Primus Trades Review (2023)

Is Primus Trades a scam or a legit broker?

Primus Trades is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

Primus Trades is a broker that specializes on Forex and cryptocurrency trading. The company doesn’t provide much information about its terms and conditions, where usually brokers mention the company-owner and the regulation details. There is actually a regulation info can be found on the website: “Primus Trades was founded in 2015 as a London based fund management company regulated by the Cyprus Security and Exchange Commission (CySec)”. They also provide their London address and contact phone number. But the biggest discrepancy is that the regulation info is misleading and turned out that CySec has recently issued a warning against Primus Trades:
“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website primustrades.com (Primus Trades), does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.”

Conclusion

Obviously, the company is not licensed by Cyprus regulator or any other agency. We advise avoiding Primus Trades as it has no regulation and no legal right to provide financial services. Instead, we recommend checking the list of the CySec-regulated brokers, as this regulator is well-known and trustworthy. All the brokers licensed with CySec are provided by the Investor Compensation Fund, which may cover a maximum of 20,000 EUR in case the broker goes bankrupt.