PrimeCFDs was launched in April 2017, so it is definitely a new player on the online trading scene. Despite the short span of its existence, it has managed to draw the ire of the community, as the operation is apparently not exactly regulated, nor particularly fair when it comes to handling the funds of its clients. The About Us section of the site contains very little useful information about the operation. There’s some rather empty ranting about the vision of the brokerage and its various features, but nothing about who is indeed behind it all…
Who is Behind PrimeCFDs?
The corporate entity behind PrimeCFDs is a company called Orion Solutions SRL, based in Romania, at 29 Erou Iancu Nicolae Str. Voluntari. When the company was founded, this same corporate entity was apparently located and registered in Bulgaria. At any rate, it does not look like some sort of prestigious operation one would whole-heartedly recommend as trustworthy.
According to the Contact page of the operator, the brokerage maintains offices in scores of other countries, such as Nigeria, Ukraine, Bulgaria, Norway, the Netherlands, Finland, South Africa and Australia among others. While phone numbers are available for all these locations, whether or not actual, physical offices are indeed maintained in all these places, is a different question.
Interestingly, the primecfds.com web domain features public registration information, according to which, its registrant is Nikos Aristeidou, who represents PrimeCFDs Ltd, based at 71-75, Shelton Street, Covent Garden, London, WC2H 9JQ. The fact that this information is indeed publicly available is definitely a major mark in the + column for the operator, who has made it clear this way that it’s not afraid of actually putting a name on its brokerage.
Consistently with the information delivered in the whois data of the website, the contact phone number given in the Contact Us section is a UK-based one: +44-2033559997. There’s a contact form available as well as an email address: firstname.lastname@example.org. For every one of the above mentioned international offices, a phone number is given too. Thus, we have +61-863777278 for Australia, +47-21954536 for Norway, +27-213009275 for South Africa, and +380-612282615 for Ukraine, among others.
The global Alexa rank of the PrimeCFDs website was 54,028 at the day of posting this review (September 1, 2017), which means that it is quite a popular online destination. Given the tender age of the operation, this is surprising. Most of the traffic of the website comes from New Zealand, Australia, South Africa, Netherlands, Switzerland, UK, Malaysia and Sweden.
Much of their traffic is sent to them by affiliate websites, such as binaryoptionsthatsuck.com, million-dollar-months.com and profitmaximizer.pro. Some of these websites are scams.
Available Account Types
The brokerage offers 5 account-types, which require progressively bigger deposits, while offering progressively more – and more generous – perks.
The Mini Account, the most basic one, features payouts up to 82%. While it gives access to professional charting services and 24/7 support, it also comes with monthly withdrawal fees.
The Silver account offers many of the same features, though it throws in trading alerts, access to the basic version of the site’s Trading Central, and a personal account manager. Account managers/personal coaches need to be treated with caution, as their interests seldom coincide with that of the trader. Indeed, in PrimeCFDs’ case, there has been some negative feedback in this regard, in addition to aggressive marketing tactics.
The Gold account increases the cap on payouts to 84%. In addition to all the perks featured by the previous (Silver) tier, it also offers SMS and email-based trade alerts. It retains the monthly withdrawal fee though. This account type is touted as the most popular of the operator.
The Platinum account does away with this withdrawal fee, and it raises the payout cap to 86%. In addition to everything the Silver account offers, it grants traders access to Forex-based CFDs and to a live training session.
The top of the account-pops is represented by the Diamond account, which – in addition to everything the Platinum account offers – raises the limits on trading and exposure. Also, it raises the payout cap to 88%, which is the highest available at the site.
Interestingly, minimum deposit requirements are not mentioned in any shape or form at the site. According to trader feedback, the minimum deposit requirement is $250.
Deposits and Withdrawals
PrimeCFDs accept a fairly standard selection of deposit- and withdrawal methods. VISA, VISA Electron, Maestro and MasterCard are all accepted, together with Wire Transfer and e-wallets like Neteller.
PrimeCFDs observe a KYC (Know Your Customer) policy, which pretty much means that they will make it as difficult for their traders to withdraw money as they can. According to some trader feedback, withdrawing money from the brokerage is a rather impossible feat to begin with.
PrimeCFDs use the TraderSoft platform, which offers access to binary options, CFDs and Forex trading. The built-in charting features of the trading platform are OK, and everything is quite self-explanatory. Other than that, calling the platform “bare-bones” is probably an accurate depiction of what one can expect from it.
Through the above-said three main categories, PrimeCFDs offers traders access to an impressive range of currency pairs, commodities, indices and stocks. Hundreds of underlying assets are available.
As said above, PrimeCFDs’ return percentages are situated in the 82-88% range, depending on the account-type one uses.
PrimeCFDs Review Conclusion
A lot of things don’t add up with this brokerage. Although there have been rumors regarding a possible Vanuatu license, the bottom line is that this is an unlicensed operation. As such, we will never recommend it as a decent destination for your trading needs. Also, the community feedback it has thus far drawn is downright toxic.
Some say the broker is focused on stealing from its clients, others decry the aggressive marketing tactics used by PrimeCFDs personnel. Their “account managers” are particularly disliked. The worst thing is that no one (from among those who have shared their experience online) has seemingly managed to withdraw any money from PrimeCFDs.
Feel free to comment below if you can contribute to our PrimeCFDs review.