PrimespotWay is a broker with numerous discrepancies. The Terms and Conditions mention two different companies, depending on the clients’ residency, while the Company tab mentions the third one.
This and many other irregularities have been exposed in our PrimespotWay review. Make sure to read everything; it’s the only way to stay safe.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||PrimespotWay Ltd|
|Headquarters Country:||Germany (allegedly)|
|Supported Platforms:||Proprietary app|
|Minimum Deposit:||100 USD|
|Cryptocurrencies:||Available – BTC, ETH, XRP|
|Types of Assets:||Cryptocurrencies, Forex, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is PrimespotWay Company Legal?
PrimespotWay says to be owned by PrimespotWay Ltd, based in Germany. Furthermore, the brokerage claims to be authorized to offer CFD trading on cryptocurrencies, commodities, stocks, currencies, and indices.
For this to be true, PrimespotWay would have to be licensed by the German regulator, BaFin. It is one of the firmest EU regulators, requiring brokers to keep their operational capital at a minimal level of 730,000 EUR, participate in the compensation scheme fund, and offer negative balance protection.
We found nothing after checking this and numerous other registers, including here ASIC, FCA, CySEC, and CONSOB. To make it even better, in its T&C, the broker says to operate according to the laws of the British Virgin Islands. It is a notorious offshore zone hiding numerous scammers.
Reasons Not to Trust an Unlicensed Broker
Unlicensed brokers don’t need minimal operational capital, do not participate in compensation funds, and usually don’t offer negative balance protection. Of course, they don’t keep clients’ funds in segregated accounts as per ESMA rules.
Simply put, an unregulated company can declare bankruptcy or close its website, and there’s not much you can do after. Since they provide customers with false headquarters, owners, and other information, starting any legal action is quite a challenge.
What is more, we strongly advise you not to invest in Crypto1Capital, MorganCapFX and Robexcoin fraudulent brokers.
So Is PrimespotWay a Decent Broker or a Scam?
PrimespotWay provides financial services without a license. The company is entirely anonymous, doesn’t comply with regulatory regimes, and puts your funds in danger. Numerous negative reviews indicate low trust among investors.
What Do Traders Think Of PrimespotWay?
PrimespotWay reviews might convince you that you’re trading with a good broker. If you check Trustpilot, for example, you will find a number of positive comments. Note that scam firms tend to write their own reviews to promote their services. However, the truth eventually comes out.
Here’s the latest review we were able to find.
“Primespotway.com the women Anna take all money and close account it was a scam is answer all-time $5000.00 US to get moore money and the time ou you make money i give you bad information and you lost everything donc not invest on this compagnie”
– Trustpilot Customer
What Platform Does PrimespotWay Provide Access To?
PrimespotWay has designed its own trading platform. Better said, they’ve taken the TradingView chart and added two buttons – buy and sell.
While advertising this tool as “simple, fast, and dependable,” they’re actually offering a free chart with the ability to place trades. The platform itself is web-based, meaning you’ll need to use a web browser.
To top it all off, there are no technical or fundamental indicators, making market prediction nearly impossible. If you’re about to start investing, we always advise finding a reputable broker offering MT4 or MT5. These platforms have the largest number of TAs and imply fund safety.
PrimespotWay Accounts Overview
Customers can choose one of the five account types, those being:
The initial deposit was not specified. However, the leverage ranges from 1:20 to 1:400, while spreads are lowering with account upgrades.
Here’s what else you can get if you pay more.
Is There Access to a Demo Account?
There’s no Demo account. This broker enables customers to review the platform after registering an account, but that’s all.
To start trading, you’ll need to subscribe to any of the abovementioned types. Note that unregulated firms can vanish with your funds anytime, so we advise you to stay away.
PrimespotWay – Countries Of Service
This trading firm provides its services all around the globe. However, the majority of negative reviews come from:
It’s only a matter of time before regulators will be on alert and issue a warning against this phony brokerage.
PrimespotWay Range of Trading Markets
Customers of PrimespotWay broker have access to all five major markets, including:
- Currency pairs – EUR/USD, USD/DKK, USD/ZAR
- Commodities – gold, silver, natural gas
- Indices – Dow Jones, CAC40, AU200
- Shares – Adidas, Nvidia, Netflix
- Cryptocurrencies – BTC, Zcash, Monero
This brokerage accentuates crypto trading, allegedly offering over 500 digital coins.
What Is Known About PrimespotWay’s Trading Conditions?
When evaluating a broker, most clients will be interested in the regulation. Right after, they’ll check leverage cap and spreads. These two have a significant impact on trading risks and costs. Let’s see what PrimespotWay offers.
Leverage and Spreads
Customers can gain leverage ranging from 1:20 to 1:400, depending on the asset. This is the final proof of their illegitimacy. According to ESMA and BaFin, the leverage allowed for German-based brokers is 1:30 for the Forex market and only 1:2 for crypto.
The spread hasn’t been specified, but clients can get a discount of 20-50% from the Gold account.
PrimespotWay Minimum Deposit, Withdrawal Terms, and Fees
The company requires an initial deposit of 100 units, depending on the account currency – EUR, USD, or GBP.
As per withdrawal, they don’t have a minimum amount. However, withdrawals are limited by a bonus clause. Nothing is specified, leaving the broker employees to decide on the trading volume and withdrawal terms.
Methods of Making a Deposit
The company accepts the following payment methods:
- Debit/credit card
- Wire transfer
- Carte Bleue
If a customer is depositing using a wire transfer, the minimum amount is $500.
Scammed by PrimespotWay Broker? – Let Us Hear Your Story
If you were scammed by PrimespotWay or a similar bogus brokerage, let us know. Our chargeback experts may be able to assist you in fund recovery.
Book your free consultation today and let’s find a way to get your money back. Don’t give up!
But What Is A Chargeback?
A chargeback is a way for the bank to reverse the fraudulent transaction made by credit/debit card. Contact us via online chat and our experts will provide you with a detailed explanation.
It’s time to start the recovery now!