than 50 currency pairs, 20 worldwide tradable indices, as well as International equity/stock. Besides, the broker has included a lot of cryptocurrency CFDs in its product portfolio – Bitcoin, Ethereum, Ripple, Litecoin, Dash, EOS, IOTA, Neo, OmiseGo, Zcash, and more. These can be traded against USD, EUR, JPY, and GBP.

 

We always recommend our readers to trade only with reliable and regulated brokers. As PrimeXQ is not one of them, here is a list for those of you who are into cryptocurrencies:

 

 

>> Licensed brokers offering Bitcoin CFDs <<

 

 

PrimeXQ Disadvantages

 

Doesn’t have a license

PrimeXQ says to be owned and operated by Primexq Ltd., a company presumably situated in Austria. However, when we checked the address featured on the broker’s website, it turned out it belongs to the Austrian Branch of Citibank International Plc, which definitely has nothing to do with PrimeXQ.

 

The latter is actually not authorized in Austria, nor anywhere else. The broker’s Terms and Conditions mention the laws of the Marshall Islands, so we suppose that it is actually registered offshore. This means that PrimeXQ does not have a legit license to operate on any regulated markets, including Austria and the European Union in general. Yet, considering the contact numbers on its website, it seems that the broker is illegally targeting investors in the EU, South Africa and Singapore.

 

This is a major red flag, as most unregulated brokers are involved in scam. And even if they are not, their clients’ interests and funds are not protected in anyway, so you’d better avoid them.

 

Inconsistent information about spreads, demo ones don’t match

According to the information presented in Tools/Spreads section of PrimeXQ’ website, the spreads on all account types are 3 pips on EUR/USD, which is very high and unfavorable for traders. Other sections of the broker’s website mention spreads starting from 1 pips on all majors, and what we saw on PrimeXQ’ Webtrader platform (in demo mode) was a fixed spread of 0.7 pips on the benchmark EUR/USD pair.

 

 

PrimeXQ’ demo Webtrader. Click to zoom in.

 

Although a fixed spread below 1 pip is definitely a good offer, such inconsistent information on trading costs on the part of any brokerage is very worrisome, as it shows that the broker is not transparent about its services. And that is basically a recipe for a scam.

 

High initial deposit

Although PrimeXQ is not regulated, it requires an initial investment of $500, while with most top-tier brokers one can open an account with a deposit of $100 or even less.

 

Only credit cards accepted

While PrimeXQ promises on its website it supports various payment methods, including major cards, bank wire, Skrill, and Neteller, when we opened an account with the broker, we were only offered credit cards as a deposit method.

 

 

 

 

Conclusion

 

PrimeXQ is an unregulated forex and CFD broker that seems to illegally target EU investors. Most such brokers are involved in some sort of investment scam, so, as always, we advise our readers to deal only with tightly regulated brokers. For example, those licensed by the United Kingdom’s Financial Conduct Authority (FCA), or by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

 

 

>> A list of CySEC-licensed Forex brokers <<

 

 

To sum up the positive and negative sides of PrimeXQ in a few words:

 

Pros Cons
MT4 supported Not regulated, uses the address of another company
Many tradeable assets Inconsistent information about spreads and leverage
  High initial deposit
  Only credit cards accepted

 

Latest news about PrimeXQ
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Traders` reviews for PrimeXQ

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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Summary

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