Primo Bulls

Before us is an intriguing broker named Primo Bulls, offering margin CFD trading as well as a copy-trading service. The company piques interest by allegedly operating for over 15 years, although there are very few reviews about it online. However, several regulators are mentioned which require thorough verification. In essence, our task is to discern whether a firm is a scam or not. So, join us in our review.

Overview of Primo Bulls

Every brokerage company should be checked for negative factors and other red flags. It is necessary to avoid falling for scams. Let’s take a closer look at Primo Bulls, their trading conditions, and the opportunities they provide.

Broker History

The firm tells a rich story about itself. Primo Bulls was founded in 2007 in the UK. Since then, the organization has acquired licenses from ASIC, CySEC, FCA, GFSC, FinCen, FINRA, and ESMA, and also won the “No.1 Value Global Forex Broker” award. The company serves a vast number of traders from 100 countries worldwide. Also, on the official website, there’s an opportunity to get acquainted with the leadership team, where a certain David Matthew holds the position of CEO. However, there are no documents available, and there are no license numbers indicated from financial commissions. It’s great that the broker has such a service record, but it still needs to be proven. It’s one thing to write on a website about extensive experience, multiple licenses, and a large client base, but it’s another to provide tangible evidence. There’s a problem with that here.

Primobulls.com Website

The company’s official website does not adhere to common and typical templates. However, it’s too cumbersome and difficult for information acquisition. There’s a lot of superfluous text, the navigation is overly complicated, and it’s hard to decipher what the broker is actually offering. Be it investments, trading, or copy trading. The phrase “brevity is the soul of wit” doesn’t apply to Primo Bulls.

The website lacks taste and aesthetics. It seems as if random text has been thrown together, with a few images of charts and traders added, and that’s about it. Essential details are overlooked, documents are missing, and the platform is solely available in English. Couldn’t they have translated it into other languages since 2007? Looking at Primo Bulls’ website, it’s hard to believe that this is a professional and experienced broker.

Registration Process and Personal Account

One can begin acquainting themselves with a broker by using a demo account, but we couldn’t find a way to open it. Registering for a personal account with Primo Bulls consists of several steps. In the first step, one has to provide an inviter code, phone number, username, and email, as well as agree to the terms. Next, you’ll need to set up a password. The third step requires your full name, country, and an answer to a security question. Lastly, the firm asks for authentication using the provided information.

After this, Primo Bulls mandates identity verification, as this procedure is obligatory. The official website contains instructions detailing which documents are needed and how to correctly photograph them for a successful KYC process. This verification takes place in the personal cabinet under a designated section.

The personal account enables tracking trading dynamics, depositing funds, applying for withdrawals, viewing transaction histories and trades, and monitoring referral program statistics. There’s also a “CopyTrader” service, allowing one to replicate the trades of other users. Loading some elements within the Primo Bulls account can be quite time-consuming; it takes several minutes just to access live quotes.

Trading Platform

How to access the trading platform remains a mystery. That’s because there is no option in the personal cabinet to transition to WebTrader. The terminal also lacks a name. Primo Bulls describes its platform as a professional and advanced terminal that allows the use of tools for technical analysis, various timeframes, stop-losses/take-profits, and multiple watchlists.

In the dashboard, there’s a trader-copying function, showcasing more than 20 users. However, where and how exactly are they trading? The question remains: where is this terminal? There are no links to download the application from the AppStore/Play Market, nor are there links to download the software for a computer. Is it possible that Primo Bulls only provides a trade-copying service? Meanwhile, the company even claims to offer a demo with a virtual $100,000, but finding it proved impossible.

Contacts

You can contact Primo Bulls’ managers via phone at +44-7441-447021, email at support@primo-bull.com, WhatsApp at +447418397303, or through the online chat on their website. However, we had to wait too long for a response, over 1 hour. Additionally, the email address turned out to be fake. The office address is located in the UK: 20-22 Wenlock Road, London, England, N17GU.

Interestingly, the phone number was also found on another company’s website, which is timesoptions.com. By the way, take note that the sites are almost identical to each other. Does it mean Primo Bulls has a clone broker?

Analysis of Services Offered by Primo Bulls

Next, we’ll take a look at the firm’s capabilities and the terms offered to clients.

Funding and Withdrawal

You can only deposit funds using cryptocurrency. Primo Bulls supports Bitcoin, Tether, and Ethereum. No fees are charged for deposits, and withdrawals will only cost $1. The processing time for withdrawal requests isn’t specified. The fact that deposits can only be made via cryptocurrency is a significant drawback since digital currencies can be easier to launder and allow for anonymity. Moreover, transactions are made to a one-time-use crypto address, not through a payment gateway.

Primo Bulls Trading Conditions

The broker offers trading with more than 10,000 assets: forex, metals, indices, stocks, commodities, and cryptocurrencies. There is no division based on account types at Primo Bulls, but the company offers more than 10 investment plans. There are 4 tariff categories provided: Standard, Advanced, NFP, and BTC. The minimum deposit is set at $1,000, with a risk-to-potential reward ratio starting from 20% PIPS, and above. What this signified, we couldn’t comprehend, but it was how an online chat representative explained it. Here, an investor is also required to pay a 10% commission. The firm already exhibits characteristics of a financial pyramid, promising fixed returns. Often, such investment packages are typical for financial pyramids.

Primo Bulls also has a distinct status for professional traders, which has fewer restrictions than the retail client status. To attain the “Pro” status, one must prove possession of capital exceeding $500,000, or have been an employee in the financial sector for more than a year.

The spreads offered here are zero, with leverage up to 1:500. Such a leverage ratio hints at a lack of regulation, despite the stated financial commissions. It’s implausible for a broker to be regulated by European and American financial commissions and still offer a leverage of 1:500. Primo Bulls has left a mixed impression. The information contradicts itself. How can one trade here if there’s no functionality for making trades? Yet, some investment rates with high returns and enormous minimum deposits are presented, suggesting a potential financial pyramid.

Unique Features

Primo Bulls presents itself as a service for copying trades, promising returns of 70% annually or more. It’s peculiar to witness fixed profitability in trading, given that it’s an unpredictable endeavor that can result in losses. Traders pay a 10% commission for copying trades. The minimum amount to connect to the copytrader feature is $2,000.

Furthermore, the company offers a service to create an asset portfolio for investment. Additionally, Primo Bulls has an affiliate program with a 5% reward for every referred individual.

Is Primo Bulls Trustworthy and Reliable?

The broker appears peculiar and ambiguous. It’s challenging to pinpoint the company’s exact specialty, but let’s now delve into the legal status of Primo Bulls.

Assessing Legitimacy

Firstly, the broker lists several regulators from different jurisdictions but provides only one office address, located in the UK. Where are the other addresses and registrations? Secondly, the fake email and phone number, which were associated with another company, are also suspicious aspects. Thirdly, a leverage of 1:500 and licenses are two incompatible matters. Fourthly, information about services and conditions is contradictory. The trading terminal was not found in the personal account, only the copy trading service. How many more red flags can one find? Let’s check if Primo Bulls really has a license and whether the firm is officially registered in the UK.

Under the “contacts” section on the site of Primo Bulls, the legal entity “Forex LTD” registered in London is mentioned. Indeed, such a company exists in the Companies House registry; however, the organization was dissolved on June 27, 2023.

Moreover, no such organization was found on the FCA registry. Searching for the name “Forex LTD” revealed many similar companies, but specifically, “Forex LTD” was not among them. Similarly, searching for “Primo Bulls” yielded no results. We also checked the ASIC and CySEC registries since these regulators were also mentioned on the official website. However, in both cases, the broker was not found.

The photo of David Matthew, who is listed as the CEO of Primo Bulls, was taken from the internet. An image search on Google conveniently showed us several sites where this man’s picture in a suit is displayed. It is apparent that other members of the management team are also fictitious, and their photographs have been sourced from free stock images.

Established Track Record

The Primo Bulls website states that it was established in 2007. However, based on the provided legal entity “Forex LTD”, the company was officially registered in the UK only in 2017. Nevertheless, we suspect that the broker began its fraudulent activities only in 2023 because that’s when the official website was launched.

Implications for Traders

Fake contact information, the existence of clone brokers, fabricated licenses, a dissolved legal entity, and an official website created only in 2023 – all these are red flags for Primo Bulls. Trading with such companies is impermissible, as they are fraudulent and illegal. Your money will be stolen by swindlers who concocted a management team and sourced photographs from the internet to present a more believable picture. However, such deceptions are easily vetted thanks to Google. There’s an abundance of fake information, numerous deceptions, and falsehoods, which makes trading with such a broker inadvisable.

Furthermore, we suspect that this is not a broker at all, but rather a financial pyramid. Why? Firstly, there’s no trading terminal. How are clients supposed to trade? The platform only facilitates investing money in copy trading. Secondly, there’s a fixed return on investment. Those who have traded on the exchange even once know that fixed returns are a mirage in this realm; it’s a fluctuating value, and losses are equally possible. Thirdly, transactions are exclusively via cryptocurrency. A prevalent trend among HYIPs, as these kinds of firms typically operate outside the legal ambit, rendering them unable to accept money through legitimate channels; thus, only digital currency remains an option.

In short, we don’t advise engaging with Primo Bulls in any ways, since doing so is a surefire route to financial losses.

Strengths and Weaknesses of Primo Bulls