PrimeFin FX broker review – Everything you should know
It is not a new thing that Forex trading is a very popular market around the world. Over the last few years, this market has seen a huge increase, and thanks to this, today, more than ever before, people of all backgrounds have the ability to participate in this market. With the help of the internet, people from the most remote places on the earth have the ability to trade with some of the most well-developed FX brokers.
However, this has not been like this in the past. Just a few decades ago, only the biggest financial companies could participate in this market. FX market was dominated by huge banks, but thanks to the developments on the market, everything has changed. Thanks to this, the market has grown a lot. According to official data from 2019, the average daily turnover of Forex trading was as much as $5.1 trillion, and this number is increasing constantly.
Although the market offers amazing services and benefits to investors all around the world, it also has a lot of challenges. The development of the internet gave the Forex trading market the ability to dominate the market, however, with this, many problems came as well. Today, investors all around the world are having a very hard time finding brokers that offer safety and security that is needed so much in the Forex trading market.
Today, we are going to review PrimeFin, one of the most well-developed FX brokers on the market. If you wish to learn more about the services and offerings of this company, read our review and start trading with PrimeFin now!
What is PrimeFin and how does it work?
PrimeFin is a Forex broker based in Labuan, Malaysia. The broker strives to offer services all around the world, but it mainly focuses on the region of Asia. Because of this, PrimeFin had to do its best to make sure to create services that could be enjoyed by the people of the region.
PrimeFin focuses a lot on the safety and security of its investors, and it has noted many times that their top priority is for traders to invest in a secure and transparent market. It does so by following the regulatory guidelines of the Labuan Financial Services Authority, which is the main regulatory agency in the country.
Over the years, this regulatory agency has had some challenges, but thankfully, in recent years, it was able to overcome the problems and create a regulatory framework that creates a very stable and safe environment. There are many well-known Forex brokers that are licensed by this regulatory body around the world.
Recently, the LFSA has changed its guidelines drastically. Thanks to its regulations, PrimeFin is required to maintain a minimum capital, while also keeping the funds of its clients on segregated bank accounts. Our review of FX broker PrimeFin shows that this broker keeps the funds of its clients with the top banks on the market, which makes it a very safe option for investors.
Segregated bank accounts create a very safe environment for investors. Thanks to this, no matter what goes wrong, even if the broker goes bankrupt, investors will still have the ability to have access to their funds. This means that even in the worse situation, traders will not lose their hard-earned money.
What is the importance of regulations in the FX market?
Many people find it very hard to understand why regulations are so important. The thing about them is that they make trading a lot safer for investors. Regulations are a way for traders to understand which brokers can be trustworthy and which should be avoided.
However, they are not the only thing that one should be looking for in the FX broker. Our review of PrimeFin shows that it is the dedication of the team behind the broker that makes it such a great option for Forex trading, but regulations can be used by investors as a sign that the broker can be trusted.
More than 350 available instruments at PrimeFin
When it comes to Forex trading, something that can really make a difference is the available trading assets. When you are investing, you should be able to tell which market should be used, and which market can work better for you. PrimeFin works very hard to make sure that no matter what it is that investors are looking for, they can find it here. Because of that, they offer more than 350 available trading instruments that can be used by traders right now. These are the available trading instruments of PrimeFin:
- Currency Pairs
Because there are so many offerings by this broker, investors of any interest will very easily find something that they like here. Below, we will discuss every single one of the offerings that this broker has one-by-one to make the decision-making process a lot easier for you.
Currency trading – one of the most popular markets around the world
As the numbers show, most of the people in the investment world are trading currencies as of today. They are an amazing option for anyone who is trying to diversify their trading portfolio. This review of the PrimeFin FX broker shows that this company offers more than 40 currency pairs that can be traded by investors right now.
The leverage for Forex trading largely depends on the account type that you are using, and it can get as high as 1:400. One thing that readers should always remember is that in the world of Forex, leverage can be very risky. You must understand that if you do not know exactly what you are doing, leverage can lead to losing huge amounts of funds. At the same time, leverage can also be enjoyed by traders using this broker who have enough experience.
The broker also offers negative balance protection, which means that you will not be able to lose more money than you have already deposited on your trading account. The spreads are very low for FX trading, and there are no commissions at all, which gives you the ability to trade Forex without having to pay huge amounts of money to the broker.
Crypto trading – modern and rewarding market
Crypto trading is still very much a new thing. However, the Forex trading market is known to be very open to developments around the world. With this FX broker, you have the ability to trade cryptocurrencies, without actually having to own them. You can do so by speculating on the price changes of the cryptocurrencies. This option is being used by many people every day, and it offers amazing benefits.
With the PrimeFin FX broker review, we are able to say that there are very low spreads for crypto trading, and the commissions are non-existent. So, if you want to participate in the crypto trading market, this Forex broker can be a great choice for you.
Indices trading – what does PrimeFin offer in this regard?
Indices are very well-known around the world for their ability to depict the economic outlook for some fields or even countries, they are seen around the world as the major economic indicators, and because of it, they are being used very actively. By gathering hundreds of stocks of publicly traded companies, they are creating a more stable asset, especially compared to a single stock on its own. The spreads for indices trading at PrimeFin are very low, while there are no commissions for payments.
Commodities trading – something that everyone would love
Commodities have always been a huge part of our everyday lives. People have been using them ever since the beginning, and because of that, many investors love to use them for trading. There are two major types of commodities available on the market, and they can be divided into two separate groups – soft and hard commodities. Soft commodities are those that we get as a result of agricultural activity, like wheat, flour, cocoa, coffee, and others. On the other hand, hard commodities are those like gold, crude oil, etc.
Our review of PrimeFin shows that you can trade both of these commodities at this FX broker right now. Also, there are no commissions applied to your payments, and the spreads for commodity trading is very competitive. Many people use commodities for investment on this platform because they are very comfortable with trading the CFDs of commodities. If you are one of those people, do not hesitate and try out what this FX broker offers in this regard.
Trade stocks of the biggest companies on the market
Stocks trading has always been a huge market around the world. The team behind PrimeFin knows that very well and tries to make sure that the people who love to take part in this very competitive yet popular market something that they will not refuse. You can trade stocks of some of the biggest companies on the market such as Facebook, Apple, Google, Microsoft, and many others.
Metals trading – amazing option for those who love stability
If you are one of those Forex traders who are very much in love with stability, our review of the PrimeFin broker shows that this company has something that you will absolutely love. In the world of investments, precious metals are known for the price stability that they offer to investors.
Because of such stability, trading metals are a great option for investors who are looking for long-term investments. In the world of finance, precious metals, and especially gold, are known for their status of ‘safe-haven’. This means that even during the hardest times around the world, the prices of these precious metals rarely fall, what’s more, is that the prices of them are more likely to increase in the time of uncertainty.
Steps to get started at PrimeFin
Before you are able to start trading at this Forex broker, you will need to take some steps. First of all, you need to create a live trading account. There are three major types of trading accounts available at this Forex broker, they are:
- Silver Account
- Gold Account
- Platinum Account
These three account types are very different from another and were created so that no matter what it is that investors are looking for, they can find it easily at this broker. Silver account type is something that can be used very actively by beginner Forex traders. As our review of FX broker PrimeFin shows, a silver account is a perfect option for traders who are still not fully confident about the things that they do in the world of Forex.
The leverage is fairly low with this account type and trading FX is not as risky with other accounts. So, if you are new to this market, this account type will be a perfect choice for you.
After you have gained some experience in the world of Forex, now you can start using the gold account type. Gold account is a perfect choice for intermediate Forex traders, who already have enough experience. A gold account is a perfect choice if you want to take more risks in the world of trading. However, remember that it is of utmost importance that you have enough experience in the world of trading until you start using such high risks.
As our review of the PrimeFin broker shows, the third account type, platinum, was created for the most experienced FX traders around the world. We recommend using this account type to those who have already earned enough experience in the world of Forex trading and are now looking for more challenges in the market. If you are sure in your skills and know exactly what it is that you are looking in the world of Forex, this account type will be a perfect choice for you.
Depending on the account type, leverage increases a lot. It can get as high as 1:400, however, it is connected to huge risks. Forex trading with high leverage can be very problematic for investors, and we recommend investors to try and do their best to avoid using such high leverage if they are not sure what they are doing. It is something that was created for the most experienced FX traders and should not be used by beginners.
Thankfully, the broker offers negative balance protection, which means that you can stay safe even while trading with high leverage. With the help of the negative balance protection, you will not end up losing more money than you have already deposited on your trading account, which is a huge advantage.
Since there are so many trading accounts available at this Forex broker, you can very easily find something that you can enjoy.
Demo Account at PrimeFin
We reviewed PrimeFin by focusing on every little detail, and something that we were very glad to see is that this broker offers a demo trading account. A demo account is a great way for every investor to learn more about trading and the broker as well. The demo account available at PrimeFin offers investors the ability to use virtual funds that are given by the broker for trading.
After you have used all of the virtual money, you can simply ask the broker to provide more for you. Many people have this misconception that a demo account can only be used by beginner Forex traders, however, the reality shows that it can be something that can be used by even the most experienced Forex traders on the market. They can use this opportunity in the world of Forex to learn more about brokers that they are using.
How to create a live trading account?
As our detailed review of PrimeFin shows, the process of creating a live trading account can be a very easy process. You can do so under just a few minutes, and everyone can do it very easily no matter how much experience they have in the world of Forex. After you have finally decided which account type will work better for you, it is now time for you to go on with the account creation process. During this very easy procedure, you will have to answer a few personal questions and provide your information, such as name, last name, phone number, email, etc.
After this, you will have to verify your identity. This should be done because of the requirements of the KYC policy. Thanks to the Know Your Customer policy, the broker makes sure that the environment is safe and secure for everyone who participates in it.
Deposit money to your trading account
Once you are done with creating your account, now it is time for you to make your first deposits to start trading. There are several ways you can do so. This broker makes sure that the investors are offered both, modern payment methods and more traditional ones as well.
According to our review of FX broker PrimeFin, you can use credit/debit cards, direct bank transfers, Skrill, Neteller, and many other payment methods. The great thing is that there are little to no commissions and fees for deposits on this Forex broker. However, we would still encourage you to check the information regarding the fees with your payment provider, so that you are sure about the fees charged from the side of the payment issuer.
Trading platforms of PrimeFin
When it comes to trading Forex, something that gives you access to the trading market is the platforms that are using. Because of this, it is of utmost importance that you are using a well-developed trading platform for FX trading. This FX broker offers WebTrader, which was developed by a Russian company called MetaQuotes. This company is well-known around the world for creating trading platforms like MetaTrader 4 and MetaTrader 5.
WebTrader is basically a browser-based version of MT4 and offers access to a huge trading market. Our review of PrimeFin’s trading platforms shows that the broker has worked very hard to make sure that it offered something that would be used by any investor on the market.
PrimeFin review – Mobile trading
While reviewing this FX broker, we were very glad to see that it offers a mobile trading option. By offering investors the ability to trade Forex using their smartphones, this Forex broker gives traders the ability to trade Forex no matter where they are and what they are doing.
This is especially important for those people who are always on the go since they can stay connected to the Forex trading market no matter where they are, and in case there is some type of movement on the market, they can start trading at any moment.
Learn more about FX trading with this broker
If you want to be a successful Forex trader, you need to be sure that you know everything about this trading market. The thing about FX trading is that it is changing every moment, and being up-to-date with these changes will help you make better decisions while investing.
This Forex broker offers a huge number of trading opportunities to investors, it includes webinars, videos, e-books, and many other things that can be very rewarding for investors. Also, something that can really make a change is the news articles and financial analysis of the market, thanks to these, you will always stay in touch with the developments in the financial world, and it can benefit your trading experience a lot.
How to contact the customer support team?
When trading Forex, investors must be sure that they can get the help that they need at any moment of the day. Thanks to the very well-developed customer support team of this Forex broker, no matter what it is that investors need, they can get help from the customer support team at any time of the day.
There are three options that you have to connect with the customer support team, you can either call them, use live chat, or email them. While reviewing PrimeFin, we made sure to use all of these three options and were very glad to see that every single one of these options is very helpful.
However, the most helpful one was the live chat, which can be accessed from any page of the website. No matter where you are, you can see a little green icon of chat, which you can use to instantly contact the customer support team. The live chat of the customer support team is available 24 hours a day, 5 days a week, and they offer services in several different languages.
Final thoughts – is PrimeFin a legit FX broker?
After working on this review for a very long time, we were very glad to see that this Forex broker offers some of the best services for investors around the world. The broker offers more than 350 trading assets, which means that no matter what it is that investors are looking for, they can very easily find it at this Forex broker.
We recommend trading with this broker to everyone as we believe that PrimeFin represents one of the best Forex brokers on the market today, and although it still is a fairly new company, it has already managed to be one of the top Forex brokers on the market.