Is Loyal Primus Real or Fake?

What We Found on Loyal Primus's Website?

Established in 2020 by Loyal Primus Limited, Loyal Primus is a multi-asset online trading platform that describes itself as offering forex, precious metals, and futures trading services to large corporations and institutional investors. Three kinds of accounts can be chosen here - Standard account, Standard Pro account, and Demo account. Customers who want to practice trading can open a demo account with no deposit required, while those who want to trade for real need to deposit a minimum of $15. MT4 is the only trading software that can be used. In addition, Loyal Primus claims that the trading conditions include high leverage of up to 1,000:1 and spreads as low as 0.6.

However, despite claiming to offer services to large enterprises and institutional investors, the broker does not appear to be refusing registration from retail investors, judging by its registration page. Moreover, the broker does not currently mention any specific instructions on deposit&withdraw methods and fee-charging rules but only mentions the deposit bonus terms and conditions. According to the terms, Loyal Primus had offered a 50% deposit bonus to clients who deposited more than $50.

Apart from some social media accounts, the only contact information that Loyal Primus leaves for its clients is an email.

Regulatory Status

BrokersView checked the regulatory information that Loyal Primus claims on its website.

First, Loyal Primus claims that its operating company, Loyal Primus Limited, is incorporated in St. Vincent and the Grenadines and is locally "licensed" as a business company with registration number 26626 BC 2022. Upon inquiry, this company is indeed registered with the local Financial Services Authority (SVGFSA). Note, however, that the SVGFSA does not regulate foreign exchange activities.

Second, Loyal Primus also claims to be regulated by the Financial Sector Conduct Authority of South Africa (FSCA). BrokersView found that LOYAL PRIMUS (PTY) LTD is a financial firm regulated by the FSCA under Regulatory No. 51830 and that the regulator's certified contact address is almost the same as that provided by Loyal Primus on its website. However, there is no other information available for certification such as a website.

In addition, while stating that it does not provide services to U.S. residents, Loyal Primus claims to be registered with the National Futures Commission (NFA) under "NFA ID number 0555433". Upon inquiry, however, we found that Loyal Primus LTD is "not an NFA member," meaning that it is not licensed as a financial services provider by the U.S. regulator. Not being an NFA member means not being authorized by your local financial regulator.

Financial firms offering foreign exchange trading services to U.S. residents must be authorized by the CFTC. Investors can check whether a broker is authorized through the NFA portal.

What do traders say about Loyal Primus?

BrokersView users have a poor opinion of the broker Loyal Primus, and the reasons for their dissatisfaction are related to withdrawals, with some angry traders calling Loyal Primus a "scam."

User Mattes said in May this year that he was unable to withdraw his funds. Meanwhile, user Jerry said the broker created the illusion that it was easy and fast to make money.

Siobhan called the company a "complete scam" and warned others not to waste their money here.

Botton Line

Loyal Primus doesn't provide much information on its website, and the regulatory information lacks transparency.

In terms of trading conditions, the 1000:1 leverage offered by this company raises doubts about its safety, as licensed brokers tend to be subject to regulatory rules when it comes to leverage. Due to the existence of leverage, foreign exchange investors may face losses exceeding the amount of the deposit. In order to protect investors, there are strict restrictions on leverage in most countries, for example, Japan's financial regulator FSA said that the leverage of foreign exchange margin trading shall not exceed 25 times.

Traders should confirm the regulatory status of the broker before choosing any company and find out what existing clients say about it to make an informed choice.