Both Britain’s Financial Conduct Authority (FCA) and the Australia Securities & Investments Commission (ASIC) have issued warnings about PrimeCFDs. In addition, the Manitoba Securities Commission in Canada accused the site’s predecessor, WM Options, of “selling” services it cannot actually provide as described on its website after a couple in a rural area of the province lost $180,000 using the site.
PrimeCFDs, which defines itself as “a first-class private investment company,” claims to be owned by TLC Consulting Ltd, whose address is listed as: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. Branch offices are said to exist in South Africa, Malaysia and Nigeria, but it is unclear if these are physical facilities or just internet telephone numbers.
As its name suggests, its focus is on Contracts for Difference (CFDs), but it also offers Fixed Return Options (FROs).
It has been reported, however, that PrimeCFDs is owned by Orion Service EOOD, registered in Bulgaria and headquartered at 39 Aleko Konstantinov Street in Sofia. Its phone number there is +359 5291 9520.
PrimeCFDs uses the Tradesoft platform, which is fast and easy to use. Its trade expiry windows range between 30 seconds to trades that expire at the end of the month. This makes it ideal for using different trading styles to maximize earnings. Traders may choose between the web-based desktop platform or download an app for Android or iOS.
The platform itself is PSI approved as well as completely SSL certified. This ensures that personal details can only be accessed by PrimeCFDs employees. All digital information is subjected to HTTP secure web protocols to ensure anti-fraud protection. All accounts are segregated.
The website is available in English and Arabic versions.
PrimeCFDs offers five different account types. Each has its own unique effective return percentage (between 82% and 88%) as well as an assortment of unique features. The least that can be deposited is $250.
- Mini account, for trading FROs with effective returns of up to 82%, with 24/7 customer support and a professional chart
- Silver account, which adds features such as trading alerts, access to the trading center and a personal coach
- Gold account, with 84% effective returns on successful trades and added features such as SMS and email alerts.
- Platinum account, which offers free withdrawals, up to 86% effective returns on successful trades and added features such as access to live training sessions and the ability to trade CFDs
- Diamond account, with up to 88% effective returns and added features such as higher trading limits and exposure to maximize a trade’s profit-making potential
PrimeCFDs offers a huge selection of tradable assets that include stocks, currency pairs, commodities, and indices. This makes it a good option for traders who wish to trade different assets in a bid to earn higher profits.
Spreads, however, are not disclosee upfront. You’ll learn that only by using the trading platform, which reveals that it’s 3 pips. The leverage ratio is not disclosed upfront either.
The Terms & Conditions page states:
Our site provides attractive reward features to its new and regular clients. Bonuses and one time trading credits are part of our site promotions program. These bonuses are limited by time and the conditions related to any bonuses are subject to change. To withdraw your bonus, you will be asked accumulate trading points equal to 1 point for every $/€/£10 of bonus funds. Trader points are computed as 0.1 pip of a position’s opening value and accumulated once the position is closed. Bonus funds can be withdrawn only when the foregoing stipulation has been fully respected and fulfilled. Any withdrawal of funds from an account made before completing the terms of bonus will be immediately canceled and removed from the account. Any indication of fraud, manipulation, cash back arbitrage or other forms of deceptive or fraudulent activity based on the provision of the bonus will invalidate the account and any profits or losses collected.
Deposits can be made via virtually every available mechanism, from Visa, Via Electron, MasterCard, Maestro, Diners, and American express charge cards to wire transfers and a number of different e-wallets. A monthly withdrawal fee might be applied depending on the type of account. Withdrawals can take up to eight days before they appear on an account statement.
A demo account, unfortunately, is not available.
PrimeCFDs’ online Trading Academy provides an e-book guide to trading and a webinar calendar. Platinum and Gold account holders are entitled to supplement these rather limited resources with live training sessions and a personal coach.
A regularly updated blog and an extensive FAQ page are also available online.
The PrimeCFDs support tram is helpful and is available 24/7. It can be contacted by phone, email or live chat. Personal account managers are also able to answer questions. The contact email is firstname.lastname@example.org.
PrimeCFDs has claimed to be regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14793, which was granted to Arrow Capital Limited, a management firm based in Oceania. Among Arrow’s clients is Orion Service EOOD, the purported owner of PrimeCFDs. But licenses such as these are not generally transferrable.