Recently, we’ve received a number of complaints in regards to broker Primeinv a.k.a. PrimeInvest. The company seems to offer unregulated trading conditions and a lousy platform. All this while not allowing any withdrawals.
For more details, read our Primeinv review until the end.
Additionally, we strongly advise you to avoid the fraudulent brokersW2W Capital,TG Capital, andMorganFinance.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | primeinv.co |
| Blacklisted as a Scam by: | CNMV, FSMA, CONSOB |
| Owned by: | N/A |
| Headquarters Country: | N/A |
| Foundation year: | 2022 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 250 EUR |
| Cryptocurrencies: | No |
| Types of Assets: | Forex, commodities, indices, shares |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is Primeinv Broker Regulated?
Primeinv is an entirely anonymous trading services provider. The brokerage hasn’t listed where it operates from, who’s the owner, or under which legal jurisdiction it belongs.
We found nothing when we checked major databases of Tier1 license providers, such as FCA, ASIC, and BaFin. Simply put, if an issue arises, customers are not protected by regulators and cannot be reimbursed from any compensation funds.
Reasons Not to Trust an Unlicensed Broker
If a broker wants to provide services in the EU, UK, US, Australia, or any other country, it has to be under legal supervision. Firm regulators require brokerages to have high operational capital and fulfill many requests, among which participating in compensation schemes.
Illegal trading firms, such as Primeinv, have no obligations whatsoever. Since the owner is anonymous, starting any legal action is virtually impossible, not to mention tracking and recovering funds.
Is Primeinv a Legit Broker or a Scam?
Primeinv is not a regulated brokerage. The firm is entirely anonymous and doesn’t give traders basic details about the owner or legal jurisdiction. The broker has been blacklisted in Italy, Spain, and Belgium.
Warnings From Financial Regulators
Primeinv has been officially active since March 2022. Ever since, the broker earned several regulatory warnings. The first one to issue an official ban was the Spanish CNMV.
The Belgian FSMA later republished the same warning.
And Italian CONSOB.
What Do Traders Think of Primeinv?
Primeinv doesn’t have positive reviews. In fact, the company has quite a low trust score.
Customers have written numerous reviews sharing their experiences. We will show you one example.
“Warning warning warning!
Stay away from this scam company they will make you invest and when it comes to withdrawing your money you won’t see a penny back and if you call them or contact them on WhatsApp they will block your number and you will never hear from them again so please be warned and don’t invest your money with them cuz they scammed me !!!”
– Trustpilot Customer
What Platform Does Primeinv Provide?
While advertising “the most adaptable platform for multi-asset trading,” Primeinv offers nothing but a basic WebTrader. It’s the same distribution we’ve seen with numerous other offshore scammers.
Customers can access their assets, deposit more funds, see trading history, and access several trading indicators. Nothing of use for advanced strategies.
If you’re interested in quality trading, find a broker with MT4 or MT5 on offer.
Access the Account From a Mobile or Tablet Device
This trading firm doesn’t have mobile apps. Both phone and tablet users will have to access their devices through a web browser, which is rather inconvenient.
Just for comparison, MetaTrader has dedicated mobile apps for all platforms, containing the same features as the desktop version.
Primeinv Accounts Overview
Customers can choose one of the five account types.
Each account brings higher leverage and lower spread. In addition, customers can access alleged financial experts and more educational materials.
Does Primeinv Use Bonuses? – Ways to Limit Withdrawals
Primeinv offers its customers various bonuses. However, those come with an outrageous clause.
“Bonuses issued to Client by Primeinv.co may only be withdrawn subject to execution of a minimum trading volume of 25 times the deposit plus the bonus amount issued.”
This means that if you receive a bonus of 100 EUR on the minimum deposit amount, you will have to repay 8,750 EUR before being eligible for a payout.
Customer Support – Communication Channels
Upon signing up for their fraudulent ad, Primeinv employees can reach customers in various ways. They contact their victims through phone calls, emails, WhatsApp, Telegram messages, and even social media.
However, the only way to contact them back is through an email or a form on their web page. You can already assume that once they steal enough funds, they’ll simply ignore all the forms you submit.
Legit brokers don’t hesitate to provide their customers with an official address and a phone number.
Primeinv – Countries Of Service
According to our research, Primeinv mainly operates in:
- Italy
- UK
- US
- Netherlands
- Canada
- Australia
Primeinv Range of Trading Markets
Primeinv allows customers to trade in:
- Currency pairs – EUR/USD, GBP/SEK, USD/ZAR
- Indices – DJIA, FTSE100, DAX30
- Shares – AAPL, AMD, FBGRX
- Commodities – corn, natural gas, coffee
Cryptocurrencies are not part of the broker’s offer, making it even less desirable.
In top of that, we seriously recommend you not to invest in the fake brokersRoboFXtrade,AktienAG, andK7 Trade.Do not trade with these unlicensed brokers if you want to save your money!
What Is Known About Primeinv’s Trading Conditions?
In the Account Types section, Primeinv did specify the main trading conditions, such as spread and leverage. However, swaps and other fees remain unknown.
Knowing the trading costs is of utmost importance when choosing a broker. Along with the trade license, this is the main thing of interest for investors.
Too High Leverage and Wide Spreads
The spread ranges from 1 to 3 pips, which is quite a wide gap. It depends on the account type.
On the other hand, leverage is too high, going up to 1:400. Regulatory maximum is up to 1:50, depending on legal jurisdiction, since leverage can significantly impact the trade outcome and create losses.
Primeinv High Withdrawal Fees
According to Withdrawal Policy, this firm charges some hefty fees.
- 50 GBP/EUR/USD for wire transfers
- 25 GBP/EUR/USD for credit card withdrawals
- 10 GBP/EUR/USD processing fee for cards
- 25 GBP/EUR/USD for e-payments
Additionally, they charge a 10% levy fee for customers that don’t reach a trading volume of 200 lots, equal to $2 million.
Primeinv Minimum Deposit and Deposit Methods
The minimum deposit this firm requires is 250 EUR. This is quite a lot compared to legitimate brokers, that ask $100 on average.
According to the website, the deposit can be made using:
- Debit/credit card
- Wire transfer
- Unspecified e-wallets
In reality, they’ll pressure you to invest through cryptocurrencies. This is a virtually untraceable payment method allowing scammers to remain anonymous.
Scammed by Primeinv Broker? – Let Us Hear Your Story
If you fall victim to a Primeinv trading scam, let us know. Our recovery experts may help you track the funds and recover what’s rightfully yours.
Don’t give up on your hard-earned money! Get in touch now and let’s start with the refund procedure!