FX Primus: How to get your money back?

It is not a secret that cooperation with a reliable broker leads to successful trading on Forex. No matter how professional the traders are or how skillfully they conduct transactions, all their money is in full control of the broker. Moreover, trading is also carried out on the broker’s platform. If you are trading with a fraudulent broker, she/he can easily start manipulating orders or price quotes. There are cases when such brokers just disappear with clients' funds. Today we are going to have a closer look at FX Primus. The first question that arises whether it is a safe broker as it positions itself on its website?

FX Primus is a regulated broker with 10 years of experience in the financial industry. As it is stated on the website, the company does its best to provide comfortable and profitable trading. It also guarantees a high level of security owing to the implementation of the latest developments in this field.

Traders can trade more than 120 instruments, including currency pairs, commodities, indexes, and CFDs. There are several account types to choose from. A personal manager, negative balance protection, access to analytics, and video tutorials are available for traders. The broker also offers some bonuses.

It sounds quite promising, doesn’t it? It may even seem that this is the ideal broker with the lowest spreads, zero commission for deposits and withdrawals with quick input and output of money. However, all that glisters is not gold. As practice shows, the first impression can be misleading. First thing first, scrutinize all the information more carefully, analyze it, and then check. Do not forget to look at the blacklisted forex brokers. Curiously enough, FX Primus is on the list.

What can we conclude about this broker after having studied its operating history?

The company has got many attractive offers for traders. Nonetheless, in general, its trading conditions are average. The homepage is available in many languages: Russian, English, and Asian ones. However, the analysis made by independent services confirms the low rate of website attendance. Most of the users are from Qatar.

FX Primus is unknown among the Russian-speaking traders. Besides, its operating history lacks credibility. There is no official information about the location of the head office. This company is owned by Primus Markets INTL Ltd. The broker is registered in Vanuatu (VFSC). Another affiliated company is registered in Cyprus but there is no information about its functions. According to unofficial data, FX Primus has been operating since 2009. For five years it has been registered in Mauritius, while its support service worked from London.

Contacts of the support service have an International Networks organization code and are not tied to a specific country. Therefore, it is practically impossible to tell the exact location of the broker.

Deposit and withdrawal of funds

The minimum deposit amount is $100. You can use payment systems, as well as credit cards, and bank transfer. If you use bitpay, it will take 24 hours to deposit money in your account, in other cases only 5 minutes. If you want to withdraw your money, the conditions are the same.

The broker promises an almost instant procedure of deposit and withdrawal of the funds for credit cards and most payment systems. You will have to wait 2-5 days only when using a bank transfer. Is it really so?

Karanagaev 25.03.2019
I have worked with FXPRIMUS for six months. At first, everything was fine. One day I decided to withdraw money from my trading account. I made a request but I got no answer. They just ignored me. So, I did not receive my money back and stopped trading with this scam broker.

Dmitri 08.02.2019
Do not trust this broker an inch! After you replenish your account, you will be unable to withdraw your money. They just wait when your deposit will grow and then you can say goodbye to it.

Yuri 18.12.2018
I have been waiting for the withdrawal of my funds for 3 months. Everything I got was empty promises with no deadline.

The problem with the funds' withdrawal is not the only one that traders have been complaining about.

Slava 10.08.2019, 23:34
At the slightest slippage, the position is closed by a stop loss order. I did everything possible in order to prove it. Once I even recorded the video where it was shown that the price did not reach the stop, slippage occurred and the position was closed by the stop loss order. Imagine my surprise when nobody cared. My request was just neglected and I did not even mention how difficult it was to withdraw my money. I got passed verification and asked them to send some additional documents. Then, I made a request to show me a clause in the agreement where my rights were designated. They sent me 9 and 10 clauses where it was written in black and white that the broker has the right to block my account without any clarifications and all the money in my account belongs to the broker but not me. I decided not to fuel the conflict, sent them again the scans, and withdrew my fund. Later my account was blocked.

krivbassfan 06.01.2019
I did not like the way how their trading platform worked. I was unable to close the deal manually. Pending orders closed not at the price which had been set. So, you shroud not be a genius to understand that trading on such kind of platform will not bring you any profit.

Lenya 07.05.2019
They just drain your deposit on slippages, even to 300 points. When I was trying to get an explanation, they said that the Ask Line had moved to 300 points exactly to my allegedly stop loss order.

Conclusion

FX Primus claims to be the best in the financial industry. However, a large number of negative reviews makes this claim quite dubious. Nevertheless, on the Internet, there are some positive comments about the broker as well. The decision to label FX Primus as a fraudulent broker would probably be hasty. Perhaps the company will be able to clear its reputation, earn trust, and come out of the blacklist.