FxPrimus - "Wolf in Sheep's Clothing", Scam Alert!
Unfortunately the Forex market is a big opportunity for scams and rip offs. A typical scam type is when brokerage companies try to make more money through fake or unreal spreads.
FxPrimus are deceiving traders by offering a very low spread on their website, but you should know that they increase the spreads when the market comes close to your stop loss or target, so your trade position would be triggered faster. They also try not to let your target be triggered, because they want your position to remain open until the market reverses and hits your stop loss. They manipulate the trades and spreads and make money through your losing positions. They monitor their clients’ positions and increase the spread when it is time to.
I want to warn old and new clients of FxPrimus and most of all traders who are having bigger trade positions.
I have been trading with them since January this year and had over 80% winning trades. Since they killed my 2 biggest positions I had no chance to save my account anymore because of reduced equity.
1) I have documented their real, sometimes unbelievable spreads and compared to GoTrades, MBT and ActivTrades. I cannot believe anymore that they are ECN/DMA. They are rather hidden market makers.
2) When I was going to close a bigger trade position a strange message suddenly appeared:
“order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]” but it was at 19:00 GMT.
3) Have a look at the candle on Sept. 2 at 15:29 (XAUUSD), it was about 275 pips longer than the other 3 brokers, and the following candle opened jumping from 1832.17 to 1865.29 (331 pips higher). This is not normal at all.
4) On Aug. 26 at 17:00 (H: 1783.12, L: 1765.27, Ask: 1788.33; – spread = 521 pips???) they closed a short position of about $8,000 claiming that there was margin of only 25% at 1788.33 but about 5 hours earlier I had about 180% margin at 1791.xx :shocked:
5) On Aug. 26 at 17:01 they were shooting with 112 pips longer candles than the other 3 brokers.
I cannot trust that their system is working properly. Please find attached some charts and you will see why I am concerned about their real honesty.
The only way to express what I think about them is "Wolf in Sheep's Clothing".
Unfortunately the Forex market is a big opportunity for scams and rip offs. A typical scam type is when brokerage companies try to make more money through fake or unreal spreads.
FxPrimus are deceiving traders by offering a very low spread on their website, but you should know that they increase the spreads when the market comes close to your stop loss or target, so your trade position would be triggered faster. They also try not to let your target be triggered, because they want your position to remain open until the market reverses and hits your stop loss. They manipulate the trades and spreads and make money through your losing positions. They monitor their clients’ positions and increase the spread when it is time to.
I want to warn old and new clients of FxPrimus and most of all traders who are having bigger trade positions.
I have been trading with them since January this year and had over 80% winning trades. Since they killed my 2 biggest positions I had no chance to save my account anymore because of reduced equity.
1) I have documented their real, sometimes unbelievable spreads and compared to GoTrades, MBT and ActivTrades. I cannot believe anymore that they are ECN/DMA. They are rather hidden market makers.
2) When I was going to close a bigger trade position a strange message suddenly appeared:
“order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]” but it was at 19:00 GMT.
3) Have a look at the candle on Sept. 2 at 15:29 (XAUUSD), it was about 275 pips longer than the other 3 brokers, and the following candle opened jumping from 1832.17 to 1865.29 (331 pips higher). This is not normal at all.
4) On Aug. 26 at 17:00 (H: 1783.12, L: 1765.27, Ask: 1788.33; – spread = 521 pips???) they closed a short position of about $8,000 claiming that there was margin of only 25% at 1788.33 but about 5 hours earlier I had about 180% margin at 1791.xx :shocked:
5) On Aug. 26 at 17:01 they were shooting with 112 pips longer candles than the other 3 brokers.
I cannot trust that their system is working properly. Please find attached some charts and you will see why I am concerned about their real honesty.
The only way to express what I think about them is "Wolf in Sheep's Clothing".
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