Primefin claims to be owned and operated by a Malaysian business, Caps Solutions Ltd. The broker states that Labuan Financial Service Authority, or LFSA, regulates it. Through the UK-based business Caps Solutions UK Ltd., the broker processes the trades.
In 2020, the business is incorporated in both Malaysia and the UK. We looked into these companies a bit, but neither the LFSA registry nor the FCA record contained the names Primefin or Caps Solutions Ltd. Read a complete PrimeFin review, and you’ll see that not all things are as good as they appear.
PrimeFin Review – How safe is to invest here?
According to PrimeFin, Labuan has regulated the LFSA. As Labuan is only a Malaysian administrative region, the rule is quite similar to one that applies offshore. A Malaysian legislation, however, necessitates a little more work.
Is PrimeFin regulated is a straightforward question with a little more convoluted answer. PrimeFin regulation does exist, but it is provided by an unreliable Tier 3 regulator. Although the broker claimed to have a UK business for payment processing, this entity is not regulated by the FCA or any other tier 1 body.
For instance, if you look at PrimeFin reviews on review website, you will discover a fantastic rating of 4.6/5 stars. But, given that we already know the truth about the PrimeFin forex broker and have read other evaluations, we can infer that this business is buying favorable testimonials on specific websites.
Do not be scared; numerous illegal offshore brokers are acting in a similar manner. The only way for them to draw customers is to purchase reviews because they offer nothing and are not at all competitive.
Primefin has its own WebTrader and mobile app.
On its website, the broker says that the Primefin trading platform has a number of features that MetaTrader doesn’t have. A few of the features are one-click trading, automatic stop loss and take profit, price alerts on the platform, and a free hub for learning.
The broker’s mobile app lets you trade with just one tap, use more than 60 analytical tools, get real-time market updates, and chat with real people in more than one language.
Silver, Gold, and Platinum are the three distinct account types that the broker offers. The spread, which begins at 0.07 pips on the Silver account and 0.03 pips on the Platinum account, is the primary distinction.
Also, the maximum leverage for both the Silver and Platinum accounts is 1:100. The PrimeFin broker does not provide a demo account in addition to these three categories.
How to keep yourself safe from scam brokers?
- Do good research about the broker. Go through reviews and pick a broker with positive reviews. A conventional web search can give experiences into whether negative remarks could simply be a disappointed broker or something more serious.
- Ensure the reviews do not contain anything negative about the broker’s withdrawal process.
- If you are happy with your examination on a specific broker, then trade for a while first, and afterward attempt to make a withdrawal.
- If you face some issues, discuss them with your broker. If it doesn’t go well, file a complaint and share your experience online with everyone.
Is PrimeFin broker Legit or a scam: Conclusion
It is clear from the PrimeFin review that this broker is not right for trading. We unequivocally encourage all traders and investors to keep away from PrimeFin and similar brokers. If you really want to trade online, find a broker who is regulated and has trusted and positive reviews.
Scammed by PrimeFin? Scam Helpers can help
If you are a victim of the PrimeFin scam, or other scams like the forex scam, cryptocurrency scam, binary scam, etc., file a complaint here to get your funds back. Scam Helpers can process your complaint and help you in fund recovery. We should begin and determine the matter before the harm is considerably greater. Your one step can save you and other people from being cheated by such brokers.
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