Updated on January 22, 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 Primus Trades due to the issues we've identified.
Is Primus Trades Scam or Legit Broker? ▲
Primus Trades falls into the category of brokers that raise significant concerns regarding their legitimacy. The primary red flag is the absence of a license from any globally recognized Forex regulatory bodies. This oversight suggests that Primus Trades might be operating under questionable practices since it has not undergone the necessary compliance checks prior to its establishment, nor has it been subject to ongoing safety oversight. Such a lack of regulatory accreditation strongly implies that the broker could potentially engage in fraudulent activities, operating its business without adhering to established standards of financial safety and client protection.
Primus Trades positions itself as a brokerage firm with a focus on Forex and cryptocurrency trading markets. However, the firm falls short in providing essential information regarding its operational terms, conditions, and ownership details - information that is typically disclosed by reputable brokers. The website does claim that Primus Trades was established in 2015, based in London, and regulated by the Cyprus Security and Exchange Commission (CySec). Nevertheless, these claims are contradicted by a warning issued by CySec itself, stating that Primus Trades does not possess the necessary authorization to provide investment services, thereby labeling the regulation information provided by the broker as misleading and deceptive.
In summary, Primus Trades lacks the regulatory oversight from any reputable financial authority, which is a critical factor in assessing the broker's legitimacy and reliability. The misleading information regarding its regulatory status, coupled with the absence of essential operational details, makes it highly advisable to steer clear of Primus Trades. Investors should instead consider brokers that are regulated by well-established and respected authorities, such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC) in Australia. Engaging with a regulated broker ensures a higher degree of financial safety, transparency, and recourse in the event of disputes. Given the findings of our comprehensive review, it is our recommendation to avoid any involvement with Primus Trades and to remain vigilant against any form of engagement or proposals from this broker.
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.
Primus Trades Review 2024
