PrimeOT Review Is Primeot.com A Scam Forex Broker

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PrimeOT Review – is it scam or safe?

PrimeOT is an offshore broker that offers a wide variety of forex pairs and CFDs with six account types, leverage of up to 1:600 and a web based trading platform.

Account type Min. deposit Max. leverage Spread s
Self Manage Account Account 250 EUR 1:100 3 pips, fixed
Basic Account 5000 EUR 1:200 n/a
Gold Account 10 000 EUR 1:300 n/a
Platinum Account 25 000 EUR 1:400 n/a
50 000 EUR 1:600 n/a
n/a n/a n/a

Unfortunately the broker is not regulated as it is supposed to be if they want to provide any kind of financial services on regulated markets like the European Union, Australia or Canada. That, combined with some rather unusual withdraw conditions and fees, we spotted in their client agreement, makes us rather skeptical about PrimeOT credibility.

PrimeOT Advantages:

Leverage of up to 1:600

Leverage as high as 1:600 is quite exotic these days, especially since the regulatory authorities in the EU, the U.S., Canada, Japan and now even Australia significantly cut the maximum leverage allowed with forex transactions to levels well below 1:100. You should always remember to use higher leverage with extra caution as it is associated with much higher risk.

Large selection of forx pairs and CFDs

The selection of trading instruments we came across on the PrimeOT trading platform includes 38 forex pairs some of which minor or exotic like USDTRY, USDZAR, USDSEK, USDSGD, USDRUB, USDPLN, USDNOK, USDMXN, USDCZK and USDDKK, as well as CFDs on stocks, gold, silver, platinum, oil, natural gas and even a number of crypto coins – Bitcoinm Dash, Ethereum, Litecoin and Ripple. And if you enjoy the idea of trading crypto assets, here you may also check our list of brokers, trading with bitcoin CFDs:

PrimeOT is owned and operated by Cortofin Ltd, which is an offshore company based on St. Vincent and the Grenadines. And as we already noted PrimeOT is not a regulated broker as the financial authorities on St. Vincent and the Grenadines simply does not regulate forex and CFD brokers.

Surely PrimeOT can obtain a license by one of the well known and well respected financial watchdogs across Europe or Australia like the Financial Conduct Authority (FCA) in the UK, Australian Securities and Investments Commission (ASIC) or let say the Cyprus Securities and Exchange Commission (CySEC), but they have not, and that significantly lowers their credibility.

The general problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money, and quite too often they are simply involved in scam.

So our best advise is to trade only with properly regulated brokers like the ones licensed and authorized by the FCA, where your trading account will even be covered by an insurance of up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:

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PrimeOT charges its clients a 1% (or minimum 30 USD) withdraw fee, which is not a standard practice. On top of that if you have not traded for 30 days you will be charged a 300 EUR monthly dormant fee, which also no legit broker will ever ask for. Dormant fees are generally applied if you have not logged into your account for at least 12 months.

On top of that PrimeOT says that they may charge you additional fees and expenses, without specifying what. See for yourself:

Unusual withdraw period

Most brokers will process your withdraw request within 24 hours, while PrimeOT says it will take them between 7 and 10 business days to do that.

Beware of any trading bonuses PrimeOT might offer you, as they are invariably linked to a certain minimum trade volume requirement – in this case is as high as 50 000 times the amount of the bonus. Too often trading bonuses are used by scammers as a pretext to cancel your withdraw requests.

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice as high as the levels traders usually find attractive with a standard account. In any case you can always check our list of brokers offering tighter spreads:

PrimeOT is not a broker we can recommend. For a start it is unregulated and this is a major issue. As a rule unregulated brokers can not be trusted, because for the safety of your funds you will have to rely solely on the integrity of the people who run them. Unfortunately quite too often thier integrity is not very high.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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PrimeOT

PrimeOT Regulation

UNREGULATED

Have you been Scammed by PrimeOT?

PrimeOT Info
  • Website: https://primeot.com
  • Address: Trust House, 112 Bonadie Street, Kingstown, St. Vincent and the Grenadines
  • Phone: +442039663647 +43720775201
  • Email:[email protected]
  • Company: Cortofin Ltd

PrimeOT Broker Info

PrimeOT is an unregulated offshore broker owned by Cortofin Ltd located at Trust House, 112 Bonadie Street, Kingstown, St. Vincent and the Grenadines. You should definitely avoid any unregulated offshore broker and PrimeOT is one of them.

They can be contacted by phone: +442039663647, or you can send an email to [email protected]

PrimeOT Traders reviews

After reading some traders reviews, we found out that there are some problems that were reported by traders. Traders that have used PrimeOT are giving bad reviews and warn other traders not to use them.

It is important to make sure that you know what other traders are thinking about a broker before you just start using them. And, in this case, the reviews aren’t really positive.

What are regulators saying?

This is the most important thing you need to know about brokers before making any commitments.

Is PrimeOT regulated ? Is it an offshore regulation ?

Most brokers are unregulated or regulated by an offshore regulation authority which doesn’t mean much because there wont be anyone making sure that they aren’t doing any illegal things. Keep in mind that if a broker steal your money, you won’t be able to fight back unless they are regulated by a serious regulatory agency such as the CySEC (Cyprus Securities and Exchange Commission), FCA (Financial Conduct Authority).

An unregulated broker is clearly not authorized to operate in any country and you should definitely avoid it and never deposit your money into it.

Have you been Scammed by PrimeOT?

Have you been victim of PrimeOT ? You have lost a lot of money, and the possibility to make some profit ? This is something that will make anyone furious. However, the good news is that we can help you.

Help is available for you to recover your funds from PrimeOT. The only thing that you need to know is where you can get that help. You don’t wants to land in another scam besides the forex trading scam as well.

Chargeback is the solution

This is the good news. When you are making use of chargeback, you will be able to recover your funds from PrimeOT. Funds that you thought you have lost forever. Yes, you can report it to the police or even open a case at your lawyer, but this isn’t going to bring your money back in most cases.

Using a chargeback service like MyChargeBack is the only way to get your money back into your account.

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