PRIMECFDs is a company’ which presents its offer in a very strange way. Their accounts types section, gives the impression they are a binary options broker, providing payout percentages. The trading platform, as well as the company’s name, suggests they are a CFD broker,
The Company. Security of Funds
PRIMECFDs is owned by ORION SOLUTIONS SRL, a company registered in Romania. That being the case, they are not regulated by any appropriate agency. Besides, UK’s FCA and Australia’s ASIC have both issued warnings against it.
You may or may not know this, but financial regulators are government agencies which monitor the financial services sector. Trading with an unregulated company always carries the risk, you will never get your money back.
On the other hand, watchdogs such as CySEC (the Cyprus Securities and Exchange Commission) offer some form of protection. One of the major rules, which it applies is participation in the local investor compensation scheme. This is a system, which forces brokers to transfer some of their profits to a collective pool, which then serves as insurance against a broker going bankrupt. In the case of CySEC, accounts are guaranteed up to EUR 20,000.
Minimum Initial Deposit
The starting minimum at PRIMECFDs is $250. This is a bit high, when compared to the offers provided by other brokers. The majority of them, like HYCM, require $100, as an initial deposit.
Average spreads & Commissions
PRIMECFDs does not disclose its trading conditions well. Spreads are not mentioned anywhere, but given the fact, a portion of their website is similar to a binary options broker this is not surprising. Their trading platform revealed a 3 pips fixed spread. This is a lot higher than current offerings of other fixed spread brokers. For instance, easyMarkets provides a 1 pip fixed spread on EUR/USD, if you deposit a $250 or more.
Yet another surprising aspect of the offer provided by PRIMECFDs is the fact they don’t reveal the leverage ratio. Other companies announce this very openly, despite the fact most traders don’t need the astronomical ratios given by some. They often reach and even exceed 1:500.
PRIMECFDs offers a web-based platform. It looks relatively nice and does the job right. While there is a lot of room for improvement, before it can reach the quality provided by MetaTrader4 (MT4).
Methods of Payment
The methods of payment available at PRIMECFDs are Bank Transfer, Credit/Debit Card and some e-wallets. The latter include Netteler, Skrill, Yandex, Qiwi and CashU.
PRIMECFDs is an unregulated company, which allegedly offers forex and CFD trading. That being said, a portion of their website claims they offer “payouts” similarly to binary options providers. The overall presentation is very poor. Despite not being able to definitively say this broker is a scam, we would not recommend trading with them.
PRIMECFDs Review Conclusion
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