FXPrimus Video Review
FXPRIMUS.com was established by retail traders, regulated across the globe and has spread its reach across more than 200 countries around the world. When a broker places their emphasis on transparency, security and performance under a tight net of regulatory structure you know you’re on to a winner. FXPrimus acts as an STP (Straight Through Processor), meaning it passes the trades on to third party liquidity providers. One of the biggest conflicts of interest in Forex is trading with a broker that takes the other side of the trade. This means the broker wins when you lose. It’s not a good environment to trade under.
Football and Forex, a heady mix, FXPrimus is the official Manchester City football club sponsor.
FXPrimus Reliability – Is FXPrimus a scam?
FRXPRIMUS.com takes huge steps in promoting transparency in its operations. Formally based out of Mauritius, this broker has moved its operation to Cyprus, to lend it some further credibility. It also means that this broker must be regulated across Europe. Now a Cyprus regulation would have been enough but FXPrimus took great pains to become regulated with various authorities across Europe. This is a very good sign and should set any traders mind at ease.
When looking for a broker to trade with almost nothing is as important as the regulatory oversight which governs that broker. Cyprus has become a hub for Forex and binary operation. While its local regulatory operator, Cysec does insure and protect traders’ deposits, it is definitely not the strictest regulator. In fact it is easier to become regulated by Cysec and in turn to report to them, then with the FCA in the UK and indeed with the various US regulators.
Firstly with Cysec the broker must report on its own funds and any large exposures to the market as well as having a certain amount of market capitalization. Reporting is on going and looks also at the amount of leverage the broker offers the trader.
It would be remiss of us not to highlight the fact that FXPrimus also falls under MIFID directives, and is a member of the Investor Compensation Fund in Europe. It is also regulated in France, Germany, Greece, Luxembourg, Norway and Spain – a veritable network of regulators.
Operational History of FXPRIMUS.com
FXPRIMUS have achieved milestones in their modus operations. The company have demonstrated that it is a professional outfit and even take the steps to ensure that it is ISO certified. With an ISO certification, the company can certainly claim that it has met a standard recognized internationally in the way they manage their business. There are certainly not many Forex brokers around the world that can claim have such bragging rights.
FXPrimus over a choice of MetaTrader4, the industry standard platform and the Sirix Web Trader, the go-to white label web platform. Additionally they offer mobile trading as is now the norm in the industry. They also feature a console platform called MyFX which piggybacks off of the MT4 and is a simple user friendly platform that strips all the noise from the platform leaving a clear user interface.
Additional trading products include Autochartist, chart recognition software which can help you identify trades, entry and exit points and the economic calendar which identifies events and indicators which can prompt trading opportunities.
Types of Trading Accounts
As with most Forex brokers, FXPRIMUS.com offers their clients the opportunity to test-drive their system. There is a demo account which allows traders to trade with $50,000 virtual money. And if they feel comfortable with the system, they can open up a trading for as little as $250. Trading accounts are separated into “Individual Account”, “Joint Account” and “Corporate Account”.
Commissions and Spreads
With FXPRIMUS.com, traders are assured of only being charged the tightest possible spreads. One of the lowest spread with FXPRIMUS.com is the EUR/USD currency pair which cost traders only 1.2 pips to trade through the ECN account or 2.5 pips on the variable account.
In addition to the English language, FXPRIMUS.com’s website comes in a huge selection of languages which almost span the whole globe. If ever you are in need of their technical support, you have the option to contact by live chat, email or by phone.
To recap, the advantages of trading with FXPRIMUS.com are:
- They are a STP broker which means no dealing desk
- Have no hedging restrictions
- Offer trading opportunities for other assets and not just Forex
- Low spreads
- Reliable MT 4 trading platform
- High Leverage of 1:500
- Regulated by the Financial Services Commission (FSC) Mauritius
- Low minimum deposit requirement
- Efficient 24 hours Customer Support
- Free real-time market news provided
It is hard to find fault with FXPRIMUS.com as they are a solid and trustworthy future here for the long term.
As mentioned earlier, FXPRIMUS.com was established by retail traders which means they come from a place of understanding of what the trader expects and requires. Their offering is comprehensive and we can find no fault with this quality broker.