PrimeOT describes itself as an online platform for financial trading. On PrimeOT, you can trade, for example, contracts for difference (CFDs) on shares, indices, currencies (forex trading), crypto-currencies or commodities. The English website of the PrimeOT offering can be found at https://primeot.com/.
Did you have any difficulties with an investment on PrimeOT? Or would you like to find out more about this company in general or about online trading in particular? A lawyer is available to assist you with your concerns.
The law firm Herfurtner cares for investors concerned from Europe in the investor protection. The law firm, resident in Frankfurt/Main, Hamburg and Munich, also deals with profit participation right, real estate right or capital market right.
Would you like to discuss PrimeOT with one of our legal advisors? Then you can access the contact area here without any detours.
Private investors who intend to entrust their money to a trading platform should first take the trouble to gather as many references as possible about the provider. The World Wide Web can be used for this purpose, for example to trigger a search query for “PrimeOT Reviews” or “PrimeOT Forum”.
In many places, investors share their experiences in special blogs and forums. There you can also find reviews of the individual online trading platforms. If you search for the provider PrimeOT, the opinion is not entirely positive.
In principle, it would be a good idea to investigate the source of the contributions that deal with a particular trading platform. This is because the statements are not always written from an impartial point of view. Anyone who has the appropriate online marketing knowledge can influence the opinions in a targeted manner.
Online trading platforms themselves or the advertising partners affiliated with them are more likely to express themselves favourably about their own or the advertised offer. At the same time, it is conceivable that texts will be launched whose tenor is intended to prevent investors from becoming involved with a competitor.
Registered Office, Regulation of PrimeOT
Also on the own internet presence of an online trading platform one can find useful information for the interested investor. Here it is important to pay attention to what information can be found about the place of business and the regulatory status.
For information on the operator of a website, one usually looks at the imprint. However, this mandatory information is not found on the PrimeOT website. Information about the PrimeOT company is provided in the footer. It says that a Cortofin LTd based in St. Vincent and the Grenadines is the owner and operator of PrimeOT.
In the contact section of the PrimeOT website, you can find telephone numbers that led to connections in the UK and Austria. There is also a form and an e-mail address where you can contact customer service in writing. According to PrimeOT, a live chat function is also available as an alternative.
Whether the provider of PrimeOT is monitored by a European financial supervisory authority cannot be answered without reservations. This is because there are no indicators for registration, for example with the German Federal Financial Supervisory Authority (BaFin) or the British Financial Conduct Authority (FCA).
It is therefore not possible to make a clear statement about the legal business operations of PrimeOT in Europe, which would require the acquisition of the necessary licenses.
PrimeOT’s offer is clearly aimed at CFD investors, i.e. investors who wish to trade Contracts for Difference. According to its own statements, PrimeOT wants to offer millions of traders a platform for this. Due to a current revolution in the financial markets, investors can access their account from anywhere in the world.
Customer service, technology and training opportunities are at the forefront of the offering. PrimeOT’s own trading platform has been given the attribute “Premium”. It is characterised by these features:
- wide range of CFD instruments,
- professional customer service,
- market prices in real time,
- analysis possibilities (technical and fundamental).
It also lists the reasons why previous clients would have chosen PrimeOT:
- returning customers: 45
- new traders: 55
- profit trading: 79 %
Trading on an online platform requires access to trading software. Online brokers usually provide this to their customers free of charge. The software can be developed in-house or the program of an external manufacturer.
At PrimeOT, you can use their own trading platform. This makes it possible to access the largest list of assets in the industry. This also includes:
- Raw materials,
- Shares and
- Forex Trading.
On the PrimeOT homepage, a smartphone is shown directly next to the description of the technology. This suggests the possibility of mobile trading. Further details and whether the PrimeOT software can also be operated via a browser or is available as a download for stationary computers are not available here.
Registration and available Accounts at PrimeOT
Anyone wishing to take advantage of PrimeOT’s offer and trade on the platform would first have to register. As soon as the customer account for the PrimeOT platform has been set up, a live trading account must be selected. According to PrimeOT, six different account types are available:
- Self-managed account: Minimum deposit of 250 EUR, leverage up to 1:100
- Basic account: Minimum deposit of 5,000 EUR, leverage up to 1:200
- Gold account: Minimum deposit of 10.000 EUR, leverage up to 1:200
- Platinum account: Minimum deposit of 25,000 EUR, leverage up to 1:300
- Diamond account: Minimum deposit of 50.000 EUR, leverage up to 1:400
- Libra account: by invitation only
According to information from PrimeOT, deposits and withdrawals could be made using different methods. For example, PrimeOT offers a choice of credit card processing, e-wallet transfer or bank transfer.
Education and Training at PrimeOT
PrimeOT has created a specific section under the term “Education” for the topic of training and further education within its own online presence. There is a sub-section where information about CFD traders is available. It also describes how to trade and which CFD instruments are tradable on the PrimeOT platform.
Risk Factor Online Trading
Numerous business models have been and will continue to be shaped by digitization. In the field of trading, this is leading to a huge number of brokers worldwide striving for market share with their online trading platforms.
If disputes arise, affected investors in online trading platforms are faced with the challenge of resolving them with the provider. Because if a trader is based abroad, this usually makes personal exchanges more difficult, and language barriers may also arise.
As a rule, online platforms focus on a number of products that are difficult to understand, including Crypto Currencys, Contracts for Difference and Forex Trading. However, these offers are not necessarily recommended for everyone.
Although the pros and cons of an investment can be discussed directly with the financial institution, there is usually no dedicated person of trust available on the web. Failure to fully understand the risks of an investment can lead to frustration on the part of the investor.
Dealing with Losses
In the event of losses, one should immediately refrain from injecting further capital. Instead, you should first of all discuss with the online trading provider why losses were incurred and whether there are prospects of compensating for these losses.
The law firm Herfurtner Rechtsanwälte will review the process and determine which claims, if any, can be made against the online trading platform. The legal advisors will look after your interests and contact the broker directly, regardless of where the broker is based.
To find out how to act in the event of a loss in online trading, you can claim investor protection and seek an exchange with one of our lawyers at any time. To arrange an appointment in order to talk about PrimeOT, please choose from one of the options we offer in our contact section.