primexproltd is a Contract for Difference (CFD) broker with its official domain registered on April 21, 2024. The broker primarily offers investment services in forex, commodities, stocks, and indices through its proprietary trading platform, Tradingweb. It does not provide services to countries and regions where such offerings may violate local laws or regulations.
Company Registration Information and Regulatory Status
According to publicly available information on the official website of primexproltd (www.primexproltd.com), "PrimeX PRO is a fully regulated global forex and CFD broker. The company was founded by a team of dedicated and experienced online financial professionals, with extensive experience in providing innovative trading products and excellent service and support." The broker holds a license issued by the Vanuatu Financial Services Commission (VFSC), allowing it to provide financial services in Europe, the Far East, Asia, and the Americas. However, the company's website does not disclose its corporate entity registration information or specific regulatory information.
The Vanuatu Financial Services Commission is abbreviated as VFSC. Moreover, upon verification, primexproltd was not found on the VFSC Financial Dealers Licensee List (as of May 13, 2024). Therefore, primexproltd (www.primexproltd.com) is suspected of false advertising and is essentially an unregulated scam broker.
Account Opening Process
To open a primexproltd trading account: visit the broker's official website, click "Open an account" to navigate to the account registration page, fill in your name, email address, and other required personal information, set a login password, upload proof of identity, and submit the information. After verification, the account will be successfully registered.
Trading Accounts
primexproltd offers two types of trading accounts: a standard user account and a partner account.
Standard User Account:
- Leverage: 1:100 (Forex, Stocks, Indices), 1:500 (Commodities)
- Trading Instruments: 52 currency pairs, 12 stocks, 120 global indices, gold, oil, silver, and others
- Variable spreads
- Demo available
Partner Account:
- Tradingweb ECN account commission is 2 pips per currency pair.
- Tradingweb standard floating/fixed account commission is 5 pips per currency pair.
- Commission is only paid to ECN, standard VAR, and standard FIX accounts.
- Users can trade with bonuses when the balance is negative, but rebates cannot be earned from these trades.
- The opening and closing prices must differ by at least 10 pips.
- The time between opening and closing should be at least 1 minute.
- Rebates are credited to the account once every 24 hours.
- Commissions are credited to partner accounts, and can be withdrawn using any available payment method after introducing at least three active trading clients.
- No commissions are granted for non-deposit bonus accounts.
Trading Platform
primexproltd claims to offer a self-developed trading platform called Tradingweb for both desktop and mobile devices, promising an excellent trading experience. However, the mobile trading apps provided on their website do not function properly for either iOS or Android.
Deposit and Withdrawal
primexproltd only displays a few payment method icons at the bottom of its homepage but does not clearly disclose the supported deposit and withdrawal methods, fees, or minimum deposit and withdrawal amounts on its website.
Conclusion:
Traderknows reminds investors that primexproltd is actually an unregulated scam broker website. Investors are advised to choose brokers with transparent information, strong regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
