As its name suggests, FXPRIMUS aims to be among the premier Forex brokers on the internet, and its newly redesigned and reorganized site truly supports this goal. If you’re an experienced trader, however, the design alone won’t convince you to try FXPRIMUS. The security, on the other hand, should be a significantly influential factor. With all client funds administered by a third party, both large and small Forex traders can rest assured that their money is secure at all times. Continue reading our full FXPRIMUS review for more information about this distinguished brokerage to see if it’s the right Forex broker for you.
Founded in: 2009
Headquarters: Ebene, Mauritius
Maximum leverage: 1:500
Minimum deposit: $250
Minimum lot size: 0.01
Languages available: English (but MT4 platform is available in 28 languages)
Regulation: FSC Mauritius (See original PDF document)
FXPRIMUS uses the MetaTrader 4 platform, which is a very good platform for both novice and experienced traders. With the exception of some slow executions, we found that the platform worked quite well. Unlike the MT4 platform offered by Windsor Brokers, the platform offered by FXPRIMUS is automatically populated with some of the more common currency pairs, but we were able to easily switch between the broker’s 83 tradable assets including currency pairs, stocks and commodities.
The brokerage also offers mobile trading capabilities which weren’t tested during our FXPRIMUS review. Apple users can download the FX-onTap application for free from the Apple store. Although we didn’t try these services personally, we have every reason to believe that it works as efficiently as the downloadable platform.
There were several useful features that we noted during our trial of FXPRIMUS. Firstly, the company serves as both an STP brokerage and an ECN broker, depending on the preferences of the trader. Equally convenient is the fact that FXPRIMUS offers deposits locally in 53 countries.
FXPRIMUS also offers the unique ability to withdraw money via a prepaid Mastercard, which is an excellent way to reduce fees and waiting time.
On a routine FXPRIMUS review update in April 2013 we also noted that the brokerage now offers 83 tradable assets (both Forex and CFDs), including the newly added USD/HKD and AUD/CHF currency pairs. As recently as November 2011, the company had only offered 43 assets, and this increase is a clear sign of the company's evolution and desire to reach a wider trader base.
FXPRIMUS offers 3 different types of spreads, allowing traders to customize their trading experiences based on their trading style or personal preferences. The company’s ECN spreads charge a 1 pip commission per lot, with third or fifth decimal pricing. FXPRIMUS’s variable spreads level around 4 pips for EUR/USD, but can be as low as 2 pips on other pairs such as EUR/JPY. Or, for the ultimate peace of mind, traders can enjoy fixed spreads as low as 2 pips on EUR/USD and many other pairs.
Finally, we were impressed with the security offered by the brokerage, which ensures that even if the brokerage fails (which we don’t anticipate, of course), the traders’ money will still be accessible.
Most Forex brokers claim to offer reliable customer support, but FXPRIMUS is one that truly makes good on this commitment. In our test of the company’s customer service, our email inquiry received a response in only 5 minutes, by far the fastest time of any of our trials. The company also offers live chat 24/5 and a phone number that you can call if you desire.
Ease of Use
FXPRIMUS makes it easy for Forex traders to find their way by dividing their site into sections for new traders, experienced traders and premier traders. Although we found that these sections were relatively similar since they all used the same trading platform, there’s no question that the principle information in each section was tailored to what traders at different skill levels might need.
Registering for FXPRIMUS was entirely standard, and depositing money can be done via multiple channels including Moneybookers, wire transfer and credit card, all of which were convenient. Accounts can be funded in USD, EUR, GBP, and SGD based accounts. Identification documents will be required in order to have the account activated.
One thing we truly appreciated during our FXPRIMUS review was that the company’s FAQ section covers not only general trading or account funding questions, but also technical questions relating to the functionality of the trading platform. These answers really eliminated a lot of the guesswork that is typically related to trading with a new brokerage. We have no doubt that FXPRIMUS is familiar not only with trading methodology, but also how to relate properly to its traders for a streamlined trading experience.
Withdrawing money should take about 1 day, which is faster than many other brokers.
As an established Forex broker with a worldwide trader base, there's no question that FXPRIMUS is trying hard to take the Forex world by force. With sensitivity to the trader’s financial and emotional needs, FXPRIMUS offers tremendous convenience and a thoroughly enjoyable trading experience for those who are interested in using the MT4 platform.
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I've been joining the Fxprimus bandwagon for a few months now. No hassle during registration and thus far the execution is fast. Most importantly I've started to make some pips picking up some tips from Mario's daily and weekly market reports. I'm considering taking up Fxprimus Coach to be able to chat one on one with one of the coaches directly.amirhamzah October 2012
I'm surprised that FXPrimus is number 6 and has a rating of 4. It is the best broker I've traded with. Great customer support, honest, and reliable. Should be 5/5. I would definitely recommend trying FXPrimus to any serious forex trader.Jack July 2011
They are very new in Forex, it will take them time to become a trustworthy broker, but they seem to be heading that way.Jessica November 2010
I like the idea of trading Forex options and that it's regulated. Definitely worth checking outDon B October 2010