Quick Links

• Our Review Method

• Is Prime Scam or Legit Broker?

• About Prime

• Pros

• Cons

• Conclusion

Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Prime due to the issues we've identified.

Is Prime Scam or Legit Broker? ▲

Upon conducting a detailed investigation into Prime, it has come to light that there are considerable concerns regarding its legitimacy. Prime purports to be associated with ADS Dahui Group, a subsidiary of ADS Securities LLC, which operates legally under the jurisdiction of the UAE and is duly regulated by the Central Bank of the United Arab Emirates and the Financial Conduct Authority (FCA) in the United Kingdom. However, our findings indicate that Prime has no legitimate connection to this regulated entity. This discrepancy raises significant red flags about the authenticity of Prime as a Forex and CFDs broker, leading to the conclusion that it might be a "clone firm" exploiting the credentials of a legitimate company to mislead and defraud investors.

About Prime ▲

• Registration and Licensing:

• Registered in: No Registration

• Type of License: No License

• Is Prime safe to trade: No

• Recommended Licenses: FCA in UK & ASIC in Australia

Upon deeper examination, Prime emerges as a broker that has conspicuously failed to acquire any form of official registration or licensing. This lack of regulatory oversight is a critical indicator of the risks involved in dealing with this broker. It is imperative for traders to engage with platforms that are under the stringent supervision of reputable regulatory bodies such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC). The absence of such regulatory compliance makes Prime an unsafe choice for traders.

Pros ▲

In the case of Prime, identifying pros is challenging due to the overwhelming evidence suggesting that it is an unregulated entity posing significant risks to investors. The initial affiliations claimed with a regulated company could be misleadingly viewed as positive; however, these claims are unfounded and deceptive. Therefore, it is recommended to focus on the cons and exercise caution.

Cons ▲

• Regulatory and Safety Concerns:

• Prime's claims of affiliation with a regulated entity (ADS Securities LLC) are unfounded, presenting a grave concern for potential investors.

• The absence of any formal registration or licensing further amplifies the risk, making it an unsafe platform for trading.

• Clone Firm Tactics:

• Utilization of "clone firm" strategies, wherein Prime has manipulated information related to a legitimate firm to deceive traders, poses a significant risk. Investors should be especially cautious of unsolicited contact, a common tactic among such fraudulent entities.

• Official Warnings:

• The Financial Conduct Authority (FCA) has explicitly issued a warning against Prime, advising the public of its unauthorised status and the associated risks of engagement.

• Website Inactivity:

• The inactivity of the Prime website is a telling sign that the broker may have ceased operations. However, the potential for reemergence under the same or a different guise remains a concern, warranting vigilance from investors.

Conclusion ▲

In light of the comprehensive analysis conducted, it is strongly advised to steer clear of Prime for Forex and CFD trading. The evidence points overwhelmingly to Prime being a scam operation, utilizing deceitful tactics to lure unsuspecting investors. The lack of regulatory oversight and the explicit warning from the FCA underscore the risks involved. Instead, traders are encouraged to engage with platforms that are duly regulated by recognized authorities such as CySEC, FCA, or ASIC. Reputable brokers like FBS and BlackBull Markets, which adhere to stringent regulatory standards, offer a safer and more transparent trading environment. In conclusion, due diligence and a cautious approach are paramount when selecting a Forex broker, and Prime unequivocally fails to meet the criteria for a trustworthy and legitimate trading platform.