Prime Capital are scammers. Forex broker review
Julius Conley
03 / April / 22
Visitors: 540
Online broker Prime Capital, operating in Britain, is considered a scam with a damaged reputation.
When we get to the official website of Prime Capital - Primecapital.pro, we learn that this company provides brokerage services for Forex trading in the UK. Prime Capital also provides services for financial transactions.
We looked at the Prime Capital website, got acquainted with the terms of operations, tried to get test access to the programs, studied the existence of official documents, the place of registration of the organization.
With the help of the received data, we will find out: is Prime Capital a scam or not?
In addition, we will tell you how not to fall into the trap of scammers, about their methods of action. We will tell you the necessary information in order to keep your investments safe.
Prime Capital is offshore
A serious call, which says that Primecapital.pro are scammers - the state of registration. The company is documented in the Republic of the Marshall Islands, which is already suspicious, since Prime Capital operates in Britain. Offshore states are popular with scammers due to the lack of laws and regulations.
Moreover, this region does not have permissions to work on the Forex financial market.
In addition, when our specialists tried to find a physical or legal address, mentions of the owners and directors of Primecapital.pro, they could not find anything.
This shows that Prime Capital is an illegal Internet broker, cooperation with which will result in large financial losses.
Could not find data on the directors of Primecapital.pro
After examining the site, our experts have not been able to find plausible data about the organizers of Primecapital.pro. No legal address, no phone numbers or other methods to get in touch.
Most likely, this means that the owners are trying to hide information about themselves in order to hide from the answer for their actions. If you manage to contact one of the employees of Prime Capital, then this will all end, and the actual organizers of the shadow company will remain at large.
Prime Capital, official website - Prime Capital, is less than a month old
Prime Capital's website speaks of many years of Forex trading experience.
The most common way to check a website is to obtain information about its domain. Usually, they contain the age of existence of the domain name, contact information of the owner.
In this case, the Prime Capital domain name exists for less than one month, and all data about the person who owns it is classified. Another proof that Prime Capital's director is trying to preserve his anonymity.
Such a desire can be accepted, but not when it comes to a company working as an intermediary between the client and the Forex financial market.
At the same time, Prime Capital themselves assure potential users that they have been successfully trading on Forex for quite a long time.
Primecapital.pro does not have a demo period
It is a common practice for brokers to provide clients with a demo version of the software in order for them to get acquainted with the interface, to try their skills in playing the Forex market with virtual money.
Unfortunately, on Prime Capital's website, we did not find any mention of a trial period to try out the software.
Probably the owners of the Primecapital.pro company are most likely not going to provide customers with demo access to their service, as someone may begin to suspect fraud.
Broker Primecapital.pro operates with a negative account
Legal companies that operate in the Forex market do not use a negative balance in their activities. By law, an Internet broker's client cannot spend more than it is currently on the balance sheet. In cases where the balance goes negative, the loan will be required to be repaid not by the trader, but by the company that offered the services.
In accordance with this, registered Internet brokers do not use a negative balance in their work.
Nevertheless, Primecapital.pro provides its users with Forex operations with a negative account, that is, on credit.
Why is it necessary?
To drive the trader into debt and require him to pay the debt. This is one of the most popular methods of deception used by financial scammers.
If this has already happened, you need to know that scammers do not have the opportunity to recover finances under British law. All methods of influencing users are illegal. The most that criminals can do is call, send letters with demands.
It is impossible to cooperate with Primecapital.pro, since any agreements will turn out to be losses.
Primecapital.pro operate with a credit ratio of one to 400 or more
Already now, it becomes obvious that Prime Capital are scammers. However, let us point out one fact, namely the existence of too much leverage.
The credit ratio is the ratio of the money of traders and brokers when making a trading operation. Leverage makes it possible to make large trading operations for users who do not have access to the corresponding money.
In order to protect traders in the Forex financial market, in civilized countries, the legislation provides for the use of leverage with a maximum ratio of one to 30, in rare cases 50.
At the same time, Prime Capital uses a credit leverage of one to four hundred for Forex operations.
This ratio is legalized in Switzerland, as firms registered in this state enjoy high confidence. However, Prime Capital is not registered there.
In fact, Prime Capital does not have permission to trade in the Forex market with such a credit ratio, due to the high risk for users. So, this is done in order to force the client to transfer as much of his own money as possible, but also to drag him into loans.
Regional divisions of Prime Capital
It is considered prestigious for every company to have local offices in civilized countries, even if the work is carried out only in Britain. Therefore, Prime Capital reports that in addition to an impressive number of awards, they have local branches in Britain, Australia and other civilized regions, as well as many competent specialists.
It is easy to check the presence of these units. After all, specialized organizations are known that regulate the work of Internet brokers. In the UK it's FCA, in Australia it's ASIC.
Accordingly, a legal firm must have official documents from these or other organizations that confirm their ability to provide services for Forex trading operations, indicate the degree of responsibility.
However, after analyzing the relevant websites, our experts could not find them. This once again confirms the fears.
For registration on Primecapital.pro, you need to transfer personal data
As we mentioned earlier, Prime Capital does not have a test period and because of this, in order to gain access, you must immediately transfer the minimum deposit to Prime Capital scammers. In addition, it is possible to create a Primecapital.pro personal account only upon completion of client confirmation.
This means that Prime Capital requires users to submit data such as:
- Information about an individual (passport, etc.);
- Data on the permanent place of residence (scans of utility bills);
- Information about the place of work, qualifications, experience.
In addition, during the initial transfer, criminals are able to gain access to bank account information.
Together, this information can enable scammers to make a loan to a deceived user, or to carry out other criminal frauds.
Since you need to send personal data to register on the Primecapital.pro website, our specialists were unable to access the Prime Capital personal account and Forex applications.
Reviews on Prime Capital
An important point of exposing Prime Capital is the study of user reviews.
The analysis of the search results allowed us to obtain the following information:
- Most Prime Capital reviews on the internet are lies. These are template positive reviews of a paid nature;
- All real reviews and references to Prime Capital are negative. We were unable to find credible testimonials and comments from former users of Primecapital.pro, which report high income, effective activities.
- Negative reviews and mentions are associated with criminal acts, theft of deposits, artificial creation of credit.
Therefore, reviews of Prime Capital say that this Internet broker is a criminal.
Prime Capital contact details and documents
After analyzing the information on Primecapital.pro, our staff found a lot of dubious digital white papers that can be easily made using a graphic editor. They are not confirmed by official companies, which means they cannot be trusted.
If the broker is not associated with regulatory organizations, then traders simply have nowhere to turn for help.
On the "Contacts" page, we found a phone number. It turned out that it had already been used by an illegal online broker. There are also many reviews on the network about fraudulent activities associated with the phone number listed on Primecapital.pro.
Withdrawing money from Primecapital.pro
Are you going to make money with an online Forex broker? Make sure you can take money from him.
Analyzing the user agreement on the official website of Prime Capital, our employees did not find clear information about the ways to withdraw funds. In addition, our experts found a mention of penalties for prolonged inactivity of a personal account, but did not find information about their amounts. Since the criminals do not operate in the legal field, it is impossible to challenge these fines.
That is, even if the trader has completed work with Prime Capital, they may begin to disturb with calls and spam with a demand to pay a fine.
How does Prime Capital operate?
The user search method used by Prime Capital also raises suspicions.
For promotion, fake social media accounts are used, in which non-existent people spread information about how they instantly managed to get rich by trading Forex through Prime Capital. Advertising accounts show expensive cars and jewelry, vacations in resorts and other signs of a prosperous life.
Bots promise rapid growth in profits, for which you do not need to learn or put in a lot of effort.
If the user contacts the criminals, Prime Capital employees talk about the possibility of quick profit, as well as about some unique features of their services, which will make it possible to instantly earn big money.
After that, various tricks go into work to get as many deposits from the client as possible. For example, you may be given a fake profit in order to provoke the transfer of even more deposits.
If work on Forex becomes negative, the manager will recommend investing more in order to compensate for the debt.
Prime Capital managers act according to scripts developed by qualified deceivers. They analyze user data in order to put pressure on weak points, lure out more finances.
As a result, all this will come to one of the results:
- If you want to withdraw money before you are in debt, you will be fined, your balance will be closed, and everything will be done to force you to transfer even more;
- If you allow criminals to drive into a credit account, threats will fall, scammers will demand to pay off a fake debt.
Another method to generate income for Prime Capital can be the sale of your confidential information to third companies. We think that, as a result, complete information about you can be bought for a modest amount on some anonymous service on the shadow Internet.
Most likely, as a result of this, various criminals, sales managers, etc. will start calling you. In addition, you should expect letters from Prime Capital's accomplices who will offer to "receive" lost deposits, of course for payment.
Since Prime Capital does not operate in a regulated environment and keeps a low profile, they cannot be held liable under UK law. The heads of the fraudulent organization are carefully hiding and, at best, law enforcement agencies will be able to figure out one of the "managers".
Should Prime Capital be trusted?
In no case!
Only if you plan to give finances to scammers, then it is better to transfer them to a good cause.
Let's briefly voice the evidence saying that Prime Capital are bandits:
- Lack of official registration;
- No demo period;
- Lack of information about the owners of the organization;
- The phone number is seen in illegal transactions;
- Negative account;
- Credit ratio greater than one to 50;
- Bad reviews;
- False information on the official website.
This concludes the Prime Capital review. Obviously Prime Capital are scammers.
We have compiled a list of brokers, that we recommend avoiding.
