Loyal Primus Demanded to 'Immediately Pay Entire Withdrawl' by Investor

The sophisticated Forex market provides a wide array of brokers for investors to consider while selecting a suitable partner is not that easy.

Recently, Loyal Primus, a Forex broker, banned a client account due to "suspicious trading activities," which caused significant dissatisfaction from the client.

According to the investor, they deposited $307 and traded XAU/USD on Loyal Primus on July 24. The following day, they submitted a withdrawal request for $1,182, which included a $875 profit. Unfortunately, the broker denied their request.

_{Screenshot of withdrawal taken from MT5}

_{The client couldn't log in to the Loyal Primus web dashboard area}

The compliance team at Loyal Primus detected 'unusual and suspicious trading activity.' According to the client agreement, this activity, potentially related to fraud, violated the policy. As a result, the client's account was banned, and the broker agreed to refund his initial deposit.

_{Account disabled notification}

However, the client disagreed with the claims. In his opinion, the trading activity did not violate any of the agreements. Additionally, apart from the capital, he also requested that Loyal Primus pay his profits.

About Regulatory Details of Loyal Primus

In August 2023, BrokersView conducted a comprehensive review of all regulatory information stated on Loyal Primus' website. However, as of today, a year later, both the claims and the facts have undergone changes.

_{Disclaimer on Loyal Primus' website}

• The Financial Services Conduct Authority (FSCA)

A year ago, Loyal Primus stated that it was an FSCA-regulated broker on its website. Although the promotional slogan has been removed, it is true that the FSCA regulates a company named Loyal Primus (PTY) LTD, albeit without providing specific details such as an address or phone number for verification.

_{Source: FSCA}

• Australian Securities & Investment Commission (ASIC)

Loyal Primus now displays an updated ASIC Authorized Representative license on its website, which BrokersView found to be true. However, crucial details such as the company's address and phone number for verification purposes are still conspicuously absent.

In addition, Loyal Primus presents some false and misleading information on its website.

_{Source: ASIC}

• National Futures Association (NFA)

Loyal Primus claimed to be registered with the NFA with ID number 0555433. However, neither its brand name nor the ID number matched any data on NFA portal.

_{Source: NFA}

Moreover, the broker explicitly stated that it does not offer its services to U.S. clients.

Unchanged, Loyal Primus is still a company registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA), even though the SVG FSA is not a forex regulator.

_{Source: SVG FSA}

It is recommended that you carefully check and verify that the financial company has obtained a financial services license in your jurisdiction before choosing a broker. If the financial service providers are unable to provide legal protection for your funds under local regulatory rules, you are advised to be cautious in working with them.