August 4, 2020

PrimeOT Review

Overview:

PrimeOT is an overseas-based FX broker and CFDs provider with six different trading accounts. Generous leverages are provided with high spreads on every trading account. The broker’s offerings are exciting and can attract many forex traders. If anyone of our reader is thinking of trading with PrimeOT, please read further. In this PrimeOT review, we will manage to provide all the necessary information about it.¬†Read the full PrimeOT review here.

About PrimeOT:

The six offered trading accounts are Self-Managed Account, Basic, Gold, Platinum, Diamond, and VIP Account, and the minimum deposit required for each account is $250, $5000, $10000, $25000, and $50000. The investment for a VIP account is not disclosed. The different account has different maximum leverages ranging from 1:200 to 1:600. The spread of fixed three pips is provided on the Self-Managed account. 

To make this review entirely fair, we will discuss the advantages of PrimeOT first. The leverages offered by PrimeOT are generous up to 1:600. These generous leverages can be advantageous and disadvantageous simultaneously. Therefore, almost all regulated markets banned such leverages. The broker also has a wide variety of trading assets, with 38 pairs of FX pairs as well as CFDs on commodities, and cryptocurrency. The minimum deposit for a basic account is $250 and is according to market averages. 

Cortofin Ltd is the proud owner of PrimeOT. The company Cortofin Ltd is based in Saint Vincent and the Grenadines. This area is highly red-flagged due to its nonregulated nature. Also, we have come across many scam brokers from this area. The regulation is the most crucial aspect of any broker, and PrimeOT falls flat on this. 

The broker also charges unexpected fees to its traders. 1% of the withdrawal fee is charged on every transaction. If the account kept dormant for one month, it would be charged at $300 monthly. Also, withdrawals request gets processes after ten business days. It also offers controversial trading bonuses to its clients. The offered bonuses come with unusual trading volume requirements. In the case of PrimeOT, they are whooping 50000 times. The spreads of 3 pips are also high and increase the actual cost of trading. 

Is PrimeOT scam or legit?

The broker we are talking about here is unregulated and unlicensed. It also operates from an overseas territory. Trading conditions are unusual and have a high withdrawal commission. The broker PrimeOT is a potential Australian trading scam.