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  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
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    Prime4x.com Scam Confirmation

    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    In the summer of 2010, the FPA began receiving a larger than average number of complaints. Since then, the number of new complaints has kept ahead of the number of resolved issues. The total amount of time and effort the FPA has spend on dealing with Prime4x exceeds what was put into dealing with Crown Forex and Sigma Forex combined.

    The original excuse from Prime4x was something about accounting issues with a bank and a problem with one IB. All those issues were supposed to be resolved at beginning of August. A few payments did get made in early August and then the complaints started up again.

    New excuses kept coming. There were other issues with banks, each soon to be resolved. Then there was a religious holiday that closed the banks in Dubai. Everything was supposed to be fixed the following week. The same pattern was followed - a couple of people got paid and everyone else had to wait for a new excuse.

    It looks like it's not even safe to be an IB for Prime 4x. Fx Persia has had a large number of angry clients who haven't been paid. A Nigerian IB reports being jailed after a client filed charges against him. An Indonesian IB reports threats of violence against him by his unpaid traders.

    After much discussion between Prime 4x and the FPA, Robert from Prime send a promise to 19 traders that they would be paid within 48 hours. Later, Omari explained that this meant 48 business hours after payments didn't happen. After more than 2 weeks., Omari finally agree to really pay them. Some of those traders got emails saying that a bank wire had been sent. Some got notified that Prime 4x can't do Liberty Reserve withdrawals. Some got no new message from Prime 4x.

    Omari claims that all clients were notified sometime last week that Prime4x can't send money using Liberty Reserve until the end of the year. We don't know if this is temporary or permanent. We do know that a check of Prime4x's website still shows LR as being available. A live chat representative claimed that LR is still available for deposits and withdrawals.

    The number of old and complaints is too high. The record of excuses and broken promises has gone on for too long. We don't know why Prime4x.com seems to be able to pay some traders quickly while others wait for months. We do know that this behavior is unacceptable in any brokerage. The FPA shouldn't have to send multiple emails to a broker reminding them that they already promised to pay a trader. Having to do this for months for dozens of traders is not something we can allow to continue. Something is very wrong at Prime4x.

    Failure to return money legitimately owed to traders is the FPA's first definition of scam. In this case, Prime 4x has paid some traders, but others have been waiting for weeks or months. New complaints have been coming in faster than old ones have been resolved. Prime4x's response to deadlines has been a string of delays and broken promises, punctuated by the occasional payment.

    Under these circumstances, Prime4x.com has forced us to declare it to be a scam. We offer Prime4x the opportunity to have this scam finding lifted by meeting these requirements. First, the company must resolve all pending withdrawal issues that have been brought to the attention of the FPA in our forums and reviews. Second, the number of complaints of withdrawal delays against Prime 4x must decline to a reasonable number and the delays must be for reasonable periods. All brokerages will have the occasional issue with delays in payments, but whatever is going on at Prime4x is much worse than a small handful of paperwork snags.

    Prime4x.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company. For those who already have accounts there, we recommend that you attempt to withdraw all funds as quickly as possible. If you encounter any trouble getting a withdrawal processed within a reasonable amount of time, we recommend you file fraud complaints with the appropriate authorities.


    We wish thank FPA Investigator Gerard and the FPA's AsstModerator Bill for their efforts on this case. We thank all those traders who have contacted the FPA to discuss these issues. We extend our regrets to all FPA members who still haven't gotten their withdrawals processed.


    Discussion Thread for this Scam Finding

    List of client complaints against Prime 4x. Report Prime4x successful and unsuccessful withdrawals here.

    Original warning message sent about Prime4x.com

    FPA Review Page for Prime4x
     

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