We have progressed from primitive trading. Now, everything is done online. This has led to an expansion of trading markets and the number of traders and investors engaged. From buying to selling to devising a strategy, everything is done virtually. This has eliminated the concept of geographical boundaries as one might be sitting Malaysia, trading USD and JPY with the help of an online broker based in Sydney!
While it can be rightly argued that technology has furthered the goals of the trading industry, we must also address that it also has numerous downsides, the biggest one being the chances of getting conned. This is why you must always have a trusted online broker by your side.
One such online broker is FXPrimus. It is one of the leading online brokers with a global presence. But, is it the broker that you need? Let’s find out!
Founded in 2009, FXPrimus is a company that provides online brokerage services to clients across the world. Its head office is in Vanuatu and it is regulated by the Markets in Financial Instruments Directive (MiFID) and the Cyprus Securities and Exchange Commission (CySEC). It claims to offer one of the fastest and most secure trading platforms in the world. It offers trade of multiple instruments, including energies, cryptocurrencies, indices, and Forex. The minimum deposit requirement is $100.
One needs to be absolutely certain before choosing an online broker because real money is involved. One can never be too careful in the virtual world. We have listed all the negatives and positives of FXPrimus to help you make an informed decision.
The Positives of FXPrimus
The following are the positives of FXPrimus:
- Dual regulations: It is always a positive point when the broker is regulated because this safeguards your investment. A regulated broker cannot manipulate market prices or use your funds in case of emergency or bankruptcy. You cannot contest any dispute against unregulated brokers. FXPrimus is regulated by two authorities – CySEC, and MiFID. Additionally, they also have a VFSC license.
- Supplementary safety measures: Being a regulated online broker promises a certain level of safety but FXPrimus has taken it to a different level with their additional safety measures. Its investors enjoy insurance for their funds up to EUR 2.500.000. All the withdrawals are monitored by the third party, eliminating the scope of hacking. The company also offers negative balance protection. This means that all the trades will be automatically halted once it reaches a certain amount that is fixed by you.
- A variety of tradable instruments: FXPrimus offers over 120 tradable instruments in the form of precious metals, indices, cryptocurrencies, and equities. There are also 45 currency pairs. This gives traders and investors the opportunity to expand their trade in the future.
- Global recognition: FXPrimus is an established company with various licenses. They have been serving customers across the globe for over 10 years. It has become a trusted name and has won various accolades for their work. Its list of awards includes the prestigious Global Forex Awards Best Asian Forex Support 2019.
- Different types of accounts: It is always a good option when you are offered different accounts on an online trading platform. FXPrimus lets you explore its platform by offering a demo account. You can make yourself comfortable with the platform before investing any real money. It also offers other accounts – ECN, ECN-VIP, and PAMM.
- Low minimum deposit: Setting aside a large sum of money as the minimum deposit might not be practical for everyone. Yes, it is mandatory to keep a minimum deposit with your online trader, the amount is not fixed. With FXPrimus, you only need $100 for a minimum deposit. This reduces the burden and many traders can join the wagon.
- Payment options: Everyone appreciates when they can make a payment without visiting the bank or installing any additional app. FXPrimus accepts payment via many platforms, including bank transfers, credit cards, Union Pay, TrustPay, AstroPay, and Nettler to name a few.
- Educational material: Educational resources: FXPrimus is one of the few online brokers who provide educational resources to their clients. You can use these resources to get better at trading. You can get daily SMS market alerts, daily market outlook, tailormade market reports, and training videos. You can even become a part of their web seminar and request one-on-one sessions.
- Advanced technology: FXPrimus has a cloud-based server that allows quick trades. Its system is encrypted with 128-bit keys that protects the server from getting hacked. It offers an MT4 platform for Windows and Mac desktops. You can even download its app on Android and iOS. You can use VPS to connect to your trading platform efficiently.
- Ease of trading: Trading becomes easier with FXPrimus because of various reasons. It has an API-enabled platform that ensures the safety of data. The spreads are tight and you can even trade with a spread as low as 0* pips. The minimum contract or lot size is 0.01. It allows hedging and scalping and offers STP which lets you trade without any added burden.
- Dedicated customer support: FXPrimus has one of the best customer support services provided by online brokers. It has an AAA rating. It offers customer service in various languages, including, English, Swedish, Vietnamese, Hungarian, Thai, Malaysian, Chinese, Russian, Portuguese, Spanish, Arabic, Indonesian, Czech, and Farsi. The support system is available 24/7 and you can connect with them via phone, email, or live chat. Offering good customer support is essential for online brokers. Since they don’t deal with their clients directly, the customer support aids the clients and acts as a link between the broker, and the client.
The Negative of FXPrimus
The following are the negatives of FXPrimus:
- Not available everywhere: FXPrimus is not available in a number of countries, including some major players like the United States of America, and Australia. Other countries where its services are not extended are Afghanistan, Ivory Coast, Cuba, Iraq, Iran, Libya, Myanmar, South Korea, Sudan, Puerto Rico, Syria, Algeria, Ecuador, and Japan. This is definitely a major demerit of FXPrimus.
- Extra charges and commission: Like many of its counterparts, FXPrimus does not charge any fees on inactivity or deposit but it does charge a fixed fee on withdrawal. This is not done by many other online brokers like AGM Markets and might not sit well with certain brokers.
- No FCA regulation: FXPrimus is regulated by two authorities but it still does not have any license from the FCA. An FCA license is tough to acquire and proves the credibility, and good financial health of the broker.
Whether or not FXPrimus is the best fit for your country can be made certainly clear by reading the FXPrimus Malaysia review, Asia review, London review, and reviews by other traders and investors from different parts of the world. This will help you in understanding how the services of the company may differ from country to country.
Opening an Account with FXPrimus
It is very easy to sign-up with FXPrimus. Begin with using a demo account and then switch to the real one. This will give you to know more about the platform before you invest real money.
You will be required to submit a few identification and financial documents for verification. You must have a colored copy of your passport, driving license or a valid national ID, and bank statement for the past three months with your address on it or a utility bill along with your minimum deposit to open an account with FXPrimus.
If FXPrimus the Right Match for You?
We would always suggest you to thoroughly go through the brokers’ websites, read their reviews, and connect with people who have used their services before you come to the final conclusion.
For your better understanding, we will leave you with these commonly asked question about FXPrimus:
Q1. Is FXPrimus legit?
FXPrimus is regulated by the MiFID , and the CySEC. This means that your funds will not be merged with the broker’s funds and you can contest any claim in case of a dispute.
Q2. Is FXPrimus safe?
FXPrimus is a Vanuatu-based online broker that has been operating since 2009. Its operations are valid in various countries. One is advised to work with an online broker who has been in business for at least 2 years. Since FXPrimus has been successfully operating for over 10 years, we can say that it is safe.
Q3. Is FXPrimus a good online broker?
FXPrimus offers easy trading options to its clients but provides services in limited countries. If you can work with its limited range then it can be considered a good online broker for you.
Q4. What is the minimum deposit?
The minimum deposit requirement at FXPrimus is $100.
Q5. Is there any additional fee?
FXPrimus does not charge fees on inactivity, CFD instruments, and deposit but you are required to pay a fee for withdrawal which depends on the amount that you will withdraw.
We are leaving you with our comprehensive analysis of FXPrimus. If you think that it is perfect for you, go ahead and open a demo account.