PrimaTrade Review – Primarily Devious And Fake Then Everything Else

The dubious case we’re investigating in this PrimaTrade review refers to an alleged online trading brand, with a fake offshore license, blacklist and a UK-incorporated firm for software development. Quite an odd one you’d say, but dangerous nonetheless, considering that they offer brokerage services on a website that does not own a legit Forex license.

So keep reading, and learn more about how unregulated gray zone firms try to make a buck in most devious and illicit ways.

Broker status:	Unregulated Offshore Broker
Regulated by:	No licensed
Operating Status:	Active Online Trading Fraud
Known Websites:	primatrade.ltd
Blacklisted as a Scam by:	FSA (Seychelles)
Owner:	Primatrade Services Limited/ 4SQUARE SY LIMITED
Headquarters Country:	UK/ Seychelles
Foundation Year:	2023-09-13
Online Trading Platforms:	Web trader
Mobile Trading:	Not available
Minimum Deposit:	$100
Deposit Bonus:	Not available
CFD Trading Option:	Yes
Crypto Asset Trading:	Yes – BTC, ETH, LTC
Available Trading Instruments:	CFDs on Forex, Indices, Metals and Commodities and Cryptocurrencies
Maximum Leverage:	1:200
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	Avoid handing your funds over to these miscreants!

Unclear Legal Status

Upon closer examination of the website, you’ll find two companies being mentioned as owners – Primatrade Services Limited and 4SQUARE SY LIMITED. While the first one is legally registered in the UK, it only exists as a “business and domestic software development” firm. This company isn’t regulated by FCA as a securities dealer.

The other company is legally established in Seychelles and is regulated by the jurisdictional regulator. However, it appears that the official website of that firm is capitalix.com, not primatrade.ltd. To clarify that, FSA has published a warning, about the latter being unregulated to conduct brokerage activities.

What the unlawful website in question has attempted to do is to clone a regulated firm. You may wonder how low a brand may stoop in their attempts to try and seem legit. Well, this is your answer. The PrimaTrade scam is a poor try at looking credible with fraudulent intentions. Even if they were regulated offshore, their license wouldn’t mean much, which we have explained in the case of Ortega Capital.

Hype Around Fake Profits

As it’s clearly visible from the website, casual viewers and more serious visitors, interested in investing, are all urged to deposit as soon as possible. Otherwise, they are allegedly missing out on a great offer to trade and get rich overnight.

The same tactics are abused by the tenaciously determined phone agents that insist on retail traders investing and becoming their clients in a short notice. This dangerous method is often practiced in order to motivate victims to recklessly invest before they think twice or double check their choice of broker.

The final outcome is far more painful than a few bucks lost. Just like BitCity does, this fake trading portal will rob you blind at the spot.

Global Hunt For Victims

You can tell from the looks of the website how poorly it was made. Majority of the links are inactive, broken or simply redirect you to the home page again.

The only aim was for it to look similar enough to the site they’re cloning, so that their potential victims are easily entrapped. As far as the collected data shows, this fraud has been active since recently. Their focus is on the following nations:

• United Kingdom
• United States
• India
• Germany
• Estonia

Whether or not you reside in any of these countries, you should be careful. Please contact our legal experts as soon as you detect any withdrawal problems.

Borrowed Charts

The outdated terminal details featured on the PrimaTrade platform cannot be used for profitable trading at any point. Severely lacking in functionality and advanced analytical tools, this software is anything but operational. Most of it consists of imported graphs from Trading View, judging by the logo.

That wouldn’t be so bad if the majority of the market data wasn’t alarmingly tempered with by the fraudsters. The sole purpose of such actions is manipulating victims into depositing more cash. Although we found links for the mobile platform on the site, they’re inactive.

Different Instruments Shown

While the website advertises certain tradable asset groups, the platform projects all the instrument categories borrowed from the same site as the charts. This is what the site itself shows is available to trade on:

• CFDs on Forex (EUR/USD, EUR/GBP, USD/JPY)
• CFDs on Stocks (Facebook, Tesla, Amazon, 3M)
• CFDs on Indices (S&P500, FTSE100, NASDAQ)
• CFDs on Metals (Gold and Silver)
• CFDs on Commodities (Coffee, Cotton, Sugar)
• Crypto (BTC, ETH, LTC, BNB, BCH, ADA, DOT)

Trading Plans

While account registration is a fairly quick process, the PrimaTrade accounts are absolutely ridiculously demanding. You see, to be able to even place a trade you have to buy a starter account.

However, purchasing that package only brings you 2 trades for a duration of one day and then your membership expires. For more trading opportunities, you will have to cough up much bigger amounts. Here’s the price list:

• Starter Plan – 2 trades daily for 1 day – $100
• Classic – 5 trades daily for 3 days – $500
• Premium – 15 trades daily for 5 days – $2,000
• Gold – 20 trades daily for 7 days – $5,000
• Long Term – 25 trades daily for 1 month – $10,000

Costs Beyond All Expectations

The first thought that came to us as we started exploring the trading conditions was that the broker must be joking. Trading parameters like leverage and spreads are comically unacceptable. Especially if we were to compare these values to the regulated brokers’ terms with worldwide recognition.

We say so because the starting spreads on EUR/USD for the Silver plan are 25 pips, 13 pips for Gold and 7 pips for Premium! The highest leverage ratio reachable is 1:200 on Forex and 1:5 on cryptocurrencies.

Absence Of Legal Papers

All of the links to legal documentation are dead. This by itself is a red flag that you should not ignore when you encounter it on a trading portal. The scarce information we were able to obtain about the transactions is only found in traces in the user dashboard.

There, you will see the withdrawing options being only several types of crypto wallets. We’ve previously discussed that this method is not safe or transparent, although it’s faster than other channels.

The absence of policies that should otherwise clarify the payout terms also warns us about potential fees, sudden costs and commissions, as well as trading volume requirements.

Don’t Wait! Ask For Chargeback Today!

While being scammed may feel embarrassing in the beginning, you should not let it slip and allow crypto criminals to flourish based on your financial doom.

Contact our chat agents and book your free first consultation with our chargeback professionals. The legal experts we employ can walk you through different processes of money recovery and help you get back what is rightfully yours.