FXPrimus Forex Broker Review
Last Updated: October, 2019.
Do you have confidence in your forex broker? FXPRIMUS is one of the few brokers that has created a very high standard for safety, security, operating efficiency, and, lastly, transparency in all matters. Former traders from the retail and hedge fund sectors founded the firm in 1999 with the intention of bringing the power of high frequency processing to both individuals and corporate clients alike. FXPRIMUS boasts a backbone network of data centers located in New York, Amsterdam, Hong Kong, and Singapore, and, when combined with major liquidity providers, the firm’s Straight-Through Processing (STP) is tough to match in the industry. STP at high volumes allows for scalping, hedging, EAs, and other automated trading strategies to flourish, without the threat of slippage or re-quotes, except under exceptional conditions like a Non-Farm Payrolls release. STP also eliminates the need for back-office trading desk conflicts.
From a safety perspective, FXPRIMUS segregates all client deposits from operating funds in offshore accounts with Barclays Bank. There are also numerous national investor protection funds that will kick in for another layer of liquidity in case of capital issues. The firm also has a stellar relationship with regulatory bodies around the globe. Although it is headquartered in Cyprus, it not only has the approval of CySEC, but also has been licensed and approved by nearly a dozen other regulatory agencies across the planet. This all-encompassing presence allows them to process for clients in over 200 countries (The United States is not one of them – check the website for other omissions). Major and minor currency pairs are in abundance, and, if you wish to cross over to other instruments, you may also trade indices, stocks, or commodities via CFDs.
The FXPRIMUS infrastructure dovetails nicely with the MetaTrader4 family of trading platform options, available now in 30 languages. Desktop, web, and mobile services are supported, together with bilingual customer service assistance during market hours, “24X5”. You will also benefit from tight spreads, whether variable or fixed, and high levels of leverage, up to 500:1. The firm’s Premier ECN pricing option can reduce spreads to a few tenths of a pip for most major pairings, for example. Training and support materials abound, with one-on-one assistance, if necessary. You can also benefit from an advanced set of trading tools, such as pattern recognition software, alerts, Sirix social trading, and other automated trading options. Micro-lot trading and Islamic accounts are also available. Security is also top notch, making FXPRIMUS a company that lives up to its motto: “The Safest Place to Trade.”
Why trade with FXPRIMUS? The firm lists these reasons:
- Founded in 1999 by an experienced team of retail and hedge-fund traders;
- Headquartered in Cyprus with CySEC direct regulatory oversight and with licensing authority from a dozen other regulatory agencies;
- Client deposits are safely segregated from operating capital in offshore accounts with a Tier-One bank, with additional protection provided by national investor compensation insurance schemes;
- Accounts may be individual, joint, or corporate, with options for traditional or ECN type pricing;
- Free demo account and Islamic accounts are available;
- Make deposits with major credit or debit cards, bank wire transfers, Skrill, or a host of other local payment processing methods;
- Minimum deposit = USD $100 or its equivalent;
- Trading in standard, mini, and micro lots;
- Healthy array of major and minor currency pairs with up to 500:1 leverage, supplemented by CFD trading in stocks, commodities, and indices;
- Customers from the U.S., Australia, or Japan are not accepted at this time;
- STP processing system ensures tight variable and fixed spread pricing;
- Tight spreads, especially with Premier ECN set up (one pip or less), with no threat of slippage or re-quotes, except possibly during high volume events;
- MetaTrader4 trading platform options: Desktop, web based, and mobile;
- Sirix social trading system, as well as other automated trading options;
- Training materials and trading tools include pattern recognition software, alerts, MYFX console, EAs, daily commentary, and more;
- Multi-lingual support, “24X5”, each trading day.
Spreads and Leverage
Two types of spread pricing are offered: variable and Premier ECN. The latter can produce spreads of less than one pip for major pairings, while the former can yield a 2 to 2.5 pip spread for EUR pairings, for example. Leverage varies by account type and account balance and can range from as low as 1:1 and as high as 500:1, but margin requirements also vary according to the level of leverage selected. STP and major liquidity providers ensure that all prices are executable.
FXPRIMUS decided to go with the very popular MetaTrader4 cadre of trading platform options for desktop, web based, and mobile access. Sirix social trading integrates easily, and console formats may be customized, as well. The benefit of having the firm’s global processing infrastructure combined with MT4 is obvious in speed of execution and reliability. For security purposes, the latest in 128-bit SSL technology encrypts all transaction data and personal information for your peace of mind.
Deposits and Withdrawals
Depositing and withdrawing funds with FXPRIMUS is easy. No matter where you might live, you can transfer money using banking wire transfers, major credit and debit cards, Skrill, and even BitCoin. To make it easier still, a variety of local payment alternatives have been installed for your convenience. Check the website for a list. The firm also offers a prepaid MasterCard option that can make withdrawals happen quickly. It is always good advice your AML documentation up to date to avoid any delays when you do need to make a withdrawal request.
Beginner’s and Customer Support
Customer service assistants can be accessed vie email, live chat, and direct phone line any time during market hours in your jurisdiction. Most calls or contacts are handled in a matter of minutes. The team speaks multiple languages, the website is in eight languages, and the MT4 platform can be read in 30 languages. Support materials exist for every level of trader, including training videos, educational materials, and a variety of signal, alert services, and daily commentary to complement your daily trading needs. One-on-one assistance rounds out the package.
FxPrimus Europe (CY) Ltd, trading under the FXPRIMUS trade name, is regulated by CySEC, licence no. 261/14. Every effort has been made to bring the latest benefits to your trading experience with reliability, smooth and quick execution, and security that are hard to match in this industry. You will not find another broker’s website that has such full disclosure on every topic, another transparency trait that exudes credibility and trustworthiness. The firm has become a leader in the forex industry for many reasons, and it intends to stay there and to set the bar high for its competitors. It may very well be “The Safest Place to Trade.”