Beware! PrimeXCash has stopped paying! Do not invest there!

Hello everyone! Not much in the way of news to report on this evening, but something that might be of interest to some MNO readers, particularly those who joined the PrimeXCash program, is the following interview I received from the admin. His name is Robert and although he describes himself as the co-owner, I’m assuming he’s the one calling the shots. Anyway, I guess what’s more important is what they offer their members, and PrimeXCash has an almost dizzying array of investment plans, most of which are long term but with a couple I’d describe as closer to medium term thrown in there as well.

To tell the truth if you want to get the best picture of what PrimeXCash is all about, and especially a clearer description of their plans which include the following:
1% for 30 days, 1.1% for 35 days, 1.3% for 36 days, 1.43% for 42 days, 1.2% for 45 days, 1.56% for 54 days, 1.3% for 60 days, 1.69% for 72 days, 1.4% for 80 days, 1.82% for 96 days, 1.5% for 105 days, 1.95% for 126 days, 1.6% for 135 days, 1.7% for 150 days, 2.08% for 162 days, 1.8%-2.21% for 180 days, 2.34% for 216 days, all of which make payments on business days only and return your principal on expiry, then you should really start with mo review first published on MNO here.

(One other quick point I need to clarify before we hear from the admin – PrimeXCash have added PerfectMoney as a second payment processor, however this was done after I had already sent him the questions.)

“1. Hi Admin, please introduce yourself to the readers of MNO and tell us about your own role within PrimeXCash. What are your own duties within the program? What kind of experience do you have in managing the funds of others?

My name is Robert Craig. I am the co-owner of the project, my share is 35%. I have also a significant amount of my own money invested in it. I am have been managing personal accounts for the last 7 years and have gained plenty of experience and respect of my customers.

2. Can you also give us some background on the program? How long have you been running? What were you hoping to achieve by starting it in the first place? Apart from you is there anybody else working on PrimeXCash?

We are in forex trading. On our website you can find a detailed description of how we operate. We employ young and talented market analysts from all over the world to help us design and test the new trading strategies. We feed on the ideas and visions of the young professionals. This is what what sets us apart from the other companies in the forex market. Naturally, all the new strategies are checked for consistency by our skilled and more experienced traders. Our company has been operating on the forex market for the last 5 years. By establishing our web presence we are 2 main goals – reaching out to a wider customer base and incorporating online payment methods into our system. Electronic currencies provide great flexibility and privacy than conventional payment methods. Apart from the 2 owners, there are 20 employees in our company.

3. What about the investment plans? Can you explain them in detail to us? What are the minimum and maximum amounts for investment, what rates of interest are on offer and how long do they run for? Which ones have been the most popular? Do you think it over-complicates matters or makes it all just too confusing by having “deposit plus” options rather than just making them totally different plans?

The minimum deposit amount is $10, the maximum is not limited. Investment plans are very simple. Depending on the amount you deposit, you will be earning your daily interest. The rates are from 1% to 1.8% every day. Maturity term also varies from 30 to 180 business days. There is also a Deposit+ option. It is also rather simple. The maturity period will be extended by 20% and the total interest will grow by 30%. I believe you do not mind using the compounding option. Try calculating the amount you can earn over an investment period using 100% compounding. With the Deposit+ you will be able to calculate your future earnings without using the calculator. But we have still added the calculator to the members’ area so that every user could calculate future interest. Simply enter the amount you want to invest and you will at once see the plan that your investment will be under, the maturity term of your investment and the total interest. It is also VERY important to mention that your account principal is repaid in equal parts along with the profit payments. So you will not need to wait for the whole investment period in order to take out your initial deposit.

4. I said in my review that your plans were both a) extremely complicated and b) very poorly explained. And all this despite the fact that your plans are actually quite good and might be more popular if only more investors (particularly non English speaking investors) understood them better. How do you respond to this?

It is all very simple. I have explained how the plans work in the answer to the previous question in a very detailed way. We are asking all non-English speakers to use the calculator in the members area.

5. Tell us about the payment options available from PrimeXCash. What payment processors are you currently dealing with?

Right now we are using 2 payment processors – Liberty Reserve and Perfect Money. We added Perfect Money a couple of days ago. We did so to cater to the needs of those customers who do not want to go through Liberty Reserve for some reason. We consider Liberty Reserve a very convenient payment processor. But if at least 5% of our customers want to use Perfect Money, we would never keep them waiting.

6. Don’t you think that by limiting the choice to just LibertyReserve you are cutting of a massive number of potential investors and severely hampering your own success? I can see from my own monitor that after recent security issues that LR continue to deny even exist despite the fact that real members know for a fact are very very real, a small but rapidly growing number of experience HYIP players are abandoning LR in favor of PerfectMoney. So why can’t you accommodate them?

We have added Perfect Money to our website. Now every customer can choose the preferred payment system. But you cannot change the payment system within the account.

7. And also, is there something preventing you from adding more respectable processors like SolidTrustPay and AlertPay?

We agree that many people would like to see AlertPay among the accepted payment systems. We are considering adding it. But we will only if 1. The payer will be charged with the commission as we cannot accept the huge commissions AlertPay charges all business accounts. 2. The referral commission will be paid only into the AlertPay account of the customer manually. AlertPay reserves the right to reverse payments. So if we have paid the referral commission into Liberty Reserve or Perfect Money for the deposit made via AlertPay and AlertPay reverses the payment, we will lose money.

8. I see your payment schedule is unlike most other programs monitored on MNO. Can you explain to readers how it works and how long, typically, would I expect to wait between requesting a payout and actually receiving it?

Paul, our system is indeed fully automated. A customer does not need to adjust any account settings. You do not have to request a referral commission or interest payment withdrawal. All the payments will be automatically paid into your e-currency account you entered at registration. Interest payments start at 12 PM GMT and normally take an hour. Referral commissions are paid within an hour from the deposit. We receive a lot of questions about why we pay interest at 12 PM GMT. This format is convenient for every customer who tries to figure when the interest will be received in local time. As you know all time zones of the world are linked to GMT.

9. How highly would you rate the security of your own website? Tell us about your hosting provider and how highly would you rate them as a service provider?

Our website is properly protected. We employ anti-DDoS protection provided by BlockDos. This is a well-know anti-DDoS protection provider. Server has been purchased at server4sale and is located in a modern facility. We employ a team of skilled programmers and administrators who are capable of resolving any problem.

10. What kind of customer support do you offer? What is the best and most efficient way to contact you if I have any questions?

There is a contact form on our website. Also, a phone number is listed. If your call has not been taken, it means that all of our operators were busy at the moment. In that case you will need to leave your message and we will respond to it as soon as we can. The most efficient contact method is the contact form. If you send us a message through the form, we guarantee that you will get the reply.

11. What have been the most common questions, problems, or other support related issues that you have had to deal with so far? Is there anything you would like to address here so that members can avoid having to contact you?

Most of the questions we were receiving were about the investment plans. But after we have added the calculator, the number of such questions was reduced. Since the website is fully automated, we do not get too many questions.

12. What other outside business and investment activities are PrimeXCash involved with? Your website doesn’t offer much practical info about this, and even less proof. So assuming the more experienced HYIP players know what they’re doing and choose to take a gamble, why should the newbies trust you or believe what you tell them?

We are doing forex trading. We are not doing any other activities. Our message to newbies? Join us and you will be on the fast track to success in forex investments. You will not have to leave your deposit for a long term and will not have to find your way through numerous account settings. We endeavored to make it as simple as possible.

13. Are there any plans to develop PrimeXCash further in the near future? Will there be any interesting changes made soon? How are you planning to keep the program competitive with so many new HYIPs opening every day?

We will concentrate our efforts on offering more payment options to our customers. The rest of our system is practically flawless. Certainly, if we receive a lot of feedback from our customers, we will do our best to meet their needs. We do not treat other HYIPs as competitors as no one would ever be able to offer investors the same conditions as we do.

14. And finally, is there anything you wish to say here that you feel was not already covered? Anything in the MNO review of PrimeXCash that you feel was unfair, you disagree with, or otherwise in need of correction? Anything you would like to say to existing and potential members?

I believe all the questions have been answered. If you still have any questions, simply send us a message and we will respond to you. One important thing you have not covered in the review. A customer can have 3 active deposits within every plan, not within an account. So the number of active deposits is 27. Join us to start earning interest. There is no simpler way to do this online.”

That’s it for tonight folks. Thanks a lot to Robert for sending the interview which I hope you found interesting or at least someway helpful in helping you to make up your mind about whether PrimeXCash would be a suitable addition to your portfolio or not. Good luck to him in establishing a program that investors will enjoy and make money from, and if you’re one of those investors then good luck to you too. I’ll be back tomorrow with any important events that occur in the online HYIP industry. So stay tuned and see you all then!