PrimeFX Review (2023)

Is PrimeFX a scam or legit broker?

No, it is not safe to trade with a Forex broker PrimeFX. It claims to be owned and operated by PFXBank and doesn’t seem to be regulated.

The broker doesn’t disclose any information about its location as well as regulation. The contact phone numbers are British and the terms and conditions state that the company is under the British jurisdiction, however, PrimeFX is not licensed by the UK’s Financial Conduct Authority.

PrimeFX is a broker that offers trading in Forex, Indices, Commodities & Share CFDs.

Moreover, the regulator has issued a warning against the broker in March 2017:

“This firm (PFXBank) is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

Also, broker’s website states that PFXbank operates globally except within the European Economic Area and at the same time the website supports German and Spanish languages which means it has been targeting European clients.

As the proof, there is a warning from Spain’s regulator CNMV against PrimeFX issued in May 2017:

“DGX SYSTEMS LTD (PRIME FX BANK / PFXBANK) www.pfxbank.com/www.pfx-bank.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, to those purposes, foreign currency transactions.”

Conclusion

We advise all investors and traders to avoid PrimeFX and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM, eToro (Check eToro webtrader review here) and AvaTrade.

You can also share your trading experience with PrimeFX by commenting on this review.

PrimeFX’s website is no longer active.