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PrimeFin Review 2022: Scam or Legit?

PrimeFin Review
Min Deposit

$250

Min Spread

0.07

Regulation

LFSA

PrimeFin is operated by Caps Solutions Pvt. Ltd, which is authorized by the Labuan Financial Services Authority (LFSA). Under the license number MB/20/0052

The main goal of this global brokerage firm is to provide clients with quick trading. More than 350+ trading assets are available, including Forex, cryptocurrency, stocks, commodities, market indexes, and precious metals. 

Furthermore, it provides traders with access to multiple markets.

The broker has quickly risen to the top of the market thanks to its exceptional trading services, including:

  • Cross-functional trading platform
  • Multi-device trading apps 
  • Instant execution
  • Quick withdrawal
  • Top-notch data protection

What Is PrimeFin?

PrimeFin is the fastest emerging broker platform that is operated by Caps Solutions LTD. The brokerage firm follows the laws of Labuan. It is regulated by LFSA (Labuan Financial Service Authority) and bears the registration number LL16622. It operates in two different countries, the United Kingdom and Malaysia. In addition, the financial service provider is the digital sponsor of the Argentine National soccer team, led by Lionel Messi. Thus, it has created a global reputation in a short span. 

The broker is known for its flexibility in CFD trading and offers several instruments to its clients for investment and creating a better portfolio. 

Is PrimeFin Legit? 

Yes, PrimeFin is an entirely legitimate and regulated broker that offers to trade on over 350 different assets. This legit broker operates under Caps Solutions Ltd.

Caps Solution UK Ltd, the owning firm, is located at Almack House 26-28 King Street, London, England (UK), and serves as the broker’s payment processor. The holding company is licensed under the number 12734767.

"Is

Furthermore, the broker adheres to all financial authorities’ rules and regulations, such as the EU, MiFID, and Investors Compensation Funds (ICF), which operate in the client’s best interests and safeguard them against fraud.

The broker follows securities commissions’ rules and regulations, such as the EU’s MiFID, and retains clients’ money in segregated bank accounts for security.

Pros And Cons

PrimeFin review gives an overview of the broker with its pros and cons. Below are some benefits and drawbacks of the forex broker:

Pros:

  • Highly Regulated
  • No minimum deposit
  • 300+ Trading Instruments
  • User-friendly Trading Platform
  • Quick Trade execution
  • Cross-functional platform
  • Advanced MetaTrader4 (MT4) trading platform
  • Top-notch data safety
  • Multi-device trading apps
  • 24/7 Dedicated Customer Support
  • Advanced Educational Support
  • Offers Crypto trading
  • Quick access to an advanced trading platform
  • Tight spreads for live trading account starts from 0.3 pips
  • Islamic Account option

Cons:

  • No MetaTrader5

Trading Accounts 

Silver, Gold, and Platinum are the three types of retail investor accounts offered by PrimeFin. All of these trading accounts include a variety of features such as minimum deposit, number of assets, educational resources, spreads, leverage, and more to meet the needs of different clientele.

Here are some features of these account types:

Silver 

  • 350+ financial assets
  • Zero Withdrawal & Deposit Commission
  • Hedging is allowed
  • Educational resources
  • Spreads as low as 0.07
  • $250 Minimum deposit
  • Maximum Leverage 1:100
  • Dedicated Account manager
  • Customized investment news
  • Available popular currency pairs: EUR/USD, EUR/GBP, GBP/USD, USD/CAD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, EUR/USD, NZD/USD.
  • Major financial markets

Gold 

  • 350+ financial assets
  • No Withdrawal & Deposit Commission
  • Minimum deposit: $250
  • Spreads as low as 20 points.
  • Maximum Leverage 1:100
  • Customized investment news
  • Access to educational material
  • Hedging is allowed
  • Fifth Decimal
  • 25% Decimal Swap Discount
  • Free VPS
  • Dedicated Account manager
  • All popular currency pairs available, including EUR/USD, GBP/USD, USD/CAD, USD/JPY
  • Available major financial markets

Platinum

This account type is specially created for professional traders. Here are some of the key features of this trading account:

  • $100 Minimum deposit
  • 350+ financial assets
  • No Withdrawal & Deposit Commission
  • No deposit limit
  • Hedging is allowed
  • Spreads as low as 0.03
  • Maximum Leverage 1:100
  • Fifth Decimal
  • Free VPS
  • Customized investment news
  • Access to educational material
  • Execution model
  • A great option for experienced day traders
  • 50% Swap Discount
  • Dedicated Account manager
  • All popular currency pairs available, including EUR/USD, GBP/USD, USD/CAD, USD/JPY
  • Instant access to major financial markets

How To Open An Account?

The account opening process on this platform is quite quick and easy.

"How

Traders can open an account in five easy steps: 

  1. Account
  2. Information
  3. Questionnaire
  4. Document
  5. Deposit

First, you will see the ‘Open Account’ icon on the broker’s website, through which you’ll be redirected to the account opening application page. Traders can also access the account opening page by clicking on the link on the account details page.

Here are the simple steps that you can follow to open your trading account:

  • Firstly, you’ll need to provide personal information such as your first and last names, email addresses, country codes, phone numbers, and passwords. After you’ve filled out these fields, click the ‘Create Account‘ button.
  • Now, you must fill out the information about your trading requirements and account type. After that, click the submit button to proceed to the next page.
  • You’ll be asked questions about your prior trading experience. Before moving on to the document page, make sure all of the information is correct.
  • Now, follow the directions on the website page to submit your documents.
  • The final step is to make a minimum deposit into your chosen account. The minimum deposit required is $250.

Trading Instruments

Trading CFDs in six different asset classes is possible with PrimeFin, including Forex, Crypto, Stocks, Indices, Precious Metals, and commodity trading. Each trading asset’s qualities and functionality are outstanding and well-defined.

"Trading

Trading instruments available on the platform include:

Foreign Exchange (Forex)

It is the largest, most liquid, high risk and huge trading market. There are more than 40 forex currency pairs available to trade. You can trade CFDs with minor, major, and exotic currency pairs, including NZD/USD, EUR/GBP, CAD/NZD, USD/EUR, and many more in the currency exchange market.

Stock Trading

It allows the trading of CFDs via a wide range of small to large-cap companies. For example, you can trade CFDs on stocks like Apple, Google, Facebook, Amazon, and more.

Indices Trading

Indices are the basket of domestic and US stocks. You can start trading CFDs on the most popular indices and actual stock market indexes, including Dow Jones Industrial Average, Nasdaq, FTSE 100, S&P 500, etc.

Cryptocurrency Trading

CFDs on various popular cryptocurrencies are available. The broker offers Bitcoin, Ethereum, Polkadot, and more. Trading in crypto involves high risk, so make your decisions wisely.

Commodities Trading

Both hard and soft commodities are available for trading on this brokerage platform. You can trade CFDs on livestock and agricultural products like meat, pork, wheat, sugar, soya, and more.

Metals Trading

 You can start trading CFDs on metals like silver, gold, platinum, and other precious metals.

Commission, Fees, and Spreads

Clients can use the broker’s services without paying a commission. In addition, PrimeFin offers competitive spreads that vary depending on the instrument. Spreads are determined by three key factors: account types, assets traded, and market circumstances.

Commission-free trades with a modest spread and decimal swap discount are some of the features of the broker. On its many account kinds, the broker offers substantial swap discounts. The spread cost is as low as 0.07.

  • The Silver Account offers 30 minimum spread in points and 600 maximum spread in points.
  • The Gold account offers 25 minimum spread in points and 550 maximum spread in points.
  • The minimum spread in points for a Platinum account is 20, and the highest spread is 500.

Maximum Leverage?

For all three accounts, the broker offers maximum leverage of 1:100 and a minimum of 1:2. 

Thus, it provides industry-best leverage levels to its traders; however, keep in mind that high leverage comes with high risk, meaning that many traders may lose money quickly, and some may even lose their invested capital.

Here is the leverage offered in various assets classes:

  • Forex: 1:100
  • Metals: 1:25
  • Indices: 1:25
  • Commodities: 1:25
  • Stocks: 1:10
  • Crypto trading: 1:2

How To Deposit And Withdraw Funds? 

To open an account on the broker’s website, the minimum deposit required is $250. In addition, the broker doesn’t charge any deposit fees.

There are a plethora of additional withdrawal options available on broker websites. The withdrawal request is processed within three business days, according to the broker’s norms and regulations.

You can fund your account using your preferred payment method. The various payment options available are Skrill, Neteller, bank wire transfer, MIR Limited, Safecharge, SSL, Orange Pay, and more. In addition, you can withdraw your funds using the same method.

Trading Platforms

For web and mobile trading, PrimeFin provides innovative and popular trading platforms. The complete surfing experience using the brokerage firm’s trading platforms is equipped with simple, structured tabs and navigation systems with classified functionality.

Traders can begin their trading careers by using high terminals with this Forex broker. MetaTrader 4 trading platforms allow traders to access a wide range of markets (Forex market, stocks, equities market, crypto market) in the most user-friendly way possible.

There is no time-consuming or additional software required to be downloaded. Instead, simply open a web browser and go to WebTrader to begin trading.

WebTrader

Traders can access global markets from any device or browser without having to download any additional software. The multi-asset trading platform WebTrader also includes one-click trading, multiple trade execution modes, an analytical toolbox, and a historical record in the huge financial market of Forex and CFDs trading.

  • Automatic Stop Loss/Take Profit functions to minimize your high-risk chances
  • Free learning center
  • Real-time balance level
  • In-platform costs alerts
  • Multiple chart windows
  • One-click account switching
  • Inherent platform support
  • Live chat
  • Dedicated customer support

MetaTrader4 (MT4)

MetaTrader4 (MT4) is the most common and popular trading platform among traders. It is well-known for its built-in features, including high execution speed, multiple trade execution modes, an analytical toolbox, and order history.

Traders can use their mobile, laptop, or PC to access this platform. The MetaTrader4 trading platform supports both Android and iOS. In addition, traders can use any browser to access this trading platform. The platform also helps traders in building good trading strategies.

  • Real-time balance level
  • Multiple chart windows
  • In-platform costs alerts
  • Automatic Stop Loss/Take profit functions
  • One-click account switching
  • Inherent platform support
  • Free learning center
  • Live chat and dedicated customer support.
  • High execution speed

Mobile Application

PrimeFin has its own mobile application that allows you to trade nonstop, receive custom notifications on specific assets, execute orders quickly, and track price changes and speculation.

Features of the online trading app include:

  • High-frequency trading
  • Automatic Stop Loss/Take Profit functions
  • In-platform price alerts
  • Efficient sweep & trade user experience
  • Real-time balance level
  • 1-click trading operations and account switching
  • Free learning center
  • Live chat and multilingual support
  • Available on both iOS and Android

Educational and Research Support

The broker offers a substantial educational hub, including articles, webinars, videos, trade ideas, VODs, and so on, which are available on the broker’s website. You can develop and improve your knowledge and furnish trading skills with the help of these educational resources.

"Educational

Both seasoned and inexperienced traders might benefit from educational materials. Experienced traders can use these materials to keep up to date on new market trends, while new traders can use them to learn about techniques and market behavior.

It offers a variety of research trading tools that allow users to analyze and test their trading strategies in order to make more practical trades. The broker provides two advanced trading tools: an Economic Calendar and a Market Calendar. Economic calendars are used to keep track of financially problematic occurrences.

Customer Support

PrimeFin’s customer service is available 24 hours a day, five days a week, from 8:00 – 18:00 GMT. Clients can also use the “request form” on the “Contact Us” page to get in touch with them. 

Brokers offer three types of consistent support: email, phone, and live chat.

"Customer

If you’d like to speak with the management, you can do so by using the Contact Management option on the contact us page on the website. Here are the contact details:

  • Registered Address: Almack House 26-28 King Street, London, England (UK)
  • Phone Number: +44 1215120156 +27 418800785 +66 25060038
  • Email: [email protected] 

Final Verdict

The PrimeFin review explains some of the top features and reasons why selecting a good broker for trading in the financial market is necessary. Moreover, the high leverage of 1:100 for retail traders makes it all the more user-friendly. 

The lowest spreads of 0.03 pips and no commission charges on depositing and withdrawing funds put the broker on top of its competition. The huge swap discount and news alerts are icing on the cake.

FAQ
mobile-faqs-banner

The account opening requires some steps to be followed: 

  • The first step is to register with the broker that is PrimeFin.
  • Next client should fill in the personal details like first name and last name, contact number and email address. 
  • Password is set to secure the account. 
  • The account is created, and after that, the trader should fill in all the details and upload documents asked by PrimeFin. 
  • With the deposit of funds, traders can execute their first trade.

The withdrawal of funds is easy with PrimeFin, traders have to place a request with the broker, and then the broker verifies the trader. Once the process is complete, the funds are transferred into the trader’s account. It may take two to three business days.

To get in touch with the support team of PrimeFin, traders have various options: 

  • Monday to Friday 
  • Timings : 07:00 – 17:00 GMT 
  • Live chat support 
  • Email address: [email protected] 
  • Phone number: +44 1215120156, +27 418800785, +66 25060038
  • Form option

The demo account option is available with PrimeFin; traders can practice and make strategies before going live. For getting a demo account, the process is similar to getting a live trading account. First, traders have to register and fill in details for account creation. The last step is to choose a demo account instead of a live trading account. They can then practice trade using the demo account with virtual money. The account offers real trading conditions.

PrimeFin offers the following tradable assets: 

  • Forex 
  • Cryptocurrencies 
  • Commodities 
  • Indices 
  • Stocks 
  • Precious Metals

PrimeFin allows its clients to access trading account from several devices. Thus, traders can log in to the account simultaneously.

Traders can use several devices with PrimeFin using Android, Windows, MacOS etc: 

  • Mobiles 
  • Laptops 
  • Computer systems 
  • Tablets

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