FXPRIMUS Review 2024
Website: www.fxprimus.com
Min. Deposit: US$ 100
Leverage: 1:30 | 1:200
Trading Platforms: MT4, MT5, cTrader
Regulation: CySEC, VFSC
Headquarters: Vanuatu
Founded: 2009
Regulatory Licenses:
- Primus Global Ltd - regulated by CySEC (Cyprus) registration no. 261/14
- Primus Markets INTL Limited - authorized by VFSC (Vanuatu) registration no. 14595
Updated on March 7, 2024
Quick Links
FXPRIMUS stands out as a leading online FX and CFDs trading provider, regulated across multiple jurisdictions. The broker excels in offering a secure trading environment, featuring exceptional execution speeds and cutting-edge technology. Recognized as one of the top Forex providers in the industry, FXPRIMUS has earned numerous accolades. With offices established in Vanuatu, Cyprus, South Africa, and other global locations, the broker aims to meet the diverse needs of its clients worldwide.
Established in 2009, FXPRIMUS has grown into a global presence, extending its reach across Europe, Asia, and Africa, amassing a trader base of over 300,000. Headquartered in Limassol, Cyprus, FXPRIMUS operates under the FXPrimus Group, encompassing three main brands. Clients benefit from deep liquidity sourced from top-tier international banking institutions, available across the Forex market. As an ECN broker, FXPrimus offers direct access to other market participants and prices from various liquidity providers, ensuring that it is not operating as a market maker.
Pros
Highly reliable with a toptier regulatory license from CySEC
Offers professional education and extensive research suitable for beginners
Features a selection of trading platforms accepting all trading styles
Competitive trading fees compared to other market players
Cons
Limited product offering, focusing solely on Forex and CFDs
Higher spreads for currency pairs
Trading conditions and offerings vary by entity
Lack of 24/7 support and reliance on an offshore entity for international trading
FXPrimus Review Summary in 12 Points
Headquarters: Cyprus
Regulation: CySEC, VFSC
Platforms: MT4
Instruments: Forex and CFD products, Cryptocurrency, Indices, Commodities
EUR/USD Spread: 1.7 pips
Demo Account: Available
Minimum Deposit: $100
Base Currencies: Various
Education: Free education, Webinars, Seminars, and Financial EXPOs
Customer Support: 24/5
Overall FXPrimus Ranking
FXPrimus secures a commendable overall ranking of 8.4 out of 10, based on our comprehensive testing against 1000 other brokers. The broker is celebrated for its favorable trading conditions, catering to both novice and seasoned traders, and boasts a decade-long track record of reputable operation. Supported by multiple trading platforms and low trading costs on a global scale, FXPrimus emerges as the optimal choice for traders of any proficiency, backed by a rich educational resource and research toolkit.
FXPrimus has accumulated numerous accolades, acknowledging its superior trading conditions and wide recognition among traders worldwide. Noteworthy awards include the Best Forex Broker Europe by FxDailyInfo Awards and the Most Trusted Broker Asia by Global Brands Awards. The broker continues to earn high praise and awards from its clientele, reinforcing its status in the industry.
FXPrimus is a legitimate and authorized broker, offering Professional Indemnity insurance up to €2.5 million for low-risk Forex and CFDs trading. Regulated under the aegis of CySEC and part of the global FXPrimus group, the broker ensures a secure trading environment. While its VFSC (Vanuatu) license is considered offshore, FXPrimus's compliance with European Forex guidelines solidifies its reputation as a safe trading platform. Our trust score for FXPrimus stands at 8.6 out of 10, reflecting the broker's longstanding good reputation and regulatory backing. However, the main drawback is the broker's reliance on an offshore entity for international trading.
Leverage, a tool that enables trading of large sums with an initially smaller balance, is regulated and varies across jurisdictions. FXPrimus offers different leverage levels, subject to regulatory restrictions. In Europe, under CySEC and MiFID guidelines, the maximum leverage for Forex instruments is set at 1:30. Conversely, FXPrimus's global entity based in Vanuatu offers the possibility to trade with leverage up to 1:300, demonstrating the broker's flexibility in accommodating traders' preferences.
FXPrimus caters to a wide array of traders by offering a variety of account types, showcasing its commitment to meeting the diverse needs of both novice and professional traders. The broker provides a selection of account options that enable traders to engage in the markets with variable spreads across a comprehensive range of trading instruments. In addition to offering competitive spreads without commission fees, FXPrimus grants traders unlimited access to educational and research materials, details of which will be explored further in this review.
What are FXPrimus account types?
FXPrimus makes available both Live and Demo accounts for traders seeking either real market experience or a practice environment to familiarize themselves with the platform. The account offerings are categorized by investment size, with the understanding that spreads decrease as the trading volume in a higher account tier increases. Additionally, FXPrimus provides traders the option to engage in Micro Account trading, allowing for the trading of Micro lots. Moreover, the Premium Account offers additional services such as weekly financial trading seminars and boasts the lowest spreads. The Variable or Standard Account requires a minimum deposit of $1000, the FXPrimus ECN Premium Account requires $2500, and the VIP Account demands $10,000, although these amounts may vary depending on the FXPrimus entity. Furthermore, FXPrimus offers an Islamic Account, or Swap-free account, permitting traders of the Islamic faith to participate in trading without incurring swap charges or experiencing spread widening.
How do I create a Forex Demo account?
Creating a Demo Account with FXPrimus is straightforward and essential for practice before transitioning to Live trading. Simply follow these steps:
1. Access the FXPrimus Sign-In page
2. Provide personal details such as First and Last Name, Country of residence, email, phone, etc. Alternatively, use Facebook or Google accounts for registration.
3. Verify your email to gain access to your trading area
FXPrimus offers over 120 trading instruments, including Forex, Commodities, Stocks, Energies, indices, and cryptocurrencies. While the selection may appear limited compared to other brokers, FXPrimus still provides a sufficient range of popular trading instruments, enabling portfolio diversification at competitive costs. The broker's Market Range Score is rated at 7.8 out of 5, acknowledging the good selection of instruments under favorable conditions and low costs. However, it is important to note that trading is restricted to FX and CFDs, and available instruments may differ by jurisdiction.
Does FXPrimus have Nasdaq?
Yes, FXPrimus allows traders to engage in CFD trading on the Nasdaq 100 Stock Index, the second-largest stock exchange globally, known for hosting 100 of the world's most prominent companies.
FXPrimus introduces an attractive fee structure, welcoming all trading styles with tight spreads starting from 0.1 pips without commission, or through an ECN connection with raw spreads plus a commission of $10 per lot. It's essential to consider other fees such as non-trading and withdrawal fees. Based on our assessment, FXPrimus's Fees score an impressive 8.8 out of 5, positioning it favorably compared to over 1000 other brokers. While the broker generally imposes minimal fees, specific conditions may vary by jurisdiction.
An overview of the Non-Trading Fees
Traders should also account for potential non-trading fees. Typically, brokers charge an inactivity fee if an account remains dormant for six months or more, known as the FXPrimus Inactivity fee. Nevertheless, FXPrimus covers deposit and withdrawal charges, which will be detailed further in this review.
Examining FXPrimus's fees for Standard accounts reveals relatively high currency trading costs but competitive offerings for Cryptocurrency and Commodities. ECN account fees are notably favorable across all instruments, accompanied by a per lot commission charge. FXPrimus Spreads are evaluated at 7 out of 5, acknowledging the broker's higher currency spreads while recognizing its advantageous commodity and cryptocurrency spreads.
FXPrimus rollover
Rollover or overnight fees, applied to positions held for more than a day, should also be considered. These fees vary based on the trading direction (buying or selling) and the differential between bids. For instance, trading the GBP/USD pair incurs a swap of 2.0485 for short positions and -12.282 for long positions.
FXPrimus excels in offering a wide range of funding solutions globally, ensuring clients can deposit funds with trust, safety, and confidence. However, it's crucial to verify the applicable conditions and methods according to your residence and the relevant FXPrimus entity. FXPrimus Funding Methods are rated Excellent, scoring 8 out of 5. The broker's minimum deposit requirement aligns with the industry average, although specific minimums may differ by jurisdiction.
Deposit Methods
FXPrimus facilitates deposits through various methods, including bank transfers, credit card payments, and e-wallets such as Neteller, Skrill, UnionPay, TrustPay, WebMoney, and more. Additionally, FXPrimus offers a MasterCard for easy transactions, with a minimum deposit requirement of $100. The minimum deposit for opening a Standard Account is $1000, with higher tiers such as the ECN Premium Account and VIP Account requiring $2500 and $10,000, respectively. These amounts may vary based on the FXPrimus entity.
Does FXPrimus have a bonus?
Withdrawal
FXPrimus processes withdrawals without imposing any charges. The withdrawal methods mirror those available for deposits. Always ensure compliance with regulatory policies, as some regulations mandate that withdrawal methods match the initial deposit method.
How do I withdraw from FXPrimus?
Withdrawing funds from your FXPrimus account involves the following steps:
1. Log in to your account
2. Navigate to the Withdraw page within the Account area
3. Select the desired withdrawal method and amount, then click ‘Withdraw’
4. Complete the withdrawal request with the required information
5. Confirm and submit the withdrawal
6. Monitor the progress through your Account
FXPrimus presents an extensive selection of trading platforms, catering to a diverse range of instruments exceeding 120+ options. The platforms are anchored around the widely acclaimed MetaTrader suite, which is accessible for both desktop and mobile trading. The broker's commitment to the MetaTrader4 platform ensures compatibility across various devices, including Windows and Mac for desktop, as well as Android and iOS for mobile trading. Additionally, the MetaTrader Platform Web Trader offers seamless web-based access.
The dedication to providing a robust trading ecosystem is evident through the integration of MT4 on various platforms, including desktop for both Windows & Mac, tablet, mobile, and Webtrader. This is complemented by the availability of VPS, facilitating quick and efficient connection to the trading platform, which is crucial for executing orders promptly. The comprehensive range, including MT4, MT5, and cTrader, alongside excellent tools and research facilities, positions FXPrimus platforms as exemplary within the industry, earning a stellar rating of 4.5 out of 5.
Pros
Wide range of platforms including MT4, MT5, and cTrader
Compatibility across multiple devices and operating systems
Cons
Limited to MetaTrader platforms, potentially restricting users looking for unique or proprietary platforms
FXPrimus excels in customer support, providing prompt and efficient assistance throughout the account opening process, trading, and general service inquiries. The support team is accessible through a variety of channels, including live chat, international phone lines, and email. Additionally, the global outreach is enhanced by the availability of support in numerous languages, facilitated by FXPrimus entities worldwide. The quality of customer support is notable, with FXPrimus earning a rating of 4.4 out of 5. However, it's important to note that support services are not available on weekends, which could be a limitation for some traders.
Pros
Multilingual support available
Multiple channels for customer support
Cons
No support during weekends
FXPrimus places a strong emphasis on education, offering advanced resources tailored to traders of varying experience levels. The broker's educational initiatives include a mix of online materials, seminars, and webinars, aimed at enhancing trading skills and knowledge. The availability of comprehensive educational resources underscores FXPrimus's commitment to trader success, earning a rating of 4.5 out of 5. These resources are designed to cater to both novice and experienced traders, ensuring a well-rounded educational experience.
Pros
Extensive range of educational materials
Seminars and webinars for hands on learning
Cons
Primarily geared towards beginners, which may leave experienced traders seeking more advanced material
In conjunction with its educational efforts, FXPrimus delivers a wealth of research tools and materials. This includes direct access to news feeds, daily market outlooks, trading signals, and tailored market reports. Additionally, traders have access to an economic calendar, trading calculators, and for VIP clients, exclusive access to premium trading signals and Platinum API. The provision of SMS service for immediate market updates further enhances the broker's research offerings, earning a rating of 4.6 out of 5.
Pros
Comprehensive research tools and materials
Exclusive offerings for VIP clients
Cons
Some research features are limited to VIP clients, potentially limiting access for standard account holders
To conclude, FXPrimus stands out as a robust choice for forex trading, offering a comprehensive range of trading instruments, advanced technological connectivity, and competitive spreads. The selection of trading platforms, coupled with modest fees and high leverage, positions FXPrimus as a preferred broker among many. The broker's dedication to supporting traders of all sizes and strategies through education and various programs is commendable. Moreover, FXPrimus caters to both novice and seasoned traders, providing a suitable trading environment with a vast array of tools to meet basic and advanced trading needs. Based on our comprehensive review and expert opinions, FXPrimus is highly recommended for:
Beginning traders
Advanced traders
Enthusiasts of MT4 and MT5 platforms
Those interested in currency and CFD trading
Users of the cTrader platform
Individuals seeking raw spread trading
Traders employing diverse strategies
Users of EAs
Participants in PAMM trading
Those requiring excellent research
Hedging/Scalping traders
Fans of copy trading
