Prime XBT Review: Who Is Behind PrimeXBT.Com?
Prime XBT Review, SVG financial services providers are always of questionable integrity and credibility. Prime XBT review before you has the purpose of clarifying why this and other similar brokers aren’t to be trusted.
PrimeXBT Trading Services Ltd with headquarters in a lawless brokerage zone isn’t the only reason this broker represents everything wrong with a Forex website. Scamming activities they regularly perform are what has earned them a status of a blacklisted fraud.
|Company||PrimeXBT Trading Services Ltd|
Regulation of Prime XBT and Safety of Funds
FSA has entirely renounced licensing and supervising brokers in SVG. PrimeXBT Trading Services Ltd has a formal registration in SVG and they do not need a license to conduct online trading services and monetary transfers.
Terms and Conditions on their website are explicit about that: ‘’PrimeXBT Trading Services Ltd is not required to hold any financial services
license or authorization in St. Vincent and the Grenadines to offer its products and
But that only stands for the products they offer in SVG. For all other countries where they’re present, they need a valid license. For example, PrimeXBT targets all EU countries and Australia. Regulatory conditions in these two areas are incomparably more strict than offshore ones.
To check if PrimeXBT is indeed operating with no permissions, we checked the collective registers that regulatory entities keep. However, FCA, ASIC, CySEC, BaFin, KNF, and FINMA contain no particulars on this broker. The only data we dug out are the warnings. That by itself is enough to make PrimeXBT untrustworthy and a confirmed scam.
Let’s again revise the conditions PrimeXBT would have to meet in the EU in order to obtain a brokerage certificate. Segregation of funds through separate bank accounts is the first step to take in keeping the clients’ deposits safe. And what about the 1:100 leverage that PrimeXBT offers? Absolutely unacceptable. The leverage cap for all regulated UK and EU brokers is kept at 1:30. It’s the same in Australia.
Some other conditions, like negative balance protection, compensational funds, and transparency are also mandatory. In the EU, ESMA has designed MiFID to additionally enhance security and prevent money laundering attempts. Besides that, bonuses are banned, yet PrimeXBT uses them as one of their many deceptive techniques. Fair conclusion in this case would be to stay away from one such broker.
Trading Platform Overview
Apparently, all the details you need to open an account with PrimeXBT is email and password. However, due to the company disabling the Demo account possibility, you have to deposit to start trading. Otherwise, you can only look at a half-useful trading terminal without doing anything profitable with it.
Half-useful because it does allow using a couple of indicators and customization tools. But since the entire distribution is completely artificial and has no correlation with the real market events and movements, there’s no use even trying. Forget about the advanced functionality on par with MT4 or MT5. The PrimeXBT web trader doesn’t have anything of value to offer when it’s fully controlled and modified by the fraudster to make you believe their lies!
Prime XBT Account Types Offered
We wish we could now describe to you a variety of PrimeXBT accounts and their rich offer of trading tools, features, and other conveniences for traders. But that is not an option. PrimeXBT offers a single live trading account type.
No, you can’t know what it brings you or what trading conditions it consists of. You also can’t open a Demo account, trade without risks, connect with experts or test the terminal. Since it’s a real account, you have to deposit funds first before placing orders.
Prime XBT Deposit and Withdrawal
As it usually happens with these swindler schemes, PrimeXBT only accepts deposits to their Bitcoin wallet. Naturally, you have the possibility to first buy Bitcoin with the funds from your credit card, and the fee for that is 3.5%. SEPA fees are at 2%.
The dreadful circumstance is that the payments are processed through a service as shady as PrimeXBT, so sensitive information theft is also a risk. $500, how much you need to invest for a start isn’t all the money you could lose. After you hand them over access to your cards, they can take everything you have.
Withdrawals are just as disheartening. The Policy explaining them is missing from the legal docs and PrimeXBT only says they will deduct the payout fees and other commissions directly from your trading account.
How Is the Scam Conducted?
Proving PrimeXBT is not a reliable firm wasn’t that hard, especially how see-through this blacklisted cheater is. It may not seem like an easy task to an inexperienced beginner, though. Besides the warning signs we’ve previously described in this PrimeXBT review, there are several more elements to warn traders about.
PrimeXBT has several bonus and promotion types. The site advertises the possibility to refer a friend and earn up to 70% profit share or $1200 per client. Free money doesn’t come without special conditions.
In this case, those are the fees and the turnover requirements. PrimeXBT remains free to adjust and change their bonus conditions and can charge you how much they see fit. All imaginable torments, just to make you unable to withdraw anything you’ve earned!
Prime XBT Overall Summary
Considering this offshore Forex dealer still operates undisturbed, they’re probably scamming new victims as we speak. That’s why we’ve brought you this Prime XBT review to warn our respected audience. However, the warning may not reach every particular trader in time.
In case you’ve already fallen victim to this con, refer to your authorities and bank as fast as possible. That’s the only source of legal help. All else, especially recovery agents, will not genuinely help you retrieve funds, only make you spend more!
FAQs About Prime XBT Broker
Are My Funds Protected at Prime XBT?
No, this broker doesn’t offer any of the standard security measures guaranteed by the regulations.
Is Prime XBT a Legitimate Broker?
Only registered in SVG but without a valid license to offer their services anywhere else, this broker can’t be considered legit.
Does Prime XBT Offer a Demo Account?
No, the minimum amount you have to invest if you want to place trades at all is $500 in BTC.