PrimeFin Review 2022: Pros & Cons

PrimeFin

There are numerous broker companies, but it is hard to differentiate between the fake and authentic ones. It is a common myth in the financial market that experienced firms offer better forex broker services.

One of the best Forex brokers, PrimeFin, has successfully broker this myth. Though being a relatively new firm, it offers exceptional trading platform, services and advanced trading tools.

In this PrimeFin review, we will cover everything you need to know before you start trading. We will wrap up the entire review by stating pros and cons in brief. 

Best FX Broker Successfully Meeting all Trading Objectives 

PrimeFin is one of the best Forex brokers allowing you to speculate on more than 350 trading assets. Most brokers are licensed by the local government regulator of Forex brokers, like the FCA in United Kingdom or the FSCA South Africa.

This is a well regulated broker registered with the Labuan financial services authority (LFSA) under the license number MB/20/0052. It entirely focuses on meeting all your trading objectives through its advanced trading platforms, analytical tools such as reports season calendar and astounding services. 

The broker understands the importance of knowledge in financial market trading. Therefore, PrimeFin offers quality educational resources which cover all vital concepts to brush up their trading skills.

Moreover, the broker offers sundry analytical or research tools to determine accurate exit and entry points. 

Brief Description

The Forex broker paves the way for safe, advanced and affordable trading. Its unparalleled services have helped thousands of retail currency traders around the world in grabbing a massive amount.

The following points contain a brief description of the firm. 

Who owns the PrimeFin? 

  • Headquarter: Unit B Lot 49, 1st Floor, Block F, Lazenda Warehouse 3 Jalan Ranca Labuan Malaysia
  • Operated by famous Caps Solutions Ltd
  • Authorised by the Labuan Financial Services Authority (LFSA)
  • The license number of the broker: MB/20/0052

Is the Broker Affordable? 

  • Broker offers commission-free services
  • The minimum deposit to open trade is just $250
  • Margin offered on trade 1:40 
  • Spreads are very low: 0.03

Account types: Chose the one which fits well.

To facilitate trading, Forex brokers offer several account types. All these live trading accounts are segregated depending on the expertise and experience of the PrimeFin in the financial market.

The broker offer no institutional accounts, which is a drawback. Continue reading this PrimeFin review to know about different account types. The features associated with each type are: 

1) Retail Trading Account

This live trading account has three types, namely gold account, silver account and platinum trading accounts.

a) Silver account: For beginners 

Key features of Silver trading account:

  • Heading for funds
  • Trading offered on more than 350 products
  • Spreads as low as 0.07
  • The margin on trade 1:200
  • No withdrawal fees
  • Dedicated Account Manager
  • Suitable for novice traders
  • All major currency pair available
  • Regular updates about market events 
  • Free educational hub
  • No Islamic Account
  • Commission-free trading
  • Dedicated customer support team 
  • Base foreign currencies for trading: EUR/GBP, GBP/USD, USD/CAD, USD/JPY, NZD/USD, AUD/USD, EUR/USD, USD/CHF, EUR/USD and many others

b) Gold Trading Account: For seasoned investors 

  • Heading for funds
  • Regular updates about market events 
  • Dedicated customer support team 
  • Fifth decimal
  • Trading offered on more than 350 products
  • Free VPS
  • The margin on trade 1:200 
  • Dedicated Account Manager
  • All major currency pairs available
  • Live trading accounts
  • No Islamic Account
  • Decimal swap discount
  • No withdrawal fees
  • No deposit charges 
  • Minimum spread points 20 
  • The minimum deposit required for a live trading account starts at $250 USD
  • Swap discount on trade 25% 
  • Robust analytical tools for market analyses
  • Stop out, or margin calls professional clients 15% and 100% or 50% for retail clients 
  • Base currencies for trading: EUR/GBP, GBP/USD, USD/CAD, USD/JPY, NZD/USD, AUD/USD, EUR/USD, USD/CHF and many others

c) Platinum Trading Account: For professional investors 

  • The margin on trade 1:500 
  • Spreads as low as 0.03
  • No deposit fees
  • Minimum deposit is $100 
  • Commission-free trading 
  • No Islamic Account
  • Decimal swap discount
  • Dedicated Account Manager
  • All major currency pairs available
  • Automatic stop loss and take profit feature
  • The minimum deposit required for a live trading account starts at $250 USD
  • Swap discount on trade 50% 
  • Multiple execution functions: MT4 Cent, MT4 NDD, MT4 Fixed, MT4 NCC 
  • Base currencies for trading: EUR/GBP, GBP/USD, USD/CAD, USD/JPY, NZD/USD, AUD/USD, EUR/USD, USD/CHF and many others

2) Demo Trading account 

The Forex broker offer free demo accounts or virtual trading account for those newbies and professional traders who wish to practice trade with virtual money before entering the real trading world.

Many people think that these trading accounts is only for novice traders, which is absolutely wrong. Even experienced forex traders can use this account to compare PrimeFin with other financial service providers. 

You must be thinking how a demo account (Open free demo trading account) works for novice traders? It protects from sudden price shifts due to variation in market economic conditions.

Moreover, professional traders can also check the potential of their different trading strategies and risk management techniques. 

The broker’s free demo account option has the following features: 

  • Sufficient trading period
  • Broker offers virtual funds for trading 
  • Absolutely free

Is PrimeFin Scam or Safe? 

  • Caps Solutions Ltd, a registered company supervises all trading operations, official website, and is the payment processor of PrimeFin. It is an authentic brokerage company with registration number 12734767. 
  • The regulation plays a vital role in defining the legitimacy of a global brokerage firm. Those firms which are registered with a trusted central financial body falls under the list of safe ventures. PrimeFin forex broker falls on this list. The Labuan Financial Service Authority regulates the firm.
  • The broker keeps the client’s funds in segregated bank accounts.
  • PrimeFin offers trading services to a number of countries including India.

You must have got the answer that the broker is a safe global brokerage firm to invest with. The regulatory authority keeps a close check on every little detail and activity of the Forex brokers.

Therefore, there are no chances of fraud. You can go ahead without any fear.

Are your Transactions Secure? 

Along with the money, your personal and transactional information is safe with the broker. It is a forward-looking firm offering advanced and modern techniques which guarantee that platforms work efficiently and smoothly.

The top-class security trading tools of the broker include: 

  • Firewalls
  • SSL software
  • Robust data encryption on various trading levels 
  • Member of investors compensation funds.
  • Servers placed in SAS 70, which is a certified data centre 

Risk Warning: CFDs Trading are considered high risk. Most retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing before investing money.

Trading Platforms: Best for Enhancing the Quality of Trading 

This multi asset trading platform allows experienced traders to speculate different financial markets though ultra-modern digital trading platforms such as Meta Trader 4, web trader and mobile trading application.

To get started on PrimeFin trading platform, you need to choose from a range of currency trading brokers, device and most importantly, an uninterrupted internet connection.

There are several notable and expectational features in addition to the mentioned ones. 

1) Web Trader: Widely used and handy trading platform

Web trader is a widely used and advanced trading platform which is compatible with every device. If you fall among those who always try to ignore unnecessary download and installation, then web trader is for you. Other major features include: 

  • Lightning-fast trading speed 
  • Check real-time trading activity 
  • Single tap trading 
  • View trading history 
  • Live graphs and charts
  • User-friendly interface
  • Instant access to all trade orders and bids 
  • Latest Investment news
  • More than 350 trading instrument 
  • Multiple chart windows
  • Personalised trading experience 
  • Numerous excellent and free analytical financial market instruments such as Fibonacci retracement, graphs, Japanese candlesticks, charts, customise bars and more
  • Several trading functions such as instant execution, four pending, two markets, trailing stop function and two stop orders 

2) MetaTrader4 (MT4): Facilitate Anytime and Anywhere Trading 

Meta Trader 4 is a globally renowned trading platform which many professionals and analysts suggest.

Above all, the trading platform provides timely market updates and accurate results. Other notable features of MT4 include: 

  • Has profit functions
  • Real-time balance check 
  • One tap trading account switching 
  • High-frequency trading 
  • Automatic stop-loss order 
  • User-friendly interface
  • Favourable sweep
  • In-platform price alerts
  • Live chat option 
  • Latest Investment news
  • Multiple chart windows
  • Different trade execution modes
  • Multilingual support 
  • Market price updates
  • Free and excellent educational materials to brush up trading skills

3) Mobile Application: Grab each trading opportunity 

Trading with PrimeFin mobile application (mobile version) helps you to exit and enter any trading position instantly and swiftly.

It is a handy way to handle all trading activities with your daily routines. Moreover, it enables you to seize each opportunity. Other notable features of MT 4 include: 

  • One-click trading features 
  • Super-fast trading speed
  • Regular and customised price alerts
  • More than 60 analytical trading tools 
  • Regular market updates
  • Latest Investment news
  • Instant market notifications
  • One click trading option
  • Accessible 24/7
  • Live chat
  • Real time balance level
  • Available on Google Play Store (Android version) and Apple App Store (iOS version).
  • Economic calendar
  • Numerous excellent and free analytical instruments such as Fibonacci retracement, graphs, Japanese candlesticks, charts, customise bars and more
  • Allow trading on nine different trading time frames including H1, H4, MN, W1, D1, M30, M5, M15, M1 
  • Adequate authority over bids 

Wide Range of Tradable Products and Markets 

The broker offers more than 350 trading assets to diversify your trading portfolio. PrimeFin further provides access to a huge trading market including forex trading, cryptocurrency trading, US stock trading & European share, forex and commodity trading, stock indices trading (actual stock market indexes), precious metals and many more.

In addition, the broker offers forex and CFD trading on a range of asset classes. Therefore, you cannot miss any beat of the financial market. The products include: 

Symbol Description Spreads Trading hours Maximum Leverage
Forex
GBPUSD Great Britain Pound vs. US Dollar Floating 00:00-24:00 1:500
EURUSD Euro vs. US Dollar Floating 00:00-24:00 1:500
CADCHF Canadian Dollar vs. Swiss Franc Floating 00:00-24:00 1:500
USDJPY Dollar vs. Japanese Yen Floating 00:00-24:00 1:500
Crypto trading
BTCEUR Bitcoin vs. Euro Floating 24/7 1:2
BABUSD Bitcoin Cash ABC vs. US Dollar Floating 24/7 1:2
BTCUSD Bitcoin vs. US Dollar Floating 24/7 1:2
BTCGBP Great Britain Pound Floating 24/7 1:2
Commodities and Soft commodities
CL Light Sweet Crude Oil (CME) Floating 01:00-24:00 1:125
BRNT Brent Crude Oil (ICE-EUR) Floating 03:00-01:00 1:125
RBOB R.B.O.B Gasoline (CME) Floating 01:00-24:00 1:125
NGAS Natural Gas (CME) Floating 01:00-24:00 1:125
Indices
DAX DAX 30 Index Future (Eurex) Floating 09:05-23:00 1:125
CAC CAC 40 Index Future (Euronext) Floating 09:00-23:00 1:125
FTSE FTSE 100 Index Future (ICE-EU) Floating 10:00-23:00 1:125
DOW MINI-SIZE DOW Index Future (CME) Floating 01:00-23:15 & 23:30-00:15 1:125
Stock Market
ABNB AirBnB Inc Nasdaq (USA) 16:30-23:00 Floating 1:10
ABBVIE AbbVie Inc (NYSE) (USA) 16:30-23:00 Floating 1:10
AIG American International Group Inc. NYSE (USA) 16:30-23:00 Floating 1:10
ADOBE Adobe Systems Incorporated, NYSE(USA) 16:30-23:00 Floating 1:10

Risk Warning: Trading CFDs are considered high risk. Most new retail investors lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

How to Open Account with PrimeFin?

To trade forex, you’ll need to open account first. The procedure for opening a trading account with the broker is instant and straightforward.

The process consists of five levels such as personal details, information, Questionnaire, Deposit, and Documents verification.

You only require to invest your five valuable minutes for opening the door of the global financial market. Moreover, PrimeFin login does not ask for any personal or sensitive information. The steps are as follows:

1) To open an account, visit the PrimeFin official website of the brokerage firm. You will see a registration form asking for name, contract, surname, country and email id on the right side of the home page. Sign in to get registered. 

2) Once you enter the OTP, Click on submit button. The website will direct you to a documentation page. Upload the essential documents which include:

  • Identity proof: For this, you can either upload national id card or passport 
  • Address proof: For this, you need a bill or any document which contains the latest photo and permanent address. 
  • Financial and bank statements 

3) Last step is to select from a range of markets and various assets you want to trade, deposit charges and start trading. 

Note: 

  • Before registering with the broker, check the URL of the website correctly as there are various fake firms which make a duplicate design of the website to trap traders. The only way to avoid such fraud is by checking the URL of the website. No two websites can have the same URL.
  • Financial and bank statements required during documentation should not be older than five months. 
  • Keep all documents scanned beforehand. This will mitigate the time required to open a trading account. You’ll have to provide your personal details such as name, address, phone number, country code and country of residence etc. 

Commissions and Fees 

The broker does not charge any commission fees on trading. Traders will however have to find out from their financial institutions if their fees apply. PrimeFin earns entirely from two ways firstly, swap charges and secondly, spreads. 

  • Spreads: The difference between ask and bid price is referred to as the spread. The broker charges low, floating and competitive spreads from the trader. They are as low as 0.07 for a silver trading account and 0.03 for a platinum account. 
  • Swap: In addition to the inactivity fees, the broker charges an amount for holding a trading position overnight. However, this amount is low as compared to other brokerage firms. 
  • Minimum deposit: It is an amount required to open a trading account with the firm. For this forex broker, the fee is just $250. 

Margin: The amount of money required in your account to open a position is called the margins and is calculated according to the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your account.

Are Deposits and Withdrawals Faster? 

The entire process of deposit and withdrawal with the firm is easy and straightforward. Deposit of funds with PrimeFin is instant on the other hand; withdrawal takes two to three business days to proceed. 

Does PrimeFin charge withdrawal fees? The answer is No. The firm allows trading through all common methods. Most importantly, all these options are renowned and globally used by most traders. It includes:

  • Skrill
  • PaySafe
  • MIR Limited
  • SafeCharge
  • Mastercard
  • VPay
  • Wirecard
  • DECTA
  • VISA
  • SSL
  • DECTA
  • Trustly
  • Neteller
  • Orange pay
  • Mastercard
  • Emerchant pay
  • Maestro
  • Payvision

Does the Broker offer Leverage? 

Leverage is a popular financial tool which can easily magnify your profit. It helps in trading relatively larger assets or securities by paying only a small percentage of the total amount. Therefore, you need not have plenty of money for trading some famous and expensive assets. If you trade Forex, you can take ample benefits through maximum leverage. The entire amount of trade is divided into a simple ratio. It has two parts—Firstly, the larger one which the PrimeFin pays. Secondly, a smaller part which the trader pays. 

The maximum leverage ratio offered by this forex broker varies depending on the market type. 

  • Forex market: 1:500
  • Crypto currency market: 1:2
  • Commodity market: 1:125
  • Indices: 1:125
  • Stocks: 1:10 

Market Analysis? 

Research is the backbone of financial market trading and assists a lot during Forex trading and speculative trading. A well-informed and researched decision is better than that which is made just on predictions. PrimeFin has much to offer in the arena also. 

You can find advanced trading tools like economic calendar, report season calendar, the Forex trading signal which provides exact data about the future market price. Further, the broker also keeps you updated about financial market events and variations in factors affecting trade through its latent news function. In currency exchange market, financial institutions exchange currencies.

Up to Date and Excellent Educational Material 

The broker’s educational materials are up to date and excellent in terms of quality, concept, and language. They successfully meet the learning objectives of both beginners and experienced forex traders. Moreover, the forex trading platform based tutorials clear each doubt regarding the tricky functions of complex MetaTrader 4 on PrimeFin.  

Customer Support? 

Broker’s customer support services are excellent and better than other brokerage firms. the best thing is it is available in multiple languages. The response time to receive a call is less than one minute. When it comes to emails, the broker reverts to each query on the same day. The entire team focuses on solving the core problem and provides the exact and satisfactory answer to all questions. Moreover, the team is logical, rational and polite while answering. In short, you get an accurate and quick response to your queries with PrimeFin. 

Contact details: 

  • Email: [email protected]
  • Phone number: +44 1215120156
  • Live Chat option: Provided to solve your queries instantly. 
  • Contact Form: In case your query persists after connecting with the customer support team, you can fill this contact form provided on the website.
  • Headquarter: You can also visit the head office of a broker situated at Unit B Lot 49, 1st Floor, Block F, Lazenda Warehouse 3 Jalan Ranca Labuan Malaysia in case of any serious issue 

Note: The time to connect with customer support is from Monday to Friday between 07:00 to 17:00 GMT. 

How is PrimeFin Better than Others? 

  • The instant account opening with the forex broker connects you to the global world in a few seconds. 
  • The wide range of trading instruments helps you diversify your Fx trading portfolio and, therefore, mitigate risks to a larger extent. 
  • The broker takes care of the safety and security of your funds. 
  • The excellent educational material, including articles, e books, courses and several others, makes your trading foundation strong. Moreover, platform-based videos and tutorials assist you during trade execution. 
  • The ultra-modern forex trading platforms such as MT4 and web trader push your trading standards and generate massive returns. 
  • The regular updates through notification about financial events and market shifts mitigate the chances of potential loss to a larger extent. It also offers free VPS.
  • The negative balance protection and stop-loss order further protect you from sudden market price variation. 
  • The lightning-fast execution speed of PrimeFin platforms helps you grab each market opportunity and set bids quickly. 
  • The broker facilitates smooth and quick trading through a one-tap trading function. 
  • You can find more than 350 assets with the broker providing all top markets including forex, crypto currency, commodity, indices, stocks and precious metals. 
  • An excellent customer support team of the broker adds another feather to its cap. 
  • The research tools and analytical toolkit offered provide precise results about the entry and exit points. Therefore, it helps in making a potential decision. 
  • Above all, the broker is highly regulated and licenced by legitimate authority. Therefore, closing doors for all doubts regarding PrimeFin scam. 

Final Words 

That’s all in our detailed PrimeFin review, here’s a quick overview of what we have found about the broker.

To sum up, PrimeFin is one of the best forex trading financial service providers rendering its services in all well-developed economies.

All services, tools, and advanced trading platforms offered are ultra-modern and designed to keep the contemporary world’s demands in mind.

In addition, the broker keeps the client’s funds in segregated bank accounts. The platform also offers high leverage.

A Forex broker like Primefin provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies.

Moreover, affordable trading charges make this trading platform extremely affordable for all kinds of traders.

Overall PrimeFin is a recommended Forex trading broker and has become one of the most popular trading platforms. But don’t forget to read all the negative and positive reviews of the broker.  

Risk Warning: Trading CFDs are considered high risk. Most new retail investors lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

FAQs 

Is PrimeFin a scam?

No, PrimeFin is legit Fx broker and is also a regulated broker. It is regulated by a legitimate authority, the Labuan Financial Services Authority under the license number MB/20/0052 

How to open a free demo trading account?

For opening a demo account with the broker you just need to register yourself on PrimeFin official website.

Do PrimeFin offers the best online trading app?

Yes, the online trading app offered are advanced and facilitate anytime and anywhere trading.

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