Primebitcoinhub Review: Untrustworthy Broker

Primebitcoinhub has not provided reliable contact information on its website. As the world continues to experience growth in technology, many business opportunities have arisen. One of these is in the world of financial markets. In the past, retail traders couldn’t venture into the forex market. Many people assumed it was only the banks that had this ability. They were right because forex trading requires a heavy capital investment. However, with the help of technology, retail traders can enter the market and trade through brokers. Trading is, however, a risky undertaking.

Many phoney brokers have also penetrated the market. These brokers prey on unsuspecting traders lured into the business to make quick money. The shady brokers offer attractive packages but, in the end, con many. One of those scam brokers is Primebitcoinhub.

This broker claims to assist traders, but in the end, it is just after scamming them. However, this does not mean there are no trustworthy and honest crypto companies. There are many, and their returns are realistic.

About Primebitcoinhub.com

From the company website, we gathered a few things the company says about itself. Note that you should take all these with a pinch of salt. Whenever you see any advertisement from new brokers, you should be sceptical about what they claim to offer. This company deals with forex trading, indices, CFDs, commodity trading, oil, precious metals, and cryptocurrencies. Unsurprisingly, they claim to deal with cryptocurrencies as they have become prevalent nowadays.

The company also claims to have won numerous awards, including Best Spreads CIOT Expo, Best Forex Broker Asia, and the 2014 Financial Institution of the Year. They also claim to be global partners with Real Madrid Football Club. All these are lies, and we confirmed that they are not affiliated with the Spanish football giants. The broker claims they are seasoned traders interested in providing the best experience possible.

They have three account types you can choose from. Something we observed about these is their bold claims about the return on investment (ROI). Some claim to have a 70% ROI. Anyone who has ever traded in the forex market will tell you this is an unrealistic promise. Even experienced traders do not make that much money. There are no guarantees in any business, and forex is no exception. Before investing with this broker, beware that most of their claims are invalid.

Primebitcoinhub Founders and Team

Every business has a founding father. It also has to have a team of employees and leadership. The website claims the firm was founded in 2007 as PrimebitcoinhubCorp. Notice there is no mention of the company founders or its current CEO. To validate this claim, we checked the website’s registration date. It was created on 2022-06-24, updated on 2022-08-24, and will expire on 2023-06-24. No way the company would have started in 2007, yet it created its website in 2022.

Contact Details

One of the things that sets companies apart from others is customer service. A good company should be at your beck and call. If need be, customers should access them physically too. Forex trading requires that you keep in touch with your broker. In case you run out of funds, they should notify you immediately. A good broker should also send you daily updates on your email to help you track your progress.

They only claim to be located in the UK and have also given an email. These are not enough for a severe company focused on helping traders. They also do not have alternative means to reach them, like social media. They have avoided this to ensure people do not raise concerns about them. Something else we noted was that the broker is inconsistent in their communication. At the bottom of the webpage, they have indicated their headquarters as Bradford. However, they have used the brand name “Dexter” instead of “Primebitcoinhub.” 

Regulation Status of Primebitcoinhub

Anyone looking to trade FX with a reputable broker must have access to information about the company’s ownership and operations. The absence of these particulars or their poor presentation is a warning sign you are dealing with a scam. Primebitcoinhub is entirely anonymous. We could not access their Terms and Conditions page. Without this access, you cannot tell what you agree to when you sign up. It is best to stay away rather than engage with something you’re unsure about.     

Since the broker claims it was established in 2007 in Australia, it ought to have been licensed by the Australian Securities and Investments Commission (ASIC). Also, the UK’s Financial Conduct Authority (FCA) should have registered the company. However, we checked with the FCA and ASIC and found that the broker was not in their databases. This shows they were lying all along. Registration is one of the critical areas you should check as a trader. When you trade with an unregulated broker, you can lose your money, and the government won’t be able to assist you in recovering it.

The government ensures that all regulated traders work within the stipulated guidelines. Also, they must prove they have the financial capabilities to offer financial services. They must also keep customers’ funds safe and avoid using them for any other reason apart from trading. Each country has its regulations for traders. Thus it is vital to verify with the regulator within your jurisdiction. If you cannot verify your broker’s identity in the registers of any official regulatory institution, then you shouldn’t trust them. 

On the company website, there is no information about its registration. A legit company proves its registration status and also explains more about its regulatory body. There is also no risk disclosure document to help you understand what you are getting yourself into.

Trading Conditions

If you visit any reputable broker’s website, you should find detailed descriptions of trading parameters. These include the minimum deposit required, the order execution method, trading instruments, leverage, swap, commissions, spread, etc. Also, with most of these brokers, you can begin trading with as little as $10. These details are, however, missing from the primebitcoinhub website.

The company’s claim that it offers cryptocurrency trading is false. This is because, as a UK-based broker, it must adhere to the rules of the FCA. One of these rules is that it does not allow retail traders to trade using cryptocurrencies.

 Deposit and Withdrawal Methods

The company purports to allow traders to deposit through e-wallets, credit cards, and bank transfers. However, when we visited their deposit menu, we found that you could only deposit using cryptocurrencies. If you want a refund, it is hard to get it since most of these transactions are irreversible. When trying to withdraw, the broker sets impossible conditions to dissuade you.

Primebitcoinhub Trading Software

The broker fails to include the software, the most crucial asset for any FX trader. The claim that they have an MT4 platform is false. The broker is a blatant fraud that takes advantage of inexperienced traders who have no idea what a legitimate broker should provide. If you choose a regulated broker, you’ll have access to tried-and-true software with cutting-edge features and adaptations for all major platforms. MT4 and 5 (MT5) are the most popular trading platforms.

Final Verdict

Primebitcoinhub is a scam broker. They are just pretending to be experts to trick traders. The alleged accolades are just a gimmick to prove their legitimacy. In trading, one of the essential things is information. Armed with the right one, you cannot get scammed.

There are many honest and legitimate crypto companies in the market. If you want, you can get in touch with them.

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