Loyal Primus Review – Is Loyal Primus a Scam Broker?
- Website: https://loyalprimus.net/
- Website Availability: Yes
- Address: NA
- Warning: Not Recommended By Proupshot
- Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Although Loyal Primus seems to be a credible and professional option, many serious doubts lie on its path. This Loyal Primus review will include essential information such as issues concerning licensing, trading conditions, and user experiences.
Company Background: What Loyal Primus Promises
Founded in 2020, LoyalPrimus claims to trade forex, metals, and futures. Highlights include:
- Pro account types (Standard, Standard Pro, Demo)
- Deposit minimum: a mere $15
- Loyal Primus MT4: trading platform only offered
- Leverage: up to 1,000:1
- Spreads: from 0.6 pips
- No deposit bonus: for demo accounts
Unfortunately, some red flags appear to tarnish the attractive outlook.
Licensing and Regulation Issues
Questionable Regulatory Claims
Loyal Primus proclaims registration with the St. Vincent and Grenadines Financial Services Authority (SVGFSA), as one may expect. However, it must be understood that SVGFSA does not regulate forex brokers. As such, Loyal Primus can manage and operate its business without much supervision.
The company claims to be regulated by the South Africa FSCA. Yet, a search would show that while its name may be found in the FSCA’s system, there is no verified web page or supporting documentation justifying the claims of authenticity early made by Loyal Primus.
Customer Complaints and Negative Experiences
Account Blocking and Withdrawal Issues
Several traders have expressed their complaints regarding withdrawal issues. Some users, for example, have had their accounts blocked after requesting the withdrawal of funds and were accused of violating platform rules, which the users claim they had not done.
Main complaints include:
- Withdrawals are delayed or refused.
- Accounts can suddenly be blocked when people try to withdraw.
- Neglect of customer service response.
Trading Conditions: Not as Good as They Seem
High Risk with Extreme Leverage
The appeal of offering massive leverage (1,000:1) also attracts massive risk. Unclear withdrawal modes and information about fees add to the difficulty of trusting this brokerage. Offering information on the Loyal Primus MT4, a popular platform, is also not possible, especially when accounting for risk in working with unregulated brokers.
Conclusion: Stay Cautious
This Loyal Primus review leaves no doubt that while the broker does advertise certain attractive features such as the Loyal Primus no deposit bonus and some easy trading via Loyal Primus MT4, these benefits are overshadowed by the underlying issues. Questionable licensing, conflicting withdrawal policies, and disturbing customer reviews hint at great potential danger for traders who wish to proceed.
If you’re still thinking of maybe opening an account, do yourself a favor and double-check everything before considering a properly regulated and transparent platform.
Take Action Today
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