Is Loyal Primus Real or Fake?

Loyal Primus is not a trusted broker!

Many people have lost money to shady brokerages and scammers. WikiFX uses data and warning lists published by global regulators to analyze whether a broker is a legitimate entity. Here are our main findings on the security status of Loyal Primus:

• It is not regulated by top regulators, so that avoids choosing Loyal Primus.
• The data on Loyal Primus comes from regulated sources and is checked by us.
• If you are deceived by a broker, there is almost no way to get your money back.
• Our website provides information on more than 65000 global brokers for you to choose from.

Company Background

Loyal Primus is a Forex and CFD broker. Its online trading platform is one of the financial investment service providers for large enterprises and institutional investors. It also provided foreign exchange, heavy metals, commodities, and futures trading services. The official website of this broker is https://loyalprimus.com/.

The brokerage company claims to be established in 2011 with registration number 26626 BC 2022 and a registered address at Room 305, Corporate Centre, Griffith, St. Vincent and the Grenadines. However, according to the St. Vincent and the Grenadines Financial Services Authority, the company was established in 2022, which makes people suspect that the company‘s founding year is fictitious. According to Whois records, the broker’s domain name was registered on December 18, 2021.

Loyal Primus
Founded	2021-12-18
Regulations	Unregulated
Account Minimum	$15
Fees	No commissions, spread from 0.6 pips, and swap-free
Max. Leverage	1:2000
Tradable Instruments	Forex, Metals, Commodities, and Futures
Live Accounts	Maximum leverage, STANDARD PRO
Demo Account	Yes
Trading Platform	MT4 and MT5(Windows/Mac/Android/iOS)
Promotions	$30 register bonus
Customer Support(24/7)	Email: support@loyalprimus.com
	Phone: +971 54 389 2863
	Facebook, X, YouTube, Instagram, LinkedIn, Telagram, TikTok

Is Loyal Primus Legit?

Fake Regulation Information

We found on the Loyal Primus website that it claims that its operating company, Loyal Primus Limited, is registered and “licensed” locally in St. Vincent and the Grenadines with registration number 26626 BC 2022. It is a licensed business company of the UK Financial Services Authority. WikiFX checked the regulatory information claimed by Loyal Primus on its website.

Upon inquiry, the company is indeed registered with the local Financial Services Authority (SVGFSA). However, the SVGFSA does not regulate foreign exchange activities. In addition, although the broker claims to provide services to large enterprises and institutional investors, from its registration page, it does not seem that the broker refuses to register retail investors.

No Top-Level Regulation

Loyal Primus is in the low safety category. The safest brokers are those that have first-level regulation, a long history (more than 10 years of market operation), and participate in investor compensation programs. The first rule to keep your investment safe is to avoid completely unregulated brokers. That being said, the fact that a broker is regulated is not enough to keep your funds safe. The entity that regulates the broker is crucial.

The top regulators enforce the strictest rules to ensure that brokers compete healthily and avoid any shady activities. If a broker is regulated by one of these top regulators, it means that they follow the highest standards. This means that you can expect fair pricing, transparent trade execution, and a well-regulated trading environment. In addition, brokers regulated by top regulators will also enjoy loss compensation guarantees according to regulations, but this depends on the regulations of the regulator. We have listed some of the most reputable top financial regulators in the table below.

In contrast, while the next level of regulators do their best to maintain order, they do not have the resources or strict regulations of the top-level regulators. This means that they may not detect all problems, thus providing less protection for investors.

Finally, the lowest level regulators provide the least comprehensive supervision of brokerage firms, and these regulators often provide little or no investor protection mechanisms or compensation funds, leaving customers with few safeguards. Brokers regulated by such agencies are likely to adopt unfair pricing practices and opaque trade execution methods and schemes, resulting in conflicts of interest with customers.

Since Loyal Primus is not regulated by the top regulator, it is not recommended to open an account with Loyal Primus. It is also important to note that the broker currently does not mention any specific instructions regarding withdrawals and methods and fee rules but only mentions the withdrawal bonus terms and conditions. You need to be a little cautious about the hidden fees of this withdrawal company. Beyond that, signing up with a broker regulated by a lower-tier agency greatly increases your risk of encountering unethical behavior or even scams or fraud.

What do traders say about Loyal Primus?

It is also important to note that the broker currently does not mention any specific instructions regarding withdrawals and methods and fee rules but only mentions the withdrawal bonus terms and conditions. You need to be a little cautious about the hidden fees of this withdrawal company.

WikiFX users have a negative review of broker Loyal Primus, and the reasons for their dissatisfaction are related to withdrawals and some other existing problems.

Users AYUSUF1123 and Anti scam, who are located in different countries, said in July 2024 that their accounts were inexplicably disabled, and they could not withdraw funds. Meanwhile, user Faisal af said that the broker's brokers misled him by making up fake candlestick charts.

RED FLAGS:

• Sudden account suspension
• Withdrawal issues
• Lack of transparency
• Unresponsive support

How to Recover Your Scammed Funds

If you've been scammed, follow these steps to take action.

1. Don't send any more money. Block all contact from the scammer.
2. Contact your bank or financial institution immediately to report the scam. Ask them to stop any transactions.
3. Warn your family and friends about the scam so they can watch out for potential follow-up scams.

How to recover losses?

It is unfortunate that most of the money lost to scams is lost. One of the first things you should do is save all documents and correspondence, including screenshots, emails, and chat logs. The more evidence you have, the better your chances of reporting it to the authorities.

If you have been defrauded by a broker, you can try to initiate a chargeback feature provided by banks and payment systems to protect customers. This process involves your bank or provider withdrawing funds from the broker's account.

Finally, you can take legal action and obtain a Mareva (or freezing) injunction against the company. This injunction helps prevent the company from transferring its assets outside the jurisdiction of the court.

If the broker has a financial regulator, you can also report the scam to them. This is one of the important reasons why you should choose a regulated broker.

These scammers will pretend to be an individual or company and claim that they can help victims recover the money they lost in a previous scam, but for a fee, or ask the victim to provide personal and financial information. Be very wary of recovery scams. These promises are false, and victims are victimized again after paying the recovery scammer a fee.

List of top regulated brokers available through WiKiFX

WikiFX is a global broker regulation query APP that contains information on more than 65,000 brokers, including regulatory information, security information, basic broker information, etc. Users can filter the broker list provided by “Filter by regulator” in “Broker” and choose the one that suits them best by comparing different brokers. Through the database support of this platform, we found that Loyal Primus is not a good choice.