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FXPRIMUS is a Cyprus based, fully regulated and licensed online broker. The broker is regulated by CySEC (Cypris Securities and Exchange Commission). The company was established by a group of retail traders.
They wanted a broker that would focus on the needs of retail traders. Today FXPRIMUS boasts of having hundreds of clients across 200 countries from across the globe.
Additionally, apart from trading forex traders can also trade global equities, spot metals, CFDs, etc. all by using the supported MetaTrader 4 platform. FXPRIMUS has been the proud recipient of the Best STP Broker in Asia 2013. They also received the Best Trade Execution Asia in 2013 awards by none other than the Global Banking & Finance Review.
FXPRIMUS currently offers three types of lot trades, i.e., Micro, Mini and standard all in a single account. The account can then be set up as either a corporate account, individual or joint. The broker also offers managed, and self-directed accounts in addition to Introducing Broker and Affiliate Accounts.
All these accounts boast of having ECN Premier spreads. Plus, they all benefit from a very low minimum funding criteria starting at $100 USD, or in any other currency which is equivalent to it.
A 1 pip charge is levied on the ECN Premier Account which is approximately $10 with a 0.10 mini lot being charged $1 and a 0.01 micro lot charged at around $10. Additionally, the money managers are also offered what’s called the MAM system which allows for them to manage an unlimited number of accounts at the same time.
FXPRIMUS allows traders to have as many accounts as they want but they should be under different usernames. Though scalping and hedging is allowed. We were pleased to find out that the demo account can be used for up to 30 days from the time of registration. Also, the spreads in their variable options are mainly identical for both the live and practice accounts.
Features and Benefits
FXPRIMUS has recently partnered with many industry leaders in an effort to provide traders with cutting-edge technology, very low latency, and speedy execution. All of which ensures an optimal trading environment.
Electronic, online trading requires an exceptionally low latency connectivity since it requires being able to execute trades in the shortest time possible. Time is always a huge factor, so the faster a trade is executed the better. FXPRIMUS is able to provide clients with an experience that’s very similar to what bigger financial institutions have access to after spending literally millions on infrastructure.
FXPRIMUS’s data centers are located across the world on the Equinox, which is a NASDAQ listed business that has servers in just about every part of the world especially near large financial hubs. Using state of the art fiber optic lines, the Equinix Financial Exchange Global Network is one of the fastest in the world.
Obviously leveraging the power of such a fast network gives FXPRIMUS an advantage over its competitors in terms of fast connectivity. Clients will benefit from sub-millisecond execution times regardless of where they are located. They also have data centers in Singapore, Hong Kong, New York and the Netherlands.
FXPRIMUS also offers a fully automated trading tool call Sirix for social trading. It allows for traders to watch what other high profitability traders are doing and copy as well as learn from their style of executing trades.
Then comes the MYFX Console which is an exceptionally powerful platform available to all traders using the MetaTrader 4 platform. Those who are new to MYFX will love its simplicity and appreciate its ability when it comes to customizing trades as well as to streamline the process.
The state of the art VPS server ensures that they are able to connect with other traders via the MT4 platform using a remote computer nearest to the FXPRIMUS MT4 servers. The good news is that the cost is just $30 for the service.
The other great feature of FXPRIMUS is the Autochartist plugin. It is considered one of the most advanced intraday tools. It can automatically identify and then chart Fibonacci patterns. Plus, it has a 70% accuracy for the price breakout.
Promotions and Bonuses
One of the plus points of FXPRIMUS is the fact that they offer a number of promotions. There are quite a few promotions that we ran into when reviewing the service. Additionally, they even have bonuses for FXPRIMUS partners.
Any trader that switches over to FXPRIMUS from their existing broker will also get up to a $6000 trading bonus. However, this promotion runs off and on, so it may not always be available so make sure before you switch over from your existing broker.
Also to celebrate the broker’s partnership with Manchester City FC, a number of traders qualified for $3000 of trading funds via various contests.
Also as of late, we came across a promotion which was being offered to anyone and everyone who would fund their account via debit, credit card or wire transfer. Also, all funding was taken care of without extra charges.
FXPRIMUS may also reimburse all transaction fees via your debit or credit card as well as those that are charged by payment processors like Global Collect and Allied Wallet. The amount is refunded automatically.
FXPRIMUS has an Education Team which features some of the leading traders in the industry. These experts include communication professionals, future trend experts, and macroeconomic analysists. Plus, the company offers text-based lessons on various topics as well as weekly webinars that are broadcast live.
FXPRIMUS offers clients many different trading options. Traders can choose popular and reliable platforms like MetaTrader 4 or simpler web-based platforms. Traders who are always on the go may want to opt for a mobile platform that will work with their devices like MetaTrader 4 for mobile.
MetaTrader 4 is one of the best platforms for traders regardless of their level of experience. It is well known for their user-friendly interface, technical analysis tools, automated trading, and advanced charting features.
The FXPRIMUS MT4 platform also supports multiple accounts with varying base currencies like SGD, USD, AUD, EUR, and GBP. Plus, it is available in 30 languages. The other option is FXPRIMUS Sirix WebTrader which can easily be used by traders via their MT4 account and accessed through any browser on their Linux, Mac or PC.
Also, there aren’t any plugins for the Web Start applications or applets. The service is also thoroughly optimized and synced with the MetaTrader 4 platform so a trader can quickly trade as long as they are connected to the internet.
FXPRIMUS also has a free iPhone/iPad and Android app. The app has real-time pricing as well as execution of live trades. Plus traders will benefit from enhanced charting, pip value calculators, economic calenders, etc. The app can be downloaded from the Google Play store as well as Apple’s app store.
All funds can easily be deposited by debit and credit cards. FXPRIMUS will also cover all the credit card fees. Plus, bank wires are free of charge through local banks who are known to charge a $5 fee or more in addition to currency conversion charges.
FXPRIMUS currently offers three withdrawal methods, i.e., through Skrill, FXPRIMUS prepaid credit cards, and bank wire. Customers accounts are debited with $50 to process withdrawals via a wire transfer.
FXPRIMUS knows that their service is used by traders of varying skill levels which is why they have adapted their website accordingly. When users are on their website, they will be asked if they have experience or are new to trading.
The reason for asking is that new traders will then be directed to the learning section. Experienced traders are taken to the trading tools section; they can then use these tools to make informed trades. If anything it is a unique feature we’ve not see with any other forex broker.
FXPRIMUS customer support can be reached using live chat and in different languages. Users can post questions online via the live chat window. The live chat option is available during market hours and days. Also, the website can be accessed in 50 languages.
The fact that FXPRIMUS was established by a group of retail traders perhaps means that they are in the best position to understand traders’ needs. Plus traders get access to all the tools they need including a stable trading platform, reliable customer service, and low spread rates.
- Low Spreads
- A Demo Account
- Social Trading via Sirix
- Doesn’t offer multiple trading accounts