FXPRIMUS REVIEW
FX Primus Reviews
FXPRIMUS operates to provide its traders with a safe environment while providing the best execution speeds and innovations combined with rewards. The fxprimus broker established its offices in Vanuatu, as well as other countries around the world that cover global needs of their clients. PRIMUS Markets is actually operating under three brands including Forex Primus Group which provides deep liquidity for international top-tier banking institutions available anywhere in the Forex market.
FXPrimus Pros and Cons
FXPrimus is a trusted broker with high regulations to ensure safety and reliability. Primus Markets provides professional education, and great research for beginners, in addition, it offers one of the largest brokerages in South Africa providing trading platforms suitable for all styles of traders. The product offering is based on Forex and CFDs which some may find as a negative point but not every trader has the same needs or wants out of their brokerage service provider.
10 Points Summary
Headquarters
Vanuatu
Regulation and License
CySEC, FSCA, VFSC
Platforms
FXPrimus MT4
Customer Support
24/5
EUR/USD Spread
1.7 pips
Demo Account
Available
Minimum deposit
100$
Base currencies
Various base currencies
Education
Free education, Webinars, Seminars and Financial EXPOs
Instruments
Forex, Metals, Indices and Energies, Cryptocurrencies
Awards
FXPrimus provides traders with an established one of the safest and rewarding online trading environments with costs starting as low as from 0 pips. This is one of many reasons why Primus Markets has been awarded by various global publications, including being named Best Forex Broker Europe 2019 by FxDailyInfo Awards; Most Trusted Broker Asia by Global Brands Awards; and much more.
Is FXPrimus safe or a scam?
FXPrimus is not a scam. It’s an authorized broker and it offers Professional Indemnity insurance up to €2,500,000 for low-risk Forex and CFD trading, in case something goes wrong.
Is FXPrimus regulated?
FXPrimus is regulated by different jurisdictions and is striving to deliver a safe environment with the best execution speeds combined with innovations. FX Primus has also made numerous rewards for their traders, showing that this broker takes care of them.
The broker established its offices in Vanuatu, as well as an office in Cyprus, South Africa, and other countries around the world to cover the global needs of Forex broker’s clients all over the world. As of now, they offer deep liquidity provided through international top-tier banking institutions available anywhere in best Forex trading platforms.
In the case of an offshore company, we do not recommend trading or trusting them. However, since FXPrimus is a European broker and follows numerous Forex guidelines, it is considered safe to trade with them.
Is FXPrimus legal in Malaysia?
FXPrimus is not a regulated entity that operates in Malaysia. It does, however, have an offshore company which accepts clients from all around the world-Vanuatu to be specific. This seems misleading at first glance but FXPrimus has gained a reputation for being safe and put their traders’ needs above anything else. The choice is ultimately up to you as the trader whether or not you want to take on this risk of trading with them because they are unregulated by Malaysian authorities like Bank Negara Malaysia BNM.
How are you protected?
In order to protect investors, brokerages must abide by a pre-set set of rules. These rules are strictly enforced and monitored by regulatory bodies. Clients trading under Negative Balance Protection never incur any losses that exceed their account balance while the brokerage offers client fund insurance (valued at $2.5 million) for free as an added safety measure available to all clients who open an account with FXPRIMUS
Leverage
Leverage is a tool that can magnify the amount of money you invest for an initial deposit. The chance of profits or losses happening in parallel to your trade makes it essential to know how leverage works.
As FXPrimus, they offer different levels of leverage depending on each country’s restrictions and regulations- so make sure you talk with their customer service representatives before using any level! You may also choose which account type (individual/corporate) when opening one with them, but please contact them first too as this decision will have an effect on your margin requirements.
FXPrimus Account types
Trading with European FXPrimus under CySEC and MiFID guidelines, the maximum leverage level is set to 1:30 for Forex instruments. South African traders may be exposed to a lower leverage of 1:200 on currency pairs and even lower for other instruments.
Account Types
FXPrimus offers various investment FXPrimus account types, including both live and demo accounts. Different account types are separated by the size of your investments, so spreads will become lower as long as you trade with higher-grade accounts. You may also request a micro trading option if you have an FXPrimus premium or variable account (with a total balance under $1000).
FXPrimus provides additional services for their Premium Account holders like educational financial seminars every week and lowest possible spreads on all trades.
Variable Accounts require at least $1000 USD to open, while their ECN Premium Account requires an investment of 2,500$. Preferred VIP accounts are available to those who invest 10 000$, but this amount varies depending on the entity.
Islamic traders can request Swap-free Trading Accounts at any time in order to enter into transactions without swap charges or spread widening. Lastly once approved they enjoy similar privileges that other Muslim investors do when it comes down to contracts/ agreements legible in Arabic language along with Shariah compliant conditions which is applied universally.
How do I create a Forex Demo account?
So to create a fxprimus Demo Account, which is necessary for your practice before jumping into Live trading, you should follow the following steps.
Once you’re ready to go live with it all and open up an account with FXPrimus by passing the necessary verifications of identity and open a fxprimus Live Account that carries all the benefits offered by FXPrimus.
Opening Demo account step by step
- Access the FXPrimus Sign-In page by entering your personal data (first and last name, country of residence, email address etc). You may also choose to use an existing Facebook or Google account to sign in.
- Enter your trading area once you have successfully verified your email service provider through a verification code sent via mail to the account you created at step 1 above.
- Once logged into Live Trading on their preference selection interface for clients, users will be able access trade execution features like: Order Entry; Position Management; Market Data Alerts; Trade Reconciliation and Execution Reports.
Trading Instruments
FXPrimus offers over 120 trading instruments, including Forex, Commodities, Stocks, Energies and Indices. The offer is also diversified with cryptocurrencies. Despite the fact that FX Primus does not have as many options in terms of instruments to trade from time to time when you compare them with some other brokers who offer more choices for trades; even so there are still enough popular trading instrument available at your disposal – especially considering good cost wide offered by FXPrimus- which we will cover further in our review of this broker.
FxPrimus Markets compared to similar Brokers
To compare FXPrimus to other industry offerings, you can see the respective assets and instruments in the table below.
Fees
FXPrimus is a top forex trading platforms that charges commissions for trades, but the prices vary depending on how you trade. There are three options available:
- 0.1 pips with no commission when tight spread conditions exist;
- 10$ per lot, when the trader chooses to use an ECN connection and raw spreads instead of fixed spreads – this fee, applies only to non-trading fees; or
- A range between 1% and 5%, which will apply if there are collars in place on open positions at market close or during specific periods throughout each month (this may be subject to change without notice).
An overview of the Non Trading Fees
When you don’t trade for six months or more, FXPrimus charges an account fee. This is based on a strategy known as “inactivity”. Nonetheless, traders will be covered by FXPrimus in the event of deposits and withdrawals because that’s what we’re going to cover further in our review about them!
Spreads
FXPrimus Forex fees for Standard accounts are rather high among the industry for currencies, but very good offering for Cryptocurrency and Commodities.
ECN account fees are quite pleasant too- it has a commission charge per lot, see snapshot below. For example you may refer to this comparison table that shows typical FXPrimus spread and other popular CFD Brokers as well as trading conditions of another broker FP Markets.
FXPrimus rollover
Besides, consider rollover or overnight fees as a cost: if you trade positions that are held for longer than a day and determined by the direction of the trade (i.e., selling vs buying). For example, if you want to go short on GBP USD pair swap is 2.0485 and -12.282 when longing it instead!
Deposits and Withdrawals
They offer a range of convenient funding solutions to their clients across the globe. They make it possible for customers to fund their accounts with trust and safety when they choose Primus Forex. However, we always recommend verifying what conditions and methods apply in your country or region before you begin funding.
Deposit Methods
There are many ways to make a deposit with FXprimus and clients will be rewarded for any fees that may not have been waived by your payment provider. The methods themselves include
- Bank transfers
- Credit card payments which allow you to issue an PRIMUS Forex MasterCard but require a minimum 100$ fxprimus deposit
- E-wallets including Neteller, giropay, bitpay, UnionPay, and Webmoney.
FXPrimus minimum deposit
To open a Standard Account, you must make the minimum deposit of $1000. The Minimum Transfer Amount is only $100, so you may choose to use whichever method and number of funds that is appropriate for what you want to transfer.
Thus the Variable Account also known as Standard Accounts requires – 1000$, FXPrimus ECN Premium Accounts – 2500$ and VIP account-10000$, which can change depending on your entity with FXPrimus in question.
Withdrawal
FXPrimus withdrawals are free, withdrawal methods are the same as deposits (e.g., wire transfers), and always verify if a certain withdrawal method is available before withdrawing money to make sure that it complies with your region’s regulations.
How do I withdraw from FXPrimus?
If you want to withdraw money from your FXPrimus account, there are these steps:
- Login to the account by going through “Account”
- Go on the “Withdraw” page
- Choose how much you wish to withdraw and which withdrawal method (wire transfer or bank wire) after selecting a desired amount and clicking ‘Withdraw’
- Complete this request with required information including banking details (if applicable) before confirming it through your Account area-monitoring progress of such a process
Trading Platforms
The FXPrimus online Forex trading platform provides access to over 120+ instruments so you can trade on a variety of markets, all from one simple interface.
Platform Ratings
With a variety of versions available for the MT4, you can do your trading on their desktop windows and mac systems as well as their mobile devices. The WebTrader is also an option which will let you connect to your platform with ease. This provides great convenience and efficiency all in one package!
Web Trading
Web trading platforms are indeed a very useful tool for your trading. You simply need to log in to an internet browser and enjoy the FXPrimus platform’s capabilities. The WebTrader features MT4 designs, layouts, clean views, numerous tools and enhancement options- all of which will be available for you 24/7 – but when it comes down to comprehensive analysis or day trading we still recommend the desktop version.
Desktop trading platform
The process of placing an order is quite simple, as you can trade and open trade directly from the chart through a selection in the menu “Place Order”. You should click on it, through the instrument chart you’re willing to trade and set desired preferences either Market Order or Pending order.
Next select necessary risk levels with stop loss and take profit. And that’s all for now! Of course later on you have full control over your position and can either close it manually or adjust it until it hits one of your defined levels.
Security
FXPrimus MT4 is a powerful platform that’s known for its powerful chart features and range, which can dramatically improve the trading process. But MT4 also has many advantages- it’s highly secured, along with regulatory approval and safety measures.
PAMM FXPrimus
In addition to trading with FXPrimus, you may use its social trading features together with PAMM Broker which connects professional fund managers and followers. You can simply become a follower by these steps:
1) Register as an investor or company.
2) Request for the necessary type of account.
3) Send your contact details to get in touch with you. The platinum API offers FIX protocol too! This option is attractive because not only does it offer big exposure, but also helps investors grow their profits by raising the efficiency of trades while minimizing risks through automatic execution options!
How to become Follower
Mobile Trading Platform
FXPrimus MT4 mobile trading platform is the latest addition to their range of desktop and web solutions. Users can now monitor, update and trade while they are on the go with their mobile devices! It offers a wide variety of technical analysis features which you may customize fully. With this in mind, it is good to know that all other features found on desktop or web platforms remain available including reporting capabilities, social trading as well as advanced analytical tools!
Alerts and notifications
SMS and email alerts are another category of tool that is available at FXPrimus MT4, which allow you flexibility instead of sitting and watching charts all the time. You can choose an instrument or a few that you are following, set levels when prices reach those points so they will notify to your phone or emails once they hit them
Customer Support
FXPrimus strives to make you feel comfortable throughout the process of account opening, trading and usual service. There are numerous supported languages that are also covered by FXPrimus entities around the world. You may contact with concern about any problems and count on quality service from support team accessible via Live Chat, International Phone Lines or email.
Education
Along with a comprehensive offering, the broker’s efforts went on engaging in targeted strategies through advanced educational resources suitable for different types of traders. Designed education allows better provision and quality trading around the world, which FXPrimus recognizes as an essential part of success.
Therefore, beginning traders are most welcomed to join because coordinated seminars will be held all over the world so that even those who want to trade can do it too!
Research
The company has various research tools and materials, including news feeds that are accessible to traders. They provide you with daily market outlooks, trading signals, videos for training sessions and tailor-made reports. Trading tools such as Economic Calendar and Trading Calculators remain at the disposal of VIP clients who can also access Premium Trading Signals on an exclusive basis. In addition to this SMS Service is available which provides you with up-to-date market updates.
Conclusion
FXPRIMUS is a broker that offers a variety of instruments to trade, along with the choice of technological ECN solution connectivity and raw spreads. The traders of different size, strategy and expertise will be supported by educational programs or various other tools such as small deposits to start or even finding an account suitable for their trading needs.
Beginners who are just getting started in trading can find the perfect option for them at FXPRIMUS while seasoned professionals will find any options they need-the range covers most demanded trades as well as basic needs.
Disclaimer
Forex trading carries a high level of risk not suitable for all investors. CFDs, in particular, are complex instruments due to the fxprimus leverage they use with retail accounts that lose money after engaging in forex trading without being previously acquainted with its specifics and all risks related to it.
