Primiselite is not a reliable brokerage. On the contrary, this cyber scammer has defrauded many traders, especially the ones from Canada.
This prompted a Canadian regulatory authority to react and issue a warning. Please read our entire Primiselite Review to learn more about this scam.
We covered everything from the legal status, trader experiences, areas of activity, trading platform, demo account and payment methods.
What does this anonymous website offer in terms of regulation and security? Primiselite says in the Terms and Conditions text that this brokerage operates under the jurisdiction and governing law of the United Kingdom.
We had our doubts about this and decided to check the database of the British Financial Conduct Authority (FCA). As expected, Primiselite is not in the FCA’s register, which means that this entity is unregulated and thus dangerous.
All legitimate UK brokers must be registered by the FCA and meet the regulator’s demands. Each provider must have a minimum operating capital of 730,000 GBP, equip clients with negative balance protection, segregate their funds, and provide them with compensation of up to 85,000 GBP in case the broker goes insolvent.
This broker has numerous positive reviews to their name but we question the validity and honesty of these reviews. There are complaints against the broker as well.
These interest us as they perfectly explain how the scam works. It is alarming that the vast majority of these complaints came from Canadian traders, the main targets of the Primiselite scam.
I currently have a $3069 USD withdrawal request pending since March 13th. I have called over 40 times, all the customer support says is that they will have the account manager call you in 15 minutes which has not happened till now…
Beware of them, as they do everything to lure you to deposit money and once you need to withdraw they will switch… Almost the 5 star reviews are fake. How can someone who started trading in February 2023 have 9 reviews already.
Primiselite was mainly active in countries where English is spoken. Here’s the list of countries where the scammer found victims:
We have already covered the fact that Canada is off-limits to Primiselite and that many local traders were defrauded. Primiselite is not a legit UK-based broker! This website offers leverage up to 1:400 but the legal cap in the UK is 1:30 for retail clients.
Like most online trading scams. Primiselite does its best to persuade traders to invest. Once they lock onto the money, they basically “disappear”, i.e. cease all communication or keep lying.
All the promises of favorable crypto asset trading are fake. Withdrawal issues are inevitable with this brokerage.
We got to see Primiselite’s trading platform. It is a rudimental and unpolished web-based trading terminal with limited features. There are some charts, indicators and graphs but no advanced features. There is also a mobile trading app.
You cannot switch on automated trading, utilize multiple timeframes, customize your interface, or rely on lightning-fast order execution.
Primiselite’s platform features a spread of 2 pips for the benchmark EUR/USD pair. It is simply too wide to be profitable; the industry’s standard is below 1.5 pips. Commissions were not disclosed.
For all those perks, you ought to find a broker that offers the famous MT4 or MT5 trading software. Primiselite does not support any valid third-party platform.
No. Primiselite does not offer a risk-free demo account. You can see the platform but not actually trade. If you are a beginner, the worst possible thing you could do is invest real money without any prior experience.
And with so many complaints against Primiselite, it is obvious that this brokerage is a hoax. Hence, you better avoid shady brokers that do not offer a demo account.
One of the biggest lies we read is “your trading account is 100% safe and secure with us.” We saw right through this claim. The payment methods that Primiselite listed include:
The minimum deposit and the deposit/withdrawal fees were not revealed. However, Primiselite has a shady bonus policy.
The broker says that “bonuses issued to Client by Primiselite may only be withdrawn subject to execution of a minimum trading volume of 30 times the deposit amount plus the bonus issued.” This required amount is just insane. Keep in mind that bonuses are banned in the UK.
If you have evidence that Primiselite violated any terms and conditions, please let us know. You can also write a complaint on the forums to warn fellow traders about this scam.
If you need assistance in getting your hard-earned money back, book a free consultation with our team. They will explain to you how a chargeback works. In the case of crypto transactions, our team has experience in tracing those payments using CipherTrace.
If you were scammed by a broker, let us know.
No. Primiselite is not registered with the FCA. This broker is also on the blacklist of the CSA.
Yes but we do not recommend it given the multiple complaints against Primiselite.
Yes, Primiselite offers a mobile app for both Android and iOS systems.
No. Primiselite is not registered with the FCA. This broker is also on the blacklist of the CSA.
Yes but we do not recommend it given the multiple complaints against Primiselite.
Yes, Primiselite offers a mobile app for both Android and iOS systems.
The post The Primiselite Review Has Evidence Against This Scam Brokerage appeared first on Global Fraud Protection.
