Read our honest Primefin review and find out everything about this broker. Is Primefin regulated and licensed? Where is it operating from? All this and more, you can see by sticking with this review.
- We have updated this Primefin review in July 2021.
|Operating Status:||Forex Scam Broker (Forex Trading Scam)|
|Broker Owner:||Caps Solutions Ltd|
|Supported Trading Platforms:||WebTrader|
|Mobile Trading:||iOS, Android|
|PrimeFin Minimum Deposit:||$250|
|Cryptocurrencies (Crypto Assets):||Available (BTC, XRP, ETH)|
|Trading Assets:||Forex, Indicies, Commodities, Stocks, Cryptos|
|Islamic Account:||Not Available|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Primefin Regulation and License – Is the Broker Authorized?
Primefin is a company owned by Caps Solutions Ltd, based in Malaysia. The broker claims to be regulated by Labuan Financial Service authority, LFSA. The broker is processing the transactions through the UK-based company Caps Solutions UK Ltd.
The company in the UK and Malaysia are incorporated in 2020. We did a little search of these companies and couldn’t find the name Primefin, or Caps Solutions Ltd neither in the FCA register or the LFSA register. Seems that Primefin regulation doesn’t exist. Red flag on the very start.
Also, even though the company says funds are processed through the UK, there are no indications where the funds are held and are they segregated from the company’s funds.
Therefore, we advise you to be cautious!
Questions to PrimeFin License and Regulation
As aforementioned, PrimeFin claims to have LFSA regulation from Labuan. It’s a regulation very similar to an offshore one since Labuan is just an administrative area of Malaysia. Having a Malaysian regulation requires a bit more effort, however.
The answer to a simple question, is PrimeFin regulated, is a bit more complicated. Yes, PrimeFin regulation exists, but it comes from a non-reputable Tier 3 regulator.
The broker stated to have a UK entity for payment processing, but this one does not have an FCA or any other tier1 regulation. Beware of the PrimeFin scam.
PrimeFin Reviews – What Traders are Saying
If you check PrimeFin reviews on Trustpilot, for example, you will see a tremendous score of 4.6/5 stars. However, since we already know who the PrimeFin forex broker really is and we have seen other reviews, we can conclude this company is buying positive reviews on certain websites.
Do not be shocked; many offshore illicit brokers are doing the same. Since they have nothing to offer and are not competitive at all, buying reviews is the only solution to attract clients.
Primefin Trading Platform Review
Primefin broker is using its own WebTrader and Mobile App.
According to the website, the broker claims to have many features available on the Primefin trading platform that are not available on the MetaTrader. Some of the features available are one-click trading, automatic stop loss and take profit, in-platform price alerts, free educational hub.
On the mobile app, the broker offers one-tap trading, more than 60 analytical tools, instant market notifications, live chat in several languages.
The broker is offering 3 different account types – Silver, Gold, and Platinum. The main difference is the spread that starts from 0.07 pips on the Silver account, and 0.03 pips on the Platinum account. Also, the maximum leverage on the Silver account is 1:200, while on the Platinum account it’s 1:400.
Besides these 3 types, the broker is also offering a Demo account.
PrimeFin App – Is Mobile Trading Available?
Besides a WebTrader, the broker trading platform is based on a Mobile App as well. According to reviews, the app is available for both iOS and Android devices and not so operative.
Since the broker offers no Demo account, we were unable to test the PrimeFin app. We can tell that traders are complaining about all kinds of lags and bugs when using the app.
PrimeFin Trading Accounts – Account Types
The broker offers three account types, stating that they are adjusted to trading skills:
The PrimeFin minimum deposit is $250 for the Silver account, relatively too high for an unregulated sort of offshore brokerage. The main difference between accounts is in the leverage and spread provided and the level of assistance from the company’s side.
The Platinum account offers the highest leverage, up to 1:400, bringing high risks and potentially high gains. However, since PrimeFin regulation is not coming by Malaysian regulator or any Tier 1 regulatory body, we would advise you to be cautious when starting an account with such a brokerage.
In which countries does this broker work?
The Primefin broker is mostly focusing on the Asian market – Malaysia, Singapore, Bangladesh, India. However, if you look at the support number of this broker, you will notice that the number is South African. Even though the company claims to be based in Malaysia. This proves to us that something is not alright with this broker and that it’s misleading South African clients to believe they are dealing with the local company. Besides South Africa, the broker is trying to provide its services in Thailand as well, without a proper regulation.
Even if the company does not have any European or US regulation, it seems that the broker is operating in these places as well.
Assets You Can Trade With Primefin broker
The broker is offering over 350 assets. Main instruments are currency pairs, cryptocurrencies, stocks, commodities, and indicies. All the trades are executed on the Primefin web trader. Also, the broker offers 24/7 support for all the traders.
Primefin minimum deposit is 250$ for the Silver account. The deposit can be made via debit/credit cards, wire transfer, and E-wallets. The same payment methods are available for withdrawals. Regarding the time necessary to withdraw the funds, there is no information whatsoever.
When it comes to fees, the broker claims not to charge any fees on deposits or withdrawals. The money comes from the spread and swaps.
PrimeFin Withdrawal Problems
As aforementioned, PrimeFin is causing lots of problems for clients that want to withdraw their money. At first, an account manager advises you not to do so since your account might be at risk. After all the excuses are finished, your account is suspended, and you cannot access your funds.
Be careful with bogus brokers. Getting your money back might be more complicated than you think.
If you recognize yourself in the story above and have been scammed by PrimeFin, do not hesitate to report it. Contact us via online chat and tell us what happened. Our experienced support team will guide you through a refund process.
PrimeFin Scam – How Does it Work?
According to our PrimeFin review, the broker is publishing an ad showing too high profits. All the clients that register for such an ad are receiving calls from the broker’s support department and are requested to deposit a minimum of $250.
The deposit can be made via debit/credit card and Vpay. After depositing the money, an account manager shows you the WebTrader or a Mobile App and tells you about market opportunities. You might even see some winning trades at first, but the moment you want your funds back, everything will disappear.
The goal of PrimeFin broker and similar illegal operations is to extort the funds, not help their clients be profitable.
Scammed by Primefin broker? What to do?
If you were scammed by Primefin broker, first of all, you need to understand that you are not the only victim of this scam broker. And there is a solution to your problem. It’s called a chargeback.
Chargeback is a way to refund your card in case of scams. You can file a dispute and request your money back. Let us know what happened, and let’s start retrieving your money immediately!
What is Primefin?
Primefin is an online trading broker allegedly regulated by LFSA. However, we couldn’t find the company in any register.
Is Primefin regulated?
The broker claims to be regulated by LFSA, the Labuan authority body. However, we could not find the company in the LFSA register.
Is Primefin legit or scam?
Primefin is a broker that is operating under a suspicious license and claims to have an entity in the UK, but there is no confirmation about it in the FCA register.
Who is the owner of the PrimeFin broker?
PrimeFin broker is owned by Caps Solutions Ltd from Labuan.
Are My Funds Safe with PrimeFin?
Since PrimeFin regulation is coming from Labuan jurisdiction and is not the most reputable, your funds are not safe.
Does PrimeFin Offer a Demo Account?
Broker does not offer a Demo account, and clients need to start investing to see the offer.
What deposit and withdrawal methods PrimeFin supports?
Broker supports Visa and MasterCard, both debit and credit, as well as Vpay.