FXPrimus is one of my favorite forex brokers right now. There is a lot I like about them, although there are also one or two negatives, which I will be honest about and explain to you in my detailed video overview.
In addition to creating this FXPrimus review, I also wanted to offer some free deposit bonuses if you decide to open an account with them.
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✔️Maximum Leverage up to 1:1000
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FXPrimus is a licensed online brokerage company that engages in Forex trading as well as social trading (i.e. copy trading through a PAMM).
They are recognized all over the world as one of the most prominent brokers with high ratings and good reviews, according to most customers online.
FXPrimus minimum deposit is also just $15 USD which when compared to similar brokers is low.
They offer clients over 120 instruments, including commodities, Forex, stocks, metals, indices, energies, shares, and cryptocurrencies.
Because of its many years in the business, it is one of the go-to companies for responsible and safe forex trading.
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FXPrimus is a popular and widely trusted forex broker operating online. Its headquarters office is in Cyprus (Zavos Kolonakiou Center, 101, Kolonakiou, Agios Athanasios, Cyprus) and they have an office in Vanuatu.
The online trading platform serves locals and international traders in Forex trading and Social trading such as a copy trading PAMM. Their regulatory commissions offer a safe trading environment to protect its users from scams, fraud, and malpractice.
This FXPrimus review will inform you more about the features of their CFD trading platform.
About FXPrimus
FXPrimus is a global online trading platform that launched in 2009 and is now in its 14th year. They have live CFD trading accounts such as MT4, MT5, webtrader, and cTrader and are regulated by the following:
- Cyprus Securities and Exchange Commission (CySEC)
- Vanuatu Financial Services Commission (VFSC)
- Financial Sector Conduct Authority (FSCA)
The brokerage won’t be able to manipulate market prices since these regulatory commissions control them. Being so heavily regulated is a big bonus to users who want a safe and secure environment to trade in.
Security
The money you deposit is safe with FXPrimus since they use a Tier 1 bank. This tier 1 bank has a track record of financial strength as it has strong capital reserves and can withstand unexpected losses.
They protect their clients’ deposits as they are not mixed and won’t get used as part of corporate funds. One of the regulation commissions, CySEC, with its subsidiary, traders, has an investor compensation fund of up to 90% of deposits with a limit of €20,000.
Although deposits are safe with this type of bank, it still depends on the users on how they manage their finances and it’s still very possible to suffer losses. This may be due to a lack of experience in trading, high-risk trading, or not doing enough research on market trends. CFDs are a high-risk asset class and capital is at risk.
Platform Overview
The MT4, MT5, and cTrader trading platforms support algorithmic trading that speeds up research and trade execution times (including one-click trading) .
These platforms’ copy trading feature also lets you copy the trading operations from one account to another in real-time!
Metatrader 4 (MT4)
The MetaTrader 4 (MT4) platform is available on the following devices:
- Desktop Windows, Linux, and Mac
- Android and iOS
Forex traders of all experience levels can use the MT4 with its user-friendly features. Its charting features for analysis and forecasting support many financial markets with the following range of trading instruments:
- Forex
- Futures
- Indices
- Equities
- CFDs and more
MT4 also works great with trading bots such as Expert Advisors (EAs). I’ve run EAs on FXPrimus with great success in the past.
Metatrader 5 (MT5)
The MetaTrader 5 (MT5) platform has won Global Forex Awards for being the Best Multi-Asset Trading Platform, which is also available on the following devices:
- Desktop Windows, Linux, and Mac
- Android and iOS
MT5 uses Market Depth, a powerful trading system that supports traditional netting and hedging option systems. Within the platform, you can also do so much with their built-in tools, such as:
- Comprehensive, detailed analysis for minor price movements with the available 21 timeframes
- Choosing between thousands of free indicators from the Code Base
- Create your indicator using the MQL5 programming language
cTrader
The cTrader platform provides solutions for Forex and CFD brokers. It creates a detailed trade analysis that gives insights into your strengths and weaknesses.
Also, it provides advanced risk management settings to guide, especially beginners, in avoiding the risk of huge losses through proper risk management.
This involves managing your money but using a stop loss and calculating the right position size.
cTrader Copy
Within the cTrader platform, the cTrader Copy lets you become a Strategy Provider where you can broadcast your trading strategy and earn a commission.
This is a handy mobile trading app that allows people to trade conveniently from their mobile phones. It’s one of the most popular mobile trading apps in the world with millions of downloads.
Range Of Investment Markets
As you might expect, the FXPrimus investment platform offers online forex trading in many different fiat currency pairs.
However, as a CFD trading platform, they also offer a range of other financial markets. Here is a list of their markets and a look at their low spreads in each market.
Forex Trading
The forex market is very liquid with as much as $6 Trillion being traded and exchanged per day. Financial markets rely heavily on the banking sector and therefore run 24 hours per day but only 5 days per week (Monday to Friday).
Forex trading hours for their platform are 22:00 GMT on Sunday in Sydney, until 22:00 GMT on Friday in New York.
Spreads can be as low as 0 in this market although fees should still be considered.
Precious Metals
Trading CFDs doesn’t get much better than with precious metals such as gold and silver on FXPRIMUS.
These metals are often considered to be a safe haven for investors, although CFD trading can be done both up and down, and many like to trade precious metals in both directions.
Although these are futures derivatives, the price traded is the spot price. Tight spreads are also available in this market on their trading platform.
Energies
Expanding the range of financial markets available, FX Primus offers contracts on energies such as Brent oil and crude oil.
Although the range of markets here is limited, it’s still an interesting way to get leverage and tighter spreads on these energy commodities.
Trading hours are somewhat restricted for these commodities as they only become available during market open times.
Cryptocurrencies
It may surprise some to see cryptocurrencies on the list of financial markets available to trade on the FXPRIMUS trading platform, but indeed CFD trading is also available now for cryptocurrencies such as bitcoin and ETH.
Crypto is one of the fastest-growing markets in the world and is interesting to trade because markets are open 24/7.
Indices
For those that want to track the price of major indices, FX Primus forex broker has got you covered!
These financial markets are the biggest in the world and represent the spot price of major indices such as the DOW, S&P500 and FTSE.
Equities
Again, this is a derivative of the spot price of blue chip stocks. If you’re looking to buy and hold actual stocks then you need to go to a traditional stockbroker.
For those looking for leveraged CFD trading on large-cap stocks such as Apple, Amazon, and Microsoft then this is the right trading platform for you.
How To Join
Getting started and signing up for a user account includes completing a short application form that asks for personal information such as name, e-mail, username, country, and phone number.
The account opening process is very quick and simple, although identification for KYC will be required.
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Account Types
FXPrimus offer various different account types to their clients. Various sign-up bonuses are available with these accounts and each is aimed at the needs of a specific customer.
Here are the different account types available;
- PrimusCENT Account– this account is ideal for traders with smaller accounts. Instead of transacting in dollars, the account operates in cents, meaning trade sizes are 100x smaller than typical dollar accounts. If you deposit $100, it, therefore, becomes 10,000 cents!
The average spread is quite high at 1.5 pips but leverage can be taken up to a whopping 1:1000! MT4 is the main trading account here, and MT5 is not available. - PrimusClassic — The classic account has a wide offering and is the only account that allows for copy trading. Various base currencies are supported by all trading platforms (MT4, MT5, and ctrader) are available.
- PrimusPro — This is their most popular account and offers very competitive spreads, starting from only 0.3 pips.
Commissions are sometimes charged on this account, but factoring in the low spread, the overall trading costs can be lower than the above accounts. - PrimusZero — As the name suggests, this account has zero spread cost, although there is a standard commission of $5. This account is not available on MT5 or cTrader.
- PrimusDemo — For those who just want to practice and test new strategies, the demo account is available for free on MT4.
Here is a full comparison chart of the different account types and what they offer;
Once you have decided on the type of account you want, you need to pass the verification by submitting the following:
- Government-issued ID
- A passport
- One proof of residency document.
Take note that FXPrimus trading platform accepts international traders with the exception of those who live in the following countries:
- Australia
- Belgium
- France
- Iran
- Japan
- North Korea
- USA
Funding Methods
You can fund your account with these accepted funding methods:
Credit cards
- VISA or MasterCard
- Debit cards
- Bank Transfer.
Electronic wallets (eWallets)
- Neteller
- Skrill
- Payoneer
- SafeCharge
- TrustPay
- EmerchantPay
- Bitcoin
- UnionPay
- FasaPay
- Giropay.
Withdrawal
FXPrimus deposits and withdrawals are free of charge (including credit card and bank wire).. However third-party costs may apply. The minimum withdrawal for all the payment processors is $100.
Also, only the verified accounts can make withdrawal requests on Monday through Friday between 0700 and 2100 (GMT+2).
Trading Tools
FXPRIMUS offers a wide range of trading tools for their clients. These tools are designed to help traders make informed decisions, better trades, and save time.
The economic calendar is available for all customers to use to keep track of important news events that are upcoming. This feature also has a brief explanation of what the event is, as some events in the economic calendar have a bigger price impact than others.
They also offer a handy range of calculators, including a PIP calculator, margin calculator, and fiat currency converter.
Lastly, they have a range of educational resources, including training videos and news articles on everything from macroeconomics to technical analysis to give traders a better understanding of the markets and how to trade.
Copy Trading (PAMM) Service
For those who like automated trading, FXPrimus offers a copy trading service or PAMM.
PAMM stands for percentage allocation management module, and is a way for experienced traders to manage client funds. It’s a bit like a managed account except the funds remain in your own name and account, and the trades of the master trader are simply copied into your own PAMM account.
Whilst it might seem the perfect solution to simply copy a trader and allow them to lock in profits for you on complete autopilot, keep in mind that forex trading is still very high risk and it is still quite possible to lose money.
FXPrimus do try to provide as much information as possible about their master traders in order to help people find the best trader for them based on their track record and attitude to risk.
Find a professional trader you like the look of and simply copy their trading signals into your own account!
To learn more about their PAMM copy trading service please click here.
Customer Support
FXPrimus customer support is available 24/5. Concerns and issues can be reported through:
- Email response may be as fast as 2 minutes or up to 3 hours.
- Live chats through the Messenger app, WhatsApp, WeChat, Zalo, Line, and Telegram, where you can receive a response within 3 minutes.
- Dedicated account manager (for those that have them)
Complaints
When it comes to trading with them, some traders may have complaints. However, the majority of these are usually resolved quickly and effectively.
There are thousands of reviews of FXPrimus online and the majority are positive.
The company has been providing services since 2009, and during this time they have built up a reliable reputation in the forex industry as one of the best brokers out there.
One of the main complaints from customers is the slow speed of execution.
This can be attributed to their ECN technology, which allows traders to execute trades faster and with more accurate prices. The good news is that they are working hard to improve this issue, and in recent times they have been making strides to increase the speed at which orders are filled.
In addition, some traders have also complained about the customer service at FXPRIMUS.
While this is an area that the company could work on, it should be noted that they offer 24/7 support and a wide range of contact methods including email and live chat. This ensures that customers always have someone to contact if they have any issues or queries.
Deposit Bonus
FXPRIMUS offers a very good deposit bonus that is unmatched by other brokers. In addition to a deposit bonus, they also offer some incredible benefits if you sign up as a Trade Wise referral.
These benefits include a 100% deposit bonus, a free VPS (ideal if you a running an EA trading bot), a swap-free account, and a dedicated account manager.
These bonuses are unmatched for joining FXPRIMUS or any other forex broker for that matter!
>> Click Here To Sign Up To Claim Your FREE Bonuses!!<<
Reputation And Reviews
This is an important factor when deciding the right CFD broker to use. It’s very common for trading platforms such as FX Primus to have negative reviews because many inexperienced traders lose money.
Some users even blame the broker for their own bad trades!
With that being said, FXPRIMUS still have a good online reputation and there are many positive reviews about them.
For example, on Trustpilot, they have 69 5-star and 8 4-star reviews, giving them 77 very high reviews out of 102 total.
On forexpeacearmy, they have an average score of 3 stars out of 5 and score well on the range of services they provide, but some customers are dissatisfied with the customer service they received.
Overall, the FXPRIMUS reviews are very good with only a few customers reporting problems and complaints.
FXPRIMUS Vs FXChoice
FXChoice is another broker that traders may wish to consider when looking for a forex broker.
Unlike FXPRIMUS, FXChoice does not offer ECN technology and the spreads are slightly higher.
Additionally, FXChoice does not offer as many account types or as many trading tools and features as FXPRIMUS. Lastly, FXPRIMUS offers a better range of deposit and withdrawal options than FXCHOICE, where options are very limited.
FXPRIMUS Vs LQDFX
Another competitor to consider is LQDFX. This broker provides a great range of features and account types, including ECN technology. However, their spreads are much higher than those offered by FXPRIMUS, meaning that trading costs may be higher with this broker.
Additionally, there have been some reports of slow execution times with LQDFX, which is not the case with FXPRIMUS.
FXPRIMUS Vs Exness
Exness is a well-known broker that offers competitive spreads and fast execution times. However, traders should be aware that Exness does not offer ECN technology.
Additionally, the range of features and trading tools available at FXPRIMUS is much more comprehensive than those offered by Exness.
Lastly, the deposit bonus offered by FXPRIMUS is better than at Exness, and the overall benefits outweigh those of using Exness.
Frequently Asked Questions
In the final part of our FXPrimus review, we want to cover some frequently asked questions.
- Is FXPrimus A Regulated Broker?
Yes. They are very tightly regulated, primarily by the Cyprus Securities and Exchange Commission (CySEC), but they are also regulated in other countries. Here is a summary of their regulation credentials:
– Primus Global Ltd, regulated by CySEC, with licence no. 261/14.
– Primus Markets INTL Limited, regulated by VFSC, with registration no. 14595.
-Primus Africa (Pty) Ltd, regulated by FSCA, with licence no. 46675. - Can I Trade With FXPrimus In The USA and Canada?
No. Unfortunately, they are not regulated and authorized to accept customers from the USA, Canada, Australia, France, Belgium, South Africa and Japan. - Can I Use MT4 With FXPrimus?
Yes. When you open an account with the broker they will provide you with a live MT4 trading account. You can also set up numerous free demo accounts from here — https://www.fxprimus.com/en/int-demo - Does FXPrimus Offer Support?
Yes. This broker offers world-class customer support. They have live support 24/7 through the website, and you will be given a dedicated account manager who is on hand to assist if they can. - FXPrimus Minimum Deposit?
The minimum deposit per account is $15 (or the equivalent in your local currency). - Is FX Primus a MarketMaker?
No, FXPrimus is not a market maker. They are an ECN broker, this way traders can avoid the conflict of interest that arises when dealing with a traditional forex broker, who may be motivated to trade against their clients in order to make a profit. - Where Is FXPrimus Headquarters?
FXPrimus was initially called Primus Global Ltd. has headquarters in Cyprus and was founded in 2009. It has no other offices in other countries, but despite this, it has members from different parts of the world. - Is FXPRIMUS Swap Free?
Yes, FXPRIMUS offers swap-free accounts for all account types. This means that traders can enjoy good trading conditions without having to worry about overnight charges or rollover fees. Only certain account types are swap-free though, so you should check their range of account types before choosing the right one for you. - Who Is The Best Forex Broker?
The best forex broker is the one that best meets your individual needs. This means considering factors such as spreads, execution times, customer service, and account types when selecting a broker. Ultimately, it comes down to personal preference and what you are looking for in a broker. FXPRIMUS is definitely one of the leading brokers out there, with competitive spreads, fast execution times, and a wide range of features. Whilst they are certainly considered to be one of the best forex brokers in the world right now, they might not be right for everyone. - What Is The Minimum Deposit?
The minimum deposit for trading with FXPRIMUS is $15. Certain account types have a slightly higher minimum, such as the Primus Pro account with a minimum of $100 deposit. It’s also worth noting that a demo account can be opened with zero deposit, so technically you can open an account and start trading in a test environment with zero funds being deposited.
FXPrimus charge small trading fees on each trade (known as spread). With the ECN account, this spread is very low. You may also be charged an overnight fee on open positions, known as a swap-free. However, if you sign up for an account via Trade Wise, you will receive a swap-free account and will therefore avoid this charge. There are no inactivity fees or deposit fees, but withdrawal fees may be applicable.
>> Click Here To Sign Up To Claim Your Free Bonuses!<<
Conclusion
This review of FXPRIMUS has walked you through the trading platform and what their different types of accounts can offer, depending on which trader experience level you’re in. Hopefully, this may give you enough insights to see if their user-friendly platform is suitable for your trading.
FXPrimus is well-established and safe. It has years of experience and uses updated technologies to help its members conduct smart and profitable trades. But as with all online trading brokers, you must protect yourself with knowledge and skills in trading and not just rely on broker tools and spreads. With updated knowledge and a good financial trading broker, you’ll be well on your way to online trading success.
RISK WARNING:
Please note that forex trading and trading in other leveraged products involve a significant level of risk and are not suitable for all investors. Trading in financial instruments may result in losses as well as profits, and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary.
This information is not directed or intended for distribution to or use by residents of certain countries/jurisdictions including, but not limited to, Australia, Belgium, France, Iran, Japan, North Korea and the USA. The Company does not offer its services to residents of certain countries/jurisdictions, including, but not limited to, Australia, Belgium, France, Iran, Japan, North Korea and the USA. The Company holds the right to alter the above lists of countries at its own discretion.
UPDATE– FXPrimus no longer offers its services to South African Traders.
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2 Responses
Hi Jonathan,
I don’t know if you’ve noticed, but this broker has a very high number negative reviews on Forex Peace Army. Is this something that I should be worried about?
Dan
I’ve seen the reviews yes. FXPrimus have over 400,000 customers, so having some negative reviews is to be expected. I think there’s a reason for some of them though, which is that Primus don’t allow artibtrage trading (it’s against their T&C’s). If someone does this type of trading Primus will still pay back their initial deposit but NOT their returns, so I think people get upset about that but they shouldn’t be doing things against the T&C’s. I’ve never had a problem with them and withdrawing is very easy. Don’t forget they are highly regulated so they can’t treat customers infairly and especially can’t stop withdrawals etc.