FXPrimus Forex Trade Platform and Broker Review

FXPrimus Forex Trade Platform and Broker Review

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FXPrimus Broker Review

FXPrimus caters to a range of different trading styles with excellent customer support that includes a comprehensive educational and technological offering and access to forex, commodities, energies, and indices.

FXPrimus was established in 2009 and has headquarters in Cyprus, main offices in South Africa and Malaysia, and 409 employees. 

Is FXPrimus Regulated?

Yes, FXPrimus is regulated by the Cypress Securities and Exchange Commission (CySEC), the Vanuatu Financial Services Commission (VFSC), and the Financial Sector Conduct Authority (FSCA).

According to the official website, FXPrimus is under regulation for providing cross-border financial and investment services within the Markets in Financial Instruments Directive (MiFID), which refers to the European Union as a whole. 

FXPrimus’ regulations guarantee extensive customer protection measures. These include participation in a compensation scheme that covers clients in the unlikely event of broker insolvency and the storing of deposits in segregated accounts. 

Is FXPrimus Regulated in the United States?

No, FXPrimus is not regulated in Virginia or any other US state. 

Is FXPrimus Regulated in Europe?

Yes. FXPrimus has been regulated in Europe since 2009 by the Cypress Securities and Exchange Commission (CySEC). In Europe, FXPrimus offers cross-border investment services as a regulated Forex broker in Europe. 

Is FXPrimus regulated in a Tier-1 Jurisdiction?

According to the official FXPrimus website, FXPrimus is regulated under Tier-1 jurisdiction. 

This Tier-1 jurisdiction refers to the offering of services within a specified region that consists of the following countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is FXPrimus regulated in Tier-2 Jurisdiction?

According to the official FXPrimus sources, FXPrimus is regulated under Tier-2 jurisdiction. 

Tier-2 jurisdiction refers to regional licensing that allows the broker to operate in the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in FXPrimus?

FXPrimus provides traders with one type of trading software, namely the extremely popular MetaTrader 4 platform, which offers several features and benefits described below. 

  1. The FXPrimus MetaTrader 4 platform supports Future, Indices, Equities and other CFD transactions. MT4 is designed for traders of all experience levels and is regarded for its user-friendly interface, advanced charting features, technical analysis tools and automated trading capabilities. 

The MetaTrader 4 platform from FXPrimus supports multiple account base currencies including USD, EUR, GBP, SGD and PLN. It is also available in over 30 different languages.

Does FXPrimus Have a News Blog for Forex News?

Yes. FXPrimus has a news blog available directly from the broker’s website under the “Weekly Outlook” section. The news blog summarises the most important market updates from around the globe and provides weekly analyses on important market movements.  

Does FXPrimus Have a Traders Dashboard?

No, FXPrimus does not provide a Trader’s Dashboard. This is a centralised area on many broker’s websites which allows traders to navigate various trading tools and engage with updated technical and fundamental analysis in a streamlined way. 

Does FXPrimus Have an Educational Section?

Yes, FXPrimus has an education system for Forex Traders. To join the education system, users simply need to navigate to the Education portal on the broker’s website, where various educational resources are made available free of charge.  

What is the content of FXPrimus Forex Education?

There are a total of 8 video lectures in the FXPrimus educational series, which are divided into a number of different topics. These topics are listed below.

  1. How to Deposit
  2. How to Open an Account
  3. Fund your Account using Bitcoin
  4. Who We Are
  5. Trading Tools Installation
  6. Alarm Manager
  7. Connect Tool
  8. Market Manager and Multi Terminal
  9. Sentiment Trader and Trade Terminal

FXPrimus also provides regular seminars hosted by expert guests in the Forex market. These cover various topics related to Forex trading specifically, and the schedule can be accessed under the “Expert Guests” section on the broker’s website. 

The video tutorials should be used by all new traders of FXPrimus, as they will help them to navigate around the broker’s technological and account offerings. The seminars are an excellent resource for beginner to intermediate level traders who need more insight into Forex trading. 

Is FXPrimus Legit?

Yes, FXPrimus is a legit Forex Broker and Trade Platform. FXPrimus has CySEC, VFSC, and FSCA legal certificates to perform Forex Broker and trading services.

Is FXPrimus Safe?

FXPrimus is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • CySEC regulates FXPrimus in the cross-border European Economic Area
  • The FSCA regulates the broker in South Africa
  • The VFSC regulates FXPrimus in Vanuatu and other non-EU regions

FXPrimus provides traders with negative balance protection, top tier liquidity, segregated accounts with leading banks, and undergoes regular audits.   

Is FXPrimus a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, FXPrimus is a good broker. 

  1. In terms of trading speed, FXPrimus uses cloud-based servers with excellent connectivity worldwide to combine the fastest execution, with lowest spreads and lowest latency in order to restrict the risk of unnecessary loss. 
  2. In terms of security, FXPrimus is very well regulated in several jurisdictions to provide extensive client protection measures, while new advanced hack-prevention software protects clients from any threat of cyber-attacks.
  3. In terms of online support, FXPrimus offers a live chat option that gives direct access to a customer support team member in order for pressing client queries to be resolved efficiently and in real-time 
  4. In terms of cryptocurrencies, FXPrimus provides several leading crypto options which can be traded in against fiat currencies, and include popular pairings like ETHUSD, LTCUSD, and BCHUSD. 

What is the Offering of Investment in FXPrimus?

Offerings of FXPrimus can be found below.

Feature FXPrimus
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does FXPrimus have Nasdaq?

Yes, FXPrimus offers traders the option of trading CFDs on the Nasdaq 100 Stock Index. The Nasdaq is the second-largest stock exchange in the world. Based in America, it is popular for its stock listing of the world’s 100 largest companies.  

What are the Awards of FXPrimus?

According to the official sources and Forex Trading platforms, FXPrimus does not have any awards listed on its website to date. 

How to Use FXPrimus for Forex trading?

To use FXPrimus, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should be able to afford the minimum deposit of $500

If a Forex Trader has the conditions above, they can open a forex trading account to use FXPrimus. 

How to open a Forex trading account with FXPrimus?

To open a Forex Trading account with FXPrimus, a trader should follow the steps below.

  1. Navigate to the account registration portal on the FXPrimus official website
  2. Specify what type of client you would like to register as. You can select from Trader, Affiliate or Business Introducer
  3. Select the type of account you would like to open from the dropdown sheet
  4. Provide your personal information, including your full name, contact number, email address, and country of residence. 
  5. Create a password that you will use for your account
  6. Read and accept the legal documents attached to the account registration process
  7. Click “Register Now” to submit your application. Upon approval, the client support team from FXPrimus will email you with your account details to finalize the setup. 

What are the Forex Trader Account Types with FXPrimus?

Forex Trading Platform and Financial Asset Management Institution FXPrimus have 3 different account types. Every Forex trading account type has different features and conditions with FXPrimus.

FXPrimus Account Types are listed below. 

  1. Demo Account

  2. Standard Account

  3. Premium Account

  4. VIP Account

  5. PAMM Accounts

 

  • Demo Account

The demo account from FXPrimus is provided on the MetaTrader 4 platform. Using this account, traders will be able to test out the trading features of the platform against the specific trading conditions provided by the broker. 

The demo account is funded with virtual currency, and simulated live trading conditions, allowing users to comprehensively test all of the broker’s trading features. 

  • Standard Account

The Standard Account from FXPrimus is a good option for general forex retail traders, and provides easy and affordable access to the Forex markets using the MetaTrader 4 platform, along with the features described below.

  • Daily Market Outlook
  • SMS Alerts
  • One to One Consultation
  • Premium Account

The Premium Account from FXPrimus is designed for expert traders, and provides advanced trading features with more direct market access, amongst the other features described below. 

  • Daily Market Outlook
  • SMS Alerts*
  • One to One Consultation
  • 60 minute MT4 & Trading Tools Training
  • Live Market Update Telephone Calls
  • VIP Account

The VIP Account from FXPrimus is designed for exclusive, high net worth clients who require special, tailored trading features and account conditions. The VIP Account offers the full suite of trading features as described below. 

  • Daily Market Outlook
  • SMS Alerts
  • One to One Consultation
  • 60 minute MT4 & Trading Tools Training
  • Live Market Update Telephone Calls
  • 30 Minute Consultation with Market Specialist
  • Personal Access to Market Specialist 24/5
  • VIP Trading Signals
  • PAMM Accounts

The PAMM Service is a software solution that makes it possible to copy trade operations from Master account to one or more Followers accounts and helps to automate profit/loss distribution. 

Masters operate their personal funds through a given PAMM Account, and their trading strategy is replicated on the Followers' own funds. 

PAMM Account performance can be viewed and analysed with the help of advanced analytics which provide information in digital and graphic forms.

How to Withdraw Money from FXPrimus?

To withdraw money from FXPrimus, the following should be done:

  1. Log in to your FXPrimus Members Area
  2. Select the option to withdraw funds
  3. Choose from the available withdrawal options
  4. All withdrawals are handled within 24 – 48 hours, during the business working hours of Monday to Friday from 7:00 – 21:00 GMT+2 per calendar month. Contact the team at [email protected] for further information
  5. Minimum withdrawals are applicable; Clients wishing to withdraw below the minimum levels will be required to cover all charges associated with the withdrawal request.
  6. FXPRIMUS prioritizes the withdrawal/refund back to the source of the original deposit, once all refunds are completed you will be free to withdraw funds to the options available within your member’s area. If you have any issues receiving your funds please contact the team at [email protected]
  7. Once your withdrawal is processed (within the stated time frame) you should expect funds to be instantly credited to your e-wallet.
  8. A number of Alternative Payment methods (per country) are offered in the member’s area. Any Alternative payment method unable to be withdrawn/refunded will only be actioned back via wire transfer

How many days do deposits take with FXPrimus?

All funding with FXPrimus is processed during working hours: Monday to Friday, 7:00 – 21:00 GMT+2, per calendar month.

What are the costs and fees with FXPrimus?

There are three types of costs with FXPrimus. Commission costs are applied in trade lots, spread costs are for all account users, and swap costs are for users that do not hold a swap-free account, and keep positions open overnight

A Forex Trading Cost is applied to traders as compensation for their use of the brokerage service, and is essentially how the broker makes a profit. These costs typically consist of spreads, commissions and swaps. 

Spreads are the difference between the bid and the asking price.  Commissions are charged on round trades and will not apply to all instruments. Swap fees are interest charged on positions held overnight. 

The Forex Trading Fees with FXPrimus are below. 

  • Commissions: 10 USD per lot, which decreases when traders reach a monthly trading volume of 250 lots
  • Spreads:  from 0.5 pips on popular pairs such as the EUR/USD
  • Swaps: charged on all positions held open overnight. Usually, these begin at 5%. FXPrimus does not offer the option of a swap-free account. 

What are the Trading Fees with FXPrimus?

FXPrimus does not charge deposit or withdrawal fees, and there are no inactivity fees applied to dormant accounts. The broker offers tight spreads that begin as low as 0.5 pip, and commissions are competitive. 

However, the broker does not offer swap-free accounts for Muslim traders, for whom this type of interest is strictly prohibited by Sharia law. 

 

What is the minimum deposit in FXPrimus?

The minimum deposit to open a Standard Account with FXPrimus is $500. The Premium Account has a minimum deposit of $2 500, and the VIP Account has a minimum deposit of $10 000. 

 

What are the contract specifications in FXPrimus?

Feature FXPrimus
Forex Trading Yes
CFDs 10
Forex Pairs 50+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 4
Social Trading  Yes

 

Does FXPrimus have promotional offers?

Yes, FXPrimus Trade and Exchange platform has promotional offers for existing and new forex trading account owners. These promotional offers are listed below.

  1. 100% Trading Bonus
  2. Zero Fees Promotion
  3. Oil Rally Promotion
  4. Go For Gold Promotion
  5. 30% Trading Bonus
  6. Refer a Friend Promotion
  7. Gold Rush Promotion

 

Does FXPrimus have a welcome bonus?

No, FXPrimus does not offer a welcome bonus. 

However, FXPrimus does provide a number of other compelling bonus options which will become available once a trader has signed up for any of the real accounts. 

 

Does FXPrimus have a deposit bonus?

No, FXPrimus does not offer a welcome bonus.  However, the two trading bonuses provide compelling opportunities for traders to receive cashback rewards on a specific number of traded lots.  

 

Is there a commission-free trade bonus in FXPrimus?

No, FXPrimus does not offer a commission-free trade bonus. The broker does however provide competitive trading commissions, and there are no additional fees for trading, while deposits and withdrawals are free. 

 

Is there a VIP bonus in FXPrimus?

No, FXPrimus does not offer a VIP bonus. VIP clients will benefit from several additional features for a specialised trading environment. 

These additional features include VIP trading signals, personal access to a market specialist, 30 minute consultations with a market specialist, and live market update telephone calls.

 

Can you start trading with no money at FXPrimus?

No, you cannot start trading with no money at FXPrimus. This is because FXPrimus does not offer any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

 

How does leverage work with FXPrimus?

Leverage can be described as borrowed funds which a trader may request from a broker in order to increase their initial trade position. These funds are expressed as a ratio, which is provided at varying levels depending on the specific trading conditions of that broker. 

Traders can use leverage with FXPrimus by logging into the FXPrimus Members Area of their account, and setting the leverage ratio within their own settings. 

Users should note that leverage is capped at 1:30 for retail traders, as per ESMA regulations, while institutional traders can access a maximum leverage ratio of 1:400.  

 

Where are the headquarters of FXPrimus?

FXPrimus is headquartered in Limassol, Cyprus. FXPrimus also has main offices in South Africa and Malaysia. 

 

Who is FXPrimus’ CEO?

The CEO of FXPrimus is Terry Thompson. He holds a qualification from Temple University Fox School of Business and Management for a BA in Business Administration. 

 

What are the social media accounts of FXPrimus?

Traders can follow FXPrimus on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

 

How many employees do work for FXPrimus?

According to Owler.com, FXPrimus has 409  employees.

 

What are the opinions about FXPrimus?

FXPrimus is a strong competitor in the forex broker industry, offering a wide range of assets and tradable instruments, with excellent customer support and fast execution. 

Although the broker only offers one type of trading platform, MetaTrader 4 is an industry standard that offers comprehensive trading features across a user-friendly interface. The broker is well regulated across several jurisdictions and provides a highly secure trading environment. 

 

What are FXPrimus Contests?

FXPrimus does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

FXPrimus didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, FXPrimus didn't perform any official announcements yet.

 

Does FXPrimus have online support?

Yes, FXPrimus has an online support team for Forex trade account users. A support team member can be contacted directly through the chat button available on the broker’s website. Using this, traders will have their queries answered immediately.  

 

Does FXPrimus offer demo accounts for Forex trading?

Yes, FXPrimus offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Click on “Open Demo Account” on the broker’s website
  2. Specify what type of client you would like to register as. You can select from Trader, Affiliate or Business Introducer
  3. Select the type of account you would like to create a demo version for
  4. Provide your personal information, including your full name, contact number, email address, and country of residence. 
  5. Create a password that you will use for your account
  6. Read and accept the legal documents attached to the account registration process
  7. Click “Register Now” to submit your application. Upon approval, you will receive login details to your inbox

 

Does FXPrimus have a mobile app for Forex trading?

Yes, FXPrimus offers a mobile app for the MetaTrader 4 platform. The app can be downloaded for Apple or Android. 

The MetaTrader 4 mobile app functionality is nearly identical to the desktop trading platform and allows our traders to trade anytime, anywhere.

 

Does FXPrimus publish an economic calendar?

An economic calendar allows traders to monitor upcoming news announcements and market events that may impact their trades.  

FXPrimus does offer an economic calendar. FXPrimus’ economic calendar provides information on financial events, forecasts, and historical data.

What is the communication information of FXPrimus?

FXPrimus has two telephone numbers and two local addresses. 

FXPrimus’ main telephone number is: +00883510080975

FXPrimus’ main local address is:  Kolonakiou 25, Office 102, Zavos Kolonakiou Center, 4103 Limassol, Cyprus

Alternate phone numbers are:

Support: +27 105004142

Dealing: +27 105004208