PRIMOTRADE REVIEW
Comments Rating
( reviews)
GENERAL INFORMATION
Broker Name:
PrimoTrade
Broker Type:
Forex & CFDs
Operating since year:
2020
Regulation:
Unregulated
Address:
Copthall, Roseau Valley, 00152 Commonwealth of Dominica
CUSTOMER SERVICE
Phone:
+442030979427 – German
+447537152821 – English
Email:
Languages:
Multiple
Availability:
24/5
TRADING
Trading platforms:
MetaTrader 4, PrimoTrader
Trading platform Time zone:
N/A
Demo account:
N/A
Mobile trading:
YES
Web-based trading:
YES
Bonuses:
YES
Other trading instruments:
N/A
ACCOUNT
Minimum deposit ($):
$150
Maximal leverage:
1:400
Spread:
1-1.5 pips
Scalping allowed:
N/A
PrimoTrade is several-year-old Forex and CFDs online brokerage. According to our research, the firm has a pretty shady reputation on the market. So, let’s go into deeper analysis and evaluate their services.
Primotrade General Overview
PrimoTrade claims to be a leading forex broker, one of the fastest-growing investment companies globally, offering over 250 trading instruments, including currency pairs and CFDs on commodities, stocks, and indices, leverage as high as 1:400, a choice of five account types and a web-based platform.
As tempting as PrimoTrade’s offer might look, we should warn you that we are talking about an unregulated, offshore broker.
Thus, before you make any decisions, go through our in-depth PrimoTrade review.
How Legit Are Primotrade Services?
First of all, PrimoTrade is not regulated by any financial institutes. Also, traders should know that the UK’s Financial Conduct Authority blocked PrimoTrade on February 17, 2021.
This means that the biggest experienced financial entities don’t trust the broker. Why would you?
Besides, the broker is located in Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
Dominica is an offshore zone, and financial regulators do not expand their services in such regions. Usually, offshore regions are very attractive zones for not fully legit Forex companies since they are not monitored with severe regulatory institutes.
PrimoTrade claims to put the clients’ funds on segregated bank accounts, offers fully secure transaction and registration, and cooperates with reliable banks.
However, PrimoTrade does not bring any actual examples, making it difficult to trust them blindly.
Trading Platform
The broker offers the MetaTrader 4 (MT4) trading platform as a desktop and mobile (Android and iOS) application. MT4 is the world’s number one platform, preferred by more than 80% of users. It provides an intuitive and user-friendly interface, sophisticated charts and analysis tools, and copy and automated trading options. It can be customized to create different trading strategies using its proprietary MQL4 programming language.
PrimoTrade also launched some web-based trading software WebTrader, which is far from professional standards in terms of design and functionality. It does not even provide established platforms (such as part of the functions provided by MT4 or MetaTrader 5 (MT5) or even demo accounts.
PrimoTrade Trading Conditions
The broker’s trading conditions are far from the “best in the industry.” It is not common for a broker to provide EUR/USD pair with a spread of more than 1 – 1.5 pips. Spread for some currency pairs is high as 8.1 pips. Such a large spread makes the transaction cost very high, and it is not competitive at all. It guarantees that the broker can obtain considerable profits in the event of a trader’s loss.
PrimoTrade advertises “Strong leverage options up to 1:400” on its website. However, Trading with such high leverage is accompanied by huge risks, especially for inexperienced traders. Although it allows for greater profits, in theory, it can also incur huge losses, usually much larger than the capital invested.
Trading Assets at PrimoTrade
Clients can access four primary markets: Forex, Commodities, Stocks, and Indices. Unfortunately, the broker does not offer cryptocurrency trading, which is a pretty big disadvantage in today’s trading industry.
Trading Account Types
PrimoTrade offers four types of trading accounts: Basic, Silver, Gold, Platinum, and VIP.
The accounts are pretty pricy as well. The lowest cost to open a basic account is $1000, which is a solid fund to make your first investment in the company for the first time.
Let’s discuss each account’s prices, features, and conditions in detail.
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
The broker does not reveal what markets clients can trade with the accounts, and the difference between the account types is also not impressive.
Deposit and Withdrawal
PrimoTrade provides standard payment methods-credit/debit card and wire transfer and different electronic payment options through the Russian electronic payment platform Piastrix. However, Skrill and Neteller are not supported.
The minimum initial deposit is US $150.
Substantial transaction costs also accompany this. In addition to the 50 USD/GBP/EUR for wire transfers, the 25 USD/GBP/EUR for credit cards and the handling fee of USD 10/7 EUR/5 GBP and the USD 25/GBP/EUR for electronic payments, there is also a tax. If the account’s turnover does not exceed 200, then 10% of the withdrawal amount is charged!
They also charge an inactivity fee: if you do not log in and trade from your account within three (3) months, your account will be deducted 10% each month. Regulated brokers rarely charge such fees, and if they do, they usually charge a fixed fee of no more than $10 after at least six months.
Customer Support Service
The website is available in 9 different languages, which is a big benefit for non-English speakers. However, the customer support service is only available in English and German, while the website says 14 different languages.
There are several ways to contact customer support.
Phone number:
• +442030979427 German customer support service
• +447537152821 English customer support service
Email: [email protected]
Address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
The live chat option, the fastest way to reach customer service, is unavailable. However, traders can fill in the message box from the “Contact Us” page and send their message directly to the company. You will receive your answer in your email or get a call-back.
Primotrade Review: Final Thoughts
To conclude, we don’t see PrimoTrade as the brokerage to help you achieve success.
The fees are pretty high, and the service is not rich and fascinating. Also, some previous clients have experienced troubles with funds withdrawal.
Thus, according to our PromoTrade review, we do not recommend working with the company.
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Comments Rating
( reviews)
6 Comments
Do not invest
Do not invest with this broker company. They are very unprofessional when it comes to withdrawals.
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Stay away
Stay away from these people. They are scammers.
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Slow services
Slow services and worst platform. Customer service are always very unresponsive. Not worth trading with.
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Rude and disrespectful
Rude and disrespectful customer support. I am very much annoyed with how they treat me over the phone.
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Unreliable broker
Unreliable services. I wouldn’t be trading again with this broker.
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Delayed responses
Delayed responses to customer service. I am not trading with them again.
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