Updated on April 3, 2024
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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 PRIMEXQ due to the issues we've identified.
Is PRIMEXQ Scam or Legit Broker? ▲
Trading with PRIMEXQ carries significant risk, as it lacks clarity on several fronts that are crucial for ensuring the safety and legitimacy of a broker. The most glaring issue is the absence of any concrete information regarding the company's registration details, its regulatory status, and even basic contact information. The website makes vague claims of being licensed, yet fails to provide any verifiable details such as license numbers or the names of regulatory bodies that have purportedly issued these licenses.
Registered in: No evidence of registration
Type of License: Unlicensed
Is PRIMEXQ safe to trade: The answer is unequivocally no
Recommended Licenses: Strongly advise seeking brokers with FCA (UK) or ASIC (Australia) licenses
The lack of transparency and regulatory oversight is a significant red flag, pointing towards the potential that PRIMEXQ could be involved in questionable or outright scam activities. Investors are strongly advised to steer clear of this broker and instead opt for trading entities that are well-regulated, ensuring a higher level of protection and recourse should issues arise.
PRIMEXQ presents itself as a broker offering trading opportunities across a variety of instruments such as Shares, Indices, Forex, Commodities, and Cryptocurrencies via Contracts for Difference (CFDs). The brokerage claims to be located at an address in Vienna, Austria, which, upon investigation, is found to be associated with the Citibank International Plc Austria Branch – an entity completely unrelated to PRIMEXQ. This misrepresentation raises serious doubts about the broker's credibility and operational integrity. Furthermore, there is a glaring absence of authorization for PRIMEXQ to offer financial services in Austria or elsewhere, indicating a lack of legal compliance and regulatory oversight.
The findings from our thorough examination compel us to advise all potential investors and traders to exercise caution and avoid engaging with PRIMEXQ. The broker's failure to provide essential regulatory information, coupled with misleading claims about its business location and licensing status, are indicative of a high-risk operation that could potentially engage in fraudulent activities. It is imperative for traders to seek out brokers that are transparent, sufficiently regulated, and possess a solid track record of reliability. Brokers regulated by reputable authorities like the FCA in the UK or ASIC in Australia.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
PRIMEXQ Review 2024
