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Primotrade

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Operating status: SCAM

Website: https://primotrade.co

Broker violations and abnormal records
  • 2021-02-16 The UK regulator FCA added Primotrade into its blacklist
    The UK’s Financial Conduct Authority (FCA) added PrimoTrade to its alert list, warning that this firm may be providing financial services or products in the UK without our authorisation: https://www.fca.org.uk/news/warnings/primotrade.
    The UK’s Financial Conduct Authority (FCA) added PrimoTrade to its alert list, warning that this firm may be providing financial services or products in the UK without our authorisation: https://www.fca.org.uk/news/warnings/primotrade.
  • 2021-08-31 BrokersView has reviewed that Primotrade is an unregulated forex broker
    Primotrade claims to be owned and operated by Malarkey Consulting LTD, a company registered in Dominica. However, Dominica is an offshore zone which does not require minimum capital requirements that shows company sustainability, as well as does not regulate Forex services and activities. Therefore, the brokers located in Dominica are not subject to strict laws and principles of operation. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
    Primotrade claims to be owned and operated by Malarkey Consulting LTD, a company registered in Dominica. However, Dominica is an offshore zone which does not require minimum capital requirements that shows company sustainability, as well as does not regulate Forex services and activities. Therefore, the brokers located in Dominica are not subject to strict laws and principles of operation. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
  • 2022-07-07 BrokersView has Found that Primotrade is not Working

    On 8 Jul 2022, BrokersView found the domain https://primotrade.co is not working, as most probably it was suspended and it is always a bad sign that broker's website is suspended.


    On 8 Jul 2022, BrokersView found the domain https://primotrade.co is not working, as most probably it was suspended and it is always a bad sign that broker's website is suspended.

Related Complaints

Q&A

Did anyone trade with Primotrade before? Is it reliable?

fxfinder
El Salvador
2023-03-13
ANSWER Primotrade is an unregulated trading platform carrying a warning issue by the Financial Conduct Authority (FCA).As we tried to access this broker's website through the link provided by your question, the domain "primotrade.co" refused to connect and hence the site could not be reached. It is always a bad sign for a broker, meaning it may not be subject to any regulations or oversights.Additionally, the FCA issued a warning against Primotrade after finding it might provide financial services or products in the UK without authorization. You can check the full warning here.The truth is, Primotrade is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. As for the question you asked, Primotrade is not a liable and trustworty broker. We would like to recommend traders stay away from unregulated brokers like Primotrade and trade with licensed brokers.
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What is your professional assessment of Primotrade? Would you say it's a trustworthy broker?

Polina
Russia
2021-11-21
ANSWER Primotrade is an UNREGULATED offshore broker. This broker claims to be owned and operated by Malarkey Consulting LTD, a company registered in Dominica. As an offshore zone, Dominica does not require minimum capital requirements that shows company sustainability, nor does it regulate forex services and activities. Therefore, the Dominica-based brokers don't adhere to strict laws and principles of operation, resulting in a certain risk to deal with them as the traders investing in offshore brokers will not be protected by law and not be compensated in case of insolvency. What's worse, the UK regulator FCA has added Primotrade to the alert list to warn the public that this firm is not authorised to provide the investment services in the country. You can check full alert or warning here. We would recommend you to stay away from Primotrade and any other unregulated brokerages, since they are not subject to necessary laws and principles of operation, resulting in a high risk to trade with them.
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