Prime Trades Review: Stay Away From This Unregulated Broker

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Prime Trades Review
  • Fund Safety
  • Regulation
  • Customer Support
0.5

Summary

Prime Trades is an unregulated and anonymous forex broker. Such a company cannot assure you of your funds’ safety. Under such conditions, it is easier to lose your money than it is to make any returns. We recommend investing only in the top legitimate forex brokerage companies for your peace of mind.

Prime Trades is a company that urges people to earn while investing with a reliable broker. Ironically, we cannot say that Prime Trades is one of these companies. This is a forex broker with a little over a year in the market. It takes so much longer to gain the trust of thousands of seasoned traders.

Additionally, it takes a high level of transparency and professionalism. Unfortunately, these are not values that this company has. This is yet another company pretending to be a legitimate forex broker. In the real sense, they are nothing but a scam. They are only looking to steal people’s funds and disappear from the market.

Prime Trades Review, Prime Trades Company

You should always do enough research to save yourself from companies like this. Such companies have poor transparency and professional levels. Additionally, they distance themselves from your losses in their disclaimers. They want to blame their victims for stealing their funds. 

Even worse, these people never stay down. When one of their companies shuts down, they just open a new one. Luckily, there is also an abundance of legitimate forex brokers in the market. Such companies operate with high levels of professionalism and transparency.

Prime-trades.com Review

Priem-trades.com markets itself by providing over 2500 trading assets. Having a variety of assets to invest in is always a good thing. It means you can spread your risk of investment across various assets. Sadly, this does not mean much when you are investing in fraudulent operations. Do not listen to the promises this company makes. They are only marketing tools to attract eager investors.

Further, the company promises an MT4 trading platform. This is a good thing because MT4 is one of the most popular trading platforms among seasoned traders. It allows for one-click trades and instant execution. As such, traders cannot miss out on trading opportunities due to platform delays.

However, we can tell that this company does not care about gaining customers’ trust. They are offering forex education without revealing who they are. You should never take training from mysterious people on the Internet. Any professional trainer will always reveal their identities and trading results. Moreover, the education these people offer is easily accessible for free on the Internet.

In terms of customer support, this company is not reliable. There are only two channels to contact the company. The live chat option is not that helpful because it is in Russian. The only other way to contact the company is via their email, support@prime-trades.com. We all know that emails can go unanswered for days.

Prime Trades Pricing and Features

Interestingly, this company does not disclose upfront the pricing for its services. It seems that the only thing that this company wants is for people to send them their funds. They see no point in putting pricing for the services because they will steal all the money anyway.

As far as we know, the company probably makes revenue from the spreads of trades. However, the company does not reveal the spreads that clients enjoy. Prime Tardes is very keen on keeping critical information a secret. No professional would ever leave such information for the clients to figure out.

Prime Trades Scam Review, Prime Trades Features

In terms of leverage, the company promises leverages of up to 1:300. While this is great, the company is still very shady. Therefore, you are more likely to lose your money than you are to make any returns.

In terms of account types, there are two main categories. These include the Real and the Islamic accounts. Under Real accounts, you can choose between the Basic, Gold, or Platinum accounts. However, the company does not go into much detail about what each of these accounts offers.

Founders and Physical Location

One thing that we know is that it is never a good idea to invest in unidentifiable people on the Internet. Most scammers never leave the market when their company shuts down. They just come back with a new company and continue scamming people. This is why it is a terrible idea to invest in unknown people on the Internet.

Unfortunately, this is the case with Prime Trades. Prime-trades.com does not introduce us to any of the founders or team members. The people behind this company operate under full anonymity. This is common with illegal operations. They do this to ensure that the law does not track them down. These people are hiding their identities for a reason. Do not trust them.

Moreover, it is impossible to track these people down. They did not care enough to provide an address for their headquarters. There is no telling the jurisdiction under which this company operates. Prime Trades only tells us that they operate within the European Economic area. This is one of the shadiest statements we are yet to see.

Regulation and Fund Safety

You should never invest in an unregulated company. Regulatory bodies are there to ensure that you do not lose your money to scammers in the market. They ensure that companies are not running illegal operations. Additionally, they ensure that companies have the right set up to help you protect your funds.

Sadly, Prime trades does not have regulations. In fact, FinaCom in Hong Kong issued a warning against using this company’s services. Therefore, this is an illegal operation offering investment services without a license. Even worse, the people behind this company know that it is illegal but they do not care.

This just goes to show you how much these people are willing to do to steal people’s funds. Avoid this company like the plague. Moreover, Prime Trades cannot assure you of your funds’ safety. No unregulated body can do that.

Additionally, there is no evidence of systems’ protection on prime-trades.com. The company does not say the software or the hardware they use to keep out intruders. This means that hackers can easily access and steal your funds. There are just too many ways to lose your money here.

Customer Testimonials

Some fake companies take it a step further and display fake customer testimonials on their websites. Prime Trades is one of these companies. They try to convince you that they already have customers befitting from their services using fake testimonials. The company presents us with five testimonials that are all praising Prime Trades.

However, it is easy to see through this. You can tell that the testimonials are fake by the images they use. These are stock images that anyone can access and use on their website. This is yet another lie by this terrible company. Under no circumstances should you trust the people behind this operation.

Final Verdict

There is no way we can trust Prime Trades as a forex broker. There are just too many gaps in this company that we cannot ignore. For starters, we have no idea who is behind the operations. Revealing the founders’ identities would do the company more good than harm. We do not understand why they wouldn’t just do it.

Even worse, this is an illegal operation. These people are offering investment services without regulations. Such a company cannot assure you of your funds’ safety. There are a lot of risks involved here.

You are better off sticking with the top legitimate forex brokers in the market. Such companies operate with complete professionalism and will never disappoint you.

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