Unlicensed Forex Broker Eight Prime is a Fraud

These days, Brokersview learned that an investor lost over $10000 in a WhatsApp scam operated by an unlicensed broker — Eight Prime.

Contact Victim Through Whatsapp & Scam Over $10000

georgianeli1994, one of the victim of the company, shared his incredibly painful trading experience dealing with Eight Prime.

About 3 months ago, the victim was contacted by a Chinese girl through WhatsApp. It was a normal friendly correspondence at first. He was then taught to trade forex and registered on eightpre-fx.com with the help of the girl. It seemed normal that she helped him finish the trade profitably. He also withdrew $ 400 from the firm and transferred it to his wallet without any problems. After that, he transferred much more money to the trading platform eightprime-fx, The girl helped him earn lots of money though he could not make it out. Here was the thing: he found out it was a fraudulent scheme. He was stolen about $ 4780 in enrollment and about $ 7,300 in “wins”, with total $12051.88 by the broker. He couldn’t withdraw his money at all.

Besides, the girl who was helping him was a participant in this fraudulent scheme. He contacted the girl and wanted to get his money back, but only to be told that his account had been frozen. He received a reply that he had to pay the equivalent money of his account balance, which was $12051.88 to unfreeze his account first and then he can get his money back. He knew it was just an excuse, so he didn’t invest any money. Now, he lost his money over $12051.88.

（Screenshots from the victim)

No License Information

Vewing its homepage, we found Eight Prime is completely anonymous and a risk to all. Why? Except its email information, the firm’s contact information, including phone and address, is currently not available. Besides, there is no legal documents including “Terms and Conditions” or “Regulation” documents. In other words, it helps confirm the company is not a regulated broker because it does not list any regulatory certifications or governmental registration to prove so. As a trader, you have to know the basic: a company that offers financial services must give a detailed contact information including address, phone, and email, etc. Under these circumstances, you can’t reach the firm’s phone number, verify its locations, and can’t confirm in any other way whether the broker is authorized to offer forex trading service or not, so that’s most likely a fraud. Anonymous brokers cannot be traced, which means that once invested, your money will be lost. Therefore, it is a scam.

Eight Prime is a scam that doesn’t have regulated licenses, which means it doesn’t respect the laws and becomes a fraudulent broker. BrokersView advises you to avoid this broker if you don’t want to lose your funds.

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.

2022-01-19