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WikiFX report: PrimeFin Review: Is PrimeFin scam broker or a legitimate broker?

PrimeFin | 2022-05-18 15:52

Abstract：PrimeFin Review – It proudly claims to be regulated by one of the regulatory authorities LFSA under the laws of labaun, Malaysia. However, what the customers tend to miss is which exact regulation do they have a license from. Bragging about being the number.1 brokerage firm, PrimeFin cleverly hides many red flags below the fake promises and lies. If you are here with the intention of knowing whether PrimeFin scam broker or a legitimate broker, read the full PrimeFin review to know more. If you have been scammed by PrimeFin, stay tuned till the end and we have a solution for you as well.

Name: PrimeFin

Website: PrimeFin.com

Address: Malaysia (claimed)

Regulation: Offshore regulation

Founded in: 2020

Leverage Offered: 1:400

Minimum Initial Deposit: $250

Rating: 1/5

About PrimeFin Review:

In this section of the PrimeFin.com review, we will be discussing the red flags raised against the PrimeFin scam in this PrimeFin review. Stay tuned to know more. PrimeFin is digitally sponsoring Argentine National Football Team.

PRIMEFIN DOES NOT HAVE A LICENSE

Despite claiming to be regulated by a regulatory authority, PrimeFin raises a red flag in this category. Upon checking on their website, we came to know that PrimeFin is regulated by none other than Labuan Offshore Financial Services Authority. The LFSA is an offshore regulation and therefore cannot be trusted with such a big responsibility. Therefore, PrimeFin is basically UNREGULATED thereby raising a red flag that points us to the PrimeFin scam. Although they claim to be run by Caps Solutions UK Ltd which claims to be registered in London UK.

HUGE LEVERAGE OFFERED

The leverage offered by PrimeFin is off the charts. When we checked on their website, we found out that PrimeFin offers leverage of 1:400 which is much higher than what is offered by the regulated brokerage firms. One must never trade with a brokerage firm that offers huge leverage because higher leverage implies an increased level of risk on the trader who is investing their money. This is one of the very common tactics of the scam brokers to offer high leverages in order to tempt the traders into investing their money.

TRICKY MINIMUM INITIAL DEPOSIT

Yet another red flag in this PrimeFin is the minimum initial deposit that is demanded by them. Regulated brokerage firms do not demand minimum initial deposits greater than $10. Despite claiming to be a regulated brokerage firm, PrimeFin demands a minimum initial deposit of $250. This poses yet another red flag in this PrimeFin review against the PrimeFin.com scam.

Conclusion: Is PrimeFin scam broker or a legitimate one？

To sum up, all that has been stated above and considering the red flags revealed in this PrimeFin review, we leave it upon you to decide whether PrimeFin operates as a Primefin scam broker or a legitimate one. However, we must warn you to be extra careful if trading with PrimeFin as it is unregulated and therefore, a potential scam. If you have been scammed by PrimeFin, fill out the form above and file a complaint with us. Our experts will get back to you after analyzing the complaint and will assist you in fund recovery.

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Related broker

Not Regulated

PrimeFin

Company name：Caps Solutions Ltd

Score

1.54

5-10 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.54

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