Primotrade Review 2021: Should You Trust?

General Information
Broker Name:	PrimoTrade
Broker Type:	Forex & CFDs
Regulation:	Unregulated
Year of establishment:	2020
Country:	Dominica
Address:	Copthall, Roseau Valley, 00152 Commonwealth of Dominica
Customer Service
Phone:	+442030979427 German +447537152821 English
Email:	[email protected]
Languages:	Multiple
Availability:	24/5
Trading:
Trading Platforms:	MetaTrader 4; PrimoTrader
Minimum Deposit:	$150
Mobile trading:	YES
Web-based trading:	YES
Bonuses:	YES
Leverage:	1:400
Spread:	1-1.5 pips.

PrimoTrade has appeared on the market seven years ago. It is an online Forex and CFDs brokerage registered in Dominica. 

Visually, PrimoTrade website looks pretty attractive and intimidating for the clients. However, during our research, we found the broker is involved in fraud activities. Thus, our in-depth PrimoTrade review will provide broker’s detailed analysis to bring the final verdict with you.

PrimoTrade Review: About the Company

 

According to PrimoTrade website, their brokerage firm is one of the fastest-evolving investment companies around the world, and the leading forex trading service provider.  

They are proud to offer more than 250 trading instruments, including currency pairs and CFDs on commodities, stocks, and indices, five account types, decent trading platform, and attractive leverage as high as 1:400.

However, no matter how gorgeous these offers look, they missed the most important one: Safety and regulation.

PrimoTrade is an unregulated, offshore broker, that automatically raises the risks.

Thus, let’s, go through in-depth PrimoTrade review and discuss how trustworthy they are.

 

How Safe Is Working With PrimoTrade?

Let’s start with the most important one-safety. The broker is registered as an IBC in Dominica. IBC stands for International Business Corporation, which means to simply start a company. It does not mean the company will be under supervision or anything, so don’t believe that. 

For you, as an investor, you must understand that PrimoTrade regulations are invalid, and you are not entitled to receive compensation from any compensation fund.

Not only this, but the UK’s Financial Conduct Authority even blocked PrimoTrade on February 17, 2021.

Also, PrimoTrade claims to store customer funds in segregated bank accounts. However, PrimoTrade did not bring any practical examples. How can anyone trust the shady broker blindly?

 

Trading Platform

The broker offers the MetaTrader 4 (MT4) 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 using its proprietary MQL4 programming language to create different trading strategies.

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 some 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 brokers to provide EUR/USD currency pairs with a spread of more than 1 – 1.5 pips. The spread of some currency pairs is as high as 8.1 points. Such a large spread makes the transaction cost very high and it is not competitive at all. It ensures that the broker can obtain considerable profits in the event of a trader’s loss.

PrimoTrade promotes “Strong leverage options up to 1:400” on its website. However, such a highly leveraged transaction comes with huge risks, especially for inexperienced traders. Although it allows for larger profits, it can in theory also incur huge losses, usually much larger than the capital invested.

 

Trading Assets On Primotrade

Customers have access to four main markets: foreign exchange, commodities, stocks and indices.

Unfortunately, brokers do not provide cryptocurrency trading, which is a big disadvantage in today’s trading industry.

 

Trading Account Types

PrimoTrade provides four types of trading accounts: Basic, Silver, Gold, Platinum and VIP.

The account is also very expensive. The minimum cost to open a basic account is $1,000, which is your first solid capital for your first investment in the company.

Let us discuss in detail the prices, features and conditions of each account.

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 as well as different electronic payment options through Piastrix, a Russian electronic payment platform. However, Skrill and Neteller are not supported.

The minimum initial deposit is $150.

A lot of transaction costs also follow. In addition to the 50 USD/GBP/EUR for wire transfers, 25 USD/GBP/EUR for credit cards, 10/7 EUR/5 GBP handling fees and 25 USD/GBP/EUR for electronic payments, there are also taxes. 

They also charge an inactivity fee: if you do not log in to your account and trade within three  months, your account will be deducted 10% per 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 offers 9 different languages, which actually is a great advantage for people who don’t speak English. However, the customer support service is only available in English and German.

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 is the fastest way to contact customer service, but it is not available. However, traders can fill in the message box from the “Contact Us” page and then send the message directly to the company. You will receive a reply in the email or receive a call back.

 

Primotrade Review: Wrapping Up

All in all, we don’t think PrimoTrade is a broker that helps you succeed.

The charges are quite high, and the services are not abundant and unattractive. In addition, some previous customers had trouble withdrawing money.

Therefore, according to our PromoTrade review, we do not recommend working with this company.