Overview of PrimeX Broker
Established in 2022, PrimeX Broker is a Forex and CFD broker that is registered in Saint Vincent and the Grenadines. The broker offers a range of financial instruments, including Forex, cryptocurrencies, commodities, indices, and stocks. PrimeX Broker claims to offer fast execution, low spreads, and flexible leverage options to its clients.
The broker provides three account types, namely Standard ECN, Narrow ECN, and ZERO ECN accounts, with the minimum deposit to open a standard ECN account starting from $10. Aside from live trading accounts, this broker also provides demo accounts for clients to practice their trading strategy and improve their trading skills. In terms of trading platforms, PrimeX Broker offers the popular MetaTrader 5 (MT5) platform for desktop, web, and mobile devices.
PrimeX Broker claims to provide 24/7 customer support through various channels, including phone, email, live chat, and social media platforms. The broker also offers limited educational resources, such as Forex tutorials and some forex trading programs.
Is PrimeX Broker legit or a scam？
PrimeX Broker is not currently regulated by any recognized financial regulatory authority. Trading with an unregulated broker comes with more risks and might not provide the same safety level as trading with a regulated broker. It's highly advised to do your research and carefully assess a broker before depositing any money and getting into a trading partnership with them.
Pros and Cons
Some of the pros of PrimeX Broker include their competitive trading conditions, such as tight spreads and leverage up to 1:500, as well as their diverse range of trading instruments and user-friendly trading platforms. They also offer 24/7 customer support and various funding options.
On the other hand, some potential cons of PrimeX Broker include their lack of regulation and limited educational resources. Additionally, their website is relatively new and there is limited information available about the company's history and background.
Market Instruments
PrimeX Broker offers a variety of market instruments for trading, providing its clients with a diverse portfolio.
Forex trading- With PrimeX Broker, traders can access a wide range of major, minor, and exotic currency pairs, allowing them to take advantage of various market conditions and trends.
Metals - PrimeX Broker offers access to a variety of metal markets, including gold and metal, providing traders with the opportunity to diversify their portfolio.
Indices - A basket of stocks that represent a specific market are offered, such as the S&P 500 or the FTSE 100.
Commodities - Commodities trading involves the buying and selling of physical goods such as crude oil, natural gas, wheat, and coffee.
Stocks - With PrimeX Broker, traders can access a variety of stocks from major global markets, providing opportunities to profit from changes in stock prices.
Cryptocurrency - Cryptocurrency trading involves the buying and selling of digital currencies such as Bitcoin, Ethereum, and Litecoin. With PrimeX Broker, traders can access a variety of cryptocurrency markets, allowing them to take positions on various digital currencies.
Account Types
PrimeX Broker offers three different account types to cater to the varying needs of traders: Standard ECN, Narrow ECN, and Zero ECN accounts.
Standard ECN Account: This account type requires a minimum deposit of $10 and offers a floating spread starting from 1.5 pip. The maximum leverage for this account is 1:400, and it allows traders to use all trading strategies and automated trading tools. This account also has no commission charges and offers a wide range of trading instruments.
Narrow ECN Account: This account type requires a minimum deposit of $1000 and offers a tighter floating spread starting from 1.1 pips. The maximum leverage for this account is 1:500, and it also allows traders to use all trading strategies and automated trading tools. This account charges zero commission and offers a wider range of trading instruments than the Standard ECN Account.
Zero ECN Account: This account type requires a minimum deposit of $5,000 and offers a zero spread starting from 0.1 pips. The maximum leverage for this account is 1:200, and it allows traders to use all trading strategies and automated trading tools. This account charges a commission of $8 per lot and offers a wider range of trading instruments than the other two accounts, with no swaps on all instruments.
Aside from live trading accounts, PrimeX Broker also offers a demo account to its clients, with the maximum trading leverage offered up to 1:400, margin as low as 2%, spreads starting from 1.5 pips like the Standard ECN account. The demo account can be used to test out trading strategies, get familiar with the trading platform, and gain experience before opening a live trading account. PrimeX Broker's demo account is free and can be used for an unlimited amount of time.
How to open an account？
If you want to start your trading journey with PrimeX Broker, here is a step-by-step guide on how to open an account:
Visit the PrimeX Broker website: Start by visiting the PrimeX Broker website and clicking on the 'Open Account' button. This will take you to the account registration page where you will be required to fill out your personal details.
Fill out your personal information: On the registration page, you will be required to provide your personal information, such as your full name, email address, phone number, country of residence, and date of birth. It is important to ensure that all the information you provide is accurate and up-to-date.
Choose your account type: Next, you will need to select the account type that best suits your trading needs. PrimeX Broker offers three types of ECN accounts - Standard ECN, Narrow ECN, and Zero ECN - each with its own unique features and benefits.
Provide additional information: After selecting your account type, you will be required to provide additional information such as your trading experience, investment goals, and financial status. This information will help PrimeX Broker to better understand your needs and provide you with the best possible trading experience.
Verify your identity: To ensure the security of your account, PrimeX Broker requires that you verify your identity. This can be done by providing a valid government-issued ID, such as a passport or driver's license.
Fund your account: Once your account has been approved and verified, you can fund your account with the minimum required deposit.
Leverage
PrimeX Broker offers variable leverage options, depending on the type of trading account chosen by the trader. The available leverage levels range from 1:200 to 1:500. However, it is important to note that high leverage can also amplify losses as well as gains. Therefore, traders should use leverage cautiously and ensure that they have a sound risk management strategy in place.
Check out this table that compares the leverage offered by PrimeX Broker with some other popular brokers like LegacyFX and Dollars Markets.
Spreads & Commissions (Trading Fees)
PrimeX Broker offers variable spreads which vary depending on the type of trading account and the market conditions. The spreads on the Standard ECN account start from 1.5 pips, on the Narrow ECN account they start from 1.1 pips, and on the Zero ECN account, they start from 0.1 pips.
As for commissions, the Standard ECN and Narrow ECN accounts offer a zero-commission trading environment, while the Zero ECN account charges $8 per round turn since it offers relatively competitive spreads.
The following table compares the minimum spreads and commissions charged by PrimeX Broker with those of other brokers:
Non-Trading Fees
Non-trading fees are charges that are not directly related to trading activities, such as deposit and withdrawal fees, inactivity fees, and account closure fees. These fees can add up and impact the profitability of a trader, which is why it is important to understand them before opening an account with any broker.
In the case of PrimeX Broker, there are no deposit or withdrawal fees, which is a great advantage for traders. However, the broker charges an inactivity fee of $50 per month if a trader does not trade for 3 consecutive months. Additionally, there is an account closure fee of $50 if a trader decides to close their account.
Trading Platform
PrimeX Broker offers the popular MetaTrader 5 (MT5) trading platform, which is a powerful and versatile platform used by traders worldwide. MT5 is known for its advanced charting capabilities, a wide range of technical indicators and charting tools, as well as automated trading functionality through the use of Expert Advisors (EAs). The platform is available for desktop, web, and mobile devices, allowing traders to access their trading accounts and execute trades from anywhere and at any time. Additionally, PrimeX Broker provides clients with access to the MT5 marketplace, which features a variety of third-party tools, indicators, and EAs that can enhance trading performance.
Deposit & Withdrawal
PrimeX Broker offers a variety of deposit and withdrawal options to its clients. Deposits can be made via bank transfer, International Development Bank, Perfect Money, Tether, ZAIN Cash. It appears that the minimum deposit amount varies depending on the account type, ranging from $10 to $5,000.
Withdrawals can be made using the same methods as deposits. It is important to note that withdrawals may be subject to fees, depending on the withdrawal method chosen. Bank transfers, for example, may be subject to transfer fees from the intermediary banks involved in the transaction. The processing time for withdrawals can also vary depending on the chosen method, but typically take 1-5 business days.
PrimeX Broker does not charge any fees for deposits or withdrawals. However, clients should be aware that their bank or payment processor may charge fees for these transactions.
Customer Support
Live Chat: PrimeX Broker offers a live chat service that is available 24/5, allowing traders to connect with a customer support representative in real-time. This can be a convenient option for those who prefer to communicate via chat and want immediate assistance with their inquiries.
Email Support: PrimeX Broker also provides an email support service for traders who prefer to communicate through email. Traders can send their inquiries to the support team at any time and can expect a response within a reasonable timeframe.
Phone Support: For urgent inquiries or complex issues that require more in-depth assistance, traders can reach out to PrimeX Broker's phone support service. The broker provides a phone number that traders can call during business hours, and they can expect to speak with a customer support representative who can provide personalized assistance.
FAQ Section: PrimeX Broker offers a comprehensive FAQ section on their website, covering a wide range of topics such as account opening, trading, deposits and withdrawals, and more. This can be a helpful resource for traders who have questions and want to find quick answers without having to contact customer support.
In addition to email and phone support, PrimeX Broker also provides a contact form on their website for customers to submit their inquiries. The contact form is a convenient option for those who prefer to communicate in writing and allows the support team to efficiently handle customer requests.
Educational Resources
PrimeX Broker provides limited educational resources, mainly focused on forex trading. They offer a basic forex education section on their website, which covers topics such as forex trading basics, technical analysis, and risk management.
Conclusion
PrimeX Broker offers a range of trading instruments including forex, metals, indices, commodities, stocks, and cryptocurrencies. The broker also provides multiple account types to cater to the different needs of traders, as well as a demo account.The broker also offers high leverage up to 1:500. PrimeX Broker does not charge any deposit or withdrawal fees, which is a positive aspect for traders.The . Customer support provided by PrimeX Broker is adequate, with phone support and live chat options.
FAQs
Q: Is PrimeX Broker regulated？
A: No, PrimeX Broker is not regulated by any financial regulatory authority.
A: PrimeX Broker offers three types of accounts: Standard ECN, Narrow ECN, and Zero ECN accounts.
A: The minimum deposit for a Standard ECN account is $10, for a Narrow ECN account is $1,000, and for a Zero ECN account is $5,000.
A: PrimeX Broker offers the popular MetaTrader 5 (MT5) trading platform.
A: PrimeX Broker offers a variety of instruments for trading, including forex, metals, indices, commodities, stocks, and cryptocurrencies.
A: The maximum leverage offered by PrimeX Broker varies depending on the type of account, ranging from 1:200 to 1:500.
A: PrimeX Broker supports a variety of deposit and withdrawal methods, including Bank Transfer, International Development Bank, Perfect Money, Tether (USD T), Zain Cash .
2023-03-07 15:10
2023-01-25 04:36
