Prime Trading Review – The Purported Broker Not Recommended!!!

Is Prime Trading a trustworthy online trading platform? The short answer is NO. In fact, this entity seems to be a scam, based on several red flags it exhibits. Here’s a summary table of the company:

A Brief About Prime Trading (www.prime-trading.com)

Prime Trading asserts itself as an online trading platform with a presence in various parts of the globe including South America, Europe, and Asia. Further, the purported company claims to offer efficient trading strategies traders can use on a diverse range of financial instruments to maximize profits and minimize risks. What’s more, it purports to provide the latest online trading technology solutions and support services to its customers. 

While these claims make Prime Trading LLC seem great, there’s no running away from the fact that this purported online trading entity exhibits serious red flags that just cannot be ignored. To that end, below are the said red flags: 

1. A Suspicious LinkedIn Follow Button

To start with, there’s a questionable LinkedIn follow button on the right side of the footer section of the Prime Trading website. When you click on the button, it takes you to a different company called “Squarespace”, on LinkedIn. 

Upon further probe, we discovered that SquareSpace is a web services platform that operates independently. Prime Trading LLC and SquareSpace are completely unrelated entities, offering services in totally different fields. 

Link Misdirection is a deceptive tactic sometimes used by scammers to;

• One, confuse you about the legitimacy of their platforms.
• Two, create a false association with a reputable entity to borrow some credibility.

In this tactic, fraudsters will put a link that appears to lead you to a page on the Web(could be a social media page, or so) associated with the company. But in reality, the page may be leading to a different website. 

2. No Company Registration Details

Further, Prime Trading LLC claims to be situated in Chicago, USA, as an online trading broker. Yet its website does not show any registration details about the company. 

We looked up PT on both the Securities and Exchange Commission(SEC) and the Financial Industry Regulatory Authority(FINRA) websites. However, we did not find registration details, meaning that the entity is not an authorized online trading broker.

Yet the US financial laws stipulate that all online trading brokers must be registered and overseen by the SEC or FINRA. 

P. Trading appears to be a scam broker due to, among other things, the lack of proper registration and regulatory oversight. This critical shortfall raises a significant red flag.

3. Prime Trading LLC Appears To Be Related To An Unlicensed Securities Brokerage on Authorities’ Alert List

Additionally, PT has a few similarities to a company called “Prime International Trading LTD”, a securities firm that has been flagged by the Securities and Futures Commission (SFC) of Hong Kong. For example both firms:

• Operate unlawfully without registration or authorization.
• Bear almost identical names e.g. Prime Trading and Prime International Trading, respectively. 
• Have a similar web domain format, which includes a hyphen—prime-trading.com for Prime Trading LLC and prime-commodities.com for Prime International Trading LTD. If you are not careful enough, you may easily mistake one domain for the other.
• Are purportedly located in Chicago, USA with PT and PIT supposedly situated on South Financial Place Street and  West Jackson Boulevard Street, respectively. 

These similarities indicate that the two questionable entities may be related or owned by the same individual(s).

4. False Stock Exchange Listing Claims

Prime Trading LLC claims, on its LinkedIn page, to be active on various exchanges worldwide including:

• B3 (Bovespa)  – the main stock exchange in Brazil.
• Osaka Exchange(OSE)  –  one of Japan’s major stock exchanges
• EUREX  —  an international exchange for futures and options headquartered in Germany.

However, we looked up PT on B3, OSE, and EUREX, and found that the company is listed only on EUREX as an exchange participant, contrary to its misleading claims.

Exchange impersonation is one of the deceptive tactics a dubious online trading entity may use to look legitimate and attract potential clients. In this tactic, the purported entity may falsely claim to be active in established exchanges just to look credible. As an investor, you should watch out not to fall victim to this deceptive tactic. 

Prime Trading LLC is, however, listed as an exchange participant on EUREX as I stated earlier as you can see in the image below: 

It’s important to state that while this means that P.T is authorized to participate in the Eurex exchange, it doesn’t necessarily imply that the company is trustworthy. I  stated in this post about an American MLM company called Primerica that being listed on a stock exchange doesn’t guarantee a company’s integrity. 

Remember that EUREX has its own qualification standards, which are generally different from the qualification standards of regulatory bodies. Unlike these bodies’ qualification standards, EUREX’s standards focus on aspects unrelated to trust. The exchange does not put a big emphasis on trust-related aspects such as ethical conduct, transparency, and accountability. Therefore, any rogue online trading platform can easily pass their membership criteria. 

Report A Scam To Your Financial Regulator And Start Pursuing Your Funds From Here!!!

Fallen victim to P. Trading or another scam broker? If so, and you have evidence(i.e. proof of payment(s) and communication, here’s an opportunity to:

• One, report the scammer to the financial services regulator in charge of your country.
• To initiate a fund recovery process. 

To start, send us an email at scamread@scamreader.info. We’ll take it from there. 

Final Thoughts On Prime Trading

To conclude this independent review of Prime Trading, I’d like to objectively state that PT LLC is not an entity with which you want to entrust your hard-earned money. This purported online trading platform just exhibits too many serious red flags to give the benefit of the doubt. Therefore, we at SCAMREADER simply don’t recommend it. And if you have lost your money to it already or to another scam, follow the above steps to start pursuing your funds.