FXPRIMUS REVIEW
GENERAL INFORMATION
Broker Name:
FXPrimus
Broker Type:
Forex
Country
Cyprus
Operating since year:
2013
Regulation:
CySEC (Cyprus – Primus Global Ltd), VFSC (Vanuatu – Primus Markets INTL Limited), FSCA (South Africa – Primus Africa (Pty) Ltd)
Address:
Office 102, Zavos Kolonakiou Center, 25 Kolonakiou Street, Limassol, 4103, Cyprus
Broker status:
Regulated
CUSTOMER SERVICE
Phone:
+357 25262084
Email:
Languages:
English, Chinese, Russian, Vietnamese, Thai, Spanish, Indonesian, Portuguese, Czech, Somali, Burmese, Arabic
Availability:
24/5
TRADING
Trading platforms:
MT4
Trading platform Time zone:
EET (GMT +2)
Demo account:
YES
Mobile trading:
YES
Web-based trading:
YES
Bonuses:
YES
Other trading instruments:
ACCOUNT
Minimum deposit ($):
$100
Maximal leverage:
1:500
Spread:
TIGHT
Scalping allowed:
YES
FXPRIMUS REVIEW: GENERAL INFORMATION
FXPrimus is an established online brokerage firm offering a multitude of trading instruments including currencies, cryptocurrencies, stocks, bonds, oil, and others. The company was founded in 2009 and has been operating ever since.
The broker is based in Cyprus. The address is Zavos Kolonakiou Center, 25 Kolonakiou Street, Limassol, 4103.
Although the firm has been operating for some time now, its users don’t seem to be quite satisfied with the experience. Multiple accusations, ranging from shady business practices, to outright being a scam, have popped up online.
Naturally, bad reviews don’t necessarily translate to a poor experience, but they do raise some alarms. Our job is to check if the accusations against the firm are valid, and see if the company is worth using over other, similar ones.
Our FXPrimus review will discuss all of the information you need to decide if FXPrimus is for you.
Some of the interesting features FXPrimus offers are:
• SKILL-ADAPTIVE EXPERIENCE
The FXPrimus website has a rarely-seen function set in place for its traders. Namely, upon making an account they’ll need to declare whether they’re a new or experienced trader. New traders are then directed towards a section where they can learn more, while the other group is given the tools they need to start their exchange.
• 500:1 LEVERAGE
Solid leverage is the backbone of a positive trading experience, at 500:1, you shouldn’t be disappointed.
• MOBILE TRADING
For some traders, trading on the go is a commodity, while for others it’s a necessity. In modern days, many don’t even consider using platforms without a mobile client. Luckily, FXPrimus ensured that you can use the service via your Android or IOS device.
FUNDS TRADING AND SECURITY
FXPrimus’ global branch is regulated by CySec, a difficult license to obtain. To boot, Primus Markets INTL Limited has received certification from VFSC. Lastly, Primus Africa (Pty) Ltd., has been authorized by the South African FSCA.
At a glance, that should be enough to guarantee fund safety. However, as we already mentioned, there are many comments that accuse FXPrimus of being malicious towards customers. It’s easy to find people saying that they can’t withdraw their money. There are some slightly more specific accusations, such as modifying accounts so that the time to open or close orders becomes too long to make a profit.
If there’s any truth to the statements, the service might be a scam altogether.
TRADING ACCOUNTS
Account variety is another area FXPrimus is weak in. It provides nearly no variety, which makes it so there’s no way to tailor your user experience towards your particular wants. One good thing to be said, however, is that there’s an option to open a demo account, which is always welcome.
However, since most experienced traders are more interested in live accounts, here are the types that FXPrimus offers:
• STANDARD
- Minimum deposit: $1000
- Daily market outlook
- SMS alerts
- 100% Trading bonus
- One to one consultation
• PREMIUM
- Minimum deposit: $2500
- Daily market outlook
- SMS alerts
- 100% Trading bonus
- One to one consultation
- 60 minute MT4 & Trading
- Tools Training
- Live Market Update
- Telephone Calls
• VIP
- Minimum deposit: $10000
- Daily market outlook
- SMS alerts
- 100% Trading bonus
- One to one consultation
- 60 minute MT4 & Trading
- Tools Training
- Live Market Update
- Telephone Calls
- 30 Minute Consultation with
- Market Specialist
- Personal Access to Market
- Specialist 24/5
- VIP Trading Signals
As we already said, the options are limited compared to other traders. Another thing to note is that your VIP and SMS will be deactivated within 30 days of trading inactivity.
TRADING CONDITIONS
The trading conditions at FXPrimus, while entirely safe at first glance, don’t seem to hold up in practice. While they offer a lot of seminars and lessons to improve their clients’ skills, they have been under an alarming amount of criticism. Furthermore, they don’t offer a large variety of accounts, having only standard, premium, and VIP options. As such, the option for traders to customize their experience is quite limited. Lastly, the choice of trading instruments leaves a lot to be desired, as the site provides just shy of 100.
Not everything is bleak, as there are positives in the experience FXPrimus provides. Their focus on teaching, for example, is quite nice, as well as the 1:500 maximum leverage the platform provides. Withdrawal options are also plentiful, feeless, and relatively quick, with most taking up to 24h to go through.
Overall, there’s a lot to be desired as far as the trading conditions go. The positives of FXPrimus can be found elsewhere, while the negatives are somewhat severe.
FXPRIMUS REVIEW: TRADING PLATFORM
FXPrimus did make a solid choice in choosing a trading platform, at least. They use MetaTrader 4, one of if not the most popular platforms present. MT4 provides many benefits, but the one that stands out is accessibility. The platform is quite intuitive to use, allowing for both novices and pros to enjoy it.
Besides being simple to use, the platform also provides a multitude of tools to assist the user experience. It provides powerful analytic tools, as well as access to a large number of assets made available through CFDs. Additionally, the platform is secure and encrypted, ensuring that no outside sources are able to view and potentially steal your data.
Lastly, there’s also a mobile platform, allowing for trades on the go. Many users don’t like having to be around their desktops to trade, so mobile trading has become somewhat of a must. The app can be downloaded through Google Play and Apple online stores.
FXPRIMUS’ TRADING PRODUCTS
The broker, as we mentioned before, doesn’t offer a large base of products, although it does cover all the basics. Here’s a shortlist of what you can expect to see there:
- Over forty currencies – The alleged instant speed of FXPrimus should allow you to make snap decisions regarding buying and selling in order to turn a profit. Be wary, however, as some users have complained about intentional slow-downs to make financially benefiting more difficult.
- Spot energies – You’ll also be able to invest in crude oil, natural gas, and others. FXPrimus allows for solid rates, which, in theory, lead to conditions that are competitive.
- Spot commodities – Many different types of commodities are available to you through the FXPrimus platform. You’ll be able to trade gold, silver, and other precious metals.
- Spot shares – No trading platform would be remotely competitive without providing the option to trade shares. Anyone can purchase or sell a plethora of different shares from both leading and less-known companies.
- Digital currencies – A rising trend in trading, digital, or crypto-currencies have been steadily gaining popularity for years. At FXPrimus, you can exchange some of the most prominent ones, such as BTC, LTC, and ETH.
CUSTOMER SERVICE
For simpler issues, a FAQ page has been set up on the FXPrimus website. It contains many common questions and issues, as well as ways to resolve them. If that doesn’t work, however, there are live alternatives.
The website provides all the customer service options you’ve come to expect from modern-day platform providers. There’s live chat, available 24/5, excluding Saturdays and Sundays, a telephone line, and an email address where you can reach the firm.
Phone number: +27 105004213
Email: [email protected]
FXPRIMUS REVIEW: CONCLUSION
Upon further inspection for this FXPrimus review, we have found out that FXPrimus does have some solid features. It has a learning focus that allows new trading enthusiasts to ease into the world of trading. The lessons they provide can be seen elsewhere, but their usefulness can’t be denied.
Additionally, the website chose a good platform in MetaTrader 4. As we already mentioned, the platform is a good choice for both new and experienced traders, with its ease of use and straightforwardness. Those two facts combined would make us recommend FXPrimus to new traders at least if it didn’t have numerous issues.
First off, the trading product options are quite limited and the chances for you not to find what you want are quite high. Additionally, there are only three account types, which both limit customization for experienced traders and make it so that newbies can’t transition into trading more seriously smoothly.
Lastly, the most pressing concern is the negative reviews the website has been getting for quite some time now. There are serious accusations of the owners using various methods to scam users out of their hard-earned funds. Naturally, each website gets its fair share of negative reviews, some from people angry they lost money, some from those that didn’t read the terms and conditions. FXPrimus, however, due to the consistency and severity of accusations it has received doesn’t have the luxury of dismissing the claims as disgruntled users taking their revenge.
As we’ve mentioned before, please consider the entire FXPrimus review. Also, make sure to find additional information on the broker.
In our eyes, FXPrimus is a scam, and even if it wasn’t, the experience it provides is mediocre at best, with many better alternatives present on the market.
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FXPrimus Review
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Support
(2)
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Platform
(1.5)
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Spread
(1.5)
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Trading Instrument
(1.5)
4 Comments
A high minimum deposit always makes me doubtful of new broker. Thanks for confirming my suspicions.
Did you find this review helpful? Yes No
Nothing to help new traders really makes me think they only care about getting cash quick.
Did you find this review helpful? Yes No
Not the worst broker I’ve encountered but really far from the best. Finding something better is really easy.
Did you find this review helpful? Yes No
I wonder if they have a support team or not??? I am waiting for the answer a whole month!