Online trading has become one of the most popular and profitable activities nowadays.
The availability of thousands of financial instruments that can be traded has attracted the attention of investors all over the globe.
One of the best things about this profession is that it doesn’t require people to have any experience or prior knowledge, whatsoever.
People just need to be at least 18 years of age and have enough capital to get started.
But, how do you do that? Where do you trade? Before the age of the internet, people went to the market to look for brokers to help them start trading.
The world has gone digital today so people don’t have to leave their homes to trade, but they still need a broker to connect them to the market.
Online brokers have increased in number in the last few years, as demand for trading has gone up, especially after the introduction of cryptocurrencies in the market.
In the last decade alone, thousands of people all around the world have taken an interest in trading due to its potential of generating high returns through the various trading instruments.
Thus, your priority should be finding a brokerage if you wish to start trading.
As mentioned earlier, there are tons of brokers in the market, but you should also be aware that not all of these brokerages are legitimate.
There have been a number of incidents where brokers turned out to be scammers and compromised the information of their clients and the funds that were deposited with them.
Not every brokerage you come across is a scam, but not every brokerage is reliable either.
You need to do thorough research in order to determine whether a broker can be trusted with your money and information or not and then go ahead.
Otherwise, it is best to continue looking for a better option.
When you are searching for a broker, you will come across the name of PrimeCapitec. This is a cryptocurrency and forex broker that was introduced in March 2020, by a company called Crewire Holdings Ltd, registered in St. Vincent and the Grenadines.
The broker itself has its offices in Zurich, Switzerland and at first glance, it comes off as a legitimate and lucrative brokerage to begin your trading.
But, it is truly so? The best way to figure this out is by considering its various features and aspects and then making up your mind. Let’s get started:
Focusing primarily on forex and cryptocurrency trading, PrimeCapitec is one of the fastest growing brokers in today’s market because it provides its clients with access to a variety of innovative trading tools and instruments.
The platform was established by a group of experts to provide quality service to all traders, starting from excellent customer service, compliance with the law and moving onto a sophisticated and secure trading environment.
It is important to know that PrimeCapitec supports CFD (Contracts for Difference) trading, which means that traders do not physically purchase an asset.
Instead, they trade contracts and predict the price movements of the underlying assets to make profits. The broker’s website is available in English and is open to traders from different parts of the world.
PrimeCapitec Trading Instruments
The first thing that every trader should check in a brokerage is their trading instruments.
If you are interested in investing in financial instruments, you have probably considered which one you wish to trade. Consequently, you need to ensure that your preferred asset is offered by the brokerage before you sign up or the entire process will go to waste.
Various brokers offer their clients access to an array of trading assets to choose from, but there are some brokers that specialize in a particular class like cryptocurrencies.
Hence, it is best to ensure that the broker you are checking out is offering the assets you wish to trade.
Even though PrimeCapitec is primarily recognized as a forex and cryptocurrency broker, the good news is that it offers CFDs in a plethora of other instruments.
They provide their clients with the chance of investing in CFDs on commodities, stocks, indices, bonds and ETFs. When it comes to forex currencies, PrimeCapitec has added more than 50 currency pairs, which include major, minor and even some exotic pairs that has a potential of giving high returns.
Apart from these, the brokerage has also made an effort to add numerous cryptocurrencies to their offerings.
Their efforts have paid off and traders can now enjoy a vast range of cryptocurrencies at PrimeCapitec, which include Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, Digital Cash and Ripple. With this much variety available, it is easy for traders to diversify their investment portfolio.
This is undoubtedly appealing because it can help in minimizing the risks of trading and give solid returns.
PrimeCapitec Trading Platform
How does a broker help you connect to the market? Brokerages provide their clients with access to a trading software or platform for this purpose.
Not all brokers offer the same trading platform due to which people have different experiences. All trading platforms are not made equal; some are easy to navigate, but may lack essential tools while others may be extremely sophisticated, but involve a huge learning curve.
Likewise, there are different types of trading platforms, such as those that can be accessed via browser, downloaded on desktop or used on smartphones.
Checking out a broker’s trading platform is important because, as stated above, it plays a big role in your overall experience. PrimeCapitec has opted for a web-based trading platform for its clients, which means it can be accessed through the browser on any device.
You just need an internet connection to open the broker’s website and can log into your account from there to start trading. There are several advantages that a web-based platform can offer to its users.
First and foremost, there is no need to download or install anything on your device.
This makes the process less of a hassle and it also means that the performance of the trading platform doesn’t depend on the device it is being access on.
Moreover, it gives traders the freedom of accessing it on whatever device is closest to them, whether it is a laptop, desktop PC or mobile. This flexibility can come in handy because it allows traders to access their account, no matter where they are.
As far as functionality of the platform is concerned, PrimeCapitec has added a horde of trading tools to help their clients in making better and smarter decisions.
The brokerage gives their clients access to the latest trading news, delivers accurate trading signals and indicators and also provides a personal account manager to help them in managing their trading portfolio.
The platform is very easy to use and supports one-click trading, making it easy for newbies as well as experts, to use it for executing their trades.
All results are shown in real-time and multiple assets can be traded through a single dashboard. PrimeCapitec’s trading platform is fast, innovative and works out well for traders from different backgrounds.
The registration procedure of brokerages is often deemed intimidating as it requires traders to share a great deal of information that they may not be comfortable with. In addition, lots of brokerages also take days for approving applications, which can be very frustrating for traders who wish to get started right away.
Due to these issues, a lot of traders also take a broker’s registration process into account before they finalize their choice. With PrimeCapitec, you will not be disappointed because the experts behind this broker fully understand the frustration and annoyance that traders experience due to a long and drawn out process.
To eliminate these problems, they have chosen to keep PrimeCapitec’s registration process easy and straightforward. There are a couple of basic details that clients are required to share when they decide to register with the broker.
This includes first and last name, email address and password, their location and phone number and also need to choose an account currency.
There are three currency options that PrimeCapitec is currently offering and they are GBP, EUR and USD. You can opt for a currency as per your preference. As long as you are 18 years old, you can go ahead and register with this broker and your application will be immediately approved.
PrimeCapitec Trading Plans
After you have registered with a broker, the next step is usually to choose a trading plan. Just like not all brokers are the same, not all traders have the same financial goals, budget and trading needs.
Some people enjoy taking risks while others are more risk averse. To accommodate all kinds of traders, most brokers come up with different trading plans or account options.
These plans are usually aimed at newbies, intermediate traders and those with experience in the trading world.
But, these three standard options may not satisfy everyone. Knowing this, PrimeCapitec has added more variety to their trading plans.
They have a total of five trading plans available that don’t involve any sort of setup fee or hidden charges. You can go over the choices and pick one that you are most comfortable with. The trading plans and their unique offerings are outlined below:
- Silver Account
The first trading plan that PrimeCapitec is offering to its clients is called the Silver Account.
A minimum deposit of $10,000 is needed for opening this account upon which traders get 1-on-1 basic training, access to basics education center, trading dashboard, trading news, 2 trading signals per month and 24/7 customer support. The minimum trading size is 0.01 lots and the maximum trading size is 100 lots.
- Gold Account
The second trading plan that you will come across on PrimeCapitec is referred to as the Gold Account. You have to deposit a minimum sum of $25,000 to open it and it will give you access to all features of the Silver account.
Apart from that, there are some additional features also available like personal account manager. The number of trading signals are also increased to 10 per month and the maximum trading size is now 500 lots.
- Platinum Account
The Platinum Account is the third trading plan that traders will find on PrimeCapitec. $50,000 is the minimum deposit needed for opening this account and along with features of the two accounts above, it comes with several plus points.
Traders now get full access to the education center and full trading signals.
A personal VIP account manager is provided, trading algorithm can be used and there is no withdrawal fee and minimal trading fees as well as swap commission. There is also a credit line available for premium events.
- Signature Account
The fourth trading plan that PrimeCapitec has come up with is called the Signature Account and you have to deposit at least $250,000 to open it.
The trading lot size is now unlimited, daily signals are given from VIP desk, there are personal sessions with a market analyst, private banking can be done and first priority is given to hedging strategies. The contracts are insured up to 70% and you can also become member of a traders group club. As far as leverage is concerned, it is 1:300 in this account.
- VIP Account
The last trading plan that you will find on PrimeCapitec is referred to as the VIP account. This one, as the name indicates, is only for VIP traders and not everyone can sign up for it.
This is due to the fact that the account has a minimum deposit of a whopping $500,000. Therefore, the broker has kept this account on invitation only. If you are interested in this account option, you should get in touch with your account manager to get more information.
These are the account options that PrimeCapitec is offering to any traders who wish to sign up with them. You can consider and decide which option works best and choose it right away.
PrimeCapitec Deposits and Withdrawals
After you have chosen an account option, you will first have to deposit funds in the account in order to begin the trading process. You cannot start trading without any money obviously and to make a deposit, you need to follow some steps and opt for a payment method that seems suitable for you.
You can start the process by logging into your account. The side menu will give you the ‘Deposit Funds’ option and you can click on it to get things moving. You will be asked to choose a method of your convenience and the amount you wish to deposit.
A number of methods are supported at PrimeCapitec, which include bank wire transfer, credit and debit cards and e-wallet options.
No charges are applicable on deposits and the processing time will depend on what method you choose. The same steps have to be followed when you go for withdrawal.
Once again, no charges are applicable for withdrawals, but the request does need to be approved by the broker before it is processed. The same method has to be used for both deposits and withdrawals for security reasons.
PrimeCapitec Security Policies
There is no doubt that online trading provides a number of prominent benefits to traders.
You don’t have to leave the comforts of your home and can trade thousands of instruments easily. There is no need to have any experience or deposit a massive amount to get started. The problem is that these benefits are not without risks.
When you are trading online, you automatically become vulnerable as there has been a huge increase in the number of cybercrimes. Your information and your money can be compromised by cybercriminals and this is something traders have to worry about constantly.
However, choosing a good broker that has effective security policies can help mitigate these risks significantly. This is exactly what PrimeCapitec hopes to accomplish through its KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. The purpose of the KYC policy is to check the identity of every individual signing up on their platform in order to ensure they are not shady or any cybercriminal trying to gain access.
To comply with this policy, traders are required to submit some documents. First, proof of ID is needed, which could be a government ID card, passport or driver’s license.
The second requirement is to give proof of address, which can be done by submitting a utility bill or bank statement that’s not older than three months. In this way, only people with legitimate profiles will be able to create an account with PrimeCapitec. If your account is not verified, you will not be able to make any withdrawals.
As far as the AML policy is concerned, it is designed to prevent the brokerage’s platform from being used for money laundering or any other financial crime. The policy also requires traders to use the same method for making deposits and withdrawals. Bank accounts or other payment modes should also be in the name of the trader as third-party accounts are not allowed under AML policies.
As mentioned before, you don’t need any knowledge or experience to enter the market and trade any financial instrument. But, it should be noted that having these under your belt can improve your chances of success.
When you don’t understand the market and how it works, it can put your money at risk because luck will not always work in your favor. Just like you can win big, you can lose big and so you need to be very cautious. It is better to learn the ins and outs of the market, but where from? Sure, the internet is full of material, but you need accurate and up-to-date information.
Where do you find a trustworthy resource? PrimeCapitec has created a separate education center on their website where new traders can find a great deal of knowledge that’s useful to them.
There are basics of trading that cover a variety of topics. However, the most notable thing about this education center is that it is not just for beginners alone. It covers areas like technical analysis, fundamental analysis, risk management and trading volatility that can come in handy for experienced traders as well. While newcomers can learn how to develop strategies, skilled traders are able to perfect their own and eliminate any mistakes.
Moreover, PrimeCapitec also provides one-on-one trading to its clients and they have given personal account managers to guide and assist traders when necessary.
PrimeCapitec Customer Support
You can earn lots of profits via trading, but since there are a lot of technicalities involved, you could get stuck at some point. It could be a problem with the trading platform or you might have queries about a broker’s procedure.
No matter what the case, you need assistance and you need it right away. The market is very sensitive and tends to fluctuate quickly so you can lose a lot of money if you don’t make a move right away. Therefore, it is best to check out a broker’s customer support options before you opt for them.
Fortunately, PrimeCapitec has done an excellent job in this regard as the broker has incorporated a multitude of channels for getting in touch with customer support.
First and foremost, they have provided an email address you can use for reaching out to their agents or you can also fill out their online contact form. If your query is urgent, they have given a phone number that can be used for getting in touch.
After weighing the different aspects of PrimeCapitec, you will come to realize that this is an authentic broker that’s offering its services to different types of traders all over the world.
They have invested their time and effort into offering numerous assets and developing a platform that can handle their needs and have introduced features that can help everyone have an optimal trading experience.