Hi, has anyone use Prime Capital FX? based in “Dubai” They offer a managed account. I have been told they are showing between 4-6% pm and i can start with 500 Euros “try before you buy” they say sounds good plus its TAX free because its in Dubai but im not 100% sure its not a bucket shop.
Can someone please have a look see what you think.
Thanks
Had a quick look at prime-fx.com for you. It seems they have the same webpage as dohacap.com
Prime Capital say that they won the fastest growing forex broker Europe 2012 (although having no European address)
and the fastest growing forex broker middle east 2012 by the Dubai banking and finance review. Not only can i find NO info about the awards online but I can not find any info about the Dubai banking and Finance review (a fictional award given from a fictional review)
They say that they are regulated by The “Dubai Futures Association (DFA)” but if you Google it the only page it comes up with is Prime Capitals (would you expect anything less from a company with fictional awards to be regulated by a fictional regulatory body)
If you Google the address it comes up as a servcorp Virtual Office meaning they are not in Dubai. If you go to servcorp webpage you can see they supply Dubai phone and fax numbers.
If you check the domain, it was registered in Panama. Which is where they will be based running the scam from.
So to sum up, if you do business with Prime Capital THEY WILL STEEL YOUR MONEY and there is nothing you can do
because the company will disappear over night just as it did appear.
Scam.
You have said it all. But remember, brokers don’t just come and go as you are leading us to believe. It cost quite alot to start a brokerage firm, so it is not easy to just come up and disappear. If this broker is in business then am sure they will stay for a long time. The only thing you should be concerned is if the trading terms are favorable to you. There is not really a scam broker out there. The fact is, most of these brokers do some tricks and lie to get money from their clients, but overall, they won’t disappear (regulated brokers are very good at tricks). Just make sure the broker has a good reputation in terms of client satisfaction.
to be honest i also received a call, i also paid 500$, later another 2000$. i have an access to a web page where i can login and control the progress. so far have had up to 4% monthly (running for 3 months). they have been keeping giving me calls once in a time.
i am still not able to evaluate if it is a scam and they have been just pretending the trading or real trading. it has been 50:50 to me.
in a few months i plan a trip to the UAE where i will made a visit to their offices and try to find out more…
I have also been trading with Prime for around 2 years. I have traded between 5-25k during that period. I have always received withdrawals from the company and they seem like professionals.
Most months I see an average of about 1-3% a month although last year there were 3 losing months in row losing about 6% during those months.
I think their commission is quite high (20%) compared to my other PAMM account which trades on 15% but has a high watermark which Prime do not offer.
A bit late for me to find this forum & the excellent posts; Cold-called in the UK in the summer [cold calling is against UK financial regulations] …invested 500 euros then a further 11,000euros …then came a “sting” for 100k! At last I woke up! Asked for 7k back before I would send the 100k & received this & then severed phone contact. Failed to get my remaining 5.2k back …surprise surprise!! Unregulated in Dubai or UK or anywhere else I imagine. Reported assumed scam/fraud/Ponzi to UK & US & UAE regulators.
I guess my username could have been “stupid UK” !!
Dear ¨Redarthur¨,
Your post has been brought to our attention.
All clients receive a due dilligence package as standard when they open an account with us. Prime Capital is authorized and regulated by the RAK Investment Authority No. A207/04/13/6400. The Rak Financial Services Authority acts as a regulatory and auditing body for all the financial companies and institutions in RakOffshore. The Financial Services Authority is completely autonomous and complies with all international as well as local regulations on AML and KYC. More information on the Rak Financial Services Authority can be found at rakoffshore.org/site/page/financial_services_authority.
We have tried to contact you on numerous occasions to process your withdrawal request, but as stated above, you have severed contact with us. Up to this moment, we are still waiting on a completed withdrawal request form from yourself and have repeatedly requested this from you. We are unable to process your withdrawal request, and will not do so, until you have completed the appropriate form.
As you have indeed stated, you have received all previous withdrawal requests. We are required to process all withdrawal requests received before 14:00 same day. If the request arrives with us after 14:00 or on a holiday or weekend, it will be processed the next business day.
Finally, we as a company do not cold call. After checking our records, you submitted your details to one of our affiliates requesting information on financial products in 2010. Secondly, we contacted you via a Spanish telephone number, not in the UK as you have claimed.
We urge you to contact us directly to discuss, either via telephone +971 4453 2632, or via e-mail at customerrelations @prime-fx.com.
Kind Regards,
The Prime Capital Team
And the scam continues.
Redarthur more like red herring.
Be aware all post apart from the first 2 are by Prime-FX the next post will be from “redarthur” saying how sorry he is and that he got all his money back, don’t be fooled.
If Prime-fx are in the UAE then they should be regulated with the DFSA.
Sorry I’m NOT from Prime-FX and all I stated above is 100% truth. To be honest I still did not make my mind if the prime-fx is a scam or not. I have submitted no withdrawal request as of yet so cannot evaluate. However their communication is quite professional (although sometimes too much of a pressure IMHO)
And really the truth is that probably in February I’d like to give a visit to Dubai (trip) and to visit Prime-FX personally…
Perhaps I’ll try to ask DSFA via email if they got a clue about Prime-FX…
And I’m from the east Europe btw…
Moran, if you reread my post you will see that it is hardly likely to have come from Prime-Fx! However, this thread is now overtly “compromised” by Prime-Fx in their rebuttal of my post. In principle you are correct in that there is at least 1 spurious post which is likely to have come from Prime…[colinjames2122] & that no further posts should be trusted.
I thought that your first post was helpful & your last correct in principle but just irritating to me!!
Finally, from your first post, “steal” in this context is spelled with an “a”!
too many inaccuracies here …perhaps due diligence [1 “L” ] is required?
If you see this thread; follow Moran’s advice.
Redarthur so did they address your issues after your posting here?
Could you please let us know if they did send you your money at the end?
thx
Sorry Redarthur, I also do not work for Prime FX. I was simply responding to the original poster, who asked if anyone had ever traded with Prime, hardly spurious!
As an ex-employee of FXCM I find these sort of postings humorous. I am not aware of any fraudulent complaints or fines ever actually imposed on us. However, if you look online:
forums.babypips.com/newbie-island/35959-fxcm-scam.html
This one I find particularly enjoyable:
nationalforex.com/2013/05/20/fxcm-com-reviews-fxcm-is-a-freemason-scam-based-on-the-7sins Fxcm.com Reviews: FXCM is a FreeMason scam based on the 7 sins. - National Forex
The bottom line is that traders lose money due to their lack of fundamental knowledge in the currency markets, they just refuse to admit it and try to blame the broker.
Although I am sure that everyone in the forum appreciates your grammar lessons Redarthur. Have you ever considered that English is not everyone’s first language in the world?
Alvarhanso,Hi!
No,no further money received & non expected[& withdrawal forms were submitted!!]. Moran seems to understand the situation best…very interesting to see the copy site dohacap.com in Moran’s first post. I am not a tech person so appreciate Moran’s detective work in finding the domain in Panama & being so clear that this is a scam. I feel very gullible & irritated that I was fooled & groomed so easily but relieved that I did not lose more.
Many thanks for the answer.
I’m an IT tech person - at least I do make my living by IT business.
I do not find the issue about Panama domain so crucial, this is always about taxes and other stuff.
At least I should be able to find out if their UAE address is valid, since I should give them a visit - they have been inviting me for a visit since the very beginning.
Still haven’t made my mind though if they are scam or not. As already written the thing I did not like the most was that sometimes they push quite hard to convince you to send money.
When chatting with them via skype, they were able to give valid forex answers in real-time regarding current forex situation e.g. for a particular currency pair - they seemed to be watching forex situation in real time. (I have forex as a hobby in my spare time) …
Really difficult to say … to me still 50:50
Prime Capital-fx
There appears to be various opinions about the validity of Prime Capital as an investment opportunity for individuals.
BE WARNED this is my experience. I received a cold call by a Peter Shaw and was persuaded; whereby they had an offer to initially invest 500 Euros and after a month I would be free to withdraw my money or to add a further 5000 Euros.
My first trade was 01 October 2013 on the EUR/GBP. During which time I watched my account be credited and debited, with various currency pairs, post event, but overall show a healthy gain. At first I was encouraged with regular phone calls from my “account manager”. At the month end I decided to ask for a withdrawal of my money. My intention was to re-invest in a few months time. I filled in the required withdrawal form, with some help from Peter Shaw, and forwarded it to admin. In the meantime I received a phone call from a Matt Wilson, who informed me he was a manager with Prime Capital and hailed from Washington D.C. He tried to persuade me to continue with the investment, but when he did not succeed, promised to leave a note for Peter Shaw to hurry up the withdrawal process. Where he left the note paper I do not know, perhaps the toilet. I have since sent several emails which have not been answered, leaving me to presume they have run out of delaying tactics and excuses. There has been no activity on my account since 02/12/2013, it appears to have ceased trading and to date I have not received any of my money back. In my opinion you should stay well clear. BE WARNED about Prime Capital-fx.
hi to all. i can confirm that since december the 10th there has neither been any trading activity at my account nor were there any answers to my emails… so i guess that it’s over including my 2500 $ invested. stay away, it seems to be a scam …
likewise;all remaining money lost & no contact for weeks.
Guys, If you have been defrauded by these people please report it. Here in the UK we have actionfraud.police
They do not guarantee to investigate but worth a try. Surely you have details of the bank accounts you transferred to. Perhaps even recordings of the phone conversations / e mails. I know it is still a long shot but worth trying. Hope other countries have a similar service for reporting Fraud. They claim to be registered by rak offshore. This seems to be an offshore company registration service rather than a true regulator but I reckon they know something about Prime Capital in Dubai. They were not letting on when I called them saying they have a confidential duty to their companies. A proper fraud investigator may get more info out of them. A lot of money unaccounted for (I too was fooled and lost some). We must try to recover money if possible and these people need to be made accountable for what they have done!
I’m with you. There nothing like anti fraud office in Slovakia (at least I’m not aware of any). I got emails, skype communication, money transfer logs. If you let me know who could I contact in this regards I will be happy doing so. RAK did reply to me in the same manner (they cannot provide me with any information).
Thanks