PrimeFin Review – 5 Crucial Facts To Know About This Offshore Forex Broker
According to the company website, they are based in Malaysia. Their operations are managed by the mother company Caps Solutions LTD from the UK. Apparently, Primefin broker has a regulation from LFSA – Labuan Financial Service Authority.
Digging deeper into the analysis, we found no records of Caps Solutions or PrimeFin in LFSA or any other licensing register.
|Caps Solutions LTD
|Web-based and MT4
|Yes – BTC, ETH, XRP
|Types of Assets:
|Forex, Indices, Stocks, Commodities, Cryptocurrencies
|Free Demo Account:
|Accepts US clients:
Is Primefin a Legit Forex Broker Or Is It a Scam?
Considering that they provide some license, you might think it’s legit. On the other hand, not every license is a trustable one. So to be precise, yes they are licensed by LFSA. But that is not what you should be looking for.
This is a Tier 3 regulator.
At first glance, everything looks good. They have a license, but once you know what to look for, you understand that this is not the right place for you. Keep money safe.
Why Is It Safer To Choose Regulated Brokers?
Regulated companies have simple rules they have to comply with. Same as any other law in the world, some are strict and some are not. That’s why we always recommend looking for Tier 1 Regulations like BaFin, ASIC or FCA.
Going through their register, we were not able to find any records of Primefin trading.
LFSA is low-trust regulation from an offshore country. Therefore, if you are trading anywhere outside of Malaysia you don’t have practically any protection.
Trader’s Reviews of Primefin
We went through PrimeFin Reviews to see what other people think about it. At the moment of writing this article, 18 people gave their comments about the Primefin broker. Around 20% were rated 1-star and almost 80% were 5-star.
All negative comments are about the same thing, that company took their money and there is no response afterward. Good comments are always talking about CySec regulation from Cyprus, which they don’t have.
That tells us that most probably all good comments are bought. Standard thing amongst offshore scamming companies.
Primefin Software – How Safe Is Trading Platform?
This is one thing we liked. They are providing clients with a web-based trading platform and Meta Trader 4. Usually, companies that are doing anything good have MT4 or MT5 available.
Whatsoever, Primefin claims that their software has more benefits and tools compared to MT4. The company website shows that they provide more analytical tools, faster execution and some automated options.
Trading With Mobile Application
Of course, for most traders, MT4 is more suitable because you can use it on the phone. Wherever you are. That’s why Primefin has as well their trading app available for iOS and Android. According to clients’ comments, they were experiencing some lags and irregularities while using the app.
We would always recommend you continue using MT4 or MT5 for those reasons.
Primefin Range Investment Opportunities – Trading Instruments
A good option is that range of instruments is available.
- Forex – NZD/CAD, GBP/JPY, GBP/USD
- Commodities – Crude oil, Gold, Platinum
- Indices – CAC40, FTSE100, Nikkei 225
- Stocks – AMD, BMW, Cisco
- Cryptocurrencies – BNB, ETH, LTC
Before we go any further, we suggest reading our brokerage reviews on Invest505, Forex Treasures, and CresCapital.
Primefin Fraud Risk Zones – Service Countries
The company doesn’t have any specific country that is targeted, like most companies. There is a high probability there is more than one. Usually companies like this target rich countries that don’t have specific trading laws.
What is strange is that lot of information is presented in South African rands. Therefore it might be one of the countries where they operate.
What Do We Know About Primefin Account Types?
Their trading accounts are pretty standardized. They are offering Silver, Gold and Platinum account types. Opening a higher account doesn’t bring you some spectacular benefits. It’s just about a bit lower spread, but everything else is the same.
The minimum requirement is only 250$ like in most trading companies. What is unusual is that there is no more information available about initial investment for Gold and Platinum.
Primefin Terms and Conditions
All trading conditions should be taken with reserve when you are trading with offshore companies. Especially ones with low-trust regulations.
They are offering as well sign-up bonus with is a huge downside. Tier 1 Regulators are forbidding that feature. There are always some hidden tricks behind it, what you need to reach to get the funds out.
Most of their sign-up conditions are presented in a way to attract you to trading, but all conditions are stated only for FX trading. What are the conditions for other assets we can only imagine.
Primefin Broker Scammed You? – Please Tell Us Your Story
We already saw some stories of people losing money here. Don’t worry, not everything is lost! We would like to hear your story. If we have more people like you, who will tell us what happened, we would know how to keep people safe.
If it’s already too late, you invested money and lost it, there is a solution. You can book a free consultation with our experts already today!
What Is the Chargeback Procedure?
Chargeback, as the word is self-explanatory, is a procedure for reversing the transaction. Usually performed by the client, but it’s not rare that it’s performed by the merchant itself.
It is nothing so complicated, but it requires attention. If you don’t know how to do it, get back to us now.
What Is Primefin?
PrimeFin is a company operating from Malaysia under a license of LFSA.
Is Primefin a Scam Broker?
Potentially. Companies that are operating offshore and with low trust regulation, like LFSA, are always considered potential scams.
Is Primefin Available in the United States or the UK?
According to our research, no. They don’t provide services to US or UK clients.
Does Primefin Offer a Demo Account?
Yes. Besides 3 basic live trading accounts, you can open a Demo account and try your luck with virtual funds.�