2010-12-22 Prime 4x has missed too many deadlines, broken too many promises and failed to pay too many traders. The FPA has no choice but to declare Prime4x to be a scam. They have been promising that issues would be fixed "soon" since the summer of 2010.
Prime4x is now blacklisted by the Forex Peace Army. We warn traders to not open accounts there. If you have an account with Prime 4x, we recommend that you try to withdraw all of your funds immediately.
Prime4x is refusing to communicate with the FPA over client issues. We are becoming convinced that Prime4x has no intention of paying the money owed to most who have complained.
We are told that as of December 2010, Prime 4X hired additional staff to resolve longering withdrawal issues. Despite this, the number of complaints has been increasing and the number of confirmed payments still remains unacceptably small. Several of those who have gotten one long-delayed withdrawal now complaint that they can't get a second withdrawal processed.
Currently, Prime4x can not use Liberty Reserve. Bank wire seems to be the preferred method. Non-Iranian clients can also use MoneyBookers.
We invite anyone who is still having a withdrawal issue to post a review here with their account number. Anyone who's issue has been resolved is encouraged to leave a followup review.
NOTE: Cysec has issued a warning over licensing issues for Prime Forex. You can read it here...
We are told that Prime4x is splitting into 2 branches. The Mauritius branch license has been issued. We are still awaiting further clarification of this.
ATTN All Iranian Clients: Whether or not you have an IB, as of 2011-01-04, Prime4x will not send to you by any method other than Bank Wire. You need a bank account outside of Iran in your name to recieve funds.
FX Persia Clients: The FPA is working with your IB to help try to get your money out of Prime4x. At this point, Prime4x is requiring that you open a bank account in another country to recieve the funds. If you have an exterior bank account, notify your IB immediately.
IBs for Prime4x include Fx-Persia.com, prime4xindo.com, nusaforex.com and selatanfx.com
IB WARNING: There are severe issues regarding withdrawals from accounts associated with IBs that accepted deposits and payed out withdrawals. Originally, the FPA thought this was primarily limited to one or two IBs, but the problem seems to extend further. The FPA recommends AGAINST depositing money with any broker via an IB. If you have placed money this way, the FPA recomends that you try to withdraw it immediately. Othewise, you risk having your broker and your IB each claim that the other has your money.
2010-12-09 : We have an unconfirmed report of at least one Prime4x IB being held in police custody over money owed to clients by Prime4x. As of December 17th, we have no confirmation that a withdrawal of $2000 reportedly removed from a client's account on August 31st has been sent. As far as we know, clients remain unpaid. We have been informed that the IB is now out on bail.
Website has been down since March 2011. It looks like Prime4x is dead!