Note: PrimeOT's official website: https://primeot.com/ is currently inaccessible normally.
PrimeOT Information
PrimeOT is a forex brokerage company registered in Saint Vincent and the Grenadines in 2019. The broker offers trading services in Forex, CFDs on stocks, commodities, cryptos and enable clients to practice in a demo account. There are 5 tiered live accounts to meet the needs of a wide range of customer groups.
However, its credibility and legality is in major suspicion due to its operation without regulatory supervision and the inaccessible website
Is PrimeOT Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
Downsides of PrimeOT
Unavailable website: PrimeOT's website cannot be opened currently, preventing traders to get to know about its background.
Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.
High minimum deposit: The minimum deposit of EUR 250 from its Self Manage Account is quite high comparing to reputable brokers.
Withdrawal and dormant account fees charged: The broker charges considerable fees for withdrawal and dormant accounts.
No MT4/5 trading platforms: the broker only provides a web-based trading platform, not as advanced and user-friendly as the industry benchmark platform like MT4 and MT5.
Market Instruments
There are several tradable assets offered by PrimeOT- forex, CFDs on stocks, cryptos and commodities.
Forex- provides opportunities for traders to profit from fluctuations in the values of different currency pairs. There are 38 currency pairs available at PrimeOT, some of which are minor or exotic pairs like USDTRY, USDZAR, USDSEK, USDSGD, etc.
Stocks - share of ownership in a company, giving the holder a claim on part of the company's assets and earnings, and the right to vote on corporate matters.
Commodities- raw materials like gold, silver, platinum, oil, natural gas, etc. People can make money from the dynamic global supply and demands.
Cryptocurrency- digital and virtual form of currencies base on blockchain technology, with the most volatile market. Popular coins include BTC, ETH, LTC, XRP, etc.
Since there's always risk when dealing with investment activities. Always choose the product that you understand well to avoid unnecessary losses due to lack of knowledge.
Accounts (Minimum Deposit/Leverage/Spread)
PrimeOT offers ademo account and five tiered live accounts with different trading conditions and services to fit the varying demands of different customer groups.
The demo account provides a simulated real trading environment for traders to test their strategies and get familiar with the platform.
While for live accounts, there are 5 tiers: Self Manage Account, Basic Account, Gold Account, Platinum Account and Diamond Account. Initial deposit requirements range from EUR 250 in Self Manage Account to EUR 50000 in Diamond account, which is quite high for beginners.
Max leverages start from 1:100 in the Self Manage Account to 1:600 in Diamond account. Spread for EURUSD is 0.2 pips.
And the higher rank the account is, the more available services there will be. For example, the Self Manage Account does not have dedicated account manager services, and trading signals are not available for accounts below Gold Account.
It's reasonable that you get more services and tools when you pay more, but keeping yourself sensible and only investing the amount you can afford to lose is of great importance.
Trading Platform
PrimeOT offers a web-based trading platform with very simplistic interface and limited trading tools. Though you have access to basic functions of a trading platform, more advanced functionalities like real-time market analysis via charting tools, market signals, automated trade execution, etc. in the advanced platforms such as MT4 and MT5 are not available.
Deposit & Withdrawal
PrimeOT supports funding through credit cards, debit cards, wire transfer, and a BTC wallet. You need to withdraw at least 100 USD/GBP/EUR from your account, which is usually processed between 7 and 10 business days, quite a long time comparing to standard 2-5 days.
Moreover, there will be 1% withdrawal, with a minimum charge of 30USD/GBP/EUR and the maximum is 300USD/GBP/EUR. Usually reliable brokers do not charge deposit/withdrawal fees, so be cautious with this broker.
Fees
Except for withdrawal fees, the broker charges additional dormant account fees. 300USD/GBP/EUR will be deducted from your account if there's no transaction executed for 30 consecutive days, and the dormant account fee is charged per each such period.
Such fees to a large extent lessen flexibility and convenience for clients greatly.
Customer Support
PrimeOTcan can connected via phone: +442039663647, +43720775201 and email: support@primeot.com, with more immediate and modern contact channels like live chat and social media not available.
Conclusion
In summary, PrimeOT is generally not a recommended broker. Its operation without regulation implies less compliance to financial rules and unavailable website leaves no window for customer to know about the company. Furthermore, the broker charges high withdrawal fees and dormant account fees, adding trading costs significantly. Turn to regulated and reputable brokers is better choice for you.
