Editor’s Note: Why PrimeFin Doesn’t Suck in 50 Words
Low spreads, regulation, excellent customer support, and great trading platforms (Webtrader and Meta Trader 4). This is basically everything that a trader needs in order to become profitable and PrimeFin ticks all the boxes. Of course, the said trader also needs skill and trading experience but that is not the broker’s responsibility, although PrimeFin offers a Demo account for training purposes.
Why PrimeFin Sucks in 50 Words
There’s one area where PrimeFin sucks and that’s the inactivity fee, which is a bit on the high side. However, it takes two months for the account to become inactive and I believe that any trader places at least one trade in such a long period. After all, you open an account to trade not to stare at it, so make sure you open at least 1 trade every 2 months.
Is PrimeFin A Scam?
This is a regulated broker that offers all the necessary information about the owning/operating companies, provides addresses, phone numbers and everything you need to locate them. A scam broker is usually shady and tends to “forget” about transparency, which is not the case with PrimeFin.
The general user-vibe surrounding this broker is very positive, which is another sign that we are not dealing with a scam: they have a 4.6 out of 5 stars rating on Trustpilot, coming from more than 100 reviews. And keep in mind that on Trustpilot it’s impossible for a company to delete a bad review written by a client, and this gives more weight to their Trustpilot rating. All in all, we at ThatSucks do not consider this broker a scam but as always, we recommend caution whenever money is involved (with all brokers).
Should I Open An Account With PrimeFin?
PrimeFin is a Labuan based, regulated CFD broker that offers a wide selection of tradable assets, in a professional, regulated environment. The broker is operated by Caps Solutions Ltd. (a company regulated by the Labuan Financial Services Authority (LFSA), license number MB/20/0052) and Caps Solutions UK Ltd. (a company with registration number 12734767).
The broker was launched in 2020 and offers a streamlined experience, with a welcoming website and a great choice of platforms. And I say “great” because it offers something for everyone. The Webtrader platform is entirely web-based, so it doesn’t need any download or installation and can be accessed from any desktop device with Internet access. This one has enough tools, indicators, and drawings for people who like a mix of user-friendliness and technical analysis but is also suited for newcomers who are looking for a simple interface and easy access to the basic features.
On the other hand, if you need advanced order types, a plethora of custom technical indicators, as well as Expert Advisors, scripts and more, you can freely use their Meta Trader 4 client (requires download and installation). This platform is the consensus best in the industry and has been so for the last 10 years or maybe more.
For people who don’t need the advanced features of Meta Trader 4 or Webtrader, PrimeFin offers a mobile app, which puts the markets literally in your pocket. It can be used on Android and iOS devices, and adds an extra layer of accessibility. A great advantage is that you can do your analysis at home, on Webtrader or Meta Trader and then simply monitor your positions while you’re doing groceries or while you wait for the wife to try out the fourth outfit at the fashion boutique.
Accounts start with Silver at $250, which is average for the industry, but traders who are looking to invest more can open a Gold or Platinum account, which come with extra perks such as swap discounts (25% for Gold and 50% for Platinum), fifth decimal for increased accuracy and more.
PrimeFin offers a comprehensive Education Center that contains trading articles, trading courses, videos, market analysis, trading signals and more. Overall, it’s a good mix of information that can be used by beginners and medium-level traders alike.
As a whole, PrimeFin looks and feels like a great choice for traders of all levels. The most important “tests” for a broker are regulation and transparency, which PrimeFin passes with flying colours. Next we have the actual trading conditions themselves, which are top-notch as well. Low spreads and some of the best trading platforms in the business complete the picture, making PrimeFin a recommended broker.
Caps Solutions Ltd has a registered address at Unit B Lot 49 1st Floor Block F Lazenda Warehouse 3 Jalan Ranca-Ranca 87000 FT Labuan, Malaysia. Caps Solutions UK Ltd is located at Almack House 26-28 King Street, London, England SW1Y 6QW. PrimeFin can be contacted at email [email protected]
We couldn’t locate any complaints made by real users against PrimeFin. Furthermore, the vast majority of Trustpilot user-reviews are very positive, netting them a 4.6 star rating (out of 5 possible stars). The few negative reviews that we’ve managed to find there, were actually fake reviews, used to promote scam recovery services.
PrimeFin Regulatory Warnings and Announcements
Thus far no major regulator warned against PrimeFin and no fines were issued. We are constantly monitoring for this type of activity and will update this section if necessary.
As you would expect, the bonus differs depending on the account type and your minimum deposit. The Start account will get you up to 30% bonus, and it goes up from there, reaching 120% for the VIP account. However, the requirements for withdrawing the bonus are a bit hard to achieve: you will have to trade $10,000,000 for each $1,000 received as a bonus as long as the total bonus you received is lower than $10,000. If your total bonus exceeds $10K, you will have to reach a trading volume of $20 million and if you received more than $30K bonus, the trading volume would be $30 million.
Deposit is always easy but withdrawal is what really matters, so it’s good to know that PrimeFin processes withdrawals in a very short time: same business day if the request comes in the morning or the next day if the request comes after 9 o’clock.
The number of methods is huge, including the classic credit/debit card and wires but also a lot of e-wallets: Skrill, Neteller, SafeCharge, DECTA, Orange Pay, Payvision, Trustly, PaySafe, etc. (please note that the availability of these e-wallets may depend on client’s location). The minimum withdrawal is only 50 account units.
Market analytics, economic calendar, earnings reports calendar, signals, and world news are available right on the trading platform, which gives these features extra usefulness. Every trader should use this type of tools and now you don’t have to scavenge for them online, you have them all in one place.
The website is translated in 8 languages and the information is well structured and readily available. The platforms are simple enough for newcomers, but advanced traders can use the more sophisticated MT4. Demo accounts and mobile platforms are available; US traders are not accepted.
Range of Markets, Spreads and Leverage 18/20
PrimeFin offers over 300 tradable assets from all the main classes (currencies, cryptocurrencies, indices, stocks, commodities, etc.), which is more than enough for everyone to find the desired asset. Spreads are very low, in the vicinity of 1 pip for EUR/USD but they are floating, meaning that they can change under volatile conditions. Leverage goes as high as 1:100 for currencies but is lower for cryptocurrencies and other assets.
Deposits and Withdrawals 18/20
The minimum deposit is $250, which is reasonable, while the minimum withdrawal is 50 account units, which is fair and non-restrictive. There’s a wide selection of banking methods, including cards, wires and lots of e-wallets (Skrill, Neteller, SafeCharge, DECTA, Orange Pay, Payvision, Trustly, PaySafe, etc.). The processing times are very fast, even the same day if the request is made in the morning.
Fees and Support 16/20
There’s no fee to open an account or to deposit but clients who allow their account to become inactive (no trades or deposits for a period of 60 days) will have to pay a rather hefty inactivity fee. Support is available via live chat, email, and phone and was helpful throughout our visit.
Trading signals, market analytics, economic news, economic calendar, earnings reports calendar and more. All are available right on the trading platform, which earns them extra points.
PrimeFin Overall Ratings (86) + Regulated (+3) = 89/100