Read our full FXPrimus review below.
WHAT IS FXPRIMUS?
Found in 2009, FXPrimus is a respectable forex and CFD brokerage firm with its headquarters located in Limassol, Cyprus. This online broker is regulated by CySEC, FSCA, Fi, and BaFin.
At FXPrimus, clients can trade a range of trading instruments, such as Forex, CFDs on Stock Indices, Commodities, Stocks, Metals, and Energies.
The broker also offers a variety of trading platforms to its traders, including MT4 for Windows, Mac, WebTrader or mobile including: iPhone, iPad, and Android.
FXPrimus is one of the forex brokers serving customers from different parts of the world. This company started business in the year 2009.
The trade registration name when it commenced business was FX Primus Europe (CY) Limited. It was founded by Terry Thompson who is the chief executive officer of the company. Since its inception, the company is registered and regulated by CySEC.
The firm is now has established in different parts of the world. They are now doing a global financial assets market.
Today they are functioning in many parts of Africa, Asia, and other parts of the world. They also engage in different market instruments and trade through the most trusted platforms available to the industry.
The cost of doing business with this broker is also affordable. Because of the benefits traders derive from the company it is highly rated and it is one of the most popular.
Several other attributes stand the company out and you would see many of them in the course of this review. Keep reading to discover more about the most trusted forex broker in the world today.
PROS & CONS
- The broker offers the most reliable trading platform which is the MT4
- It is also CySEC regulated, and you are free to do business with it
- They do not demand any money to deposit money to the platform for a live trading account
- It offers the most competitive and profitable ECN spreads
- The platform does not offer swap-free trade
- It does not feature MT5 software
key to markets Review
When you are looking for a broker to do business with, you must consider several factors. This includes the number of trading instruments that are available with that broker.
This company has enough available trading instruments and this means that you can select from any of these instruments and these include the following:
- Forex, indices, shares, commodities, cryptocurrencies, and so on.
Forex is also known as the foreign exchange trade is the most popular instrument not only for this platform but with most brokers to offer financial markets trading.
The reason for that is simple, it offers the highest liquidity worth trillions of dollars. They offer both the major currency pairs as well as the minor currency pairs.
The major currency pairs they currently offer their customers include:
These currencies come with standard crosses as well as minuses. Besides that, FXPRIMUS offers some exotic pairs such as the USD/ZAR.
They have a lot to offer to their customers here and it is not surprising the company enjoys high positive reviews from their clients.
FXPrimus also makes provision for the investment in CFSs. They cut across indices but you can always get an opportunity to trade on the ten live global indices such as the FTSE 100, DOW Jones STOXX 5O as well as NASDAQ 100.
The company does not make provision for the key players in that sector which is the Dow Jones US30 and so on. This is also a great product and many people invest in this from all parts of the world.
Digital currencies can be traded through this platform. There are a lot of them available though you may not get all of them here, the ones available are profitable enough for you to invest your money and make something out of it.
Cryptocurrencies they made available for their clients include the following bitcoin, crypto coins as well as Ethereum and Litecoin.
Digital currencies are now widely traded across the world although some countries do not allow this digital currency, it is still gaining popularity.
Commodities trading is another way you can use this platform. They offer a lot of precious metals, energy as natural gas that you can trade on that platform.
You can buy any of these commodities and you can sell them as well. Some of the precious metals and other commodities you can transact on here include crude oil, natural gas as well as energies, and several others.
Shares are also popular with this platform. You can trade on shares from the major economies of the world. Shares of major companies can be traded.
You can trade on big companies like FedEx as well as Google, Salesforce as well as Facebook, and several other companies.
The good news here is that there are several instruments you can invest your money in and this broker makes that possible.
FXPRIMUS makes available the most popular trading platform the industry can afford which is the MT4. This is not only popular here.
The truth is that many brokers prefer this platform because of the many profits it provides. With this platform, you can comfortably trade any market or instrument of your choice.
You can trade most of the instruments this provider offers. The instruments include the following forex trading, stock index trading, cryptocurrency trading as well as commodities trading stock CFDs trading, and several others.
The most popular outstanding feature of this platform is the auto-trading feature. This makes a lot of things possible such as algorithmic trading enablement.
Others include the back-test strategy and the use of expert advisors. All these are very useful in the financial assets market investment because it helps in guiding the investment decisions you make.
The company makes several of them available to traders through this trading software such as the market manager. The importance of this is that it makes it easier to keep tables of the market.
You can do that easily without sentiment trading or leaving the platform. It is easier to track the direction of the market. When you use FXPrimus all these and more are possible.
Moreover, this broker makes available for its clients VPS service and this is not for all clients. It is meant for those clients who have an account balance of more than five hundred dollars.
The cost of this service is 30$ monthly. It offers a lot of benefits for traders which include offering the best service between the MT4 account and the broker’s servers.
FXPrimus provides three account options for its customers to select from. These account types are standard, premium as well as VIP accounts.
These account types are well protected and they all came with 24/5 support as well as professional indemnity insurance and this is up to 2.5 million euros.
It enjoys one-to-one consultation as well as SMS alerts and a daily market outlook from the broker.
If on the other hand that you want to set up a higher tier account level, then you need to beef up your deposit by at least $2,500 and this qualifies you to set up a premium account.
When you want to set up a VIP account then the deposit must include $10,000. There are some benefits associated with that and it includes a personal dashboard as well as training materials that can last for an hour.
Furthermore, you will receive daily market outlook calls as well as VIP trading signals and so on. This company further makes provision for joint as well as a corporate account.
HOW TO OPEN AN ACCOUNT
Creating an account with this platform is not difficult. Perhaps it is better to start with the creation of a demo account to start training until you are through to start a live trading account.
When you open a demo account and you want to migrate to a live trading account after you are through with the training, all that you need to do is to take a further step to verify the account and upgrade to a live trading account.
To open the account, you have to proceed to the website and look for the sign-in page to start creating the account.
You have to start by supplying your personal data which includes your first and your last name. The system would also require you to present your country of residence and to provide your phone number and email address for contact.
Then you have to verify your email address by clicking on the link that is provided. When you do that, you are ready to start with the demo account.
If you want to migrate to a live trading account you can upgrade by providing means of verification such as residential address verification as well as personal identification uploading any government-issued identification system. It is not difficult.
You should know that you have to provide means of payment. Before you begin to trade live, you must deposit the minimum requirement according to the account type you created.
There are different account types as you can see above and these come with their various requirements. When everything is set you are ready to start trading your live account.
You have just seen that this platform also makes provision for a demo account. It is also called a trial or a training account.
You have to demonstrate how the system works and master it with simulated money before you begin to invest your money through a live trading account.
The system uses the MT4 platform for the demo account. It is also possible to open a demo account together with a live trading account.
The process of creation of a demo account is already explained above and you would not have any problem creating one if you provide the necessary details required from you.
When you create it, then you would have access to the client or member area and this is where you are going to initiate all the trade.
If you open a live trading account, you also get a client and member area as well as a number that can identify your account.
SOCIAL TRADING AND COPY TRADING
Social trading and copy trading are new creations. The aim as you can see from the name is to follow and copy the live trading of other traders.
When you earn then you are to pay a commission or a certain percentage that must be agreed upon before you subscribe to this kind of trade.
There is no information as to whether FXPrimus offers this kind of service to their clients. It is one of the ways brokers make it easy for their traders to earn from the system.
Before you copy any trader, you must be certain that the trader knows what he is doing. You can trade when such a person trade. When he makes money, you make money but when he loses, you will lose with him.
COMMISSIONS & FEES
Just like other brokers, FXPrimus is in business to make money and earn through the combination of commissions and spreads.
Available with this broker are two kinds of spreads and that include the variable and the ECN spreads.
The tightest spreads are on the ECN Premier account and it offers. 0.5 pips on the most popular pairs which are the EUR/USD.
You should know however that this is accompanied by a lot of 10USD. This will come down as your monthly trade volume increases.
When it reaches 250 lots, it will decrease. If you trade on the variable spread, there are no fees as such, but the condition of the market determines what will happen.
The company also does offer the best leverage. Sometimes the regulators do demand that the maximum leverage is going to be 1:30.
This broker complies with the regulation but if you want something higher you can always apply and they will listen to you.
WITHDRAWALS AND DEPOSITS
The broker provides different means of depositing and withdrawing money from the platform. These methods include the following:
- Bank wire transfer
- Credit cards which include Visa and Master
In the same way, they provided the currencies you can transfer to the broker and the currencies they allow include the following:
When it comes to depositing, the minimum amount you can deposit here is one hundred dollars per transaction. If you want to withdraw from the system it is free.
When you want to withdraw a small amount, a fee may be charged for that.
In funding your live trading account, charges may occur because of the interbank services. The company does not accept ZAR as a base currency, you should know this before you begin to use the platform.
This company as said earlier does not charge any money when you deposit and when you withdraw. The number of days it takes for the amount to reach its destination depends on the method of withdrawal.
When you do a wire transfer it takes 2 to 3 business days for the money to reach the destination.
FXPrimus trades five days beginning from Monday to Fridays. On each of these trading days, this company makes customer support available for its customers 24 hours.
Besides, they provide different means of contacting and communicating with them. You can contact them through their email services.
Furthermore, they make the available live chat. In the same way, the company provides a Telegram support bot. there is also WhatsApp as well as line accessibility.
Furthermore, you can make a contact request through the contact form available on the contact us page and submit your request. These are some of the means of contacting this provider and getting a response from them.
SAFETY AND SECURITY
The broker is also secured as they are regulated by the Cyprus Securities and Exchange Commission.
It is also monitored and complied with the regulations set by the Markets in Financial Instruments Directives.
This provider is available in different countries of the world and each of these countries has laws and institutions that monitor such operations.
It is expected that they comply with the laws of each country. The company does not operate on its own, it is strictly regulated and monitored and that is good news for investors because there would not be any problem with your investment.
Above all the service is secured and it is protected from hackers who may be trying to steal from the system.
Currently, there is no cashback or such other incentives in place here. When there is any, nobody would be in doubt because information about that would be displayed on the website where everybody would see it.
There is no such deal available on the website right now. Check back later.
Research is the most important instrument every trader would need before entering the market. fortunately, FXPrimus do offer some advanced tools and other researchable materials which can help in the advancement of the investment.
Different tools are available at the market and these are useful in taking any investment decisions. These include the daily market outlooks as well as training sessions and trading signals.
There are also videos, as well as tailor-made market reports. Also, there is the economic calendar, trading tools of various types, and trading calculators.
VIP clients can even get access to more advanced research tools.
The provider makes available some educational resources to help their clients under the system very well.
The site includes educational videos, a weekly outlook as well as expert guests and seminars. Clients would have access to the educational videos while site visitors can access the weekly outlooks.
Apart from that, there is the analysis material that is composed of blogs. New traders would find this one very useful.
The company has not received any award as there is non displayed on the website. If they have it would show on their website.
This notwithstanding, the company has done well to deserve international recognition. It is hoped that with time such awards would come.
Unfortunately, the company is no longer doing promotions which it used to do years back. This could be a disappointment for some people who have been benefitting from such promos and offers.
Previously, the company uses to offer between 30USD and 50USD to new traders upon signup. This is no longer available as the company has stopped doing that for now.
It is possible that would start making that offer available in the future. New clients are advised to check the website from time to time to know when such an offer becomes available and to benefit from it.
Previously the company does allow its clients to participate in trading contests from time to time where winners are rewarded very well. This is the way of encouraging clients to stay with the broker and win more.
Currently, it is not certain that they are organizing it since there is no information about it is available on the company website. Maybe you can check back later to see whether they are still organizing that contest and take good advantage of that.
Remember to check the terms and conditions before you engage in any of these contests.
SAFE OR SCAM?
The fear of safety is no longer there since the broker is strongly regulated at different levels by authorities.
First, they are registered in Cyprus where they are regulated. They are also available in other countries of the world where the financial market sector is actively regulated.
They have measures in place at the website level where the account of clients is protected. Even if the company goes under, the accounts are insured and this means that clients can still get their money back.
The brokers are safe to do business with. Its founders are known and their offices are known and can be visited as well.
Most importantly, they do provide effective customer service which means that you can contact them when you are having issues.
Surely you would get a response from them. There is absolutely nothing to worry about about this company.
You can see from the information above that FXPrimus is one of the STP market providers, and they have branches in different parts of the world.
Since its existence in 2009, the company has been doing well to satisfy its customers who are located in all parts of the world.
The trading system is sincere and transparent. Its cost is affordable and they do provide the most reliable trading technology.
Most importantly, they provide different means of fund deposits and withdrawals. The system is one hundred safe and secured.