PrimeFin is relatively new Crypto CFD / Forex broker, that opened in July 2020.
Officially they are owned by Caps Solutions Ltd, and located at: Unit B Lot 49 1st Floor Block F Lazenda Warehouse 3 Jalan Ranca-Ranca 87000 FT Labuan, Malaysia. Contact phone number is: +27418800785, and customer support email is: [email protected]. Official website is at: https://www.PrimeFin.com.
For broker complaints or withdrawal issues, read this.
An objective review of PrimeFin found, that they are offering a unique web-based CFD trading platform. Their online trading app is user friendly, easy to use and looks very similar the one offered by InvestMarkets. For experienced day traders and investors, you will find the popular MT4 trading platforms, along with the classic mobile trading apps for Android and iOS.
More than 300 underlying assets are available to trade, with leverage rates as high as 100%. Investors will see that there are CFD’s on Currency / Forex Pairs, Crypto Currency, US Stocks & European Shares, Market Indexes and Commodities to trade.
As a global brokerage firm, their website is available in multiple languages including English, Russian, Spanish, Portuguese and Thai. It seems that the trading accounts are denominated in South Africa Rand. The minimum deposit required for a live trading account starts at $250 USD, and they offer free Demo Accounts.
Scam Trading Apps
You probably saw an infomercial about an algorithm trading app that makes thousands of dollars a day. They go by the names of Bitcoin Code, Crypto Genius, and more. Once you signup for it, they create a trading account for you at a broker like PrimeFin.
There are a few things you need to know.
- Automated trading apps are mostly random signal generators, that are not 100% accurate.
- 75 – 90% of CFD investors lose money, so those ridiculous promises of huge profits are false.
- Most brokers are not actually licensed to give you investing advice.
You can read more about free trading signals.
Is PrimeFin Legit?
When the Scam Broker Investigator reviews a new brokerage firm, to see if they are a legitimate broker or a scam, we look for a valid license. Most brokers are licensed by the local government regulator of Forex brokers, like BaFin in Germany, the FCA in United Kingdom or the FSCA South Africa.
We see that Prime Fin chose to get a license from the Labuan Financial Services Authority (LFSA) in Malaysia, and their license number is MB/20/0052. Caps Solutions UK Ltd, 12734767, located at Almack House 26-28 King Street, London, England SW1Y 6QW is the payment processor for this broker.
There are many reasons why investors and traders should only use a locally licensed & regulated broker, and if you want to see what happens with scam brokers, just read the complaints page.
Choosing the right Forex broker for you to use is a difficult task, especially when you have hundreds of brokers to compare. First you should see the popular brokers listed here.
Plus500 is licensed & regulated in multiple countries. Signup here for a Free Demo Account. *72% of retail CFD accounts lose money
Existing investors are asked to please share your experience in the comments, with other traders reading this review of PrimeFin.