PrimeOT Review Is Primeot.com A Scam Forex Broker

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PrimeOT review – Is primeot.com scam or good forex broker?

PrimeOT is an offshore broker that offers a wide variety of forex pairs and CFDs with six account types, leverage of up to 1:600 and a web based trading platform.

Account type Min. deposit Max. leverage Spread s
Self Manage Account Account 250 EUR 1:100 3 pips, fixed
Basic Account 5000 EUR 1:200 n/a
Gold Account 10 000 EUR 1:300 n/a
Platinum Account 25 000 EUR 1:400 n/a
50 000 EUR 1:600 n/a
n/a n/a n/a

Unfortunately the broker is not regulated as it is supposed to be if they want to provide any kind of financial services on regulated markets like the European Union, Australia or Canada. That, combined with some rather unusual withdraw conditions and fees, we spotted in their client agreement, makes us rather skeptical about PrimeOT credibility.

PrimeOT Advantages:

Leverage of up to 1:600

Leverage as high as 1:600 is quite exotic these days, especially since the regulatory authorities in the EU, the U.S., Canada, Japan and now even Australia significantly cut the maximum leverage allowed with forex transactions to levels well below 1:100. You should always remember to use higher leverage with extra caution as it is associated with much higher risk.

Large selection of forx pairs and CFDs

The selection of trading instruments we came across on the PrimeOT trading platform includes 38 forex pairs some of which minor or exotic like USDTRY, USDZAR, USDSEK, USDSGD, USDRUB, USDPLN, USDNOK, USDMXN, USDCZK and USDDKK, as well as CFDs on stocks, gold, silver, platinum, oil, natural gas and even a number of crypto coins – Bitcoinm Dash, Ethereum, Litecoin and Ripple. And if you enjoy the idea of trading crypto assets, here you may also check our list of brokers, trading with bitcoin CFDs:

PrimeOT is owned and operated by Cortofin Ltd, which is an offshore company based on St. Vincent and the Grenadines. And as we already noted PrimeOT is not a regulated broker as the financial authorities on St. Vincent and the Grenadines simply does not regulate forex and CFD brokers.

Surely PrimeOT can obtain a license by one of the well known and well respected financial watchdogs across Europe or Australia like the Financial Conduct Authority (FCA) in the UK, Australian Securities and Investments Commission (ASIC) or let say the Cyprus Securities and Exchange Commission (CySEC), but they have not, and that significantly lowers their credibility.

The general problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money, and quite too often they are simply involved in scam.

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So our best advise is to trade only with properly regulated brokers like the ones licensed and authorized by the FCA, where your trading account will even be covered by an insurance of up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:

PrimeOT charges its clients a 1% (or minimum 30 USD) withdraw fee, which is not a standard practice. On top of that if you have not traded for 30 days you will be charged a 300 EUR monthly dormant fee, which also no legit broker will ever ask for. Dormant fees are generally applied if you have not logged into your account for at least 12 months.

On top of that PrimeOT says that they may charge you additional fees and expenses, without specifying what. See for yourself:

Unusual withdraw period

Most brokers will process your withdraw request within 24 hours, while PrimeOT says it will take them between 7 and 10 business days to do that.

Beware of any trading bonuses PrimeOT might offer you, as they are invariably linked to a certain minimum trade volume requirement – in this case is as high as 50 000 times the amount of the bonus. Too often trading bonuses are used by scammers as a pretext to cancel your withdraw requests.

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice as high as the levels traders usually find attractive with a standard account. In any case you can always check our list of brokers offering tighter spreads:

PrimeOT is not a broker we can recommend. For a start it is unregulated and this is a major issue. As a rule unregulated brokers can not be trusted, because for the safety of your funds you will have to rely solely on the integrity of the people who run them. Unfortunately quite too often thier integrity is not very high.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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PrimeOT Review: Is Primeot.com A Scam Forex Broker?

Primeot.com Review: this is the name of a Forex broker that is located in the offshore region of St. Vincent and the Grenadines. Is PrimeOT a legit Forex broker or a scam?

We found that the company is based in St. Vincent and the Grenadines which is an offshore location. Offshore locations have proven notorious for been the source of too many scams. Registration of business there can be done without being physically present. Regulations are lax there as well.

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Forex brokers in the Marshall Islands, Seychelles, St. Vincent and the Grenadines operate without a trustworthy license making it hard for traders to trust them. PrimeOT is an example of this kind of brokerage.

Prime Online Trading is the full name of the company and they claim that they have the most advanced account types. Several investing tools, attractive financial instruments and assets are also mentioned. They claim that with these traders get to upgrade their trading experience.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

It is mentioned that the following are some of the benefits their clients enjoy:

Exceptional trade execution

Trader tools

Fully customizable

Market depth orders

PrimeOT Trading Platform

We find it discouraging that the PrimeOT Software is operated on a web-based platform. it is one that does not even look organized enough. We also discovered that auto trading cannot be carried out by Forex EAs on it because most are designed for MetaTrader platforms.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: Forex, cryptocurrency pairs, stocks, commodities, and indices. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is 1:600 and while this may seem generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to be fixed at 3.0 pips for the standard account.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on PrimeOT

The means of making payments and withdrawals are Visa and MasterCard only. We find that of e-Wallets are likely to be missing, which is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is €250 which is not within the obtainable average of $100 – $250 among brokers. The broker charges 1% (minimum of $30) for every withdrawal made by clients. Accounts that stay inactive for up to 30 days will be subjected to a fee of €300.

It will take up to between 7-10 days for withdrawal requests to be completed as well and there may be other charges as well, their reasons are not specified.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is PrimeOT Licensed?

No. Prime Online Trading or PrimeOT is not a licensed Forex broker. It is unwise to trade with unlicensed brokers because they do not have any obligation to be fair to their clients. Misappropriated funds may prove difficult to be recovered.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

What is more, it is an offshore based broker. Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.

Support

To contact the broker or a customer care agent, an online message form is available. Also their email is [email protected] and they have two phone numbers: +442039663647 (UK) or +43720775201.

Conclusion

PrimeOT does not look like a legit broker. Instead, what we find in abundance are characteristics of a scam broker. Traders are advised not to choose this kind of brokerage.

Its excessive charges are discouraging as well as the high minimum deposit requirement. The spreads are unfavorable as well and we don’t see why any trader would choose Prime Online Trading.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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