PRIMECFDS I think they are a scam

Binary Options ForumCategory: Broker QuestionsPRIMECFDS I think they are a scam
Kevon Mason asked 6 months ago

I foolishly invested a large amount of money with WMOptions approximately January 2017, who have now changed their name to PrimeCFDS.

My account manger Ethan Stark assured me that I would easily be able to make a withdrawal. Not long after informing my account manger I would be making a withdrawal soon, he refused to answer my calls. After contacting their support number, i was told the reason was that i now have a new account manger Mark Spencer. Mark informed me that my account set up with a bonus, prevents me from making a withdrawal until a massive trading volume is achieved.

Mark offered 3 different options to consider where they would reduce the credit, and the wager against it, if I put in some money that would reduce the so called Bonus, or credit as they now call it. If i took one of these options they would allow me to withdraw a sum each month as required. He was very pushy about this, and now that i have decided to stay with the current setup he has gone sulky and says i am now on my own, despite being told that they would be on call to help when required.

My platform is what is known as Meta4. I can still make trades etc, and see my balance and margin. Does anyone think i would be wasting my time to attempt to achieve the trading volume PrimeCFD’s have put in place? Or is there a possibility that I could get my money once I achieve the trading volume?

I am thinking that i might be wasting my time, and have to accept this as the silliest thing i have ever done.

Any comments are welcome. I would love to know if anyone has had similar dealings with Primecfds, formally WMOptions.

8 Answers
Best Answer
Scam Option Brokers answered 6 months ago

At one point it said that they are licensed in Vanuatu, It would be interesting to know if their regulator can do anything to help you.   
 
It is always best to trade with a licensed Forex broker, so you don’t have issues. See here: http://scambroker.com/forex-broker-reviews/

JENNIE KEN answered 5 months ago

Kevon Mason, my situation is exactly the same as yours, just different manager. I can’t make any withdrawal until I wager off the bonus. They tied me to the bonus agreement but won’t even give me the details about how much trade volume I need. That makes it invalid. But its useless bacause everything is controlled by those managers. Only THEIR RULES. The managers are forceful, pushy and bullies!!! They keep pushing you to put in more money or else it will be a very time before I can wager off the bonus. I refused. Now I am stuck. The only way is I keep trading everyday little by little until I get the volume needed. But the problem is they don’t tell me the amount, then it will never end. I am scared I will never get my money back. How do we make a complaint? Who is the person in charge of the company? Can anyone help?

Kevon Mason answered 5 months ago

PRIMECFDS
Before i go much further, lets see who we can get together, and lets see what help we may find to support us in getting some of our money back?
I do not see this Scambroker site doing much for us, by getting the message out warning others about PRIMEcfds. They still have PRimecfds glowing review at the top of this screen. you would have thought they would have changed that by now????
I have seen a site which i am not sure yet if they are a scam or not, but this USA based company claims they can retrieve money on behalf of scammed victims. Please look at Mychargeback.com and tell me what you think. I am very untrusting of everyone now. Perhaps we could start a blog site and attract others who have also been scammed by these scammers of formally WMOptions and now PRIMEcfds. I do not know how to get a blog going, but i certainly would like to be involved in building a team of us to hopefully getting most of our money back. Please inform me. my skype if you wish to talk that way is kevon ross mason or [email protected]
I wonder if you were also lured into their site by a slick Vireo advertisement such as “Blazing Trading”? I was. It was about a automatic trading robot that returned something like 87% on investment. After watching the video, i decided to inquire more and filled out the online form for more information. Within a short time i got a call from a woman, who took some information and asked me if i was a experienced trader, which i was not, and put me through to a account manager. Ethan Start who really did not want to talk about “Trading Blazer”, but the platform Meta4, they eventually put me onto. I was suspicious at this point but like a fool continued anyway, as Ethan Stark promised loads of personal support and education to bring me up to speed. Can i ask you all to tell me if these things also happened to you.
My Account manager Ethan Stark promised: (do not be shy about naming these scammers, i do not believe now these are their real names anyhow. Mark Spencer is my current one)
ACCOUNT MANAGERS: Personal support———dropped off rapidly to zero
Account managers hours ———–about 9 hours, after that their office is dead. you are on definitely on your own. Forget the support team, they are just a message forwarder, that is all.
Access to account manager ———once got my money, contact became very difficult and only by skype
Education——————One very Skype short lesson, looked unprofessionally put together Account manager to place trades ———–dropped off to zero after about 8 weeks
Direct phone line to account manager ——–would not provide a phone number
Mobile phone———-would not provide
Landline—————–would not provide
Skype video————would not allow
 
Were you all put onto a VIP Meta4 trading platform?:
VIP Meta4 PLATFORM: Did you notice that the Meta4 platform was not on either their former WMOptions website or PRIMEcdfs website?
Did you eventually find that the so-called support staff, knew nothing about this Meta4 platform?
Did you also find that the support team cannot see your balance, and even say that you have no money at all with Primecfds, even though you may have thousands of dollars on the Meta4 platform? Did you notice that some of the charts would not work, and if you asked about the charts, they were not really interested?
Did you notice that the spreads they set up on the Meta4 platform are very large compared to the trading platform on their web based PRIMEcfds trading platform, making it very hard to do day trades, and therefore get into a profit situation.
 
SUPPORT TEAM: Did you notice that they will not transfer your call through to the account managers?
Did you also find that they will not provide the account manager’s phone number, or email address? Did you find they will only send a message onto the account manager?
Did you also notice that they will not provide any information about your account, and instead send a message to the account manager, who does not come back to you anyway?
Did you also notice that any emails sent to them came back with the same standardized reply message, that they have contacted your account manger and we would hear back very soon. And even with repeated follow ups the same standard message would be sent to you. I discovered that the so called Support Team, are totally useless, and cannot provide anything. They are only there to provide a barrier between to account mangers and us. I also called them and found the same responses from them, that they are totally useless as a support mechanism for client. They are really just a letter box, that is all.
 
PRIMEcfds WEBSITE ADVERTISES THESE CLAIMS:
Quick and easy Deposits/Withdrawals ——absolutely not true. Cannot get mine out.
Promise direct access to the account managers———totally opposite happens
Personal coaching ——–does not happen, just lies. They claim to be too busy
Staff available there 24/7 for traders ———does not happen, they go home and the office is dead. Just useless support staff who forward messages.
GUIDE Traders all of the way ————total lies. Once they have your money they are gone! Unprecedented level of transparency concerning our dealings and transactions —–totally the opposite happens
WORLDWIDE Office locations——-hahaha they are bullshit. The Australian location definitely does not exist. I challenged them about this and they eventually admitted, it is just a phone number. The phone number never used to work, but now you get directed to the useless Support Team.
REGULATOR LICENCE—used to be displayed on their webite for both WMOptions and now PRIMEcfds, but it is not there now.
But they say they are regulated by VANUATU FINANCIAL SERVICES, Commission Licence #14793. I have been informed that this licence is not worth the paper it is written on. You would not use it as toilet paper. Perhaps that is why they no longer display it 🙂
 
WIRE TRANSFERS: They use several different banks in different locations around the world, which appears to be suspicious. I refused to use the other alternatives, as i did not feel comfortable about depositing into different accounts, even this one, when their office was supposed to be in London.
My deposits went into Beneficiary: SIM PAY, 4403 15th Avenue Suite 430, Brooklyn NY 11219 USA. CHASUS 33, JP MORGAN CHASE BANK, N.A.
Hopefully this information is useful. I hope it is enough to steer anyone looking at these low life, to not use them.

Kevon Mason answered 5 months ago

Jennie, i forgot to say, that you will find their wager is most likely 50 times your bonus. They talk about trading volume, none of this was explained to me, until a new account manger took over and happily told me that i could not make the promised monthly withdrawals that my previous account manager promised me. I still do not know myself exactly how it works, but Mark spencer (probably not his real name) told me that it would take make 11 years to trade my way out of this. He wanted me to add more money, to reduce the wager, and bonus amount. I put some more over, but did not deposit the full amount he wanted. I told him that i was not going ahead with his plan for me. He then got very upset, and with drew all so called support, support i never experienced previously anyway. They were support to provide education and place trades to help liquidate the account. What a fool i was. Now i have asked for that recent debit card deposit that shows on their Primecfds website, they have refused to refund that as well. And he is saying that they are going to transfer it to the not so transparent Meta4 platform that they set me up on, that i was tottally not aware that it was a different trading platform to the one displayed on theit Primecfds site. Dont worry, i have ceased communication or any futher dealing with these scammers now. I am doing my best to see if this company can get my money back for me. Good luck

Roar Johan Johansen answered 4 months ago

Hi – I am situated in Norway and have had a fully managed MT4 account with Wmoption, now Primcfds, since feb. 2017. My account manager was Roger Banks, but was moved to Mark Spencer last week. I was promised that I could make a substantial withdrawal in June, but then suddenly Roger were unavailable. Last week I then asked Mark to get some money out and was then told I have to wager for 27500 that they say I had as bonus from Wmoption.
I had a guaranteed investment with them that should secure my investment if it didn’t go in. Well, it did not and I then got transferred to the MT4 platform if I could come up with a total of 100.000$, including the transfer from  Wmoption. This account has been managed by them until May and then nothing has happened, no info, almost no contact, no phone calls, just short emails assuring me everything is ok. 
I have called, mailed and messaged through Skype with no response. My only question is what I must do to be able to withdraw from my MT4 account. 
I am thankful for any suggestions and I will contact my bank about the chargeback. 

Wei Xian Ang answered 2 months ago

100% TRYING TO SCAM COMPANY. Keep forcing trader to trade, after a small investment, they would advise you invest more or buy sort of INSURANCE. In the end, you will want to close the account because you feel like you cannot continue more. Then, they started not calling you (my case; more than 10 business days already and my account hasn’t been closed yet because they aren’t calling me, usually they keep calling you for a trading frequently). You would wonder why they need to call you for verbal approval for closing an account, BECAUSE they want to advise you not to close and invest MORE! During these ten business days and longer, everyday, I came to Prime CFDs live chat telling them my issue. Guess what, all of them reply you the same useless thing, they are basically useless. Until this moment, my account still hasn’t closed yet. I will share my experience to this kind of website as many as possible. Can’t stand this company trying to scam more people!

Mahmoud ZareaBidaki answered 1 month ago

Hello everyone,
My case is sama as yours but a little different. I tested withdrawal, and money arrived in my card within 1 day, but issuing that , 1k of my profit went to bonus category. Others cases such as calling, deposit, gold account and …., happened. Main issue: when Some trades were going to huge profit direction, they canceled all and changed my balance to bonus totally!! As you know it means: you can not touch that. Right now I’m doing some to get back my money and I am sure I’ll have it soon 

Mahmoud ZareaBidaki answered 1 month ago

Hello 
[email protected]
Thanks