PrimoTrade (primotrade.co) is SCAM!

Scamvictim65

Recruit
Messages
5
Primo Trade (primotrade.co) is SCAM!
I have a large deposit amount on my account, but when trying to withdraw my money 2 weeks ago, since then status is pending and no reaction to my emails and phone calls to their support are also not answered. Via their phonenumber used for earlier communication they have contacted me again, now using the name of bitcoinacademy.
 

FxMaster

Lt. Colonel
Messages
10,388
Primo Trade (primotrade.co) is SCAM!
I have a large deposit amount on my account, but when trying to withdraw my money 2 weeks ago, since then status is pending and no reaction to my emails and phone calls to their support are also not answered. Via their phonenumber used for earlier communication they have contacted me again, now using the name of bitcoinacademy.
How and when you deposited the money?
what was your actual deposit?
 

Scamvictim65

Recruit
Messages
5
I opened my account with them after phone contact. this was a deposit of approx. 200 euro via Moon Pay Ltd via a bank transfer. Then we had another contact via phone and they instructed me to create an account with Binance and they showed me how to deposit money with Binance to buy bitcoins and from there transfer to agiven wallet. I did a small deposit of around 100 euros by myself, which took them a little by surprise, but to the same wallet. In the same time the account at the client.primotrade.co showed a slow growth but with interesting amounts.
A week later I was contacted again with an offer to deposit another amount, to make sure that over the week the total amount on the account was 10.000 euro, by depositing 5000 euro myself and a complementing 5000 euros from their side. Then after the week the amount would have grown with another 10.000 euro due to their "interesting deal" with JPMorgan&Chase bank. All fake as I realized later.
The deposit was done via banktransfer to Binance and from there they guided me through the process to transfer this amount to another wallet address.
Very shortly after the transaction on Binance the amount was visible on my account page with PrimoTrade.

When the period was over indeed the account showed the additional 10.000 euro added.
I got a phone call to check if I had seen this. When confirmed from my side they came up with an interesting proposal. As JPMorgan&Chase was in desparate need of Bitcoin, but were not able to buy those themselves, you can earn money by helping them. buy Bitcoin, transfer to them and you will get a refund almost immediately and a profit of 40 percent. A person, calling himself Michael Stevens, is impersonating the exclusive representative of JPMorgan &Chase with PrimoTrade.So bought Bitcoin via Binance, transferred to a wallet address under the guideance of this mr. Stevens. Strange thing happens that the amount is split into 2 transactions both around half of the money when it shows in my account.

An email with a "confirmation" of the planned refund of the 50.000 euro and the 20.000 euro profit is received. At later investigation when everything had happened it showed that the email was completely fake. As this was the first transaction with JPMorgan&Chase it would take up to 48 hrs before refund was done. In the mean time a second offer for the same transaction with even bigger profit (50 percent) was issued. At that moment I had a complete weak moment. I had somewhere the feeling that it couldn't be right, but I have ignored my own gut feeling.

Same process. Buy Bitcoins via Binance, transfer/trade to another wallet again. Promise of direct refund via Ideal payment services.
This doesn't happen immediately, but an email is received that the money can't be refunded in 1 go due to Anti Money laundering rules. Follow instructions issued to Mr Stevens.
2 other deposits of 50.000 euro each are needed to "release "the money with Ideal.

As the transaction limit is 50.000 euro/day the appointment is made to do this in 2 days.
Same procedure again. Deposit 50.000 euro via Ideal to Binance, trade to Bitcoins and transfer to a wallet.
After the last transaction, as sson as confirmation is visible at binance, phone is dropped and the Anydesk session ended.

All transactions are visible in Binance history and the deposited money is visible in my account at Primo Trade, but when I want to withdraw the money, the amounts I want to withdraw show up with a status Pending and nothing happened.

From last 3 sessions I have recordings from Anydesk.

And this morning I was called by someone from Blockchain, impersonating they were from Blockchain.com and they were helping to get things sorted with PrimoTrade. I asked for some evidence via email. A fake email with a reply adress of support@blockchain2021.net instead of blockchain.com was sent to me. Email can be sent upon request.

Investigating the domain name, together with the earlier fake emails showed that all of these domains are registered at NAMECHEAP

Their procedure/requirementto recover my money was that I had to deposit another 10 percent of the value of the account, that it would be transferred to a wallet created in Exodus on my computer and that they then would transfer around 7.67 Bitcoin to this wallet representing the value on PrimoTrade and I then would be able to withdraw the money. As I didn't have the money and didn't trust it at all, I wasted an hour of their time without actually doing any financial transaction.

When ever required I can provide more details with all Bitcoin transactions (wallets and trasnaction IDs).
 

FxMaster

Lt. Colonel
Messages
10,388
I opened my account with them after phone contact. this was a deposit of approx. 200 euro via Moon Pay Ltd via a bank transfer. Then we had another contact via phone and they instructed me to create an account with Binance and they showed me how to deposit money with Binance to buy bitcoins and from there transfer to agiven wallet. I did a small deposit of around 100 euros by myself, which took them a little by surprise, but to the same wallet. In the same time the account at the client.primotrade.co showed a slow growth but with interesting amounts.
A week later I was contacted again with an offer to deposit another amount, to make sure that over the week the total amount on the account was 10.000 euro, by depositing 5000 euro myself and a complementing 5000 euros from their side. Then after the week the amount would have grown with another 10.000 euro due to their "interesting deal" with JPMorgan&Chase bank. All fake as I realized later.
The deposit was done via banktransfer to Binance and from there they guided me through the process to transfer this amount to another wallet address.
Very shortly after the transaction on Binance the amount was visible on my account page with PrimoTrade.

When the period was over indeed the account showed the additional 10.000 euro added.
I got a phone call to check if I had seen this. When confirmed from my side they came up with an interesting proposal. As JPMorgan&Chase was in desparate need of Bitcoin, but were not able to buy those themselves, you can earn money by helping them. buy Bitcoin, transfer to them and you will get a refund almost immediately and a profit of 40 percent. A person, calling himself Michael Stevens, is impersonating the exclusive representative of JPMorgan &Chase with PrimoTrade.So bought Bitcoin via Binance, transferred to a wallet address under the guideance of this mr. Stevens. Strange thing happens that the amount is split into 2 transactions both around half of the money when it shows in my account.

An email with a "confirmation" of the planned refund of the 50.000 euro and the 20.000 euro profit is received. At later investigation when everything had happened it showed that the email was completely fake. As this was the first transaction with JPMorgan&Chase it would take up to 48 hrs before refund was done. In the mean time a second offer for the same transaction with even bigger profit (50 percent) was issued. At that moment I had a complete weak moment. I had somewhere the feeling that it couldn't be right, but I have ignored my own gut feeling.

Same process. Buy Bitcoins via Binance, transfer/trade to another wallet again. Promise of direct refund via Ideal payment services.
This doesn't happen immediately, but an email is received that the money can't be refunded in 1 go due to Anti Money laundering rules. Follow instructions issued to Mr Stevens.
2 other deposits of 50.000 euro each are needed to "release "the money with Ideal.

As the transaction limit is 50.000 euro/day the appointment is made to do this in 2 days.
Same procedure again. Deposit 50.000 euro via Ideal to Binance, trade to Bitcoins and transfer to a wallet.
After the last transaction, as sson as confirmation is visible at binance, phone is dropped and the Anydesk session ended.

All transactions are visible in Binance history and the deposited money is visible in my account at Primo Trade, but when I want to withdraw the money, the amounts I want to withdraw show up with a status Pending and nothing happened.

From last 3 sessions I have recordings from Anydesk.

And this morning I was called by someone from Blockchain, impersonating they were from Blockchain.com and they were helping to get things sorted with PrimoTrade. I asked for some evidence via email. A fake email with a reply adress of support@blockchain2021.net instead of blockchain.com was sent to me. Email can be sent upon request.

Investigating the domain name, together with the earlier fake emails showed that all of these domains are registered at NAMECHEAP

Their procedure/requirementto recover my money was that I had to deposit another 10 percent of the value of the account, that it would be transferred to a wallet created in Exodus on my computer and that they then would transfer around 7.67 Bitcoin to this wallet representing the value on PrimoTrade and I then would be able to withdraw the money. As I didn't have the money and didn't trust it at all, I wasted an hour of their time without actually doing any financial transaction.

When ever required I can provide more details with all Bitcoin transactions (wallets and trasnaction IDs).

I saw that you already left a review here https://www.forexpeacearmy.com/forex-reviews/18954/primotrade-forex-brokers

Now, follow this............

Let's start with adding your story as a review https://www.forexpeacearmy.com/forex-reviews/18560/24xforex-forex-brokers and then follow the below suggestions.

First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: The invitation button will be enabled when your first post reaches 4 days old.
Note 2: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 3: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

OP Screen shot.jpg
 

Scamvictim65

Recruit
Messages
5
Maybe a bit unclear to me, but you want me to add a copy of my story to the review section for PrimoTrade and then also use the invite button to get them invited to the review? And only enter my account number with them in the invite? When these are the steps I will be able to manage. If I have missed something, please help me out.
 

Scamvictim65

Recruit
Messages
5
I am very sorry, but the invite to the company is requiring to enter ALL fields. So this instruction is not completely correct by only entering your account number.
 

The Punisher

Sergeant Major
Messages
660
This company is part of a spider-web of white labels and appears to be ran by Malarkey Consulting Ltd. The website was setup in January of 2020 and their IP is 172.67.143.154 but this broker has no regulations or registrations for trading. GMX Markets, likely another scam broker, also has a company profile showing Malarkey Consulting Ltd. There is a US company also called Malarkey Consulting but it does not appear to be related. You might be able to reach out to Malarkey Consulting in the US and inform them of this fraud by Malarkey Consulting Ltd. Dominica. Assuming Malarkey Consulting in the US is NOT related to the company in Dominica then they may be willing to help you push on the scammers since their business name is closely related and can inadvertently be associated with this scam.

Tradingnetwork has the real label/license with Metaquotes and is the one selling White Label licenses to all of the brokers shown below, including Primo Trade. Tradingnetwork is enabling this fraud to occur via their White Label license agreements to allow Primo to use MetaTrader (i.e. owned by Meta Quotes). One thing I should start to advise victims on is to complain heavily to Metaquotes as they are complacent with many of these scams but take no action to stop them.

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Websites sharing the same IP
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This website is owned and operated by Malarkey Consulting LTD, company registration number: 2020/IBC00078 and registered address 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.


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