Prime Capital is a Forex scam. Broker reviewPaul Roberts 03 / April / 22 Visitors: 548
Online broker Prime Capital, which operates in the UK, is a notorious criminal.
If we go to the official website of Prime Capital - Primecapital.pro, we will read that our company provides services for operations on the Forex market in Britain. In addition, Prime Capital offers software for financial transactions.
Our employees analyzed the Prime Capital website, got acquainted with the terms of operations, made a ride to get at least test access to the programs, investigated the existence of official documents, the place of registration of the company.
With the help of this information, we will find out: is Prime Capital a scam or not?
In addition, we will explain to you how not to get hooked by scammers, about their methods of operations. We will give you the information you need to keep your money safe.
Prime Capital organization based offshore
The first call, saying that Prime Capital is criminals - the region of residence. According to the documents, the company is registered in the Republic of the Marshall Islands, which is already in doubt, since Prime Capital operates in Britain.
Offshore regions attract the attention of scammers due to the lack of legislation and supervision.
Moreover, this country does not have rights for Forex activities.
Moreover, when our employees tried to find the real address, mentions of the owners and management of Prime Capital, they could not find anything.
This is already demonstrated that Primecapital.pro is an illegal Internet broker, interaction with which can result in serious financial losses.
No data found about the organizers of Prime Capital
After analyzing the official website, our experts have not been able to find reliable data about the owners of the organization Primecapital.pro. No physical or legal address, no telephone or other means of communication.
Basically, this means that the acting directors are trying to hide information about themselves in order to elude punishment for crimes. If one of the Prime Capital employees can be found, then everything will end with this, and the organizers of the fraudulent company will remain free with the money.
Prime Capital, official website - Primecapital.pro, is less than a month old
The website Primecapital.pro talks about many years of experience in Forex.
The main way to study any web site is to obtain information about the domain. Usually, they indicate the age of the domain name, data for the owner's connection.
In our case, the Primecapital.pro domain name has been operating for less than one month, and all data about the person who owns it is classified. Another proof that the owners of Prime Capital are trying to remain anonymous.
This desire can be accepted, but not when it comes to a company acting as an intermediary between a trader and the Forex financial market.
At the same time, Prime Capital themselves assure users that they have been working effectively on Forex for a long time.
Primecapital.pro does not have a trial period
It is a normal practice for online brokers to provide traders with a test version of the programs so that they can get acquainted with the interface, try their skills in trading on the Forex financial market with fake money.
Unfortunately, on the Primecapital.pro website, we did not find data on the trial period, the ability to test the software.
Most likely, the management of Primecapital.pro is simply not going to give traders trial access to the software, as someone is able to suspect something is wrong.
Broker Prime Capital operates with a negative balance
Legal organizations that trade on the Forex market do not use a negative account in their activities. By law, the user of an online broker is not able to spend more than what is currently in his account. In cases where the account still goes into negative territory, the debt will be repaid not by the client, but by the company that offered the services.
Therefore, honest Internet brokers do not use a negative account in their work.
Nevertheless, Prime Capital offers clients work with a negative balance, that is, on credit.
Why is it necessary?
To drive the client into debt and require him to repay the debt. This is one of the most common methods of fraud used by criminals.
In the event that this happened, it must be remembered that criminals do not have the opportunity to receive finance under UK law. Any methods of pressure on traders are considered illegal. The most that criminals are able to do is call, send messages with demands.
It is impossible to work with Prime Capital, as the agreements will result in losses.
Prime Capital operates with a credit ratio of one to four hundred or more
At this point, it's clear that Prime Capital are bandits. However, let's pay attention to one fact, namely the existence of excessively high leverage.
Credit leverage is the ratio of finances of users and Internet brokers when concluding a transaction. It makes it possible to make large transactions for users who do not have sufficient finances.
In order to protect Forex traders, in civilized countries, the current legislation provides for the use of a credit ratio with the highest ratio of 1 to thirty, sometimes fifty.
At the same time, Prime Capital uses a leverage of one to 400 for trading on the Forex market.
This attitude is allowed in Switzerland, as firms incorporated in this country enjoy considerable credibility. However, Prime Capital is not registered in this country.
In fact, Prime Capital cannot work on Forex with such a credit ratio, due to the high risk for users. So, this is done to force the client to transfer more finances, but also to drag him into debt.
Local branches of Prime Capital
It is considered solid for a firm to have local divisions in civilized countries, even if the work is carried out only in England. Therefore, Prime Capital informs that in addition to a significant number of awards, they have local offices in England, Australia and other developed countries, as well as many experienced employees.
Checking the availability of these offices is quite simple. After all, there are industry organizations that regulate the work of online brokers. In the UK it's FCA, in Australia it's ASIC.
That is, a law-abiding organization must have supporting papers from these or other organizations that confirm their ability to provide trading services on the Forex financial market, indicate the degree of responsibility.
However, having studied industry websites, our experts did not find them. Which once again confirms the fears.
For registration on Primecapital.pro, you need to transfer confidential data
As we reported earlier, Prime Capital does not have a demo period and because of this, in order to gain access, you must immediately pay the Prime Capital bandits the minimum deposit. In addition, access to Primecapital.pro's personal account is real only upon completion of identity verification.
This means that Prime Capital requires users to provide information such as:
- Information about an individual (passport, etc.);
- Data on the permanent place of residence (payments for a communal apartment);
- Information about qualifications, place of work, length of service.
Also, during the initial payment, scammers can get access to bank account data.
As a result, this information may allow scammers to issue a loan to a gullible client, or to carry out other shadow operations.
Since for registration on the Primecapital.pro website, you need to send personal information, our experts did not get access to the Prime Capital personal account and applications for Forex transactions.
Real reviews about Prime Capital
The most important point of exposing Prime Capital is the analysis of customer reviews.
The study of issuance in search engines allowed us to obtain the following information:
- Most Prime Capital reviews online are lies. These are similar positive mentions and paid-type comments;
- All true reviews and references to Prime Capital are bad. Our experts could not find plausible reviews from former users of Primecapital.pro, which mention good earnings, successful activities.
- Negative reviews and comments are caused by illegal activities, theft of money, artificial creation of debt.
Because of this, reviews on Prime Capital report that the internet broker in question is a scam.
Prime Capital contact information and white papers
Having studied the information on Primecapital.pro, our experts found a lot of dubious digital papers that can be easily made using a graphics editor. They are not confirmed by official organizations, which means they cannot be trusted.
If an online broker is not associated with regulatory companies, then clients simply have nowhere to turn for help.
On the "Contacts" page, our specialists identified a phone number. It turned out that it had already been used by an illegal online broker. There are also many reviews on the network about fraudulent activities associated with the phone number listed on Primecapital.pro.
Withdrawing money from Primecapital.pro
Are you going to make money with the help of the Forex market online broker? Make sure you can take money from him.
Having studied the trading agreement on the website of Prime Capital, our specialists did not find clear information about the methods of withdrawing money. At the same time, our employees found a mention of fines for the inactivity of a personal account, but did not find information about the amounts. Since the bandits do not work in the legal field, it is impossible to challenge these requisitions.
Because of this, even if the client has completed cooperation with Prime Capital, they may begin to call and write messages demanding to pay the fine.
How does Prime Capital work?
The method of searching for new users, which Prime Capital uses, also raises concerns.
For promotion, fake social media accounts are used, in which non-existent bloggers report how they instantly managed to get rich by earning on Forex with the help of Prime Capital. Advertising profiles showcase expensive cars and houses, vacations in resorts, and other signs of a prosperous life.
Fakes promise quick earnings, for which you do not need to learn or put in a lot of effort.
If a user contacts criminals, Prime Capital employees talk about the reality of instant earnings, and also about some unique abilities of their programs, which will make it possible to immediately withdraw large profits.
Then all sorts of tricks are used to get the maximum amount of finance from the client. For example, a fake profit may be drawn to a client in order to inspire them to invest more money.
If trading on the Forex financial market turns out to be unprofitable, the personal manager will offer to transfer even more to close the debt.
Prime Capital employees act according to scripts developed by experienced psychologists. Fraudsters study information about the trader in order to act on specific places, to pull out more investments.
One way or another, all this will lead to one of two options:
- If you want to get finance before you find yourself in loans, you will be charged fees, freeze your balance, and do everything to force you to transfer more;
- If you allow criminals to drive the balance into debt, threats will begin, criminals will begin to demand to repay a non-existent loan.
Another way to make money for Prime Capital can be the transfer of your personal data to interested companies. We assume that, as a result, complete information about you will actually be obtained for a modest amount on an anonymous Telegram channel on the dark web.
Most likely, after that you will be spammed more often by various criminals, managers, etc. It is also worth waiting for calls from Primecapital.pro accomplices, who will begin to offer a "return" of lost money, of course for a fee.
Since Prime Capital does not operate in a regulated environment and maintains incognito, Prime Capital cannot be forced to respond under applicable laws in the UK. The organizers of the criminal company skillfully hide and in the best case, the police will be able to figure out one of the "managers".
Should Prime Capital be trusted?
In no case!
Only if you plan to transfer finances to scammers, then give them to charity.
Let's briefly list the facts that testify that Prime Capital are criminals:
- No official registration;
- No trial period;
- There is no information about the owners of the company;
- Phone number found in illegal schemes;
- Negative score;
- Leverage greater than one in 50;
- Negative reviews;
- False data on the website.
Our review of Prime Capital is over. Obviously, Prime Capital are scammers.
We have compiled a complete Bad Reputation Brokers.
Paul Roberts 51 years old Born in Edinburgh. Married. Studied at University of Oxford, Department of Public Policy and Social Work. Graduated in 1997. Works at Standard Life Aberdeen plc.