PrimecryptoCapital is yet another fraudulent scheme disguised as a fund management firm. That’s a typical Forex scam, but the fraudsters pretend to offer wealth management services and even retirement plans. PrimecryptoCapital is a business creature you should avoid, and we’ll explain why in the following text.
PrimecryptoCapital REGULATION AND SAFETY OF FUNDS
PrimecryptoCapital claims to be regulated, but that’s a big fat lie and nothing else. The so-called broker also presents itself as BancDeLuxembourg, which is a scam already blacklisted by CSSF– the financial authority in Luxembourg. In fact, the same regulator recently issued a warning against PrimecryptoCapital, too, so the broker is now an officially exposed scam. Those things considered, we are certain that your funds will be in danger if you deposit.
Avoid PrimecryptoCapital, and check the high-rated EU brokers and British brokers, instead. The recommended European companies are adequately regulated, but most importantly, participating in deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. The deposit funds guarantee extra customer protection, and if you can open accounts with European companies, you can safely do it.
PrimecryptoCapital CFD TRADING SOFTWARE
PrimecryptoCapital comes with an inferior web-based trading software built on a third-party provided trading chart. Well, the provider (TradingView) can’t offer tradable quotes, so the panel on the left is either purely decorative or working independently from the chart, which makes the ostensible platform open to fraud and price manipulation. Beware!
Anyway, the EUR/USD spread is 0.1 pips, which is arguably the best possible Buy/Sell difference, but it’s certainly fraudulent as PrimecryptoCapital is a confirmed scam. Fortunately, the FX market is highly competitive, so you can find legit brokers offering excellent spreads of 1 pip and below by following the links provided throughout the review.
That being said, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver the best Forex platforms. The MTs are packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which happens to be an unrivalled advantage.
As for leverage, it’s a matter of inconsistencies, but that’s not something we haven’t expected from a dirty scam like PrimecryptoCapital. Namely, according to the website, the maximum possible ratio is 1:5 with the most expensive account, while upon registration, it turned to be 1:200 fixed. The broker is openly lying, which is indeed typical for scammers.
Speaking of leverage, it is so dangerous that many regulators strictly control its usage. Hence, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders eligible to open an account in Switzerland can safely go for it. Leverage is risky, and you’d better use it wisely.
PrimecryptoCapital DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $1000, or 10 times more than the regulated brokers’ demand on average- around $100. Still, too many legit companies now accept clients for as little as $5, so it’s indeed worthless to deal with exposed scams like PrimecryptoCapital.
As to the funding methods, the broker indicates Credit/Debit cards and Wire Transfers are accepted, but we can’t validate this information. That’s because PrimecryptoCapital’s deposit system was broken at the time, and we couldn’t do anything. Like most scammers, though, those are probably dying to get you on the phone where they’ll try to manipulate you to deposit as much as you can. Frankly speaking, no considerate person will invest even a dollar in a broker with such a laughable website unless they get cooked in a phone conversation.
Anyway, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
The withdrawal requirements and the transaction fees are monstrous. To start with, the minimum withdrawal is $250 for Wire Transfers, and the transaction cost is $50 flat. That’s unacceptable! On the other hand, though, Credit/Debit card withdrawal is less expensive- “only” a $25 charge plus additional fees for a minimum of $100 taken out. Well, PrimecryptoCapital is too costly, which is a good reason alone to avoid this otherwise exposed broker.
The inactivity fees are even worse, and we encountered a fraudulent clause we’ve seen so many times before. According to the Terms, after 6 months of inactivity, an account becomes dormant and will be subject to a deduction of 10% per month. That’s a scam!
PrimecryptoCapital offers incentives, but we won’t get into detail about the bonus campaign as the broker is an exposed scam. We only need to mention that the additional bonus provisions make withdrawals impossible. Namely, if clients accept bonuses, they need to trade the bonus plus the deposit 30 times to become eligible for withdrawal. No withdrawals at all will be possible unless clients meet the requirements. That’s a scam!
Overall, PrimecryptoCapital is officially exposed as fraudulent, so make sure to stay away from this phony broker.
HOW DOES THE SCAM WORK
Fraudulent brokers and fishy websites come forth every single day. Nevertheless, most new scam projects represent a modification of common fraud that’s similar from country to country.
Nowadays, scammers are stalking victims mainly on the Internet and social media. Their offers look legit and present exciting opportunities to put your money in the Forex market. To get enticed, people will be reassured the broker can secure high returns and risk-free trading guaranteed by seasoned financial professionals. The scammers intentionally make people believe Forex is harmless, but precisely the opposite is true- you can lose everything if not careful enough.
In the usual scenario, scammers just pocket victims’ deposits and won’t send a dollar back. Sometime after the deposit, clients would ask for a withdrawal or a refund, but the con artists would delay or downright refuse to pay back. Make no mistake, scammers would find excuses to deny withdrawals and would even shamelessly ask for more money to let clients get their money. In the end, when fraud becomes evident, the scammers would simply cut the communication, leaving the victims defrauded. Then, the fraudulent brokers’ website will be abandoned sooner or later, and another one will appear in its place. Scammers are professionals and will carry on forging crooked schemes, so you need to stay alert and always double-check.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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