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Caution Investors Primexpulse Ltd. – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview of Primexpulse Ltd.:
Primexpulse Ltd. is a company that operates under the trading name of Primexpulse. According to its website, it has offices in Australia, New Zealand, Singapore, Hong Kong, and the United Kingdom. It claims to be a leading provider of online trading services, offering access to over 200 financial instruments, including forex, CFDs, stocks, indices, commodities, and cryptocurrencies. It also claims to use advanced technology and security systems to ensure a smooth and safe trading experience for its clients.
Regulation and Compliance of Primexpulse Ltd.:
However, despite its claims of being a reputable and regulated broker, Primexpulse Ltd. is not authorized or licensed by any reputable regulatory body. It is not registered or regulated by any authority at all. This means that it is operating illegally and without any oversight or protection for its clients. Moreover, the ASIC has issued a warning against Primexpulse Ltd. on its website, stating that it has received reports of Primexpulse Ltd. engaging in fraudulent or manipulative practices, such as insider dealing, market manipulation, misrepresentation of material information, unauthorized withdrawals, refusal to process withdrawal requests, and aggressive or misleading marketing tactics. The ASIC advises investors to avoid dealing with Primexpulse Ltd. and to report any suspicious activity to them.
Customer Reviews of Primexpulse Ltd.:
The customer reviews of Primexpulse Ltd. on various online platforms are mostly negative and confirm the allegations made by the ASIC. Many customers have complained about losing their money to Primexpulse Ltd., either due to poor trading conditions, hidden fees, false promises, or outright scams. Some customers have reported that Primexpulse Ltd. has blocked their access to their accounts or refused to process their withdrawal requests after they made profits. Others have reported that Primexpulse Ltd. has pressured them to deposit more money or to accept bonuses with unrealistic conditions. Some customers have also reported that Primexpulse Ltd. has used fake testimonials or reviews to lure unsuspecting traders.
Products and Services Offered By Primexpulse Ltd.:
Primexpulse Ltd. claims to offer a variety of products and services to its clients, such as:
– A web-based trading platform that is compatible with all devices and browsers
– A mobile app that allows trading on the go
– A demo account that allows testing the platform and strategies with virtual money
– A range of account types that cater to different levels of experience and investment
– A selection of payment methods that include credit cards, bank transfers, e-wallets, and cryptocurrencies
– A comprehensive education center that provides tutorials, videos, webinars, articles, and e-books on various trading topics
– A dedicated customer support team that is available 24/7 via phone, email, live chat, and social media
However, these products and services are either unreliable or deceptive. The trading platform is prone to glitches and delays that affect the execution and accuracy of trades. The mobile app is poorly designed and lacks essential features and functions. The demo account is rigged to show unrealistic profits that do not reflect the real market conditions. The account types are designed to entice traders to deposit more money with higher spreads, commissions, fees, and minimum requirements. The payment methods are limited and often incur additional charges or restrictions. The education center is outdated and irrelevant to the current market trends and strategies. The customer support team is unresponsive or unhelpful when it comes to resolving issues or complaints.
Location of Primexpulse Ltd.:
Primexpulse Ltd. claims to have offices in several countries across Asia-Pacific and Europe. However, these offices are either fake or rented from third-party providers that have no affiliation with Primexpulse Ltd. The actual location of Primexpulse Ltd. is unknown and likely offshore in a jurisdiction with lax or no regulation or enforcement. This makes it difficult or impossible for customers to contact or sue Primexpulse Ltd. in case of any dispute or fraud.
Customer Service Provided By Primexpulse Ltd.:
The customer service provided by Primexpulse Ltd. is poor and unprofessional. Many customers have reported that the customer service agents are rude, aggressive, or incompetent when dealing with their queries or issues. Some customers have reported that the customer service agents have lied to them about the terms and conditions of the services or products offered by Primexpulse Ltd. Others have reported that the customer service agents have harassed them with incessant calls or emails to persuade them to deposit more money or to accept bonuses or offers that are unfavorable or risky. Some customers have also reported that the customer service agents have ignored or blocked them when they tried to withdraw their money or file a complaint.
Defensive Measures Against Fraudulent Brokers:
Given the numerous red flags and warnings associated with Primexpulse Ltd., investors should avoid dealing with this broker at all costs. However, if they have already fallen victim to Primexpulse Ltd. or any other fraudulent broker, they can take some defensive measures to try to recover their money or to prevent further losses, such as:
– Contacting their bank or credit card provider and requesting a chargeback or a reversal of the transaction
– Reporting the broker to the relevant authorities, such as the ASIC, the Financial Conduct Authority (FCA), or the Cyprus Securities and Exchange Commission (CySEC)
– Seeking legal advice or assistance from a reputable lawyer or a recovery agency that specializes in dealing with online fraud cases
– Sharing their experience and warning others on online forums, blogs, review sites, or social media platforms
Primexpulse Ltd. is a forex and CFD broker that is not regulated or licensed by any authority and has been flagged by the ASIC for engaging in fraudulent or manipulative practices that may harm investors. The products and services offered by Primexpulse Ltd. are either unreliable or deceptive, and the customer service provided by Primexpulse Ltd. is poor and unprofessional. Investors should avoid dealing with Primexpulse Ltd. and report any suspicious activity to the relevant authorities. Investors should also be vigilant and cautious when choosing a broker and always check their reputation, regulations, terms and conditions, and reviews before making any decision.