Is PrimeCFD’s a scam broker?
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PrimeCFD’s is owned by Arrow Capital Ltd which is licensed by Orion Services, Oceania based management firm which located in Sofia Bulgaria. But PrimeCFD’s have their headquarters at Majuro Marshall Islands. They are regulated by Vanuatu Financial Services Commission. They have offices in South Africa, Malaysia, and Nigeria. Previously they were offering binary options but now are in CDF’s and forex, recently they entered into crypto currencies. They started their operations from April 2017.
The account types that they offer are Silver (minimum deposit EUR 2,500), Gold (EUR 10,000), Platinum (EUR 25,000), Diamond (EUR 50,000) and Rhodium (EUR 100,000). They claim their most popular account type is Gold. For their basic account, the Silver minimum deposit ($ 2,500) is way too high as compared to other CFD’s and forex brokers.
PrimeCFD has many deposit and withdrawal methods. Cards like Maestro, Visa, MasterCard, American Express, Diners Club, bank wire. E-wallets like Neteller, Skrill, Web Money, Yandex, Cash U, Qiwi, Delta, and MoneyBookers.
PrimeCFD’s is a scam broker because the owning company is in Bulgaria, but they are regulated by Vanuatu Financial Services Commission and on their website, they show they are licensed by Arrow Capital Ltd. and not from Orion Services. This is a red flag as the firm is not clear on what is what.
They do not have a clear trading platform which they run on. They claim their trading platform is web-based hence no downloads required. The platform is easy to understand and with clear explanations and has a diverse range of products with a clear risk/profit ratio stated in each position.
In one of the comment on one of the prominent website, the author says that people behind PrimeCFD’s scam are the same people who ran TraderVC, WM Options and OptionsSXO and have scammed thousands of people and are sued in Israel. Their modus operandi is simple, whenever one company is caught they open up a new one but their basic fundamental is to cheat people of their money by hook or crook. Everything is the same, same people, same staff; same pattern of operation, same way of cheating only the company name differs.
What is amazing is that however, the company name is PrimeCFD’s, in their FAQ they do not have a single Q&A on CFD. There is nothing mentioned about CFD on their e-book either, nor in the whole education section.
Many people are complaining about receiving pestering calls to join them. One author received non-stop calls many times a day to join. As soon as one deposit money for basic account type they pressure to increase the deposit amount to a higher account type.
In these days of internet scams, it is really tricky and challenging for a passionate online trader to find a stable, truly authentic and legitimate investment tool. Most of the new systems that are presented are fraudulent and absolutely fake. One should conduct throughout investigation before putting in your hard earned money.
So if you are a victim of fraud or scam by PrimeCFD’s or any other company, be it binary options scam or forex scam or crypto currency scam or debit/credit card scam you can hire services like MyChargeBack and try to get back your money. Those investors who have a hard time getting their money back are the ones who have invested through unregulated PrimeCFD’s a scam broker.