Approved Withdrawals Disappear as Loyal Primus Blocks Trader's Account Before Payout

A trader has raised serious allegations against forex broker Loyal Primus, claiming he couldn’t withdraw his funds and accusing the firm of being a scam.

According to the trader, despite initiating a withdrawal, the funds never reached his bank account. The situation worsened when Loyal Primus fully blocked his account one day later, citing a supposed rule violation to cut off his access without further explanation.

Screenshots provided by the trader show that he submitted withdrawal requests of $136 and $30 on April 17. That same day, Loyal Primus emailed him, confirming that the $136 withdrawal had been approved, but according to the trader, the funds didn’t reach his bank account. The following day, Loyal Primus sent another email notifying him that his account had been disabled, restricting his access to the platform.

Other client reviews reveal similar issues, including approved withdrawals that were never credited to bank accounts, sudden account blocks, and eventual loss of access to the platform.

Regulatory Claims Under Scrutiny: Investigating Loyal Primus’s Licensing Status

Loyal Primus asserts that it is regulated by the Financial Sector Conduct Authority (FSCA) under FSP number 51830. While this registration is valid, the FSCA does not disclose the broker’s website domain, making thorough verification difficult and raising concerns about transparency.

Additionally, Loyal Primus claims to be registered with the National Futures Association (NFA) under NFA ID 0555433. However, a search of the NFA database yields no record of the broker, indicating falsehood on its claimed regulatory standing in the U.S.

The broker also states that it is a Corporate Authorised Representative operating under an Australian Financial Services License (AFSL) issued by the Australian Securities and Investments Commission (ASIC), with AFSR number 001310112. While this registration is confirmed, an authorized representative does not directly hold an AFSL, and its activities are restricted by the licensee’s authorizations. Notably, our investigation found that the AFSL licensee associated with Loyal Primus is not authorized by ASIC to offer “foreign exchange contracts” or “derivatives”, raising further operational concerns.

Loyal Primus's regulatory status has raised red flags, signaling a heightened risk of broker misconduct and potential fraud. The recent client complaint and client reviews further highlight these issues, citing approved but unaccounted-for withdrawals, abrupt account blocking, and vague claims of rule violation, which are common tactics associated with unreliable trading platforms.