FXPRIMUS ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
Founded in 2009, FXPRIMUS is an online trading broker with great emphasis put towards client safety and education whilst utilising new technologies to continue to improve their offering to traders. The broker gives you seamless market access via user-friendly trading platforms with very competitive trading conditions including tight spreads, low commission fees and rapid execution speeds at the best possible prices. I was impressed by the excellent range of trading tools for conducting chart analysis and finding trading signals. I like how the broker gives you a choice of trading accounts depending on your strategy and has a good variety of convenient funding options. If you are a beginner, you can learn from an extensive collection of educational content whilst practising your trading on a free demo account. For those of you who are ready to start trading, the minimum deposit is just $100 and opening an account takes just a few minutes.
Pros & Cons
- User-friendly trading platforms
- Great choice of deposit and withdrawal options
- Commission free trading accounts
- ECN accounts give quick execution speeds
- Free VPS service for eligible clients
- Educational resources to assist beginners
- Useful trading tools for market analysis
- Tight spreads from just 0.0 pips
- Free demo trading accounts
- Excellent customer support
- Cannot accept clients from certain countries due to regulations
- VIP account required for best trading conditions
- Limited non-fx trading instruments
- Only have the MT4 platform
- No fixed spread accounts
- No managed accounts
FXPRIMUS was founded in 2009 and is a global online trading broker that offers a reasonable selection of 120+ instruments for you to trade including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. They aim to provide one of the most secure trading conditions in the industry with high standards set for responsible trading and safety of clients. I am impressed with the great range of trading product and features they offer within a regulated environment.
FXPRIMUS use cloud-based servers for worldwide connectivity, combining fast execution speeds, tight spreads from as low as 0 pips and low latency, across a variety of flexible account types with personalised, multilingual support and access to free award-winning educational material. Their systems are encrypted with 128-bit keys to safekeep information that is transferred across and prevent third-party access. They have a global footprint with data centres in New York, London, Hong Kong, China and Singapore.
FXPRIMUS continuously look to improve security for clients and give them peace of mind by implementing the latest technologies and advanced safety mechanisms alongside the educational material provided. You are given all of the necessary tools and resources that can help you to make informed trading decisions. They believe that providing you with the best possible academic, technical and practical support can help to give you sustainable success whatever your level of expertise. I certainly think that they go above and beyond to ensure this is possible.
FXPRIMUS is the brand name used by Primus Global Ltd who are regulated by the Cyprus Securities and Exchange Commission (CySEC), Primus Markets INTL Limited who are regulated by the Vanuatu Financial Services Commission (VFSC) and Primus Africa (Pty) Ltd who are regulated by the South African Financial Sector Conduct Authority (FSCA). Primus Global Ltd is operating in compliance with the Markets in Financial Instruments Directive (MiFID) which was established to give EU members a regulatory framework for protecting investors.
Regulation across multiple jurisdictions helps to give traders confidence that they are trading with a reputable and trustworthy broker that must uphold the highest of standards. I don’t have any problem with the regulations in place and trust them with my funds. I always prefer to use a regulated broker as I want to focus on my trading without worrying.
FXPRIMUS is a member of the Investor Compensation Fund (ICF), thus eligible client’s funds are protected. In addition to this, they also have professional indemnity insurance via the Howden Group. Just keep in mind that this does not apply to all clients and protections can vary depending on the broker entity that you open an account with.
FXPRIMUS client funds are held in segregated bank accounts separate from the brokers funds and therefore cannot be used for any other purpose such as running costs. They also offer accounts with negative balance protection. They have partnered with Boudica Client Trust for third-party monitoring of client withdrawals to ensure requests are processed in a prompt and efficient manner. They conduct regular financial and compliance audits that are externally authenticated to ensure independent, transparent and accurate review of the company finances.
With safety being of the upmost importance to them and the main principle of their operational activities, they were the first trading broker to offer supplementary protective measures to clients including new technologies based on advanced research and prevention of unnecessary risk through informed client education. In addition to this, they run strict tests of services with a risk management model to try and ensure that clients do not end up with a negative balance position.
The broker can accept clients from most countries excluding residents of certain countries/jurisdictions including, Australia, Belgium, Canada, France, Iran, Japan, North Korea, Singapore and USA. If you find your country is not accepted, please feel free to browse our broker reviews for another option.
FXPRIMUS have a selection of efficient, powerful and advanced trading platforms that are available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). The different platform options provide quick and easy access to your trading account from anywhere in the world at any time of day. You can open, manage and close positions on the go in just a few clicks. I like how I can go from using complex technical indicators on the desktop version of the platform to conveniently following trades from my mobile phone. If you don’t have your own computer or mobile to hand, you can login to the web platform from another device without needing to install any software.
MetaTrader 4 (MT4) is one of the most popular online trading platforms used by millions of traders around the world. It is the common choice for traders of all experience levels whilst being recognised for having an intuitive and friendly user interface, a vast collection of technical indicators for chart analysis, fully customisable features, multiple timeframes and automated trading capabilities. I am an avid user of the MT4 platform and have been for many years. The main thing I use it for is automated trading. I can code my own systems in the MQL4 language or get access to thousands of free and paid tools from other users from within the platforms marketplace. The broker offers trading instruments across multiple markets through MT4 including Forex, Commodities, Cryptocurrency & CFDs. MT4 is freely available in more than 30+ languages for desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). The MT4 web platform does not require any downloads and is always up to date whilst the mobile trading app is ideal for trading on the go.
FXPRIMUS can provide direct market access (DMA) using an exclusive FIX Protocol for those who want a more customised experience with faster execution speeds. It is worth noting that access to the Platinum API does require minimum deposit of $50,000 although margin requirements on some instruments are as low as 1% through the API.
The Platinum API could benefit retail or institutional clients who have developed proprietary trading models, brokers hedging the exchange rates exposure of equity positions, customers who wish to keep their automated systems anonymous and other institutions that wish to diversify risk due to balance sheets or other factors.
The broker gives you the option of a VPS (Virtual Private Server) through their data centres in London and New York. The VPS connects the MT4 platform to a server which can reduce latency between MT4 accounts and their servers, thus improving the chances of getting filled at better prices. The VPS is free if you have a trading account with a balance of at least $500 and trade 5 or more standard lots 30 days from activation. There are other brokers who provide a free VPS including Key to Markets.
I found the broker to have a nice selection of market news and chart analysis tools. I think this can help to assist with your trading decisions and enhance the capabilities of MT4 trading platforms. Access to all of these trading tools is available to traders with any portfolio size and trading experience. Don’t worry if it seems too overwhelming initially as there are some handy user guides and tutorial videos included to get you up to speed with each trading tool.
The connect tool gives clients access to the brokers news feed within the MT4 platform to keep you up to date with the latest promotions the company is running.
The market manager tool lets you keep an eye on real time market rates and your trading positions without needing the have your trading platform open.
The mini terminal improves trading efficiency by allowing you to trade with one click, adjust lot size, set stop losses, take profits or trailing stops and more.
The sentiment trader tool will show you the direction other FXPRIMUS traders are trading on each instrument. This is a useful tool for a contrarian trading strategy, if you go against the crowd. I find sentiment analysis to be very under rated and believe it is a tool that everyone should use as part of their market analysis. It is therefore great that the broker makes this data available as there aren’t many who do. Makes you wonder why that is!
The trade terminal is a fully customisable window through which you can trade 120+ instruments in just one click. This can be very convenient if you are day trading multiple instruments at the same time.
VIP Trading Signals
The VIP trading signals give you access to trading signals with live notifications and alerts, including technical analysis for potential trade entry and exit points across different instruments. Clients that maintain an account of at least $10,000 qualify for a lifetime subscription of VIP trading signals that can be accessed from within the FXPRIMUS members area.
The SMS alerts feature can send you important market alerts direct to your mobile to make sure that you stay up to date with the latest market movements and do not miss any trading opportunities that you may be tracking. This can save you from hours of having to stare at the charts.
The economic calendar lets you keep up to date with the latest market news from across the globe. It makes tracking news events easy without needing to access various websites and sources. I always like to check the latest market news to help me with my trading decisions. I think it would be good if the MT4 platform included a built-in calendar like MT5 does. You can get MT5 from other brokers including FXDD.
FXPRIMUS have a decent range of trading calculators that can help risk management when preparing for a trade. The trading calculators include a pip calculator, Fibonacci calculator, currency calculator and pivot calculator. I think these will be useful if you need to perform quick calculations when preparing your trades.
This is an area in which FXPRIMUS really excel in my opinion. They have a team of experienced financial analysts that have compiled together a comprehensive library of educational training videos, seminars and webinars. These provide detailed insights and special reports to help increase your trading knowledge and skills, whilst helping with making informed trading decisions. This type of educational content could cost a lot of money from a third-party provider so it is great that the broker provides it to you free of charge. It also goes to show that they want to help beginners to be informed traders.
There is a collection of informative educational videos on the brokers website that includes a range of topics for beginner and advanced traders including trading psychology, trading platforms, technical analysis and more. These can be viewed to help improve your trading expertise. I didn’t really learn anything that I don’t already know from years of trading but I think new traders who are visual learners would find these more beneficial.
The brokers website has a basic glossary of terms and definitions that can be used to help familiarise yourself with some of the most popular trading related terms.
FXPRIMUS host global seminars and webinars to try and help educate traders of all experience levels. Registration and attendance are free and anyone who is interested in learning more about trading is welcome to attend. Not many brokers provide this so it is something that helps to differentiate them from other brokers. If you like the idea of seminars, FXTM also have them.
The VIP service provides one on one personalised support with access to the brokers trading signals. This service is available to clients who have an account balance of at least $10,000. I think it would be better if all clients had access to this but I do understand why it would be incentivised. On the other hand, FXPIG is a good forex broker that gives all clients personalised support regardless of their investment size.
FXPRIMUS have a decent choice of over 120+ trading instruments available across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs on some of the world’s largest companies such as Apple, Amazon, Google, Facebook and much more. I think they would be sufficient for those of you who want to trade forex. If you are looking more towards trading stocks, then you might want to consider TMGM instead.
You can trade the world’s most liquid and popular market through FXPRIMUS. There is selection of minor, major and exotic FX currency pairs. Leverage will vary depending on your geo-location with high leverage of up to 1:1000 available although EU clients are limited to 1:30 due to MiFID regulation.
FXPRIMUS offer a selection of energy instruments for trading with competitively low spreads, including oil and gas.
You can diversify your portfolio with the indices offered including the S&P500 CFD, Nasdaq 100 CFD and Dow Jones CFD. An index is a statistical measure of changes in a portfolio of stocks representing a portion of the overall market. Index trading is for those with a keen eye for changes in a certain sector or a group of stocks.
Trading precious metals can be a means of diversifying a trading portfolio. The precious metals offered include the ever-popular gold and silver.
I am pleased to say that the broker offers some of the most popular cryptocurrencies for trading such as Bitcoin and Ethereum. Leverage of up to 1:5 is provided on Cryptos and they are available to trade 24 hours a day, 5 days a week. Not all brokers provide crypto trading due to regulatory restrictions. Vantage are another crypto broker worth consideration.
FXPRIMUS has a good selection of account types suitable to different styles and needs of traders. There are 3 accounts to choose from, the variable account, ECN premium account and VIP account. The main difference between each of the accounts are the features that you get access to. You can choose from low spreads or no commission fee, depending on what works best for your strategy. They also provide demo accounts if you would like to test the trading platforms and conditions before opening a real account.
Standard Variable Account
The standard variable account requires a minimum deposit of $100 and is commission free. Spreads are variable depending on the market conditions and may be increased to cover costs. It comes with access to the FXPRIMUS educational resources, trading tools, daily market outlook, SMS alerts and one on one consultation.
ECN Premium Account
The ECN (Electronic Communication Network) premium account requires a minimum deposit of at least $500, has the tightest spreads starting from 0 pips and charges a competitive commission on trades of $5. An ECN acts as a bridge between clients and tier 1 liquidity providers. This account also comes with the same additional benefits as the standard account with access to some extras such as trading signals for qualifying clients.
The VIP account is the top specification trading account available at FXPRIMUS with the best trading conditions they offer and a minimum deposit requirement of $10,000. VIP account holders benefit from direct access to the in-house market analyst 24/5 with a free 30-minute consultation and a dedicated account manager who can provide a 60-minute MT4 training session. There are SMS alerts for immediate market updates, exclusive webinars and VIP trading signals that are updated 3 times per day.
If you would like to practice your trading skills and try out the FXPRIMUS service and platforms, they do provide a demo trading account. I would always suggest starting on a demo account to see if a broker can meet your needs.
The account opening process is quick and easy. There is a short online form to complete and you will need to verify your email. You will then need to upload a form of identification and proof of address. Once verified by the accounts team you will then be able to fund your account and start trading. I completed it within minutes and had an email right away with my login details. It is great that the whole process is done online but also expected in today’s day and age.
The broker has a skilled and experienced global customer service team who are on hand to offer you support 24/5 via online chat, telephone or email. I have always had a quick response to my questions and appreciate that they have reached out to me just to see how things are going without being prompted to do so. Customer support is available in an impressive number of languages including English, Chinese, Vietnamese, Thai, Malaysian, Russian, Spanish, Portuguese, Arabic, Hungarian, Indonesian, Swedish, Czech & Farsi.
FXPRIMUS offer a huge range of funding and withdrawal methods including online payment processors such as Skrill and Neteller for fast and convenient transfers. I would say they have perhaps the most impressive selection that I have seen from any broker. I love that there are so many digital wallets as this is my preferred method of payment. This is because it gives quicker access to my trading funds which is important in case there is some market news that I am trying to take advantage of. I don’t always want to be waiting around days for a bank transfer to clear.
Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear. Accounts can be opened in a decent choice of currencies which are EUR, USD, GBP, SGD, PLN. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I think FXPRIMUS can be a great choice of broker for trading forex. They have very competitive trading conditions including spreads from 0.0 pips, low fees and quick execution. You get access to trade via the intuitive MT4 platform on all of your devices. I like the diversity of account types and abundance of funding options available. If you are new to trading online then I am sure you will be pleased with the amount of educational content. There is insightful market analysis and trading signals to help inspire trade ideas. Overall, this is a well-established online trading broker with great emphasis put towards client safety and education. They have over a decade’s worth of experience within the industry whilst utilising some new technologies to continue to try and improve their offering to traders.
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