Beware! PrimeHoldings is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
PrimeHoldings welcomes its users to a website that has the potential of tricking said clients into thinking that the broker is more than a simple shady firm with a pretty façade. We have bore witness to literally hundreds of such brokers, and some of them did surprise us, either in their unfulfilled potential or just by the design of the website, or at times both. We will let our readers decide whether or not to associate PrimeHoldings with either of the aforementioned speculations. But please do not rush into things, and take your time to read the following review.
Creating an account was very simple and easy, and the user area that followed was the most overused trading area template we have seen, being exposed to it hundreds of times before. This is a clear sign that the broker here is not worth your trust.
We were able to open, what seemed to us like a liver account, with a common shady brokerage trading software. The leverage was capped at 1:100, and we read a EUR/USD cost of trade of 3 pips. Typical of illegitimate brokers. This spread is worthless! The web trader gave us the following available assets: forex currency pairs, shares, commodities, indices, and cryptocurrencies.
The website of the broker is available to English and German speakers.
PRIMEHOLDINGS REGULATION AND SAFETY OF FUNDS
The one thing that we do know of PrimeHoldings is that, according to the term and conditions, it abides by the laws of the Estonian government. What matters here is to check the local FX regulator in Estonia, the Finantsinspektsioonacts (FI), a license issuer that has an online databank with all regulated entities on it. Needless to say that we found no trace of PrimeHoldingsin it.
Besides this, there is nothing to suggest that the broker is regulated, not that the aforementioned gave us any hope to begin with. Thus the firm is NOT LICENSED, and a risk to all!
Moreover, the company offers AnyDesk, a software allowing for a third party to access your computer remotely. Never allow unregulated brokers to do this, for they will dig deep into your system for sensitive information!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
PRIMEHOLDINGS TRADING SOFTWARE
A most common web trader is employed here.
The main features here are price alerts, pending orders, customizable charts, live news feed, and one-click trading among a few other. Overall, a good web trader, especially when considering that the broker is unlicensed!
PRIMEHOLDINGS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, and the only payment method is a cryptocurrency wallet that led to an error page. We don’t know what’s happening, but we don’t really care, and neither should our readers.
As read on the the Deposit & Withdrawal Policy, withdrawal requests take 5 days to process. There exists a $50 charge wire transfers, and a a $35 fee for credit and debit card withdrawals. Furthermore, the broker charges $25 for withdrawals using alternative methods, methods which are not really disclosed. The minimum withdrawal for wire transfer is $250, and $100 for all other methods. There is also a 200 turnover requirement to be met prior to any withdrawal, however this is canceled by a clause that we will soon see. The policy reveals that there might be more undisclosed charges.
Finally, we have the epitome of unlicensed brokers: the non-deposited funds clause, which basically renders all withdrawal impossible! Furthermore, users cannot withdrawal any bonus funds before completing a trading turnover equal to 25 times the the deposit plus the bonus amount. However, seeing the Non-Deposited Funds clause, it would be impossible to withdrawal even if a user is able to complete the bonus requirement.
In the end, PrimeHoldings is nothing more than your average scammer broker, and a risk to all investments! Stay clear of this one!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!
Rich Snippet Data