| General Information | |
|---|---|
| Broker Name: | PrimoTrade |
| Broker Type: | Forex & CFDs |
| Regulation: | Unregulated |
| Year of establishment: | 2020 |
| Country: | Dominica |
| Address: | Copthall, Roseau Valley, 00152 Commonwealth of Dominica |
| Customer Service | |
| Phone: | +442030979427 German +447537152821 English |
| Email: | support@primotrade.co |
| Languages: | Multiple |
| Availability: | 24/5 |
| Trading: | |
| Trading Platforms: | MetaTrader 4; PrimoTrader |
| Minimum Deposit: | $150 |
| Mobile trading: | YES |
| Web-based trading: | YES |
| Bonuses: | YES |
| Leverage: | 1:400 |
| Spread: | 1-1.5 pips. |
PrimoTrade is an online brokerage firm that offers trading with Forex and CFDs. The broker was established in Dominica republic in 2020.
Even though their website is pretty well-designed and well-functioning, some suspicious details lead us to further investigation.
Our in-depth PrimoTrade Review will emphasize the shadiest and risky parts of the broker’s services to help traders make the right choices.
Besides Forex, PrimoTrade offers trading with over 250 trading instruments, commodities, indices, with pretty high leverage, up to 1:400.
The broker also offers five different trading accounts to meet clients’ needs. However, we will discuss the accounts, trading conditions, services in-depth, and you will see how shallow these services are, so let’s discuss further.
While choosing the broker, everyone’s biggest concern is safety. How safe are your personal and financial data with the broker? To fulfill the clients’ needs, legit brokers list tens of safety measurements, under what regulatory bodies they operate, how they eliminate chances of third-party involvement, etc. However, when we visit PrimoTrade’s website, we only see some general promises that offer 100% funds security, placing clients’ funds on segregated bank accounts, and an encrypted registration system. Everyone can claim anything on their website, but they should also mention the proofs to make it actually believable.
PrimoTrade is an unregulated broker operating in the offshore region-Dominica Republic. Shady brokers carefully choose the offshore regions to hide their illegal activities, as these regions are not controlled by financial supervision.
Besides, the UK’s Financial Conduct Authority publicly mentions that they have blocked PrimoTrade’s activities in the UK since February 2021.
So it is getting pretty obvious that PrimoTrade’s legacy is under the question mark.
What can we tell about overall trading conditions at PrimoTrade? Even though they claim to be the “best in the industry,” they are pretty far from this title. While usually EUR/USD currency pairs are provided with the spread of 1-1.5, at PrimoTrade, the spread is as high as 8.1. while the broker tries to show off as highly competitive with this spread, for traders, it means pretty high transaction costs that are only beneficial for the company.
Additionally, PrimoTrade provides trading with 1:400 leverage. None of the legit brokerages offer leverage this high, as every professional knows its disadvantages. While leverage means you can borrow the money from your broker to make a big investment, it also means you will lose huge funds if the trade is unsuccessful. So, when it comes to a broker with a bad reputation, high leverage is not a positive tool.
Generally, at PrimoTrade, clients can “place bids” and trade with Forex, Commodities, Stocks, and Indices.
As you might notice, cryptocurrency is missing. This is a big loss for the company, as more and more newcomer traders get interested in crypto trading, holding, selling, or buying crypto coins.
PrimoTrade has MetaTrader 4 as a trading platform to offer its clients. MetaTrader 4 is actually a market-leading platform, with lots of in-build customizable tools, an easy-to-access system, fast execution, informative indicators.
Besides the web version, MT4 is also available as a Desktop or Mobile app, so this is very comfortable and convenient software. However, most brokerages offer MT4 as their trading platform, so that’s nothing exciting enough to praise PrimoTrade.
PrimoTrade decided to spread its services through five types of accounts: Basic, Silver, Gold, Platinum, and VIP.
The website does not share many features and services of the accounts, while the prices are pretty high. We will list these accounts with their features in detail below.
The broker did not disclose which markets customers can access with their accounts, and the differences between account types
PrimoTrade provides standard payment methods, like credit/debit cards and wire transfers. It also supports several electronic payment options through Piastrix, a Russian electronic payment platform. However, Skrill and Neteller are not mentioned.
The minimum initial deposit to start trading at PrimoTrade begins from $150.
Additionally, some transaction costs will appear during withdrawal. For example, the wire transfer fee is 50 USD/GBP/EUR, and the credit card fee is 25 USD/GBP/EUR.
They also charge an inactivity fee: if you do not log in to your account and trade within three months, your report will be charged 10% every month.
The website offers nine different languages, which is actually a big advantage for people who do not speak English. However, the customer support service is only available in English and German.
There are several methods to contact customer support.
phone number:
Email: support@primotrade.co
Address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
The fastest and easiest way to get the answer from customer support is live chat. Almost every website has a live chat option. However, we could not see any chat on the PrimoTrade website. You can only send a message from the “Contact Us” section and wait for the answer on your email address. This really affects the speed of the service and frustrates the clients who wish to contact the company shortly.
To sum up, PrimoTrade is not the place where the funds are safe. We hope our detailed PrimoTrade review helps you see the broker’s shady reputation and poor services.
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