| 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: | [email protected] |
| Languages: | Multiple |
| Availability: | 24/5 |
| Trading: | |
| Trading Platforms: | MetaTrader 4; PrimoTrader |
| Minimum Deposit: | $150 |
| Mobile trading: | YES |
| Web-based trading: | YES |
PrimoTrade Review 2021: legit or scam?
PrimoTrade is a Forex and CFDs broker with an operating history of seven years. Currently, PrimoTrade has quite a negative reputation on the market, which we would like to talk about in the PrimoTrade review.
What Is Primotrade?
According to the website, PrimoTrade claims to be known as a leading foreign exchange broker and one of the fastest-growing investment companies globally. It provides more than 250 trading tools, including currency pairs and commodities, stocks and index CFDs, leverage up to 1:400, and five account types and decent trading software.
Although PrimoTrade’s offer looks attractive, traders should note that this is an unregulated offshore broker.
Therefore, please read our in-depth review of PrimoTrade carefully before you make any decision.
Is PrimoTrade Regulated?
No. PrimoTrade is an unregulated broker operating in the offshore Dominican Republic. Shady brokers choose offshore areas carefully to hide their illegal activities because these areas are not subject to financial supervision.
In addition, the UK Financial Conduct Authority publicly stated that they had blocked PrimoTrade’s activities in the UK since February 2021.
Besides lack of regulation, no important safety measures are mentioned on the website to prove that the broker cares about clients’ funds’ safety.
Lack of safety and regulation will lead you to unsuccessful trading and loss of a huge amount of hard-earned money, so think carefully before you invest with them.
Spreads and Leverage
t PrimoTrade, the spread is as high as 8.1. Although brokers are trying to show off that this spread is very competitive, for traders, this means quite high transaction costs, which will only benefit the company.
In addition, PrimoTrade provides 1:400 leveraged trading. No legal brokerage company offers such high leverage because every professional knows its shortcomings. Although leverage means that you can borrow money from a broker to make large investments, it also means that if the transaction is unsuccessful, you will lose a huge amount of money. Therefore, high leverage is not an active tool for brokers with poor reputations.
Trading Platforms at PromoTrade
PrimoTrade provides MetaTrader 4 as a trading platform to its customers. MetaTrader 4 is actually a market-leading platform, with many built-in customizable tools, easy-to-access systems, fast execution, and informative indicators.
In addition to the web version, MT4 can also be used as a desktop or mobile application, which is a very comfortable and convenient software. However, most brokers offer MT4 as their trading platform, so praising PrimoTrade is not exciting enough.
PrimoTrade also launched some web-based trading software WebTrader, which is far from professional standards in terms of design and functionality.
Trading Assets
Clients can access four primary markets: Forex, Commodities, Stocks, and Indices. We are quite confused about whether the broker offers cryptocurrencies or not. They promote crypto trading on the front page, but the crypto trading is missing when you visit the “markets” page directly.
Review of PrimoTrade Trading Accounts
PrimoTrade provides five types of accounts: Basic, Silver, Gold, Platinum, and VIP.
The website does not share many functions and services of the account, and the price is relatively high. Let’s check it more precisely:
Basic Account
- Minimum Deposit $1000-$2500
- Three daily signals
- Basic training
- Up to 30% bonus
- 24/7 Algorithm trading assistance
Silver Account
- Minimum deposit %2500-5000
- Six daily signals
- Advanced training
- Up to 50% bonus
- 24/7 Support Algorithm trading assistance
Gold Account
- Minimum Deposit $5000-10000
- 12 daily signals
- Access to 1 corporate trade opportunity a month
- Up to 75% bonus
- 24/7 Support Algorithm trading assistance
Platinum Account
- Minimum Deposit +$20000
- 20 daily signals
- Access to all corporate trade opportunities a month
- Up to 100% bonus
- 24/7 Support Algorithm trading assistance
VIP Account
- The minimum deposit amount is unknown
- Automatic withdrawal
- Access to the Managed Account opportunity
- Up to 100% bonus
- 24/7 Support Algorithm trading assistance
Even though there is not much to offer clients with each account, the prices are super high. So probably, you will need to consider slightly cheaper (plus, safe) brokerage firms for trading, which are a lot on the market.
Deposit And Withdrawal Conditions
PrimoTrade provides standard payment methods such as credit/debit cards and wire transfers. It also supports multiple 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 at $150.
In addition, there will be some transaction costs during the withdrawal process. 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 a monthly cost of 10%.
Customer Support Service at PrimoTrade
The company operates in 14 different languages, while the website is only available in English and German.
There are several methods to contact customer support.
- phone number: +442030979427 German; +447537152821 English
- Email: [email protected]
- Address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
Live chat is the fastest and easiest way to get answers from customer support. Almost every website has a live chat option. However, we cannot see any chat content on the PrimoTrade website. You can only send a message from the “Contact Us” section and wait to reply to your email address. This affects the speed of service and frustrates customers who want to contact the company as soon as possible.
PrimoTrade: Final Overview
All in all, we don’t think PrimoTrade is a broker that helps you succeed.
The charges are pretty high, and the services are not abundant and unattractive. In addition, some previous customers had trouble withdrawing money.
Therefore, according to our PromoTrade review, we do not recommend working with this company.
Unreliable signals
Not a good trading broker. Signals are very unreliable.
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Liars
Liars. They will do all ways to secure your bank account. Had promised so many good things but they ran away with my money instead.
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Bad company
I got a cold call from this company. People are very arrogant. Have forced me to provide bank details over the phone.
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Poor broker performance
Poor broker performance. The signals are not profitable, services are also one of the worst specially customer service who are always unavailable all the time.
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Bad customer service
Bad customer service. They are not accommodating and prefer to ignore trading concerns.
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Lose huge money
Not a good idea to get involved with their trading. I have lose so much money.
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Poor services
They have very limited withdrawal options making it difficult to withdraw money. Customer service are very unhelpful and unresponsive, too.
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Rude brokers
This is not a good broker service. Poor signals and rude brokers.
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Poor broker service
Tools are so difficult to understand. Signals aren’t good. Withdrawals are too tricky.
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