FXPRIMUS Review

FXPRIMUS

* Ranked #78 of 315 in DailyForex's top broker list

Info

Name : FXPRIMUS
Website : fxprimus.com
Established : 2013
Country : Cyprus
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Tight Spreads
  • Demo Account

Disadvantages

  • No Choice of Trading Accounts

FXPRIMUS Review

FXPRIMUS Review

FXPRIMUS is a fully licensed online brokerage firm domiciled in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). Established by retail traders and managed by a team of professional traders, FXPRIMUS has clients in more than 200 countries around the world.

In addition to Forex, traders can trade spot metals, indices, global equities and other CFDs all within the MetaTrader 4 platform.

FXPRIMUS is the recipient of the Best STP Broker Asia 2013 and Best Trade Execution Asia 2013 Awards by Global Banking & Finance Review.

Accounts

FXPRIMUS offers  Micro, Mini and Standard lot trading in a single account, which can be set up as an individual, joint or corporate account. They also offer self-directed and managed accounts as well as Introducing Broker (IB) and Affiliate accounts. These accounts can have variable or ECN Premier spreads. All of the accounts have the same minimum funding requirement of $100.00 or its equivalent.

The ECN Premier Account charges 1 pip (approximately $10);  A mini lot (0.10) will be charged approximately $1 and a micro lot (.01) will be charged approximately $10.

Money Managers are offered a MAM system for managing an unlimited amount of accounts at once.

Traders can have as many accounts as  they want but they must be under different usernames. Hedging and scalping are allowed.

I was pleased to see that a demo account is available and is valid for 30 days from the date of registration. The spreads in the variable options are identical in both practice and live accounts.

Features

FXPRIMUS has partnered with industry leaders to provide cutting-edge technology, speedy execution, and low-latency solutions that ensure the most optimal trading environment.

Electronic trading leads the demand for low-latency connectivity because being able to execute trades  in the quickest time possible is the ultimate factor in online trading success. FXPRIMUS provides clients with a trading experience similar to what institutions have access to. 

FXPRIMUS’s global data centers are now on the Equinox , a NASDAQ listed firm that has servers listed in all of the world’s major financial hubs via state of the art fiber optic technology, the Equinix Financial EXchange Global network. By utilizing this network, FXPRIMUS is able to provide fast connectivity, sub millisecond executions to clients throughout the globe regardless of geographic location. FXPRIMUS has data centers in Hong Kong, the Netherlands, New York and Singapore.

When it comes to social trading, FXPRIMUS offers a fully automated trading tool that allows traders to watch other traders that have the highest profits, learn and copy their style, and place trades easily.

The MYFX Console is a powerful trading platform available for all Forex traders using MetaTrader 4. New traders can enjoy simplicity of MYFX while advanced traders will appreciate the ability to customize trades and to streamline their trading process easily. And the VPS server allows them to connect to their MetaTrader4 (MT4) platform using a remote computer located close to the FXPRIMUS MT4 servers. The cost is only $30 a month for this service.

MyFX at FXPRIMUS
MyFX at FXPRIMUS

Another feature at FXPRIMUS is their Autochartist,  one of the today’s most advanced intraday tools for the automatic identification of Chart and Fibonacci patterns. It has a 70% accuracy rate of forecasts for price breakout .

Bonuses/Promotions

FXPRIMUS is very big on promotions and there was quite a mix in place at the time of this review for all types of traders and even special ones for FXPRIMUS partners.

Anyone switching their trading balance from an existing broker over to FXPRIMUS receives a  thank you bonus of up to $6,000 free trading funds.

The promotion will run for a limited only and will expire on 31 August 2015.

To celebrate the broker’s official partnership with Manchester City FC, traders can get up to $3000 free trading funds through various contests.

A current promotion was being offered to anyone funding their account with credit card, debit card or bank wire. All funding was being so without incurring extra charges. FXPRIMUS was also reimbursing all credit and debit card transaction fees charged by the credit card payment processors Allied Wallet and Global Collect. The reimbursement was automatically applied to the deposit.

Education

The Education Team at FXPRIMUS features some of the superstars of forex trading, global macroeconomic analysis, future trends and communication experts.

FXPRIMUS Forex Education
FXPRIMUS Forex Education

There is a daily news report, an Asian Market Review, Forex Breaking News and the Market Brief of The Week which is a roundup of the week’s events.

FXPRIMUS Forex News
FXPRIMUS Forex News

There are textual lessons on a number of financial topics and weekly live webinars are provided.

Deposits/Withdrawals

Funds can be deposited via credit and debit cards--FXPRIMUS will cover credit card fees. Bank wire transfers are also free of charge but local banks may charge a fee of $5 plus any applicable local bank fees and conversion charges.

They offer three methods to withdrawal funds: Via bank wire, Skrill or through a FXPRIMUS prepaid credit card. Customer's account will be debited $50 for withdrawals processed via Bank Wire.

Customer Support

Traders can connect with a FXPRIMUS representative by phone in many different languages. On online question form is provided and Chat is available any time the Forex market is open.

The FXPRIMUS website is available in over 50 different languages.

Conclusion

FXPRIMUS was established by retail traders and this puts them in the best place to understand the needs of a trader. They have provided a site where their clients with all the right tools like a stable trading platform, low spreads and reliable customer service.

Advantages

  • Tight Spreads
  • Demo Account

Disadvantages

  • No Choice of Trading Accounts

Review info: FXPRIMUS
Review Date:
Rating : 3.5
Reviewed By :