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FXPRIMUS Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

FXPRIMUS is an international brokerage firm that offers trading services across multiple financial instruments, including forex and CFDs. The broker is well known for a wide range of tradable assets and flexible account types. Except for MetaTrader4, the broker doesn’t offer any other trading platform. FXPRIMUS claims to offer competitive spreads. However, the fee structure seems quite confusing. In this piece, I review the different features of the broker in detail.  

FXPRIMUS Overview 

FXPRIMUS is a brand name of FXPRIMUS Group. The broker started its operations in 2009. Headquartered in Cyprus, the broker serves clients through its regional offices all around the world. In addition to being regulated by the Cyprus Securities and Exchange Commission (CySEC), the broker is compliant with MiFID directives and holds registration with BaFin, FCA, ICF, FSA, ACPR, CNMV, CMC, FI, and CSSF. The company employs cloud-based technology with excellent connectivity to ensure low latency. Also, the broker’s advanced hack-prevention security measures make clients’ financial information out of the reach of intruders. 

ProsCons
Quick customer support
FCA and CYSEC regulations
Multiple payment methods
Minimal trading restrictions
Supports copy trading
Limited research and educational resources
Fewer tradable assets
High minimum deposits
No proprietary trading platform

Sign-up Bonus: The broker doesn’t offer a sign-up bonus at times. 

Who FXPRIMUS Is For?

Flexible account types and multiple regulations make FXPRIMUS an ideal platform for everyone. However, professional clients might refrain from signing up with it due to the non-availability of trading platforms other than the MT4. The broker’s dubious pricing structure puts the company at a competitive disadvantage. Also, the high minimum deposits might make it difficult for small traders to sign up with it. 

However, instant trade execution can attract scalpers to try their fate with FXPRIMUS. Also, demo accounts with unlimited expiry can become equally beneficial for novice and skilled trading professionals. Demo accounts allow clients to practice different money management and trading strategies without losing their real funds. With PAMM accounts, clients can copy trades of other professional traders in their accounts and start making money right away. 

IS FXPRIMUS Safe?

FXPRIMUS is well regulated all around the globe that makes it undeniably safe for investment. The company employs advanced web encryption protocols to protect clients’ financial and confidential information from unwanted hack attempts. Also, the broker keeps clients in segregated accounts, preferably with top-tier investment banks. Adding a security layer, the company has recently started offering indemnity insurance of up to 5 Million Euros (EUR) per client. Not to mention, the broker gets its accounts audited at regular intervals and submits them to the concerned regulatory authorities each year. The broker also offers negative balance protection preventing client’s loss from exceeding their original investment.[1]

Year founded:2009
Publicly traded: No
Licenses: FCA, CySEC 
Backlist: Nil

Offering & Investment 

FXPRIMUS offers a wide range of financial instruments across seven classes of assets, including forex, indices, shares, energies, precious metals, futures, and cryptocurrencies. While traders can access more than 40 FX pairs, 110 share CFDs are also available to trade. Further, the broker offers 15 indices, 07 energies, 03 futures, 03 metals, and 07 cryptocurrencies to trade as CFDs. Not to mention, the product range may vary depending upon your jurisdiction and selected entity. Therefore, it is best to confirm the availability of a specific asset before signing up with the broker. 

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)40+
Social Trading / Copy-TradingYes
CFDs instrumentsForex, indices, Equities, Energies, Metals and Cryptocurrencies

Commissions and Fees

While the broker claims to have a competitive pricing model, it offers both fixed and variable spreads. There are three types of accounts available, including Standard, Premium, and VIP account. Let’s quickly review the services offered in each account type.[2]

Standard: With a focus on novice traders, the standard account comes for a minimum deposit of $500. The broker advertises the lowest spread starting from 0.0 pips on selected tradable instruments. However, the listed mark-up on major pairs, such as EUR/USD, starts from 2.0 pips. Hence, it becomes difficult to ascertain the average spread charged in the standard account. 

Premium: The premium account targets professional traders. Clients can signup for the premium account for $2500. The broker promises to offer ECN execution along with spreads starting from 0.1 pips in the premium account. Other services available for premium account holders include live market updates, daily market outlook, one-to-one consultation, etc.  

VIP: Institutional clients can get started with the VIP account for a minimum deposit of $10,000. All the basic and premium services are available for VIP clients. Although the broker doesn’t charge a commission on forex pairs, it does apply a $0.10 commission on each CFD share. Not to mention, the company also charges a swap fee on overnight leveraged positions.

Rating: 2.5/5

Minimum Initial Deposit$500 
Average Spread EUR/USD – Standard1.8 pips
All-in Cost EUR/USD – Active2.0 pips
Minimum withdrawal Not specified

Platforms & Tools 

FXPRIMUS does not have a proprietary trading platform. Instead, it offers a full suite of MetaTrader 4 trading platforms, including web-based, desktop, and mobile versions. With a wide range of trading tools and indicators, MT4 has always been the favourite trading platform for clients. Different third-party add-ons further allow clients to enhance their trading exposure. FXPRIMUS also offers multiple trading and risk management tools to be integrated with the MT4 platform, making clients experience an improved version of the MetaTrader4. 

Clients can also access the VPS hosting available for automated trading. Those maintaining a minimum of $500 in their equity can have the service for free. However, clients who do not meet the specified criteria can use the service for $30 a month. Although platinum API integration is also available for developers to develop customized trading solutions, the minimum deposit required to use this service is $50,000. Undoubtedly, FXPRIMUS appears to host an overpriced trading environment. 

Rating: 3.5/5

Virtual Trading (Demo)Yes
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Charting – Indicators / Studies (Total)40+
Charting – Drawing Tools (Total)30+
Charting – Trade From ChartYes
Order Type – Trailing StopYes

Research 

FXPrimus research section also lags behind the average industry standards. The majority of research tools are available for VIP clients. Except for an economic calendar and few calculators (currency converter, Pip, Fibonacci), the research facility has nothing else to explore. While the expert category isn’t populated, the outlined blog also lacks any content. Essentially, FXPRIMUS’s current state of the research category needs dedicated efforts from the broker to be made effective for traders. 

Rating: 2.5/5

Education 

Compared to the research section, FXPRIMUS educational library seems to have been made resourceful. However, its condition isn’t different from the research section. Clients can access educational videos, weekly outlook, and live webinars under the education section at FXPRIMUS. While there are nine videos featuring how-to-guides on different products and services offered by the broker, the seminar section has nothing to display. Honestly, new brokers are least likely to find any valuable educational content on FXPRIMUS. Not to mention, FXPRIMUS highlights education as one of the pillars of its business model. However, it fails to maintain the quality needed to uphold its claim. 

Rating: 2.5/5

Mobile Trading Platform

FXPRIMUS doesn’t have any custom-built mobile trading app to offer to its clients. Instead, on-the-go users need to rely on the MT4 mobile-based trading platform. Except for a few, nearly all trading features are available on the mobile trading app as offered via web-based or desktop version. However, traders might find the mobile screen being the limiting factor when it comes to technical analysis. Since traders can synchronize the mobile app with the desktop or web client, placing orders and performing other trading activities via single-click trading becomes convenient. 

Rating: 3.5/5

Mobile devices Apple and Android
FeaturesWatchlist, charting tools, price alert, one-click trading, etc.

Final Thoughts

With a sound regulatory framework, FXPRIMUS is one of the safe forex brokers available around. However, the company employs an expensive fee structure unsuitable for the majority of forex traders. Also, the broker’s substandard research and educational facility make it struggle to compete with its competitors. Also, the broker offers a limited product portfolio and has no proprietary trading platform available that can become the prime reason for professional traders to avoid signing up with it. 

Frequently Asked Questions – FAQs

Is FXPRIMUS an ECN forex broker?

FXPRIMUS claims to offer ECN trade execution. However, other online resources declare it to be a market maker. Therefore, clients should do some research before opening an account with it. 

Does FXPRIMUS accept clients from the USA?

Unfortunately, due to strict regulatory requirements, the broker does not accept clients from the United States. Also, the company does not entertain clients from Australia, France, Belgium, Japan, Iran, and North Korea.

Does FXPRIMUS support copy trading? 

Yes, it does. FXPRIMUS clients can subscribe to PAMM accounts for copy trading services. The process is as simple as following the steps listed below. 

  1. Open a PAMM account with the broker and fund it. 
  2. Choose Master traders and start replicating their trades in your account.
  3. Withdraw your profits as and when you wish.  

Can I have a base currency of my account other than the US Dollars?

Yes, the broker supports EUR, SGD, PLN, GBP, and USD as the base currencies of your account. 

Does FXPRIMUS allow clients to hedge their trades? 

Yes, the broker employs minimal trading restrictions. Clients are allowed to use different trading and money management strategies, including hedging and scalping.

Does FXPRIMUS offer guaranteed stop-loss?

No, the broker doesn’t offer guaranteed stop loss. You should expect slippage under volatile market conditions. 

Does FXPRIMUS offer swap-free accounts for shariah practicing traders?

Yes, the broker does offer swap-free accounts to shariah practicing traders. Clients only need to initiate a request for a swap-free account via email. 

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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