Company Summary
General Information & Regulation
Primary-fxmarkets is an online broker, and claims to be based in Cyprus, but hasn‘t mentioned any company name, which is a clear indication we’re dealing with fraudsters. The Primary-fxmarkets official website lacks essential company information, and what is worse, Primary-fxmarkets was blacklisted by CySEC.
Market Instruments
Primary-fxmarkets claims that it offers forex currency pairs, commodities, indices, stocks, cryptocurrencies, ETFs, and bonds
Minimum Deposit
In terms of minimum initial deposit, Primary-fxmarkets does not make this part clear. But as per its payment area, the minimum deposit is set at $99. Although this amount seems reasonable, it is always unsafe to trade with an unregulated broker.
Leverage
The maximum trading leverage offered by Primary-fxmarkets is up to 1:200, which is considered high. Since trading leverage can amplify gains as well as losses, inexperienced traders are not advised to trade with this broker.
Spreads & Commissions
Primary-fxmarkets does not provide much information on its spreads. However, its web trading terminal revealed a EUR/USD spread of 3.8 pips, which is a value way too high to be of any worth to users.
Trading Platform Available
When it comes to trading platform available, what Primary-fxmarkets offers is not the industry-recognized and widely used MT4 or MT5 trading platforms. It is just a simple web-based platform with some basic functions.
Deposit & Withdrawal
The only payment methods supported by Primary-fxmarkets is WireCapital, a very questionable looking payment method that we think is also in on the whole scam. The minimum deposit as per the payment area is $99. The minimum withdrawal amount is $100. Withdrawals are processed between 2 to 5 days.
Customer Service
How Does the Scam Work？
Scam brokers websites are filled with ads, and the ads concerned with unregulated brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Unregulated brokers always find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback.
