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Trade Forex Review: FxPrimus Broker
In this comprehensive review, we will take a deep dive into the world of FxPrimus, an online Forex and CFD broker that has established its presence with registered offices in Cyprus, Vanuatu, and South Africa. Trade Forex, your trusted source for broker evaluations, aims to provide you with a detailed analysis of FxPrimus, assessing its regulatory status, trading conditions, account types, available instruments, trading platforms, minimum deposit requirements, and more.
Regulatory Oversight
FxPrimus was founded in 2009 in Cyprus and operates under the FxPrimus group, consisting of three distinct brokerage entities:
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Primus Global Ltd (Cyprus): Regulated by the Cyprus Securities and Exchange Commission (CySEC).
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Primus Africa (Pty) Ltd (South Africa): Regulated by the Financial Sector Supervision Authority (FSCA).
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Primus Markets INTL Ltd (Vanuatu): Regulated by the Vanuatu Financial Services Commission (VFSC).
The Cyprus-based branch primarily caters to traders from the European Union, adhering to the rules set forth by the European Securities and Markets Authority (ESMA). On the other hand, the other branches are designed to serve traders from different regions.
All client funds are held separately from the broker’s own funds in segregated accounts, ensuring that your funds remain protected, even in the event of the broker’s bankruptcy. Furthermore, FxPrimus goes the extra mile by providing additional insurance coverage for clients’ accounts, offering peace of mind for traders.
Leverage at FxPrimus
It’s essential to note that Cyprus-based brokerage companies face certain leverage restrictions due to ESMA regulations. Traders from the EU are subject to leverage limitations of up to 1:30. However, FxPrimus stands out by offering European traders the opportunity to access higher leverage, typically associated with offshore brokers. In the case of FxPrimus, this leverage can reach an impressive 1:1000.
Account Types
FxPrimus operates as a classic Straight Through Processing (STP) broker, ensuring that all trades are executed without any intervention from the broker. The broker offers a range of account types to cater to various trading preferences:
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Micro Account: Designed for novice traders with a minimum deposit requirement of just $10 and an average spread of 1.4 pips.
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Variable Account: Offering a floating spread of 1.4 pips and a minimum deposit of $15.
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ECN Account: Tailored for more experienced traders, requiring a minimum deposit of $500, with narrow spreads of 0.1 pips and a $10 commission per lot.
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VIP ECN Account: Aimed at advanced traders with a minimum deposit of $25,000, featuring narrow spreads of 0.1 pips and a reduced $5 commission per lot.
Please keep in mind that trading conditions may vary based on the broker’s jurisdiction and your country of residence.
Additionally, FxPrimus provides a PAMM account service, allowing both investors without trading experience and skilled traders to benefit from Forex trading through profit-sharing arrangements and commissions.
Trading Instruments
At FxPrimus, traders can access a wide array of trading instruments, including:
- Forex currency pairs
- Major stock indexes
- Precious metals
- Energy commodities
- Cryptocurrencies
However, it’s worth noting that cryptocurrency trading with FxPrimus is only available on weekdays. As the underlying cryptocurrency market operates throughout the weekend, traders should be aware of potential price gaps between Friday’s close and Monday’s opening. Some trades may not hold CFDs on cryptocurrencies during weekends to mitigate this risk.
Trading Platforms
When it comes to trading platforms, FxPrimus relies on the ever-popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are available in standard versions for Windows computers, as well as Mac and web versions, ensuring flexibility and accessibility for traders.
Minimum Deposit
Starting your trading journey with FxPrimus is quite accessible, as the minimum deposit requirement begins at just $10. Deposits can be made via international bank transfer, debit/credit cards, and various e-wallets, including Skrill, Neteller, Bitpay, Fasapay, UnionPay, and others.
Concluding Thoughts
In summary, FxPrimus presents itself as a compelling choice for traders seeking high leverage opportunities across a diverse range of underlying assets on the MT4 platform. With leverage of up to 1:1000, it offers one of the highest leverage options in the industry. However, it’s essential to remember that high leverage also comes with increased risk, and prudent risk management is crucial.
Before making your final decision, we recommend thoroughly researching FxPrimus by reading user reviews and consulting our Forex broker rating.
General Information of FxPrimus
- Broker Name: FxPrimus
- Year of Foundation: 2009
- Headquarters: Cyprus
- Regulation: CySEC, FSCA, VFSC
- Trading Platforms: MT4, MT5
- EURUSD Spread: 1.4 pips
- Demo Account: Available
- Minimum Deposit: $10
- Base Currencies: USD, EUR, GBP, SGD, PLN
- Maximum Leverage: Up to 1:1000
- Assets: Currency pairs, indices, stocks, futures, metals, cryptocurrencies
- Deposit Replenishment: Bank Transfer, Visa/MasterCard, Skrill, Neteller, Bitpay, Fasapay, UnionPay, and more
- Withdrawal Fee: Not specified
- Payment for Inaction: Not specified
- Islamic Accounts: Available
- Segregated Accounts: Provided
- PAMM Accounts: Offered
- Partner Account: Available
- Scalping: Permitted
- Automatic Trading: Supported
- Mobile Trading: Available
- Web Terminal: Accessible
- Social Trading: Not available
- Signals: Provided
- VPS: Available
- Deposit Bonuses: Offered
- Contests: Not available
- Customer Support: 24/5 support available
