Your capital is at risk Founded in 2009, FXPrimus is definitely not a newbie on the online FX/CFD scene. During its nearly decade-long existence, the brokerage has had plenty of time to accrue relevant user feedback. Unfortunately for the operation – despite its very impressive presentation – most of this user feedback seems to be negative.
People complain about a wide range of issues and most of the feedback-providers do not shy away from calling the operation “a fraud”. Some have used some rather choice words to give voice to their disapproval of the broker’s alleged/real practices.
One issue many have complained about concerns the forced closing of trade accounts, due to “lack of liquidity”. Other allegations include the “moving” of clients as well as IBs (Introducing Brokers) from CySEC (MiFID) regulation to Vanuatu regulation. While the broker is indeed licensed by CySEC, Vanuatu regulation is obviously much more lax, leaving it a lot more room to maneuver fraud-wise.
Still others have alleged that the broker is in fact a market maker.
Exactly what this feedback means and how much of it is truly valid, is obviously not clear. The mere existence of such negative feedback casts a generally negative light over the operation though.
Before we move on, we have to note though that there is positive user feedback out there about FXPrimus as well.
As already mentioned above, the broker is a Cyprus-based one. The company behind the FXPrimus brand is a certain Primus Global Ltd, which is based at 25 Kolonakiou Str, Zavos Kolonakiou Centre, Office 102, 4103 Limassol. Before Primus Global, FX Primus Europe CY Ltd. used to be the one in charge.
While the broker is Cyprus-based, it takes pride in what it calls its “global footprint”. It apparently has datacenters set up in several countries, including Britain, the US, South Korea, China, Singapore and Hong Kong.
FXPrimus Regulation
The regulatory status of the brokerage is defined by its CySEC license, which it picked up in 2014. The license number is 261/14. What this license means is that the broker is MiFID-compliant and as such, it can peddle its services in most of the EEA. It can also offer its traders some rather attractive guarantees.
First of all, it offers unparalleled client-fund protection. It has a risk-management model in place, which allegedly makes it the “safest place to trade”. Obviously, there are traders out there who will dispute such claims.
In addition to the fact that it keeps its clients’ monies in segregated bank accounts, the broker also insures these funds up to a very impressive maximum of EUR 2.5 million.
Negative balance protection is also part of the FXPrimus package, together with 3rd party monitoring of withdrawals.
In addition to its CySEC license, the broker is allegedly also the possessor of a Vanuatu license and it is registered with most of the EU’s national regulatory agencies.
Why Trade with FXPrimus?
FXPrimus say that the three pillars of their path to trading success are technology, safety and education. The broker offers an unparalleled trading experience, providing access to a wide range of trading tools and to all the amenities professional traders may expect/need.
The broker allows scalping and hedging, it provides FIX API solutions and it offers a great VPS service for those looking to let auto-traders do the bulk of the work for them.
Customer support is available 24/5, and the services offered by the brokerage have been made available in scores of languages. On select account types, the spreads start from 0 pips.
Accounts are offered in several currencies, and there are different account types and account packages available.
The minimum required deposit for a real money account is only $1,000. What that means is that pretty much anyone interested can get down to trading.
The market-coverage of the broker includes some 120 tradable assets. Unfortunately, it looks like cryptocurrencies are not yet available for CFD-based trading.
The website of the broker features an exhaustive education section too, the goal of which is to set up traders for success.
FXPrimus Account Types
The broker offers a number of different account types, beginning with the Demo Account, which is obviously free and through which traders can actually experience the services of the broker, without putting any real money onto the line.
The Demo account apparently works through the Web Trader, but it still lets traders get a taste of the MT4 trading environment featured by the broker.
The Variable Account comes with variable spreads and it gives traders access to a wide range of advanced trading tools and educational resources. This account type allows for commission-free trading.
The ECN Premium Account is obviously all about execution. This option is aimed solely at those whose investment-sizes exceed the $500 mark.
Users of this account type have access to live SMS updates and trading signals. This is the account type with the best spreads (from 0 pips) and the best weekly financial trading seminars.
In addition to the above detailed account types, there are three account tiers featured too: Standard, Premium and VIP.
The Standard tier requires a minimum deposit of $1,000 – this is indeed the most accessible of all account-options.
For that money, Standard account users get SMS alerts, a daily market outlook as well as one-on-one consultation with a trading specialist.
Those looking for more perks can opt for the Premium Account, which requires a minimum deposit of $2,500. In addition to what the Standard Account offers, Premium users will get a 60-minute MT4 training. This little perk can indeed be extremely useful, especially when one considers the fact that a trading tools training package is included in the deal too.
Premium users are also given live market updates trough phone.
The top account tier is the VIP one. To secure such an account, traders need to deposit at least $10,000. This is a “full extra” package, meaning that in addition to everything covered above, it also includes a 30-minute consultation with a market specialist, as well as 24/5 personal access to the services of such a specialist.
VIP trading signals are the cherry on top of the VIP Account cake.
FXPrimus Trading Platforms
The FXPrimus trading platform selection is squarely based on MT4. The most popular and most capable trading platform in the world is available in several different versions, from Windows, Mac and Mobile, to a Web Trading format.
The charting capabilities of MT4 are peerless. Furthermore, the environment that the trading platform creates is a fully customizable one. Traders can add their own technical indicators, which they purchase from 3rd party creators, or create from scratch.
The same goes for Expert Advisors, which are programmable auto-traders that execute preset trading strategies. Not only does FXPrimus’ MT4 allow the use of such EAs, it offers a superb VPS service too, which lets traders run their EAs 24/7, without having to keep their own computers turned on.
The Platinum API is focused on the FIX Protocol, which allows traders to create custom trading experiences.
FXPrimus Conclusion
FXPrimus does indeed look like a serious trading destination, but we just cannot ignore the negative user feedback detailed in the beginning of this review. No matter how we turn it around, such negative buzz raises all sorts of red flags.
Other than that, the broker features a great platform, superb account type options and a decent market coverage.
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