PRIMECHAINFX Review

PRIMECHAINFX

Warning Investors PRIMECHAINFX – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)

Introduction To PRIMECHAINFX:

PRIMECHAINFX is a forex broker that offers trading services in various currency pairs, commodities, indices, and cryptocurrencies. The broker claims to have a license from the Financial Conduct Authority (FCA) in the UK and to provide a secure and transparent trading environment for its clients. However, the FCA has recently published a warning on its website, stating that PRIMECHAINFX is not authorized by the FCA and is likely to be involved in fraudulent or manipulative practices. The FCA advises traders to avoid dealing with this broker and to report any contact with them.

Regulation and Compliance Of PRIMECHAINFX:

According to the FCA warning, PRIMECHAINFX is using the details of a legitimate firm called Prime Capital Invest Ltd, which is authorized by the FCA to provide financial services. However, PRIMECHAINFX has no association with Prime Capital Invest Ltd and is using its name and address without permission. This is a common tactic used by scam brokers to deceive traders and make them think they are dealing with a regulated entity. The FCA warns that such brokers may offer unrealistic returns, pressure traders to deposit more money, refuse to process withdrawal requests or disappear with the funds.

Customer Support Offered By PRIMECHAINFX:

PRIMECHAINFX claims to offer 24/7 customer support via phone, email, and live chat. However, according to some online reviews from traders who have dealt with this broker, the customer support is either unresponsive or rude. Some traders have reported that they were unable to reach the broker by phone or email and that the live chat was offline most of the time. Others have complained that the customer support agents were aggressive and unprofessional and that they tried to persuade them to deposit more money or to ignore the FCA warning.

Customer Reviews Of PRIMECHAINFX:

The online reputation of PRIMECHAINFX is very poor, as most of the customer reviews are negative and warn other traders to stay away from this broker. Many traders have shared their experiences of being scammed by PRIMECHAINFX, and have reported losing their money or being unable to withdraw their profits. Some of the common issues that traders have faced with this broker are:

– Fake or manipulated trading results

– Hidden fees and commissions

– Delayed or denied withdrawal requests

– Account closure without explanation

– Threats or harassment from the broker

Measures To Avoid Fraud Brokerages Like PRIMECHAINFX:

Forex trading can be a lucrative activity, but it also involves high risks and requires caution and due diligence. To avoid falling prey to fraud brokerages like PRIMECHAINFX, traders should follow some basic steps:

– Check the regulatory status of the broker on the official website of the relevant authority (such as the FCA)

– Verify the contact details and address of the broker on their website and other sources (such as Google Maps)

– Read the terms and conditions of the broker carefully and look for any hidden clauses or fees

– Research the online reputation of the broker on various platforms (such as Trustpilot, Forex Peace Army, etc.)

– Test the customer support of the broker before opening an account and see how responsive and helpful they are

– Start with a small amount of money and see how the broker handles deposits and withdrawals

– Use a secure payment method (such as credit card or PayPal) that offers chargeback protection in case of disputes

Conclusion:

PRIMECHAINFX is a forex broker that claims to be regulated by the FCA, but in reality, is a scam that is likely to defraud traders of their money. The FCA has issued a warning about this broker and advises traders to avoid dealing with them. Traders should always do their homework before choosing a forex broker and look for signs of regulation, transparency, security, and customer satisfaction.


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