Because of its convenience and accessibility, forex trading has emerged as a highly demanded financial market in a short span of time. In this series, Primefin, a Malaysian forex brokerage firm, has become the first choice of traders due to its amazing features such as offering its users an access to one or more platforms via which they can purchase and sell foreign currencies. In this way, PrimeFin users have access to over 300 underlying assets for trading, primarily of which includes CFDs on Currency or Forex Pairs, Crypto Currency, US Stocks and European Shares, Market Indexes, Commodities and much more.
The firm offers over 40 currency pairs to investors, which includes Major, Minor, and Exotic currency pairs. Depending on the trading account you select, a high leverage facility is also available. With worldwide access, Primefin's website is available in multiple global languages, including English, Spanish, Russian, Thai and Portuguese. A live trading account requires a minimum investment of $250 USD, or you can also trade using free Demo Accounts.
Brief History:
PrimeFin is a licensed broker based in Malaysia. Registered in 1996, this web-based CFD trading platform offer traders with access to worldwide markets. The platform is always trying to develop its trading solutions and services in order to meet the ever-changing demands of traders. The company's headquarters are located at Labuan, Malaysia.
PrimeFin aspires to provide services all over the world, although they want to focus primarily on the Asian region. As a result, the firm ensures a high level of quality in order to develop innovative services that could be utilized locally and worldwide. Traders can easily trade in shares, cryptocurrency, commodities, metals, currency pairings, indexes, and other assets through Primefin. This makes it feasible for traders to receive transaction execution at the best available pricing and at the fastest possible speeds.
Accounts Offered by PrimeFin:
A forex account, owned by a trader is issued with the sole aim of trading on the company's platforms. The number and kind of accounts a trader can open with a broker firm usually varies depending on the nation in which the brokerage works, the trader's country of residency, and the regulatory bodies under whose jurisdiction the brokerage operates.
The major differences between the accounts include commissions, the minimum deposit required to create that sort of account, and the services or benefits that account holders may have access to. Below, we have listed out different types of PrimFin accounts with its features.
Silver :
· Hedging Allowed
· Leverage ratio in FX - 1:100
· Account manager dedicated to your service
· Investing news customized only for you
· Available currency pairs include EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, USD/CAD, NZD/USD, and EUR/GBP. Apart from these, many other currency pairs are available.
Gold:
· Hedging Allowed
· Leverage ratio in FX - 1:100
· Account manager dedicated to your service
· Investing news customized for you only
· Available currency pairs include EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, USD/CAD, NZD/USD, and EUR/GBP. Apart from these, many other currency pairs are available.
· Additional Benefits: VPS, fifth decimal, Swap discount (up to 25 percent).
Platinum:
· Hedging Allowed
· Leverage ratio in FX - 1:100
· Account manager dedicated to your service
· Investing news customized for you only
· Available currency pairs include EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, USD/CAD, NZD/USD, and EUR/GBP. Apart from these, many other currency pairs are available.
· VPS
· Fifth decimal
· Swap discount (up to 50 percent).
Demo Account:
This account type is ideal for beginners who want to learn more about trading, test their techniques, and create new ones. This account provides investors with a certain amount of virtual currency that they may use to trade with. The trading market in the demo account is designed to imitate live trading and may be used by traders to try out the broker's services, get to know the trading platform, and grasp the broker's real-world offerings.
Deposit and Withdrawal Fees:
The best thing about Primefin is that the platform does not charge any fee for deposits or withdrawals. However, a $250 deposit is required to start an account. Traders must re-verify with their banking institutions.
Deposits and withdrawals can be made using the following payment channels:
· Skrill
· Neteller
· Wirecard
· SafeCharge
· MIR Limited
· Payvision
· Trustly
· Paysafe
· VISA
· emerchant pay
· VPay
· Mastercard
· Maestro
Other Charges and Fees:
Spreads:
When trading with Primefin, the spreads are competitive and diverse as it all relies on various factors such as the type of account a trader opens with them, the asset they're trading, and the current economic situation.
Commission:
No commission charged by PrimeFin on trades.
Fees for deposits and withdrawals:
PrimeFin charges no fees for deposits or withdrawals. However, other financial institution fees may apply.
Fees for inactivity:
When there have been no trades for more than 61 days, there are inactivity fines that may cost up to EUR 160.
The biggest question that arises in every trader's mind is whether the firm they're trading with is legitimate or just a scam. You might have queries about Primefin too. Let us tell you that the trading platform 'Primefin' complies with all securities commission laws, such as the EU's MFiD, and is a member of the Investors Compensation Funds (ICF), which clearly means it is a legitimate trading firm. Apart from this, the Labuan Financial Services Authority (LFSA) in Malaysia has granted Primefin a license with the number MB/20/0052. This broker's payment processor for this broker is the holding firm Caps Solutions UK Ltd, 12734767, based in London, England. In addition, client funds are also kept in separate bank accounts by the broker.
Leverage Facility:
Leverage allows you to trade with a considerably higher stake in the market than what you have actually deposited. For instance, forex trading is a leveraged product that magnifies your possible profit while also magnifying your potential loss.
The level of leverage is indicated as a ratio, such as 50:1, 100:1, or 500:1. If you have $1,000 in your trading account and trade for 500,000 USD/JPY ticket sizes, then your leverage is 500:1. Meanwhile, Primefin allows for a leverage ratio of up to 400:1.
Trading Instruments in PrimeFin:
Below are some market instruments accessible for trading in PrimeFin:
· Forex
The currency exchange market, often known as forex trading, is a global, decentralized marketplace where individuals, businesses, and financial institutions trade currencies at floating rates.
· Commodities
Traders can invest in commodity markets in a variety of ways. Soft commodities have been traded for ages and play an important role in risk management and portfolio diversification. Investing in contract-based tradable products is a safe strategy to reduce risk during uncertain economic times.
· Indices
Stock indices, also known as equity indices, are genuine stock market indexes that quantify the value of a certain segment of the stock market.
· Precious Metals:
Gold, silver, and other precious metals, as well as crude oil, copper, and petroleum, are contract-based traded items that play a large part in the commodities market.
· Energy
Due to the effect of political and environmental variables, supply and demand, harsh weather conditions, and global economic development, energy prices have a high level of volatility.
· Cryptocurrencies
Cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ripple (RPL), Ethereum (ETH), Bitcoin Cash (BCH), and many more.
Bottom Line:
In comparison to other forex broker platforms throughout the world, Primefin is a market leader and quality service, provider. The firm provides a diverse set of trading products as well as a sophisticated trading platform. Primefin is putting in a lot of effort to ensure that it can fulfill the demands of every investor on the market. Despite the fact that the broker is relatively a modern era thing, it has already demonstrated that it provides one of the top services in the market.
The company is legitimate, and it is governed by a legal financial body. Primefin is one of the greatest brokers on the market, with unrivaled safety and security features, and is highly recommended by many.
