Learn Forex trading with PrimeFin

Learn Forex Trading with PrimeFin

Caps solutions Ltd has the trade name PrimeFin. The company is incorporated under Labuan laws. The company registration number is LL16622.PrimeFin is licensed (MB/20/0052 being the license number) and regulated by the national regulatory body in Malaysia, the Labuan Financial Services Authority. Caps Solutions UK Ltd is registered in the UK (12734767 being the registration number) and is both a payments processor and operator of the broker website. The UK registered company has its registered address at Almack House, 26-28 King Street, London, England SW1Y 6QW.

  • The Malaysia based broker, according to LFSA regulations, keeps clients’ accounts segregated. This guarantees protection for clients’ funds, in cases of volatility, even broker insolvency. 
  • Negative balance protection offered by the broker is yet another example of PrimeFin’s commitment to client protection. 
  •  Low spreads and no commissions make trading, say indices CFDs with the broker, an experience to cherish. 
  • Tradable assets over 350 are yours to avail of with this broker. These are spread across all asset categories:
  •         Forex,
  •         Equities;
  •         Indices;
  •         Commodities;
  •         Metals;
  •         Cryptocurrencies.
  • MetaQuotes, the maker of the MetaTrader, also makes the WebTrader. This is the preferred platform of PrimeFin, the same as the best forex brokers worldwide.  
  • Main Features of MT4 Web Trader
  •       Real-time courses thanks to “Market Watch”.
  •       Customizable Price Charts.
  •       9 different time-frames.
  •       Direct access via all modern browsers.
  •       30+ indicators.
  •       Full commercial history.

How do you open an account with PrimeFin?

There are three account types – silver, gold, and platinum. The services that attach to all three account types include the provision for hedging, the leverage (1:100), a dedicated account manager, and customised investment news. No deposit commissions will be charged. 

  •  Visit www.primefin.com.  and click on the open account tab. In order to open the most basic account, supply your name, phone number, and email address. 
  • You will be asked to give your consent to the broker’s T&C, Privacy Policy, and Risk Disclosure. 
  • Then, you will be required to give your particulars, such as your home address and DOB. A questionnaire will have to be responded to at this stage. This will assess if your background is suitable for trading or not. 
  • The last step involves documents and deposits. You will be submitting ID and residence proof. 
  • Once done, you can make your first deposit through a bank transfer, credit card, or an e-wallet. 

Please allow two business days for account verification. 

How do you open a demo account with PrimeFin?

Demo accounts are offered and can even be recommended to Pros. A demo account gives the trader insight into how the broker functions. A demo or practice account is your trading account where you use only virtual money. While you do not risk real money, all scenarios are just as they would be in the case of a live account. The live account is labelled as such – there’s no reason you would mix up the two accounts. Be sure to log out of your practice account before you begin working with the live account. Live and practice accounts both being simultaneously available. You can switch between the two if you think you need to ‘warm up’ before you hit the ground running with live trading. 

The demo or practice account is accessed from the homepage itself. Pressing the “start” button, you are led to a page requiring personal details registration. 

  1. The best feature probably is that you can have this demo account in tandem with a live account. 
  2. Both accounts look the same, which bolsters the purpose of true simulated trading. 
  3. Switching between the real and demo account is easy enough. You can see which account you are logged in to – on the top left-hand side of your screen under the files tab. This will let you know whether you are trading live or only practising. 
  4. You can have one live account and one demo account. 
  5. Deposits can be made in GBP, USD, and EUR. 
  6. On the homepage itself, you can find the form that will get you registered for the demo account. Assenting to PrimeFin’s T&C, all you will have to do would be to supply your name, email address and phone number. 

How do you use charts with PrimeFin?

Technical analysis involves the study of charts. These instruments are used with great attention to detail to help put trading strategies into play. With PrimeFin, they are used as predictive and forecasting tools as well. There are long term patterns and short term patterns to trading charts. We advise you to use both in order to gain a holistic view. Trading based on charts thus is concerned with a study of patterns. 

Why pay attention to chart patterns?

At any given time, market participants have one of three options – buy, sell or stand aside. Even as the ratio amongst these three categories changes over time, so does demand and supply for any specific market. As these factors shift, so does the price. This is all contingent upon opinions of where the price should be at all. 

As the struggle for the correct price unravels, we find trends and oscillations developing, which combine to form familiar patterns. 

When we successfully identify patterns, price technically is then believed to have become predictable. 

Long term patterns 

These take several bars of data to create, also known by the moniker ‘western chart patterns’. LT patterns can be found on any time frame. A general rule is that the higher the time frame, the more reliable the chart pattern. A lower time frame could mean more false signals. 

LT patterns give Structure – 

  • Combined with S/R and trends; 
  • Future direction; 
  • Price objectives (targets).

Structure & future direction

If we are familiar with these patterns and can discern the potential for one to appear, then it assists us in evaluating at what stage of the pattern we are at. This either leads to our anticipating a pattern breakout to build our trading plan or avoid getting involved too early. 

A pattern having been confirmed, without thought of whether it is a continuation or reversal pattern, has a directional bias for the price to go on trading. 

Short term patterns

Short term patterns may be produced from a single bar of data. These may require either bar charts or candlestick charts to identify them. Similar to LT patterns, they make their appearance on all timeframes, generating more reliable signals in proportion to their higher timeframes. 

ST give:  

  • Signs of possible strength/weakness; 
  • Entry signals; 
  • Exit signals; 
  • Trade management. 

Learning to choose between results

While LT patterns project future direction and price targets, they are difficult to implement even as you maintain a good risk/reward ratio. 

Also, while ST patterns generate the right timing for entry signals, they do not guide you with regard to profit objective or much future direction beyond the candles you are studying. 

How do you use leverage with PrimeFin?

 Leverage offered to professional clients goes up to 500. This is where negative balance protection is useful. For retail clients, there is 1:100 leverage across the account types.  Leverage offered across account types looks equitable, with 1:50 for metals, indices, and commodities; 1:10 for stocks; and 1:2 for cryptocurrencies. 

Benefits of opening a trading position with leverage

  • Leverage empowers you to open trade volumes larger than your account margin. Regardless of your trading strategies, leverage usage is beneficial to your trading goal;
  •  Leverage comes sans an interest rate. You pay no interest to your broker at all, regardless of loss or gain. 

PrimeFin has a very comprehensive leverage policy, impacting all products across all asset classes. The categorisation of clients into retail and professional also affects this.

How do you deposit funds in your account with PrimeFin?

Again, regarding deposits, there are neither commissions nor deposit fees. The minimum amount you can deposit has to be at least $250.  Once you are registered onto a live trading account, you are to follow the following: login into your personal area with account credentials, choose the option for deposits from your account, opt for the amount, currency, and deposit method. Please make yourself well aware of fees that might be applicable.

  • The first deposit in your platinum account need not exceed $100. 
  • Please be careful while selecting currency for the funds’ transfer. The currency of the transfer has to be the same as the currency of the beneficiary account. 

How do you contact PrimeFin customer support?

PrimeFin customer support is accessible Monday to Friday, 7 am to 5 pm GMT through email, telephone, and live chat. Upon logging in to the live chat, you will likely be greeted by a service agent who will liaise with the relevant departments and resolve your issues reasonably fast. 

The ‘contact us’ page on their website requires you to fill in the following details onto PrimeFin’s contact form: 

  • Name; 
  • Email address; 
  • Subject;
  •  Message. 

The same page renders access to the management as well, in case your queries are urgent. 

What is the procedure for withdrawal from your PrimeFin trading account?

All withdrawal requests will be processed within 7 business days. Funds may be withdrawn solely to the original remitting source. Additionally, the withdrawal may not exceed the amount originally deposited by credit/debit card. 

  • There are no set limits to the withdrawal amount per transaction;
  •  The Withdrawals Policy as given on the PrimeFin website determines the time frames in which withdrawal processes might be completed; 
  • Your initial deposit methods will also be the methods through which your withdrawals will be processed; 
  • It may take up to 7 business days for your withdrawal to reach your bank account. It is possible to ask the broker for confirmation after seven days. Subsequently, your bank can aid you in tracking the transfer. 

A detailed schedule is available on the website regarding fees concerning inactive accounts. Accounts without signs of activity for straight two months shall be liable for levy of Inactivity fees. 

  • 61+days of inactivity – EUR 160;
  • 91+ days of inactivity – EUR 120; 
  • 121+ days of inactivity – EUR 120;
  • 151+ days of inactivity – EUR 120; 
  • 181+ days of inactivity – EUR 200; 
  • 211+ days of inactivity – EUR 200; 
  • 241+ days – EUR 200;
  • 271+ days – EUR 500;
  • 301+ days – EUR 500; 
  • 331+ days – EUR 500. 

Notably, PrimeFin does have a number of awards and bonus programs for best-performing clients. 

Conclusion

PrimeFin is diligent in serving beginner traders, albeit the not entirely unjustifiable claim that it favours professional clients strongly. The latter are offered rebates and a free API interface. Be that as it may, all account holders do get access to guaranteed stop losses and free bank wire withdrawals. Needless to add, negative balance protection is a given. 

It is through customer trades that ‘cross’ the bid/ask spread that the broker earns. If the guaranteed stop losses are not triggered, you get your money back. Trading equities and ETFs does carry commissions. These are charged to either side of the spread or your account upon trade execution. Altogether, we find PrimeFin to be a fully competent, up-to-the-minute broker. 

Trading View

Top Brokers