The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
A leading global broker, FXPRIMUS was established in 2009, gaining a reputation as the “safest place to trade”. As the name suggests, FXPRIMUS initially started out as a Forex broker and developed a holistic approach extending beyond just currency trading, offering CFDs, commodities, energies and indices as well.
The broker is built upon the three pillars of technology, safety and education, making FXPRIMUS one of the most secure online trading environments available. The company’s emphasis is on putting the customer first and offering tailor-made experience to embrace traders of every level.
FXPrimus resides under multiple financial regulators such as CySEC, VFSC and FSCA, making it one of the most well-regulated brokers on the market today. As a result, FXPrimus has a global presence with multiple offices around the world and can operate in over 200 different countries.
This review looks at the various features of the platform, showcasing where it performs well and where it needs improvement.
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FXPrimus has mainly focused on Forex markets, offering a great selection of different currency pairs. There are 6 major currency pairs, 21 cross currency pairs, 3 minor currency pairs and a dozen different exotic currency pairs.
The minimum trading size for this Forex offering is 0.01 and the trading hours are 24/5, Monday to Friday. For the major currency pairs, you can get leverage of up to 1:1000*. In terms of the spread, it varies naturally from pair to pair, but it is overall a decent fee structure.
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Major and minor currency pairs are in abundance, and, if you wish to cross over to other instruments, you may also trade indices, stocks or commodities via CFDs, using the same account, which is ideal.
Generally, you will be looking at margin requirements of 5% and a minimal trading size of 0.01 lots for the indices CFDs. For the energies CFDs, there is a margin of 10% available. While FXPRIMUS mainly started as a Forex broker, this niche selection of CFDs is also popular among traders.
FXPRIMUS platform uses the effective market model, which means that there are no conflicts of interest when it comes to their customers. The spreads can go very low when the buy and sell come from the same lot. These orders can be filled up in-hours, meaning that there is no spread charged. For the ECN premier spreads, these can drop as low as 0.01 for EUR/USD, with only a $10 commission per lot.
Some account types will have a variable spread, changing as the market changes. This spread is normally higher than what will be found through the ECN account. There is also leverage* available depending on the types of currency pairs or CFDs you are looking to trade.
There are different types of accounts you can select from, allowing you to choose the best suited option based on style and trading experience level.
These are the Standard, Premium and VIP accounts with a $500, $2,500 and $10,000 minimum deposit, respectively.
All accounts offer daily market outlooks, SMS alerts and a one-to-one consultation on setting up.
VIP or Premium accounts come with a training system in place.
Additionally, a demo account option is also available. Beginners could use it to learn the foundations of trading using a platform, while it allows advanced traders to test out new strategies without having to put any money on the line.
FXPRIMUS is using the industry-wide MetaTrader 4 platform. This is a very familiar platform among traders, designed to enhance the trading experience by integrating an array of functionalities and tools, including advanced technical analysis, EAs, robots and signals, market as well as mobile trading applications.
The platform, which is available for Windows, Apple or Android, in desktop and mobile versions, with multi-language support and a user friendly interface, makes trading effortless.
FXPrimus traders with a minimum of $500 in their accounts are offered the VPS platform for free, while a deposit of $50,000 and above unlocks a Platinum API option.
The FXPrimus website is easy to navigate through with information and visual aids that lay out the trading instruments, benefits, promotions and educational material. It uses eye-catching comparative tables, real price feeds and live spread displays, everything in 11 languages. The website is designed to be inviting and it is 100% to the point, a practice not so common among brokers. Kudos for this.
The website offers an in-depth FAQ section designed to give fast, first-level support. For situations that need special attention, there is a dedicated multilingual customer support team, available 24/5 via phone, email or live chat. FXPrimus puts emphasis on the quality and speed of their customer support, setting the bar high for its competitors!
FXPRIMUS makes depositing and withdrawing an easy process, without charging for any fees. Traders can make use of the following popular payment methods:
The firm has also established more than a dozen other payment solution providers such as Safecharge, eMerchantPay, Skrill and more. Keep your AML documentation up to date to ensure timely processing of your requests. Deposits are processed from major credit and debit cards within 24 hours. Withdrawals do take between 2 and 5 business days.
Different payment solution providers, such as BitPay, Skrill and Neteller, process all transactions within 24 hours. The minimum initial deposit for the Standard Account is $500 and after the first time you can deposit as little as $100.
FXPRIMUS is very generous when it comes to promotions, as it is usually running an array of promotions to suit different trading styles. Sometimes the promotions come in a form of trading or deposit bonuses, while other times offer especially low spreads on certain trading instruments. We recommend checking the promotions page often to claim any free trading funds or cash rebates and real prizes.
Currently, FXPRIMUS is offering 3 great promotions**:
In addition to the promotions listed above, FXPrimus offers different features to satisfy all traders’ needs:
FXPRIMUS is regulated by multiple financial bodies around the globe, making FXPrimus a great and reliable choice if you want a broker that is safe, secure, and transparent.
For security purposes, the latest in 128-bit SSL technology encrypts all transaction data and personal information for your peace of mind.
FXPrimus has also invested in their tech infrastructure for trade processing, providing users with reliably, satisfyingly fast execution speeds. All prices are executable thanks to the broker’s use of liquidity providers and STP.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Please be advised that certain products may not be available for traders from EEA countries due to legal restrictions.
*Leverage varies based on the financial instrument traded and the relevant regulatory body based in your country of residence, knowledge and experience and regulator.
**Bonuses and promotions are offered based on your country of residence while terms and conditions apply. Under EU Regulations, EU clients are not eligible for these bonus and promotions.
***Cryptocurrencies are offered based on your country of residence while terms and conditions apply.
FXPrimus is not a scam. It is the brand name of the FXPrimus Group, a multi-regulated CFD broker operating in 200+ countries and residing under multiple financial regulators such as CySEC, VFSC and FSCA, making it one of the most well-regulated brokers on the market today.
No, FXPRIMUS is an STP (Straight Through Processing) broker. As a client, you will not have to be concerned about a back-office trading desk, since FXPRIMUS is sending traders’ orders directly to the market without dealing desk intervention.
To withdraw funds, log in to your FXPrimus account, go to the withdrawal menu below the dashboard and choose how you wish to receive your funds from the dropdown. The broker processes all withdrawal requests within 24 hours, and depending on the withdrawal method, the funds should be available in 2-5 business days.