This fully licensed online brokerage is regulated by the Cyprus Securities and Exchange Commission (CySEC) with its headquarters in Cyprus. It is also fully regulated against online fraud. It was established in 1999 by a group of retail traders who wanted a broker that focused on their needs. This broker now has clients in more than 200 countries all around the globe. This broker was awarded the Best STP Broker Asia 2013 and the Best Trade Execution Asia 2013 awards which by far increases their credibility. These awards were awarded by the renowned Global Banking & Finance review. Apart from trading Forex in this firm, one is able to trade other things such as indices, global equities, spot metals and other CFDs that are within the MetaTrader 4 platform. There is a demo account available for new traders but it is valid for only 30 days after registration.
Trading platforms
Traders on FXPRIMUS are offered with a number of trading options. You can opt for the Meta Trader 4 trading platform or go for a simpler web-based platform. The Meta Trader 4 is, however, more popular because of its reliability. If you wish to trade on your phone maybe because of your schedule, then there is a dedicated mobile trading platform on Android and IOS app. The apps can be downloaded free on consecutive stores.
Accounts and trading options
At the moment, Fx Primus offers three kinds of lot trades; Micro, Mini and a standard. All of this is incorporated in a single account. This account is not limited to the individual but can also be joint or even corporate. This broker also has Introducing Broker (IB) and Affiliate accounts as well as self-directed and self-managed accounts. Each of these accounts can be ECN Premier Spreads or Variable ECN. All the accounts that boast of having the ECN Premier Spread benefit from low funding requirement of as low as $100.00. By the account type and its balance, the leverage varies from as low as 1:1 and can go up to 500:1
The currency used is Pip which is equivalent to approximately $10. These accounts charge 1 pip where a Mini lot will be charged approximately $1 and a Micro lot approximately $10. A mini lot is equivalent to 0.10 pip and micro lot is 0.01 pip. It is allowed to have more than one account as long as you register using different names. This means that scalping or hedging is allowed. The Money Managers though are offered a MAM system that they use to manager however number of accounts all at once.
Features
For optimum trading environment with very low-latency connectivity, Fx Primus has consulted cutting-edge technology providers giving the platform very fast execution. With its global data centers in Equinox, it provides fast connectivity and sub-millisecond executions to its clients regardless of the geographic location. In case you want social trading, there is a fully-automated tool that allows traders to watch each other’s progress. This is good when you want to copy their style to improve and trade easily. Both the new and advanced traders will appreciate the ability of the MYFX Console trading platform. This is because of its simplicity and still, it is able to customize trades, streamlining their trading process. At the cost of $30 per month, the VPS servers allow the traders to connect to their MT4 platform. This is by use of a remote computer located close to the FxPrimus MT4 servers
This broker offers a number of promotions. A promotion that run in Aug 2015, allowed for anyone moving from an existing broker to FXPRIMUS to receive a thank you bonus of up to $6,000 for free trading funds. This is just one of the many that they run throughout the year.
Withdrawals and Deposits
Withdrawal is very easy which is either through Bank Wire transfers, Skrill or the FXPRIMUS prepaid credit card. For the withdrawals processed via Bank Wire on the customer’s account, $50 is debited from their account. Funds to the accounts can be deposited either via credit and debit cards. Transfers via Bank Wire are free of charge but local banks may charge $5 plus conversion charges and any other applicable fees.
Education and Customer Support
The team in FXPRIMUS offers the analysis and information that you need before trading. There are textual lessons on topics and live webinars to sharpen people’s skills. This broker provides a site where the client has access to so many tools. These tools include a stable trading platform, low spreads and customer service. Since it was established by retail traders, then they understand too well the needs of the traders.
Advantages of FXPRIMUS
- This broker has a demo account that allows for a trader to practice before they can commit their real money.
- They have quite tight or low Spreads.
- The MT4 trading platform is quite powerful and with the incorporation of cutting-edge technology, its performance is very good.
- This platform allows for social trading through SIRIX. This means that you can easily improve your skills and learn a lot
Disadvantages
- Unlike some other brokers, it doesn’t offer multiple trading accounts. If you are interested in this then this could be a deal breaker.
- FX Primus doesn’t accept traders from the USA.
Conclusion
From its formation and the vision behind it, this broker is best placed to understand the needs of retail traders. It also has a stable and powerful trading platform. Its customer service is very reliable and it boasts of low spread rates.