FXPrimus Broker Review

FxPrimus

$100

Min Deposit

0.4

Min spread

2009

Foundation

Broker Trusted Point0

Broker Trusted Point

There are several brokers in the financial market that work to enhance the trading standards of traders. The financial service provider is the central system of the market without which no trade can proceed. Thus, the choice of the firm plays a vital role in the trading journey of investors. We have seen many traders searching and asking about the FXPRIMUS. This review is dedicated to the common questions raised by you related to this brokerage firm. 

About FXPRIMUS

It is one of the oldest firms established in the year 2009. It allows traders to speculate on various financial markets. Though being a relatively old firm, there are certain areas which the broker should improve. The official website of the broker needs some improvement in terms of information. It is not user friendly. Also, it lacks some information, such as leverage value. Thus, it makes it hard for novice traders to find the required information on the website. 

Primus Global Ltd, Primus Markets INTL Limited and Primus Africa (Pty) Ltd all these websites use the single trading name, Primus. Hence, they sometimes create confusion for traders. 

Is FXPRIMUS scam or safe? 

FXPRIMUS is just a trading name which is used by three individual websites. Any single authority does not regulate them. Rather, there are three different regulations. 

  1. Primus Global Ltd is regulated and authorised by the Cyprus Securities and Exchange Commission, with licence no. 261/14.
  2. Primus Markets INTL Limited is regulated and authorised by Vanuatu Financial Services Commission, with licence no. 14595.
  3. Primus Africa (Pty) Ltd is regulated and authorised by the Financial Sector Conduct Authority, with licence no. 46675.

Markets available 

The broker allows trading on all markets including forex, cryptocurrency, commodities, indices and several others. However, the choice in each market is limited. Thus, it directly affects the portfolio size of the trader. The larger the trading portfolio lower is the risk involved. 

Leverage 

There is no information on the broker’s official website related to its level of leverage provided on trade. It is basic and essential information which should be mentioned on the site like other brokerage firms such as T1markets, Global TradeATF and several others. 

Minimum deposit 

The minimum deposit to open an account with the broker is very high. It is $100. Many brokers in the financial market provide trading on $0 amounts without compromising on any features and trading tools. The broker should think over this and try to make their platform accessible to general traders (who may not have such a high amount to open trade). 

Additional tools 

The broker does not offer any additional tools other than those which come along with MetaTrader 4. 

Types of trading account 

FXPRIMUS offers investors three different accounts. Traders can choose the one which suits his/her trading needs and level of experience. 

1) The standard account 

 The broker’s standard account include: 

  1. The high deposit charge $500 
  2. Leverage and spread not mentioned
  3. Trading on conventional Meta Trader 4 
  4. Customer support 24/5 

2) The Premium Account

  The broker’s premium account include: 

  1. The high deposit charge $2,500 
  2. Leverage and spread not mentioned
  3. Trading on conventional Meta Trader 4
  4. Customer support 24/5 

3) The VIP Account

  The broker’s VIP account include: 

  1. The high deposit charge $10000
  2. Leverage and spread not mentioned
  3. Trading on conventional Meta Trader 4
  4. Customer support 24/5 

The deposit charges for each account is very high and above the reach of normal traders. The charges of a standard account are five times greater than that of some famous firms such as ROinvesting which allows trading at $100. Even if we talk about a VIP account, the experienced trader will also find it hard to pay the huge amount of $10000. 

Deposit and withdrawal 

The broker allows deposit and withdrawal of funds through several methods like skrill, Neteller, credit card, e-wallet etc. Deposits are instant, but withdrawals take three to four working days to proceed. 

 Trading platform

The traders allow trading through conventional Meta Trader 4. The financial world has moved toward advanced MetaTrader 5, and the broker is still in its comfort zone, providing a basic trading platform. It is high time the broker should try to employ an advanced platform to attract numerous traders. 

Educational hub

The broker provides various courses, articles, videos for traders. But, these courses are present in a single language. Thus, for other traders, these courses are of no value. 

Research tools 

Research tools play a critical role in making a potential decision. They guide you by providing details about the market shift, financial market events and financial conditions. By looking at the broker’s official website, we can see that it does not provide any research tools. If you are the one who requires these tools, then you will have to choose other financial service providers over FXPRIMUS. 

Customer support service 

The broker has an efficient customer support team. You can connect them through email, phone and live chat option. But, remember to contact them on weekdays only as the service remains closed on weekends.  

Pros of FXPRIMUS

  1. Educational tools available 
  2. MetaTrader 4 

Cons of FXPRIMUS

  1. The broker does not accept foreign exchange market traders from the United States.
  2. The broker does not accept clients from the United States
  3. Does not offer MetaTrader 5  
  4. Limited tradable assets 
  5. It is not listed with any stock exchange 
  6. The currency pairs fees are relatively high 
  7. Good range of tools
  8. Relatively limited analysis

The Bottom Line 

The firm is one of the oldest market players in the financial trading world. Though it has a huge experience still, it has missed some important tools and features which other firms provide. Also, the website of the broker needs several changes as it is not user friendly. Further, the broker should curtail its trading charges as they are five to six times higher than firms like ROinvesting and 101investing. These slight changes can make the broker worth to invest with. The rule “old is gold” does not work in today’s competitive world. You need to upgrade your techniques and features to sustain in the fastest-changing world. 

Frequently asked questions 

 What is the minimum deposit of  FXPRIMUS?

The minimum deposit accepted by the financial service provider to open a trade is $100.

 Is FXPRIMUS regulated?

  1. Primus Global Ltd is regulated and authorised by the Cyprus Securities and Exchange Commission, with licence no. 261/14.
  2. Primus Markets INTL Limited is regulated and authorised by Vanuatu Financial Services Commission, with licence no. 14595.
  3. Primus Africa (Pty) Ltd is regulated and authorised by the Financial Sector Conduct Authority, with licence no. 46675.

 Which trading platforms does the broker provide?

The trading platforms available with the broker is MetaTrader 4 

 What are the cons of selecting the FXPRIMUS? 

Some cons of the firm are:

  1. The broker does not accept clients from the United States 
  2. Does not offer MetaTrader 5  
  3. Limited tradable assets 
  4. It is not listed with any stock exchange 
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