Many unscrupulous brokers try to scam individuals through Forex trading scams. Sometimes it can be difficult to know for sure they are problematic until you have already entrusted them with your money. After you make some deposits and start to trade, you will encounter one of the most common bad situations - wide spreads, which cause you lose a large amount of money.
Recently, BrokersView learned that many investors has been trapped by a scam conducted by the forex broker PrimeXBT and lost a lot of money.
An investor named Ted posted his bad experience in PrimeXBT. He shared spreads were so high here that it's so hard to grow small account especially at nights whenever he took his trades start. Finally, he lost his money because of wide spreads in PrimeXBT, as well as unmatched tradingview.
Another client named Dread exposed that spreads would widen when he was in profit. He used PrimeXBT for a good while and he was able to maintain +-0 for a long time, but it was hard. Whenever his trade was in profit, the spread widened until he got back to +-0 again. He was personally 100% sure that the scammer had algos to make it impossible to make a profit!
（Screenshot from the Investors）
Claim to be Regulated by Global Regulators
PrimeXBT claims to be regulated or registered by Seychelles FSA and SVG FSA. After checking the FSA Seychelles register (the main regulatory agency in Seychelles), we found out that there is no mentioning of PrimeXBT company there. Besides, we also found no results about PrimeXBT on SVG FSA. These proofs make it clear: PrimeXBT is actually not regulated or registered by any financial regulator. That means investors' funds in the broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
BrokersView suggests investors to stay away from PrimeXBT and keep vigilant when choosing forex brokers. If you are not sure on how to find a licensed broker, you can search on our website to check brokers' details.