Prime Group (primegroup.ltd) presents itself as a credible broker with appealing trading conditions and a professional-looking website. However, despite these surface-level attractions, Prime Group raises several significant concerns regarding its reliability and transparency. This review will delve into the various reasons why investors should exercise extreme caution when considering this broker. Key issues include a lack of regulatory oversight, concealed ownership details, and numerous user complaints about trading and withdrawal issues.

Who Is This Broker Recommended For?

While Prime Group might seem attractive to novice traders due to its promises of expert support and advanced trading platforms, it is not recommended for any trader. The various red flags associated with this broker suggest that both inexperienced and seasoned traders should avoid it to safeguard their investments and avoid potential financial scams.

Regulation and Security

Prime Group claims to be authorized and regulated by the European Financial Security under the reference number HE213757 and by the Canadian Financial Industry Regulatory Authority with registration number BRL 746379. However, investigations reveal that these claims are unsubstantiated. The European Financial Security does not exist, and the supposed Canadian registration cannot be verified with any recognized regulatory body such as the Financial Consumer Agency of Canada (FCAC) or other financial regulatory institutions​.

Date of site creation

The domain for Prime Group (primegroup.ltd) was registered on January 19, 2024. This makes the website relatively new, which aligns with concerns about its reliability and transparency​ (DomainTools)​​ (Who.is)​​ (Whois.com)​.

Regarding the claims about regulation and licensing, investigations indicate that Prime Group’s assertions are dubious. The provided registration numbers for the European Financial Security and the Canadian Financial Industry Regulatory Authority do not match any verifiable records. This raises significant red flags about the legitimacy of these regulatory claims.

Based on these findings, Prime Group’s website and operations should be approached with caution. The recent establishment of the site, coupled with unverifiable regulatory claims, suggests that potential investors should be wary of engaging with this broker.

Trading Platforms

Although Prime Group claims to provide robust trading platforms with access to global markets and expert support, these claims are undermined by substantial issues reported by users. These include non-transparent trading conditions and severe difficulties in withdrawing funds. Reputable brokers typically prioritize transparency and customer support, which appears lacking in Prime Group’s operations.

Account Types

Prime Group offers three types of trading accounts: Trial ($1000), Classic ($2000), and Platinum ($5000). 

Each account type purportedly includes various benefits:

• Trial: Access to global markets, powerful trading platforms, expert support, and a financial calendar.
• Classic: All Trial benefits plus extended trading opportunities.
• Platinum: All Classic benefits plus a dedicated portfolio manager (24/5) and personalized trading strategies.

The high minimum deposit requirement, starting at $1000, is suspicious, as most reputable brokers offer entry-level accounts with deposits ranging from $100 to $500. This high entry barrier is a typical tactic to extract more money upfront from investors.

Deposit and Withdrawal Methods

Prime Group’s deposit and withdrawal processes are problematic. They accept payments through private individuals’ bank cards, a method often associated with fraudulent activities. This practice makes it easier for scammers to obscure their tracks and evade financial scrutiny. Numerous reviews highlight severe issues with fund withdrawals, including unexplained refusals and a complete lack of customer support.

Pros & Cons

Pros:

• Professionally designed website.
• Detailed on-paper trading conditions.

Cons:

• No regulatory oversight.
• Concealed ownership information.
• Young, low-traffic website.
• Non-transparent trading conditions.
• Significant withdrawal issues.
• Suspicious payment methods.
• Unrealistic promises of high returns.
• High-pressure tactics on investors.

Conclusion

Prime Group is fraught with numerous red flags that suggest it is a high-risk broker. The lack of regulation, hidden ownership, problematic trading and withdrawal processes, and the use of dubious payment methods all point towards fraudulent practices. Investors are strongly advised to avoid Prime Group and instead seek brokers with verifiable regulatory compliance and positive user reviews. Protect your investments by choosing only reputable and regulated brokers.