This Traders Prime Market review will analyze the broker’s operations, focusing on red flags and tips for recovering lost funds if scammed.
Traders Prime Market Broker Overview
- Website: https://tradersprimemarket.co/
- Website Availability: YES
- Headquarters Country: United States
- Owned By: Traders Prime Market LTD
- Blacklisted by: Financial Conduct Authority (United Kingdom)
- Domain Age:
- Name: tradersprimemarket.co
- Registry Domain ID: REDACTED FOR PRIVACY
- Registered On: 2024-11-25T12:45:50Z
- Expires On: 2025-11-25T12:45:50Z
- Updated On: 2024-12-10T10:01:49Z
The tradersprimemarket.co site presents Traders Prime Markets as a completely integrated trading place with a full suite of financial instruments, including forex, commodities, indices, and cryptocurrencies. Yet, with a professional front, it has some core issues regarding its legitimacy.
The absence of Regulatory Information
An immediate red flag is that of Regulator Approval. Traders Prime Market claims regulation by the Financial Services Regulatory Authority (FSRA) in Saint Lucia. The FSRA, after all, has issued a warning saying it does not regulate forex trading activities, meaning it is an unauthorized platform. There is, therefore, no authority body on the ground that would ensure that the platform is operating according to financial standards or safeguarding funds for clients.
Domain Recently Registered
Such new registration goes back to November 25, 2024, making it five months old. Websites with such recent registrations are often synonymous with a scam, as scam operations usually take advantage of new registrations to create their website without being easily detected and to create false legitimacy.
Warned Against by FCA
These come with further concerns, as the UK’s financial conduct authority (FCA) has given warnings about similar platforms which operated without authority. It includes fines against firms such as Macquarie Bank where the specific failings resulted in fictitious trades. It shows the importance of regulatory oversight. Traders Prime Market may, however, not be directly named, but the behavior of the FCA makes clear the risks of using unregulated trading platforms.
Avoid These Popular Online and Financial Scams
Scammers have various ways to get into the minds of people and take away money from them. Here’s the list of scams:
- WhatsApp Scams: Scammers pretend to be officials, friends, or investment consultants. Their task is to lead the victim to invest in fake schemes or attempt phishing.
- Telegram Scams: Scammers create bogus groups and pose as real businesses to promote fraudulent investments, fake giveaways, and Ponzi schemes.
- Ponzi Scams: Their promise is of high returns and low risk, which is paid by new investors to earlier ones until the scheme collapses.
- NFT Scams: Scammers create bogus NFT projects, artificially inflate the price of NFTs, or simply dupe buyers into purchasing worthless digital collectibles.
- Amazon Scams: Fake Amazon representatives trick users into leaking personal details via fake order confirmation emails, refund scams, or phishing websites.
Is Traders Prime Market Broker Legitimate?
Using the following aspects, we try to confirm the legitimacy of Traders Prime Market Broker:
- Regulation Status: Legitimate brokers are regulated by the SEC, FCA, or ASIC. The lack of regulatory information is a big red flag.
- User Reviews and Complaints: Complaints from dozens of investors regarding lost funds and withdrawal issues point to scamming.
- Transparency and Credibility: Lack of company data, hidden fees, and misleading terms are signs of fraud.
How to Get Funds Back from Traders Prime Market Broker?
If you got scammed by Traders Prime Market Broker, these steps might help you recover your funds:
- Report to Your Bank or Payment Provider: Refer to transactions made without your permission and file a chargeback request.
- Collect All Evidence: All communications, transaction receipts, and screenshots should be consolidated as proof of the scam.
- Complaint Registration with Financial Authorities: Report the scam to the regulator within your country.
- Consider Seeking Professional Help: Recovery experts can follow the money trail and launch a lawsuit against the fraudulent brokers.
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New fraudulent schemes targeting traders are something we are constantly keeping an eye on across the internet. Having gathered data on scam brokers for over ten years, we hardly can think of any other untrustworthy company in the market. Information about the scammers is provided below from our List of SCAM Brokers.
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Stay informed and trade wisely!