Have you heard of scam brokers? Anyone who has been thinking about joining the online trading bandwagon is aware or will quickly discover these fraudulent platforms because their numbers seem to be rising exponentially. Thus, when you are shopping for a broker to start trading, you have to be very careful because it could just be another scam. Yes, these days, spotting these fraudulent platforms has become a big challenge because they are very good at concealing the truth. This Primex-Edge review shows just how easy it is to mislead people.
You will come across the name of Primex-Edge when you begin looking for a reliable and professional online broker. By all appearances, it appears to be exactly that as it is offering world-class execution, ultra-low commissions, access to more than 1,000 markets, zero spreads and the best trading platform the industry has to offer. Everything you discover about the brokerage sounds downright wonderful and you will be tempted to open an account straight away. But, you have to bear in mind that this is exactly how scammers can draw you in.
They present a sophisticated and perfect platform that you would want to use right away because they don’t want you to look too closely. Why? It is because it is all a sham and this is exactly what Primex-Edge is about. If you dig in even a little bit, you will discover just what is wrong with the broker. Let’s go digging:
No regulation and licensing
Assessing the legitimacy of a broker should be your priority, especially when you are familiar with scam brokers. These will never be properly licensed and regulated and this should be your first clue. When you come across Primex-Edge, your priority should be to ensure they are regulated and licensed because this means they follow high standards and proper rules and regulations that offer you protection in case of problems.
But, what you will find at the Primex-Edge website is a hodgepodge of information that doesn’t really make any sense. The first thing you will discover is that Primex-Edge claims to be owned and operated by a company named FINLEY FINANCIAL LLC, which is a USA Investment Firm and has gotten its license from the US Securities and Exchange Commission (SEC) and complies with the Markets in Financial Instruments Directive (MiFID).
This is completely absurd because first off, the MiFID is a piece of EU legislation, which does not even apply in the US. So, why would Primex-Edge even bother mentioning that? Secondly, the forex brokers in the United States do not fall under the oversight of the SEC. Instead, they have to have a license from the Commodity Futures Trading Commission (CFTC) and also have to be a member of the National Futures Association (NFA). These have very stringent requirements that have to be met before a license is issued.
Unfortunately, you will discover that Primex-Edge is not mentioned anywhere in the registers of any of these organizations, which means all claims of US regulation are false. Moving on, the broker also claims to have a license from the Financial Conduct Authority (FCA) in the UK, the BaFin in Germany, the Cyprus Securities and Exchange Commission (CySEC), and 17 other regulators spread throughout the European Union. You can check the registers of these regulators and not find the broker listed anywhere at all.
Furthermore, the CySEC license that Primex-Edge offers on its website is one that belongs to a company named Topfx Ltd. This is a Cypriot brokerage that has absolutely nothing to do with Primex-Edge because it has only two domains, which are fondex.com and topfx.com. This means that a cloning scam is happening here, which makes Primex-Edge completely unreliable.
False promises about profits
Once you have discovered the regulatory and licensing status of Primex-Edge, it is quite obvious this not a legitimate broker. But, there are other details that can further confirm this fact, such as the tag line of the broker. They claim to be the ‘road to financial freedom’, which implies that they can help you make profits via online trading. This is not something any authentic broker would ever do because the financial markets are unpredictable and volatile.
There is no way to predict what will happen, which means traders can lose everything in one go. In addition, brokers regulated in jurisdictions like the UK and Europe are even required to publish warnings on their website about the risk of losses. Not only does Primex-Edge not follow this directive despite claiming to be regulated in both these regions, but actually makes false promises.
Another clear indication that Primex-Edge is nothing more than a scam is the excessive leverage that you will come across on its website. You can get ratios as high as 1:500 on this platform, which may seem tempting, but should be considered a warning sign. This is because Primex-Edge claims to be a regulated and licensed broker, which means it should not be offering such ratios. They are prohibited by most of the financial regulators, including those in the US, UK and Europe. A cap has been imposed on the ratios that can be offered and this makes it obvious that you are not dealing with a legitimate platform.
Unable to access features
The problems and issues with Primex-Edge haven’t ended yet because you will also find that you cannot access some of the features of the broker without creating an account with them. Again, this is not a practice you would ever find with authentic brokerages. They don’t let you check out the cTrader platform that they claim to offer and neither can you verify if the payment methods they have advertised on their website are truly available or not.
Once you have gone through all the glaring flaws that Primex-Edge has and the problem with their regulation and licensing, you can easily see that it is not a broker to depend on and you should steer clear of it at all costs.