FXPrimus is another CySEC-licensed brokerage, which peddles its services all through the world. In fact, the operation is present in some 200 countries, maintaining data centers in at least 5 different nations.
The homepage of the operation describes the brokerage in a few numbers: on deposits and withdrawals, FXPrimus does not charge any fees, withdrawals are fast, funds are said to be safe and spreads start from as little as 0.1 pips (on select account-types, they start from 0 pips).
FXPrimus’ Background
As mentioned above, FXPrimus’ regulatory background is a dual one, which means that there are in fact two corporate operators behind the brand. The official website – as accessed from Europe – only mentions a certain Primus Global Ltd, which is based in Cyprus. As such, Primus Global is licensed by CySEC. Its license number is 261/14.
This branch of the operator is fully MiFID-compliant, it offers all sorts of trader protections (the company is a CIF and as such, it is a member of the Investor Compensation Scheme) and it needs to uphold strict operational standards.
The international version of the brokerage is operated by Primus Markets INTL Ltd, a company licensed in Vanuatu. While Vanuatu regulation is regulation as well, it cannot be compared to MiFID, in regards to regulatory standards and overall compliance.
Primus Africa Pty Ltd. is apparently also part of the picture.
In addition to the above said licenses, the broker is also registered with an impressive number of national regulatory agencies, such as Germany’s BaFin, the UK’s FCA, Italy’s CONSOB and Poland’s KNF – among others.
Why should a trader create an account with FXPrimus though?
The company touts a series of advantages and perks, that are supposed to place it above its peers, choice-wise.
In addition to offering an industry-best trading platform, FXPrimus sees it as its mission to provide its traders with academic- technical- and practical assistance.
It also offers personalized, multilingual support, superb execution, a decent selection of account types and good market coverage.
As already said, some of the spreads offered by the broker are extremely tight. The ECN Premier account for instance, features spreads starting from 0.4 pips on the EUR/USD FX pair.
The broker accepts scores of different deposit/withdrawal methods, such as MasterCard, Skrill, Neteller and UnionPay – among others. Indeed, some of the traders of the brokerage have registered solely on account of their preferred deposit/withdrawal method being supported.
FXPrimus Account Types
The broker supports quite a few account types, looking to cover as wide a range of trader needs as possible.
The simplest account type, which is also risk-free, is obviously the Demo Account.
Through the Demo Account, traders gain access to the MT4 Web Trader environment, which is – in and of itself – a very capable trading platform.
The FXPrimus Variable account gives traders access to a superb selection of educational resources, in addition to all the available tradable assets.
An impressive range of trading tools are also put at traders’ disposal.
The FXPrimus ECN Premium Account is a top-tier account option for those willing to invest at least $500 per trade. Trading signals and SMS trade alerts are also included in this package. Trading seminars are also available to ECN Premium Account holders and the spreads start from 0 pips.
Three account tiers are available, of which the most accessible is the Standard Account.
The minimum required deposit on this one is $1,000. For that money, traders receive daily market updates as well as SMS trade alerts and one-on-one consultation with a specialist.
Those who want to grab more perks, can opt for the Premium Account option, which includes a handy MT4- and trading tools training too, in addition to everything the Standard account has to offer. Market updates delivered through the phone are also included in this package. The minimum required deposit for this one is $2,500.
The top-tier account is the VIP one, which requires a minimum deposit of $10,000. This account tier delivers VIP trading signals, a 30-minute consultation with a specialist and 24/5 access to the services of a market specialist.
FXPrimus Trading Platforms
The backbone of FXPrimus’ trading platform offer is obviously MT4. The broker offers several versions of the world’s most popular trading environment, from a Web Trader to mobile- and the fully downloadable versions.
The capabilities of MT4 are quite peerless in the world of trading. Its charting is outstanding, featuring several chart-types, an impressive number of time frames and scores of drawing tools.
FXPrimus’ MT4 for Windows is available in some 30 languages and it is indeed a fully customizable environment. While the version that can be downloaded for free from the broker’s website comes with a number of preinstalled technical indicators, traders are free to install more. They can even create their own from scratch, using the tools offered by the platform.
The most popular feature of the platform is its support for EAs (Expert Advisors). Through these EAs, traders can put their favorite strategies to work day and night, without having to keep an eye on their computer. Of course, for ideal EA use, one needs a good VPS service, and that’s exactly what FXPrimus offers.
Through this VPS service, traders can connect their MT4 platforms to a remote computer located close to the servers of the broker. This way, minimum latency is assured.
The broker has data centers running in New York as well as London, so finding the proper location for their VPS hosting is not a problem.
Besides low latency, the service also guarantees permanent uptime. To qualify for a free VPS deal, traders need to have at least $500 in their balances and they need to trade at least 5 standard round-turn lots within a month of their account activation.
In addition to all the above, there’s a Platinum API available too, which lets traders create custom trading experiences through the use of the FIX Protocol. This option is only available for elite traders though: a minimum deposit of $50,000 is required for it.
The Bottom Line
FXPrimus looks like a decent trading destination: it is regulated, and it is by no means a “one-man operation” as some of the user feedback alleges.
It offers a superb selection of trading platforms and trading tools and its market coverage is good, though it could be improved through the addition of cryptocurrency-based CFDs.
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