Problem Prime4x Broker

[pato1646]

refund money to all investors

Hi Gyles! (and all who wish to join), in my opinion we must pull together to ask that FPA , press over prime4x, to return the money invested, without Profits, only the money invested (something like a refund), that way everyone will have the money invested (is painful, but it is better for all investors).
I think it's better, rather than not having anything (let's face it, if you are covered by the FSC in Mauritius, it is because they have no capital to back it up, simple as this) ...
What do you think?

 

[pato1646]

My opinion

Hi Georgezorro, yours is an exception, my account number in prime4x is 60694, asked to withdraw 3500 u$s to L.R., since 22 April!!, a month!!, send many mails to everyone, INCLUDING JOE ADAMS, but not solve anything, I know a lot of people waiting before me.
Your payment is a smokescreen, from prime4x, to disguise the bad situation

 

[Amir Hazizi Abdullah]

Withdrawal Issue Prime4x

Hi. I trader from Malaysia, I also similar situation, has now been wait for one month withdrawal but until now I still not yet receive, who can help me to resolve my problem this ? what way for me recoup my money ?

 

[iwe]

i suggest you call FSC Mauritius and send your complain there.
Regulator will push prime4x otherwise they will shut it down.

here is the FSC contact number Contact Us

 

[FXFORME]

Deleted by ...

 

[pato1646]

Mauritius License, nothing good...

Please read, is very important, this, is taken from an article published by Sergei Mayzus, LiteForex founder, about the differences between Cyprus license and Mauritius license (taken from Sergey Mayzus - Personal Thread. HOW-TO - CariGold Forum )

" First of all, you must know that FOREX is de-centralized market - OTC (Over-the-counter) market. This means that there is no central place, such as exchange, where the market trades.

You see the quotes in the platform and decide to buy or sell. When you BUY, your brokers SELL and when you SELL - your broker BUY. Your counterparty is your BROKER.

When the company is well established with good capitalization, there is allways people who buy and see the same instrument and your broker just receives a spread from all of them. When the broker is new with few clients and few trades, they are happy every of your trade because they want only one thing from you - LOSS. Because of they do not have sufficient money to pay your profits.

Regarding brokers... How to choose. First of all, you must know the country of incorporation - this is most important thing. Most of the well-developed countries have their regulatory infrastructure for such kind of activity, and regulatory body have a very strict requirements for such companies.

I will explain on the sample. Let's consider to look at the United World Capital, which is regulated by CySEC (Cyprus Securities and Exchange Commission).

So, In order to start such activity, you must become licensed. In order to obtain a license, you must have sufficient capital (this is minimum EUR 1,000,000 for Cyprus company) established at all the times and not less. You must have prepare a business plan, corporate infrastructure, create sufficient office space (around 300 square meters), hire experienced personnel, who passed the examination with CySEC and Ministry of Finance. You must develop Internal Operations Manual, Risk Management Policy, Booking Policy, Anti-Moneylaundering Policy, Best Execution Policy, Conflict of Interest Policy, Client Agreement, Application Kits - everything must be approved before you will be granted a license. The capital of the company must come from legal sources and must be locked on the bank account of the company. You must clearly show the shareholders, directors, employees - you must discover their background, criminal records, non-bankrupcy proof. Everything. All the persons must be approved by the CySEC.

So, the licensing process will take about 6 months to 12 months. Once license will be granted, you must activate the company within 6 months - the activation is also subject of approval - you must implement all the business processes in accordance with your company infrastructure. You must separate each department by a Chinese wall.

You must appoint a third-party internal auditors (who will internally audit your company every three months. You must appoint external auditor company who will make your annual financial audits. You must every month submit a capital adequacy report to the CySEC.

And you must be allways member of the Investor Compensation Fund, which will insure your client's deposits in amount of EUR 20,000 per client for the case of bankrupcy of your company.

You must follow a lot of the Laws - the most important is Law 144(I)/2007 - "Investment Services and Activities and Regulated Markets Law of 2007", Law 188(I)/2007 - "The Prevention and Suppression of Money Laundering Activities Law of 2007
" and Law 138(I)/2001 - "The Processing of Personal Data (Protection of Individuals) Law of 2001".

You must maintain a mechanisms to protect your client's private information. Only authorized persons must have acces to this information. It is very serious...

So, as you see, the regulated brokers - are very serious companies who keep their business as their life.

As for me - I invested EUR 2,500,000 to the United World Capital, so you understand how it is important for me, how is important for me to keep the company allways in accordance with the law.

And, you must allways approve with CySEC all of your advertisments!

Now, let's compare this with Mauritius license... First of all - this license will not allow you to deal with the Mauritius citizens, you can not establish Mauritius office and no one Mauritius bank will open a bank account for your company. Your license is a GLOBAL BUSINESS LICENSE, what means - pay us money and do whatever you want - outside of our country. The total cost of this licenese (including share capital) is around EUR 20,000. You see the difference, right? You do not need to have any audit, you do not need to maintain a capital adequacy, you do not need to have qualified personnel, you do not have any restrictions in advertisment... So, you can just say - WELCOME TO MY FOREX COMPANY AND BECOME MILLIONARIE.

Let's compare this with unregulated company - you do not need any approval, you do not need any qualified staff, you do not need any policies, you do not need any capital, you do not need anything. Just pay 1,000 dollrs for your business formation and do wahtewer you want. You also do not need to show your name as a shareholder and director. You can use John Doe (or Joe Adams or Mark Smith!!)as shareholder and director.

So, as told to you - the first what you need to look to - THE COUNTRY OF INCORPORATION. Next, as I told, each (almost all) country has a regulatory body. So, your company must be ONSHORE (local) company and must be authorized with this country's regulatory body.

What you need to look next - the BANK DETAILS. Your company must have corporate account in the country of incorporation. Remember - bank will not open your company local onshore account if you company is not authorized for the business it provides by the relevant authorities.

Ofcourse, the license information and registration information must be shown on first page. "

As You see friends, this is why prime4x is no more regulated by CySEC, Mauritius license is crap, it's just cheating, nothing secure for the client, that is why FSC do not answer the claims by mail. That the angels protect us!!

 

[lawrenceA]

Woaw....thanks pato.

 

[FXFORME]

www.primeforex.ir

deleted by ...

 

[FXFORME]

Deleted by ...

 

[hoba]

Hi Everyone.
We have uploaded some evidences in this website so anyone can see that we have the same problem with Prime4x too.so we are not responsible for their act.
Welcome To Prime4x ; Disclosure...!
check it out.
and to MR Joe.I hope you remember me.I have sent you so many emails about my My Case and Also my cleints.as you know we are an international IB and we have so many clients from all over the wrold.
Would you please answer me some questions?
I have requested for TT Scan of my Wire transfers for about last 25 days but never got any thing.
do you think we should Still stay Calm?
I contacted one of your Stafs MR Amr and he told me to stay calm and our money is in a safe place.I just want to know the only safe Place for my money and our clients is our bank account , not yours.
your Staf MArk Smith from your Facebook ignored all of my Comment in your facebook page and the have emailed me and told me that My IB is going to terminate if I continue my comments.that's all right with me.
just send us our money and also send our clients money and then do anything you want.
what is your answer for two wire transfers that takes more than 1 month?
your accountant department always told me that they have wired it but I never get any TT Scan and Also any thing in my account.
everyone can check the last statment of our Royal Bank Account that I have Uploaded in Welcome To Prime4x ; Disclosure...! website.

Mr jo how is Mr Jo i am say before that we have to make investigate about this person