Beware! PrimerySwissGroup 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.
PrimerySwissGroup opens with a decent enough website, which is able to craft a useful illusion for most users that have close to zero FX trading experience. Consequently, it is these types of users that end up being scammed the most. And unfortunately, this is the exact intent for fake brokers like PrimerySwissGroup. It is not in its interest to persevere any kind of dignity or professionalism. All illusions are shattered once you go beyond the simple website. What is PrimerySwissGroup up to? Read the review to find out.
Creating an account was simple and fast, but the process itself was exactly the same one as literally hundreds of unregulated brokers that we have reviewed before. And so we proceeded with caution, the same way we have for other shady brokers; with a lot of skepticism. The user area was nothing special, and it was sort of in the lackluster spectrum.
The EUR/USD spread was very changeable, at times indicating 0 pips, or 0.2 pips, or even 0.6 pips. According to the accounts section of the website, the leverage is capped at 1:200. The web trading software reveals forex currency pairs, commodities, cryptocurrencies, indices, and stocks as the available financial instruments.
The website is made available in English only.
PRIMERYSWISSGROUP REGULATION AND SAFETY OF FUNDS
A some point in the terms and conditions it is disclosed that users have to be informed about the jurisdiction restrictions of Estonian Governing laws, which tells us that the broker is allegedly located in the Baltic nation of Estonia. There the main and only FX regulator is the Finantsinspektsioonacts (FI) and all regulated companies are included in an online register. Not only is there no trace of PrimerySwissGroup in this database, but the broker also never actually asserts to being regulated by the Estonian watchdog.
Another, more delicate, proof that the broker is unregulated if found in a clause which states that the company can transfer, assign, grant or sublicense a part or all of its rights to a third party. This would pose huge problems with the users, especially those that are heavily involved with money!
We have nothing else to work with. In fact, the broker turned out to be very anonymous which is always the mark of the UNLICNESED brokerage, one that does not want to be found, but hunts unsuspecting users.
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
PRIMERYSWISSGROUP TRADING SOFTWARE
The trading software here is quite useless. Not only does it lack a perspective, but its visual side is also sloppy.
The only worthwhile features we found were pending orders, time frames, chart indicators, and other chart options. There is nothing more to it.
PRIMERYSWISSGROUP DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we learn that traders have to verify their account before investing. Thus we did not gather any payment info form the user area. The website claims that the minimum deposit is $250. Payment methods are supposed to be credit/debit cards, wire transfer, and undisclosed alternative means.
According to the Deposit & Withdrawal Policy withdrawal requests take some 5 days to process. A $50 charge is applied to all wire transfers, while a $35 fee is commissioned for both credit and debit card withdrawals. Furthermore, the broker charges $25 for withdrawals using alternative methods. The minimum bank withdraw is $250, and $100 for all other methods. There is also a 200 turnover requirement to be met prior to any withdrawal. The policy reveals that there might be additional charges, not all of which are necessarily tied to withdrawals!
However, the payment information laid on the website might not be accurate because nothing is stopping the broker from lying.
There is a 10% monthly charge for all accounts that have not been active for 6 months or more.
By far the worst clause is the Non-Deposited Funds one. We learn from it that users cannot withdraw any of the profit made from trading!
This is just one of many sneaky limited liability clauses found in the legal documents, stating that user will not hold PrimerySwissGroup responsible for any financial damages the firm has caused them, basically indemnifying the company.
In connection to this, all claims against the broker will become obsolete within 12 months of it being issued. After this period, the user won’t be able to claim legal actions against the broker. So in case of a scandal, PrimerySwissGroup will try to stall for as long as possible.
Moreover, the broker has all the right to change the
At times the website of the broker will not be available or services may be denied to users either temporarily or indefinitely. The breokr will not be held responsible for this, nor will it warn its users of it!
Furthermore, the broker is NOT committed to update any material or services on its website. Nor is it forced by nay rule to check the validity of information contained in the website. This means that much of what is on the website might be misleading.
PrimerySwissGroup is definitely a scam and a waste of money. Do not invest here!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!
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