FXPRIMUS Review

Review

FXPRIMUS, the brand name used by Primus Global LTD, was established in 2009. Per this broker's website, they are “the safest place to trade.” Technology, safety, and education form the three-pillared foundation of this broker, per its presentation. Regulated in Cyprus, it does provide an enhanced MT4 trading platform, but the asset selection is disappointing. The broker has partnered with Boudica Client Trust, a subsidiary of the Cyprus-based Boudica Group, an international fiduciary services provider and a business consultancy, to monitor client withdrawal requests and ensure swift execution. Statistics show that 68.02% of retail traders manage portfolios at a loss with this broker.

FXPRIMUS Review landing page

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Regulation and Security

The Cyprus Securities and Exchange Commission (CySEC) is the primary regulator of Primus Global LTD. It operates under the framework of the EU’s Financial Instruments Directive 2014/65/EU or MiFID II, and the EU’s 5th Anti-Money Laundering Directive. Per EU Directive 2014/49/EU, the Investor Compensation Fund (CIF) protects client deposits up to a maximum of €20,000. Cross-border regulation across EU member countries applies.

Primus Markets INTL Limited operates under the regulation of the Vanuatu Financial Services Commission (VFSC), and Primus Africa (Pty) Ltd under the South Africa Financial Sector Conduct Authority (FSCA). Client deposits remain fully segregated while FXPRIMUS has taken out professional indemnity insurance of €2.5million; FXPRIMUS does not disclose the name of the insurance underwriter nor do they make available a copy of the insurance policy.

Negative balance protection exists, and internal as well as external audits of accounts are noted; again, the broker does not provide the name of the auditors. Third-party monitoring of client withdrawals is carried out by Boudica Client Trust and grants an additional layer of protection in an extra step taken by FXPRIMUS. Required documents are viewable on the website, and this broker remains fully compliant with its regulators.

Three regulators, two of them with a light regulatory touch, authorize FXPRIMUS.

FXPRIMUS Review regulatory framework

FXPRIMUS Review regulatory framework

FXPRIMUS takes two additional measures to ensure a secure trading environment, lending some credence to its claim of the “safest trading environment.”

FXPRIMUS Review additional safety measures

FXPRIMUS Review additional safety measures

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Fees

This market maker carries rather excessive mark-ups, as evident in the listed spreads, which start from 2.0 pips in the EUR/USD. While FXPRIMUS advertised a 0.0 pip spread for select instruments, it is unclear where exactly that applies. Equity CFDs carry a $0.10 commission per share. As such, the cost structure is unacceptably elevated. Overall, FXPRIMUS is somewhat vague about trading costs. The website lists all charges at various sections, but a central approach is notably missing.

Swap rates on overnight leveraged positions apply, though that assertion is not properly outlined by FXPRIMUS. Corporate actions such as dividends and mergers impact equity and index CFDs, as noted by this broker. Clients incur a monthly inactivity fee of $30 for the first month and $10 for each subsequent one. Third-party processing fees for deposits and withdrawals are mostly covered or reimbursed, but may apply in individual situations.

MT4 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Symbols.

2. Select the desired currency and then click on Properties located on the right side.

3. Scroll down until you see Swap Long and Swap Short.

The elevated spreads at FXPRIMUS are notable and unacceptable.

<img alt="FXPRIMUS Review spreads" title="FXPRIMUS Review spreads class=" img-responsive="" center"="" data-cke-saved-src="/files/FXPRIMUS Review spreads.png" src="/files/FXPRIMUS Review spreads.png">

It is unclear where and how to obtain the advertised “spreads as low as 0 pips.”

FXPRIMUS Review missing advertised spreads

Equity CFDs carry an excessive commission, but FXPRIMUS notes the impact of corporate actions.

FXPRIMUS Review equity CFDs

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What Can I Trade

Asset selection is limited and unsuitable for anyone except for new, inexperienced retail traders. The inclusion of only 40 currency pairs simply does not provide Forex traders with proper market exposure. Eight commodities are listed, but considering they are identical ones, the options are reduced to merely four. The bulk of assets consist of 105 US-listed equities, complemented by ten index CFDs. Proper cross-asset diversification is not possible, and the overall choice remains a disappointment.

Advanced traders will find the asset choice unsuitable.

FXPRIMUS Review tradable instruments

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Account Types

While three account types exist, they appear to offer the same core trading environment. A minimum deposit provides traders with unwanted, intrusive add-ons. Presumably, the spread decreases as the account balance increases, an unfortunate and outdated approach to serve traders. The structure of the account types suggests the broker's poor understanding of market trends and client needs. Islamic accounts may be requested.

Higher deposits come with unwanted and intrusive add-ons, while the overall structure confirms the lack of market knowledge on behalf of the management/marketing team.

FXPRIMUS Review account types

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Trading Platforms

FXPRIMUS offers the full suite of the MT4 trading platform, which consists of a desktop client, a webtrader, and a mobile version. MT4 remains the most popular choice among Forex traders due to its full support for automated trading solutions. Thousands of third-party add-ons allow traders to customize and enhance their trading experience further. FXPRIMUS grants a Trading Tools Suite of five add-ons to provide traders with an improved MT4 platform.

Traders will manage portfolios from the MT4 trading platform.

FXPRIMUS Review MT4 trading platform

The FXPRIMUS Trading Tools Suite enhances the trading experience.

FXPRIMUS Review trading tools suite

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Unique Features

FXPRIMUS offers VPS hosting to support automated traders. The VPS hosting service is free for clients who maintain $500 in equity and trade five standard lots per month; traders who do not meet that criteria will be required to pay an unreasonable $30 per month for the service. The Platinum API allows third-party developers to create trading solutions without running the MT4 trading platform, however, this broker demands a $50,000 minimum deposit to gain access. Given the limited asset selection and overpriced trading environment, this represents yet another unacceptably structured product at FXPRIMUS.

Free VPS hosting is available, provided specific criteria is met; a $30 monthly fee is assessed for those traders not meeting the requirements.

FXPRIMUS Review VPS hosting

The requirement of a $50,000 minimum deposit, especially given the core trading environment at FXPRIMUS, renders the Platinum API useless.

FXPRIMUS Review Platinum API

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Research and Education

FXPRIMUS features research and education, but neither appears to be a genuine effort. The bulk of research is limited to VIP clients, who are unlikely to require it, while less affluent Forex clients merely receive the weekly outlook. While the weekly outlook does not substitute for proper research it is, at least, well-presented and suitable, albeit from a marketing perspective. An expert guest category is unpopulated, and a blog is outlined but unfortunately absent of content. The state of the current research category does not grant traders competitive research as is typically available at competent brokers.

With FXPRIMUS highlighting education as one of three essential pillars of its business model, it is regrettably missing. Nine videos feature how-to guides on using products and services. The section on seminars displays nothing. Essentially, new traders receive no educational value whatsoever. The absence of a quality education section represents the greatest disappointment by FXPRIMUS. Neglecting a primary aspect of the advertised business model is reflected throughout the product and services portfolio of this broker.

The weekly analysis is not a substitute for proper research.

FXPRIMUS Review weekly analysis

Nothing is available under the expert guests section.

FXPRIMUS Review expert guests section

Just one brief introduction to the blog exists, the rest is blank.

FXPRIMUS Review blog

Education is identified as a core element at FXPRIMUS but is regrettably missing.

FXPRIMUS Review education as a core pillar

The videos merely discuss how to use products and services; the section fails to provide true educational content.

FXPRIMUS Review video content

Seminars, following the well-established pattern of non-existence and failed marketing promises, return nothing.

FXPRIMUS Review seminars section

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Customer Support

Traders may reach customer support via e-mail, by using the webform, calling, or through live chat when available. Operating hours join the list of missing items at FXPRIMUS, but a PDF presentation mentions them as 24/5. An FAQ section answers the most basic questions. The overall approach to customer service is rather minimalistic and does not appear to rank high in the priority list of this broker.

Available hours for Customer Service is notably absent.

FXPRIMUS Review customer support info

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Bonuses and Promotions

FXPRIMUS does not offer bonuses or exclusive promotions.

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Opening an Account

A quick online application completes the sign-up process, which grants traders access to the back-office. Being a regulated broker, account verification, as stipulated by authorities, is mandatory to comply with AML/KYC stipulations. A copy of the trader’s ID and one proof of residency documents usually satisfy this step, but additional documents may be requested on a case-by-case basis.

Account opening process is typical of the industry.

FXPRIMUS Review account opening process

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Deposits and Withdrawals

Bank wires, credit/debit cards, Skrill, and Neteller, represent the deposit and withdrawal options at FXPRIMUS. A video on how to deposit in Bitcoin suggests it as an alternative funding method. While the company presentation, available at the bottom of the homepage as a PDF document, lists dozens of e-wallet and alternative payment icons, the website does not provide details on them. The minimum amount in both directions is $100. FXPRIMUS covers most third-party fees, while the trader may incur additional costs. Processing times are generally swift, but more options are desirable. Withdrawals are returned to the original funding source, and the name needs to be identical, in compliance with AML regulations.

Deposit and withdrawal options are limited.

FXPRIMUS Review deposit and withdrawal options

FXPRIMUS Review deposit and withdrawal options

Third-party monitoring of client withdrawals ensures quick processing.

FXPRIMUS Review 3rd party monitoring of withdrawals

FXPRIMUS Review 3rd party monitoring of withdrawals

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General Information

Company Information

  • Broker's Name : FXPRIMUS
  • Headquarter : Cyprus
  • Regulation : CySEC, VFSC, FSCA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : $500 (initial), $100 (subsequent)
  • Maximum Leverage : 1 to 30
  • Commissions / Spreads : Both
  • Account 1 : Standard
  • Account 2 : Premium
  • Account 3 : VIP
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Arabic
      • Chinese
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

  • Tight Spreads
  • Demo Account
  • No Choice of Trading Accounts

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FAQ

How do I withdraw money from FXPRIMUS?

The website notes bank wires, credit/debit cards, Skrill, and Neteller as options. The company presentation lists dozens of e-wallet and alternative payment icons, but they are unconfirmed. A video discussion on Bitcoin as an alternative is available.

Is FXPRIMUS legal in Malaysia?

FXPRIMUS accepts clients from Malaysia but the broker is not regulated there.

Is FXPRIMUS a market maker?

Yes, FXPRIMUS is a market maker.

What is the FXPRIMUS minimum deposit?

While the minimum deposit is $100 or a currency equivalent, the lowest initial deposit to open an account is $500.

What are the FXPRIMUS account types?

Three account types, Standard, Premium, and VIP, are offered. They are nearly identical, per the information on the website, but the latter two feature mostly unwanted add-ons and intrusive phone calls. The structure of the account types is counter-intuitive, denying services to new traders that they will likely require and offering them instead to advanced traders who do not need them.

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Summary

FXPRIMUS claims to be the safest place to trade and delivers when it comes to a secure trading environment. Besides full compliance with financial regulators in Cyprus, Vanuatu, and South Africa, this broker features third-party monitoring of client withdrawals, which is carried out by Boudica Client Trust. Professional indemnity insurance of €2.5million is also in place, confirming the commitment to the safety of clients funds, which remain fully segregated.

According to the broker, technology, safety, and education form the three pillars of the FXPRIMUS business model. It fully satisfies the safety claim and has made attempts to fulfill on the technology pillar with a Trading Tools Suite consisting of five add-ons for the MT4 platform, and a VPS hosting service to support automated trading solutions. The $50,000 minimum deposit requirement for the Platinum API to allow third-party developers to create trading solutions without running the MT4 trading platform renders it useless, however. FXPRIMUS scores average on the technology statement.

The broker fails on education, which is ultimately non-existent. Some content regarding the usage of products and services exists, but the educational value at FXPRIMUS is nil. Considering the limited asset selection and overpriced trading environment, this broker falls under the growing category of brokers which over-hype and under-deliver. The structure of the three account types confirms the misguided approach to operating a trader-focused brokerage and the lack of knowledge and understanding of what different categories of traders actually require. Those who will benefit from the research division are denied access, and those who do not need it are granted a rather intrusive delivery via phone calls and SMS messages. While there is no misconduct at FXPRIMUS, the maintained trading environment is unsuitable for any trader.

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User Reviews

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4 User Reviews
amirhamzah

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.

Jack

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.

Jessica

They are very new in Forex, it will take them time to become a trustworthy broker, but they seem to be heading that way.

Don B

I like the idea of trading Forex options and that it's regulated. Definitely worth checking out

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