Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is FXPRIMUS？
FXPRIMUS is a CySEC-regulated retail forex and CFD broker, founded in 2009 and headquartered in Cyprus. FXPRIMUS offers trading on a range of financial instruments including Forex, Metals, Energies, Equities, and Indices, different account types with varying minimum deposits and leverages, and multiple trading platform choices of MT4, MT5, cTrader, and WebTrader.
Pros & Cons
Overall, FXPRIMUS appears to be a legitimate and reliable broker with strong regulatory oversight and high-level protection measures. They offer a wide range of trading instruments and account types, as well as various trading platforms and educational resources.
FXPRIMUS Alternative Brokers
There are many alternative brokers to FXPRIMUS depending on the specific needs and preferences of the trader. Some popular options include:
FXCM - a well-established broker with a good reputation and comprehensive trading tools;
FxPro - offers competitive pricing and advanced trading platforms;
Exness - has a user-friendly platform and low minimum deposits.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is FXPRIMUS Safe or Scam？
FXPRIMUS is a legitimate online broker that is regulated by the Cyprus Securities and Exchange Commission (CySEC). It is also a member of the Investor Compensation Fund (ICF) in Cyprus, which provides protection to clients in the event of the company's insolvency. Overall, FXPRIMUS appears to be a reputable broker.
How are you protected？
FXPRIMUS places a strong emphasis on client protection measures. It offers Negative Balance Protection, which means that clients will never lose more than their account balance. Additionally, FXPRIMUS uses top-tier liquidity providers, ensuring fast and reliable execution of trades. The broker's funds are audited by a third-party auditor to ensure transparency, and client funds are held in segregated accounts, separate from the broker's operating funds. These measures help to ensure that FXPRIMUS clients are protected from financial fraud and malpractice.
Our Conclusion on FXPRIMUS Reliability:
Based on the information provided, FXPRIMUS appears to have strong protection measures in place for their clients, including regulation by CYSEC, negative balance protection, top-tier liquidity, and audit and segregated accounts. These measures provide a level of assurance that FXPRIMUS is committed to the security of its clients' funds. Therefore, it can be concluded that FXPRIMUS is a trustworthy broker for traders.
Market Instruments
FXPRIMUS offers a diverse range of market instruments for its clients to trade. In addition to forex pairs, clients can also trade metals such as gold and silver, as well as energies such as oil and natural gas. The broker also offers equities, indices, futures, and CFD cryptocurrencies. With such a wide range of market instruments available, clients can diversify their trading portfolios and take advantage of different market opportunities.
Accounts
FXPRIMUS offers three account types, Primus Classic, Primus Pro, and Primus Zero, with minimum deposits ranging from $15 to $1,000. Primus Classic accounts are the most accessible with a low minimum deposit requirement of $15, while Primus Pro and Primus Zero accounts require higher minimum deposits of $500 and $1,000, respectively. Copy trading is only available for Primus Classic accounts. FXPRIMUS also offers demo accounts for traders to practice their strategies before committing to a live account.
Leverage
FXPRIMUS provides varying leverage options depending on the account type and trading platform. For instance, for the Primus Classic account, clients can enjoy up to 1:1000 leverage. On the other hand, for the Primus Pro account, leverage is up to 1:500 on the MT4 platform and up to 1:1000 on the MT5 platform. For the Primus Zero account, the maximum leverage offered is up to 1:500. It is essential to note that high leverage levels carry a higher risk of potential losses, and traders should exercise caution when using high leverage levels.
Spreads & Commissions
FXPRIMUS offers competitive spreads and commissions across its account types. The spreads for the Primus Classic account start from 1.5 pips with no commission, which is suitable for beginners who are looking for a commission-free trading experience. For the Primus Pro account, the spreads are variable and start from as low as 0.3 pips, but the commissions are higher at $8 on the MT5 and $10 on the MT4. For experienced traders who prefer tighter spreads, the Primus Zero account offers spread from 0 pips with a commission of $5, making it suitable for high-frequency trading strategies.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: Spreads can vary depending on market conditions and volatility.
Trading Platforms
FXPRIMUS offers a range of popular trading platforms to cater to the needs of different types of traders. The platform options include the widely used MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and WebTrader.
The MT4 and MT5 platforms are popular among traders due to their user-friendly interface, advanced charting capabilities, and customizable indicators.
The cTrader platform is preferred by traders who seek a more transparent trading environment with direct market access (DMA) and Level II pricing.
The WebTrader platform is a web-based platform that allows traders to access their accounts from any device with an internet connection, without the need to download or install any software.
Overall, FXPRIMUS' trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Trading tools
FXPRIMUS offers a variety of trading tools to assist its clients. The pip calculator helps traders calculate the value of a pip for a given currency pair and position size. The margin calculator allows traders to calculate the margin required to open and hold a position. The currency converter helps traders convert one currency to another at current exchange rates.
In addition, FXPRIMUS provides a market calendar that shows the schedule of economic events and their expected impact on the market, which can help traders make informed trading decisions. These tools can be accessed through the FXPRIMUS website or the trading platforms.
Deposits & Withdrawals
FXPRIMUS offers various deposit and withdrawal methods, including Bank Wire, Local Transfer, Credit Cards, and e-Wallets.
The minimum deposit is relatively low at $15. There are no deposit or withdrawal fees charged by FXPRIMUS, but your payment provider may charge a fee. However, it is worth noting that the minimum withdrawal amount is $100, which may be higher than some traders would prefer.
FXPRIMUS minimum deposit vs other brokers
The processing time for withdrawals varies depending on the payment method chosen, with Bank Wire taking 2-5 working days, Local Transfer taking 1-5 working days, and Credit Cards and e-Wallets taking up to 5 minutes.
FXPRIMUS Money Withdrawal
To withdraw funds from FXPRIMUS, you can follow these steps:
Step 1: Log in to your FXPRIMUS account and click on the “Withdrawals” option in the main menu.
Step 2: Select the payment method you want to use for the withdrawal.
Step 3: Enter the amount you want to withdraw and click on the “Submit” button.
Step 4: Follow the instructions provided by the payment method you selected to complete the withdrawal process.
Fees
FXPRIMUS does not charge any deposit or withdrawal fees; however, payment provider fees may apply.
The broker charges an inactivity fee of $10 per month for accounts that have been inactive for 180 days or more. This fee is charged to cover the costs of maintaining the account and providing access to trading services, educational resources, and customer support. However, the inactivity fee can be avoided by simply logging into the trading account at least once every 180 days. It's important to note that the inactivity fee is only charged on the balance of the account and not on the deposited amount.
It also charges swap fees for holding positions overnight, and these fees vary depending on the instrument being traded.
See the fee comparison table below:
It is important to note that fees and charges are subject to change, and clients should refer to the brokers websites for up-to-date information.
Customer Service
FXPRIMUS customer service offers various channels for clients to reach out for support. Clients can access 24/5 live chat, email, and online messaging to get in touch with customer support representatives. In addition, the broker provides support via messaging apps such as Messenger, WhatsApp, WeChat, Zalo, Line, and Telegram. This allows clients to contact customer support representatives in a convenient and accessible way.
Furthermore, FXPRIMUS has a presence on social media platforms such as Twitter, Facebook, Instagram, YouTube, and LinkedIn. This enables clients to stay up-to-date with the latest news and updates from the broker.
Note: These pros and cons are subjective and may vary depending on the individual's experience with FXPRIMUS' customer service.
Education
FXPRIMUS offers a variety of educational resources for traders of all levels. These resources include video tutorials, educational materials, live webinars, and articles.
The video tutorials cover a range of topics, from basic concepts such as trading terminology and chart analysis to more advanced topics such as risk management and trading strategies.
The educational materials include e-books, trading guides, and other resources to help traders improve their skills and knowledge.
The live webinars are led by experienced traders and cover a variety of topics, including market analysis, trading psychology, and risk management.
The articles on FXPRIMUS' website cover current market news and analysis, trading strategies, and other relevant topics.
Conclusion
In conclusion, FXPRIMUS is a regulated and reliable broker that offers a range of account types with competitive spreads and commissions. The broker provides a variety of trading platforms and trading tools to enhance clients' trading experience. Additionally, the broker offers excellent customer service and educational resources to support traders.
Frequently Asked Questions (FAQs)
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