PrimeFin review – should you trade with this broker?
Forex trading is very well-known around the world, there are many people who take part in this market every day, and because there is such a huge demand for it, more and more companies are being established. The Forex trading market has become very popular in the last few decades, but it was not like this forever. For a very long time, it was accessible for only the biggest financial companies on the market, but thanks to the development of the internet, it has become available for people around the world.
Although it has become accessible to many people, it has also created many problems. One thing that is the biggest challenge about Forex trading today is the fact that there many scam companies on the market, that are making it very hard for investors to tell which companies can be trusted and which should be avoided.
Today, we are going to review PrimeFin, one of the newest FX broker on the market which has proved that although the company is pretty new, it can still offer some of the best services on the market. There are more than 350 available instruments for investors right now at the Forex broker, and with the help of some of the most well-developed trading platforms, this broker offers amazing services to every investor on the market.
This Forex broker is working very hard to offer some of the best services to its clients, and if you want to learn about all of the offerings that PrimeFin has, follow our guide and learn how you can start trading with this Forex broker now.
Quick background – how does PrimeFin work?
PrimeFin is a trading name of Caps Solutions Ltd, which is a company registered in Labuan, with registration number LL16622. the Labuan Financial Services Authority, best known as LFSA, is the regulatory agency that is controlling this Forex broker. The company’s license number is MB/20/0052, registered in Unit B Lot 49 1st Floor Block F Lazenda Warehouse 3 Jalan Ranca-Ranca 87000 FT Labuan, Malaysia.
This Forex broker is located in Labuan, and it mostly focuses on the Asian market. However, the broker has many times noted that they are working very hard to create world-class services, that would be enjoyed by any investor around the world. This broker does so by creating services that are for every type of Forex investor.
As our review of PrimeFin shows, the broker is working very hard to make sure that it keeps the funds of clients as safe as possible. Because of the regulatory framework that the broker follows, it is required to keep the funds of its clients on segregated bank accounts, while also keeping a certain amount of minimum capital. The broker keeps the funds of its clients with the top banks in the region, which is a huge safety guarantee.
The fact that this broker keeps the funds of its clients on segregated bank accounts means that no matter what goes wrong, even if the broker goes bankrupt, the funds of the clients will be kept safe. So, this means that you will always have access to your funds and you will be able to withdraw it any time.
What are regulations important at all?
There are many people who say that regulations are not important at all and all they do is that they get in the way of the development of certain fields, but it is not true at all. The Forex trading market is a great example of how much importance regulations can actually have. There many Forex brokers on the market and all of them are regulated by one regulatory agency or another.
The recent data has shown that most of the Forex brokers that are not regulated or authorized are scam companies, so it is very much recommended to only trust licensed FX broker. Forex trading is one of those markets that are already very risky, and you do not really need additional risks in this market.
Regulations are a great indicator for traders that they can trust a certain broker, and we believe that they are created a very safe and secure environment.
What can investors trade at PrimeFin?
When it comes to Forex trading, one of the most important things is are the available trading instruments. As our review of PrimeFin shows, there are more than 350 available trading instruments at this Forex broker. All of these assets are very important for Forex trading since they are creating a very diverse and interesting market for investors.
Because there are so many instruments available at this Forex broker, it is creating a lot of opportunities for every investor and it gives them the ability to diversify their trading portfolio a lot. This is a very important thing in the world of Forex trading, since the more opportunities you have, the bigger chances you will have to get a big turnover form the market. You can trade the following assets at this FX broker:
- Currency pairs
- Precious Metals
Below, we will discuss every single one of these one-by-one to offer you a better insight into trading at PrimeFin.
Trade more than 40 available currency pairs at PrimeFin
Since Forex trading is so popular around the world, the broker works very hard to offer a lot of opportunities to investors who like to trade currency pairs. As of now, there are more than 40 currency pairs available at PrimeFin. You can trade them right now very easily. The great thing about it is that as our review of PrimeFin shows, there are no commissions that should be paid by investors while trading Forex, and the spreads are very low and competitive.
Forex trading represents one of the most popular markets in the world. As the official data from 2019 showed, the average daily turnover of the market was as much as $5.1 trillion. Because of such a huge number, it is very important for this Forex broker to offer the best possible services to those who want to trade currency pairs.
Trade hard and soft commodities at PrimeFin now
Commodities are something that has always played a huge part in the everyday lives of people around the world. They have always been something that people loved and appreciated a lot. Over the last few years, the number of people trading currency pairs has increased significantly. There are two major types of commodities available at this Forex broker, soft and hard commodities. Soft commodities are those that are a result of agricultural activity, such as cocoa coffee, and others like them. Hard commodities are those like crude oil, gold, silver, etc.
The spreads are very low for commodities trading and there are no fees or commissions whatsoever. As our review of PrimeFin shows, commodity trading is very popular at this Forex broker and many people choose to invest in this market because of the offerings that it has.
Trade stocks of some of the biggest companies with PrimeFin
Although considered to be quite risky, stock trading represents one of the most popular ways of investment around the world. This Forex broker offers unmatchable offerings when it comes to trading stocks, there are more than 20 stocks CFDs available right now for investors, and they include stocks of the some of the biggest companies around the world, like Microsoft, Google, Apple, and many others.
Invest in the future by trading crypto
Cryptocurrencies are considered to be a huge part of the future of the world of finance. Many countries around the world have recently started using them very active and this Forex broker offers amazing offerings in this regard. You can trade many cryptocurrencies at this Forex broker, such as Litecoin, Bitcoin, and many others.
The great thing is that you do not really need to hold the cryptocurrencies directly to trade them at this FX broker. As our review of FX broker PrimeFin shows, you can do so by trading CFDs and speculating on the possible price changes of the cryptocurrencies. The process is very easy and can be done even those who are pretty new to the market.
Invest in precious metals for long-term rewards
Precious metals are best-known for the ability to hold their prices for a very long time. Even in times of uncertainty, the prices of precious metals are least likely to drop. Even more, they tend to strive during hardships. You can trade the top precious metals with this Forex broker with minimum spreads, and zero commissions.
Precious metals, especially gold, are regarded as being ‘safe-haven’ in the world of finance, and not for the wrong reason. Because of such stability, many people enjoy trading them and they are very popular among every type of traders.
Trade indices with this FX broker now
Indices are a very common thing in which you can invest. As our PrimeFin review shows, trading indices are becoming increasingly popular worldwide every year. It is a method of trading a group of stocks, which ultimately makes up the index itself. A calculation of the value of a certain segment of the stock market is defined by an index.
In the Forex world, they are very much loved for their ability to depict economic outlook for certain areas, because of their relevance, they are considered to be major economic indicators. For the indices that trade at PrimeFin, the spreads are very low, and the commission stands at zero percent.
How much is the leverage for trading at PrimeFin?
To make sure that you are staying safe while trading Forex, you must understand everything that goes into it. Leverage is one of the things that you must pay good attention to, the leverage can make you or break you, and you must be sure that you use it wisely. Depending on your trading account and the asset that you are using, the leverage can get as high as 1:400.
To use such high leverage, you are automatically open to huge risks. To avoid these risks, we recommend avoiding using high leverage if you do not have enough experience in the world of Forex trading. However, if you are a professional trader, you will be able to benefit from such high leverage on this broker.
This Forex broker offers the Negative Balance Protection, which can mean a lot in the world of Forex. Generally, when brokers do not offer such protection, traders are facing a huge problem – they have a big chance of potentially losing more money than they have deposited on their trading account. But since this Forex broker offers negative balance protection, it will not be the case while trading Forex whit PrimeFin. While reviewing the PrimeFin broker, we were very glad to see that the negative balance protection is offered by PrimeFin, this once again proves that this is a legit FX broker.
Steps to start trading at PrimeFin
In order to be able to start trading, there are a few things that you should know. First of all, you must understand what it is that you are looking for in the world of Forex. This is very important because there are several different account types available at this Forex broker and all of them are created for different types of investors. There are three major account types available at PrimeFin:
- Silver Account
- Gold Account
- Platinum Account
All of these three offer different types of trading experience and it is of utmost importance that you know exactly what it is that interests you in the world of Forex to be able to make the right decisions.
Who should use which account?
When beginners visit the website of a certain Forex broker, they are having a very hard time to understand which account should use, which one is better for their trading experience, what it is that they should look out for, etc. There are many questions, and you can only answer these questions by yourself – you should understand what you want to get from Forex trading.
We will try to help you out in this process a little. First of all, as our review of the PrimeFin FX broker shows, the best option for beginners is the silver trading account of the PrimeFin broker. This account is a perfect way to start out in the world of Forex and get the best out of trading. However, although it can be very helpful and useful, it does not offer the same services and benefits as the gold account.
If you believe that you have already gained enough experience and it is time for you to face far tougher challenges and bigger risks, it is now time for you to start investing in Forex trading with a gold account. In addition to higher leverage, this account type also offers lower spreads, and most importantly, special services that were created especially for gold account users.
But, this still will not be enough for the expert Forex traders, who have already seen it all. For the most professional and hard-working investors, PrimeFin has created an amazing offering of the platinum account. This account type is a perfect next step for everyone who believes that they are ready to face the biggest challenges in the world of Forex.
You can trade Forex with very high leverage of 1:400 with this account type, and you need to understand that it can get very risky. But, as our review of PrimeFin shows, thanks to the special offerings and services that you will get with a platinum account, if you manage to focus a lot and trade with huge care, you will be able to benefit from this market a lot with the platinum trading account.
Demo Account of PrimeFin
A demo account is something that can be a huge help for any Forex trader. No matter how much of an experience you have in the world of Forex trading, this can give you the ability to learn more and grow as a trader. The demo account is a perfect way to not only learn more about trading but get to know with the broker as well.
There are many people in the world of Forex who believe that demo accounts are created for beginner traders to see how Forex trading really looks like. While this account can certainly be very helpful for beginners, this is no way created for only them. Even the most experienced traders can get a lot from demo accounts, by testing new strategies, coming up with new tactics, and understanding the real offerings of the broker.
Our review of PrimeFin shows that the demo account of this Forex broker perfectly resembles the live trading opportunities, which means that you can enjoy a very much real-life-like experience with this account type. While using this account, you will be given a certain amount of virtual money that you can trade, and once you are out of the money, you can contact the broker and ask for more.
Trading platforms of PrimeFin
While trading Forex, one thing that you should absolutely focus on is that you are using the best possible services that you can have. Something that can really influence your trading experience is the trading platform that you are using. This FX broker offers a very well-developed trading platform, called the WebTrader, which basically is a browser-based version of MetaTrader 4. If you have ever done anything in the world of Forex, you will know what MT4 is.
MT4 is the most popular trading platform on the market, which is being used by more than 90 percent of all Forex brokers around the world. This platform was created exactly 15 years ago, by a Russian company called MetaQuotes. The WebTrader resembles the experience of MT4 very well and offers additional benefits.
PrimeFin review showed that something that is very much loved about this trading platform is that it does not require investors to download additional applications to their computers. All they need to do is to go on their browser and use WebTrader, which is a perfectly good match for everyone. It offers access to a huge trading market, has some of the best tools and services that can be loved by millions of traders.
Trade Forex with PrimeFin using your smartphone
The team behind PrimeFin has noted that the main audience that they focus on is the Asian market. Asia is known to be very much in love with the Forex trading market, however, many people in the region do now have access to PCs and computers, which is making it very hard for them to trade Forex.
This FX broker knows the situation on the market very well, and this is why it has worked so hard to make sure to create a mobile-based trading platform for Forex trading who are using this broker. The mobile application of PrimeFin is very well-developed and offers some of the best services.
It can be used by both, Android and iOS users, so we recommend it to our readers to try it out. The mobile application is very well developed and offers a very good experience which can very hardly be differentiated from the experience that you would get from trading via the PC platform.
Learn more while trading with amazing educational material
In the world of Forex, something that can really make a change is your education. The more you know about Forex trading, the easier it will be for you to make the right decisions while investing in this very risky market. There are many different opportunities that traders have in this Forex broker in terms of trading material, they include webinars, e-books, videos, and many others.
Our review of PrimeFin showed that video classes at the Forex broker are created by professional Forex traders, which means that you will be offered tips and tricks from those who have experienced the market on their own. This is very important because they are the people who know exactly what you need to become successful in the world of Forex.
The best thing that this broker offers however is the news pieces and analytical articles. These two can really make a change, and it is helpful for both, experienced Forex traders and beginners. They will be very helpful for investors to stay in touch with the ongoing events on the Forex trading platform, and with the help of these materials, you will be able more easily make decisions about your moves on the market.
Customer Support Team
When trading Forex, you need to be sure that no matter what goes wrong, you are able to get the help that you need from the broker. There are there options that you have, one by calling the special phone number which is different from every region, so you should check out the website of the broker for more information regarding it. The second one is the live chat, which can be accessed from any part of the website, and the third one is the email.
All of these three are very helpful, but we made sure to check them out on our own, and our study showed that the best option in terms of the timing is the live chat. They answered our question in under 2 minutes, and the team was super polite. For the mobile number, it took between 3 to 7 minutes for them to answer, and this is not a long time at all. Also, they were unbelievably helpful and they made sure to offer us every type of help that they could. We also used the email, and although it took more than 10 minutes to hear back from them, they were very polite and the answer was very detailed.
The website of the broker
While working on our review of PrimeFin, we wanted to focus on every little detail. Something that we took a lot of time to examine was the official website of the broker, and we were very happy to see that it looks so good. The information on the website is distributed in a very logical manner and can be understood very easily by anyone. Also, no matter what it is you are looking for, you can find it in just a few clicks.
When we first learned about this Forex broker, we did not think that it would be such a great company. Although it is a fairly newly established Forex broker, it proved us wrong by showing that no matter how long the broker has been on the market, it still manages to offer some of the best Forex trading services to investors.
By offering more than 350 trading instruments, several trading accounts, amazing and well-developed trading platforms, and many other benefits, this broker stands to be one of the most well-developed FX brokers on the market and we absolutely recommend trading with this Forex broker to our readers.