Overview of FXPRIMUS
FXPRIMUS is an unregulated foreign exchange broker that has been in operation since 2009. Based in China, the company offers forex and CFD trading services to investors. They provide ECN accounts with a minimum deposit requirement of $100, and the maximum trading leverage offered is 1:500. Traders can access a range of tradable assets, including forex pairs and CFDs on various instruments such as commodities.
The company allows deposit and withdrawal through bank wire transfer, credit cards, MoneyBookers, Click and Buy, and CASHU methods, without any associated fees for withdrawals. However, it is important to note that the spreads offered on certain instruments, such as EUR/USD and Gold, may be relatively higher compared to some other brokers.
Regulation
FXPRIMUS operates as an unregulated broker, meaning it does not have any regulatory oversight or supervision from any financial authority. As an unregulated broker, FXPRIMUS is not subject to the rules, guidelines, or compliance standards set forth by regulatory bodies that oversee financial services providers. Trading with an unregulated broker like FXPRIMUS entails significant risks and disadvantages.
Without regulatory oversight, the broker may not be held to the same standards as regulated entities, potentially exposing traders to a higher risk of fraudulent activities, mismanagement of funds, and lack of transparency.
Pros and Cons
FXPRIMUS provides a wide range of tradable assets, including forex, commodities, indices, equities, and cryptocurrencies, allowing traders to access various financial markets. It offers different account types and multiple trading platforms, provides traders with flexibility and choice. FXPRIMUS also stands out in terms of maximum trading leverage, enabling traders to employ higher leverage strategies if desired. The broker's customer support options, including live chat, email, and phone support, ensure that clients can seek assistance through various channels.
Despite its offerings, there are notable drawbacks to consider when dealing with FXPRIMUS. The broker operates without any effective regulation, making it an unregulated entity. This lack of oversight raises concerns about client protection and financial transparency. Additionally, the spreads offered by FXPRIMUS on certain instruments, such as EUR/USD, Crude oil WTI, Gold, and BTCUSD, are relatively higher compared to other brokers, potentially leading to increased trading costs for traders. Furthermore, the website's inaccessibility, as reported with fxprimus-chinese.com, can raise doubts about the company's credibility and hinder traders from accessing essential information or creating trading accounts seamlessly.
Inaccessible Website
FXPRIMUS website is currently inaccessible. An inaccessible website can have negative implications for the company's credibility. Without a functioning website, traders cannot access essential information about the company, its services, account types, and other crucial details needed to make informed decisions about trading with FXPRIMUS.
Furthermore, the absence of a functional account creation process means that interested traders cannot register to trade with the company. This lack of accessibility may deter potential clients from engaging with FXPRIMUS, as they are unable to proceed with the necessary steps to initiate a trading relationship with the broker.
Market Instruments
FXPRIMUS market instruments consist of forex, commodities, indices, equities, and cryptocurrencies. The specifics are as follows:
Forex: FXPRIMUS offers forex trading, providing access to various currency pairs for traders to speculate on foreign exchange price movements.
Commodities: FXPRIMUS allows trading in commodities, providing opportunities to trade precious metals like gold, energies such as crude oil, and agricultural products.
Indices: FXPRIMUS offers trading on indices, enabling investors to speculate on the performance of stock market indices representing a specific group of companies.
Equities: FXPRIMUS provides access to equities trading, allowing investors to buy and sell shares of individual companies listed on various stock exchanges.
Cryptocurrencies: FXPRIMUS offers trading in cryptocurrencies, enabling investors to trade digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, and Tether.
The following is a table that compares FXPRIMUS to competing brokerages:
Account Types
Account types offered by FXPRIMUS include Standard Account, ECN Account, and Islamic Account. Specifics are as follows:
Standard Account: FXPRIMUS offers a Standard Account, which is a basic account type for traders looking to start trading with a lower initial deposit. This account allows leverage of up to 1:1000 and features starting spreads of 1.5 pips.
ECN Account: FXPRIMUS provides an ECN Account option, designed for traders seeking faster order execution and access to interbank liquidity. This account requires a minimum deposit of $100 and offers leverage of up to 1:500, with starting spreads as low as 0.3 pips.
Islamic Account: For traders who follow Islamic principles, FXPRIMUS offers an Islamic Account. This account type operates in accordance with Sharia law, ensuring that no swap or interest charges are applied to overnight positions. Similar to the Standard Account, it offers leverage of up to 1:1000 and starting spreads of 1.5 pips.
The specifics of the account types are as follows:
Minimum Deposit
FXPRIMUS offers relatively low minimum deposit rates for its account types. Traders can start with a minimum deposit of $15 USD for both the Standard Account and the Islamic Account. For those who prefer the ECN Account with faster execution and access to interbank liquidity, the minimum deposit requirement is set at $100 USD. These minimum deposit rates enable traders to access the different account types and begin their trading journey with the broker.
Leverage
FXPRIMUS provides different leverage levels based on the market instrument being traded. For major forex pairs, the broker offers maximum trading leverage of up to 1:1000, allowing traders to potentially amplify their positions. The leverage for minor forex pairs is up to 1:500. When trading commodities, the maximum leverage is up to 1:100, and for indices, it is up to 1:500. However, when it comes to cryptocurrencies, the leverage is limited to a maximum of 1:5.
Here's the table comparing the maximum leverage on market instruments offered by FXPRIMUS, OctaFX, FXCC, Tickmill, and FxPro:
Spread
FXPRIMUS offers varying spreads for different market instruments. For major forex pairs, the spread starts from 1.5 pips, while for minor forex pairs, it begins at 1.5 pips as well. When trading commodities, the spread starts from 1.7 pips. However, there is no specific information about the spread of indices and cryptocurrencies.
Deposit & Withdrawal
FXPRIMUS offers a range of deposit and withdrawal methods. Traders can do either using various options, including bank wire transfers, credit/debit cards, and e-wallets like Skrill, Neteller, WebMoney, Perfect Money, and Fasapay. Additionally, the broker supports depositing funds with China UnionPay, iDEAL, Sofort, Giropay, EPS, Przelewy24, Qiwi, Neosurf, AstroPay, and cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and Tether.
Trading Platforms
FXPRIMUS provides traders with a choice of multiple trading platforms. Clients can opt for the popular MetaTrader 4 platform, known for its user-friendly interface, advanced charting tools, and automated trading capabilities through Expert Advisors (EAs).
The broker also offers the MetaTrader 5 platform, an upgraded version of MT4, providing additional features and asset classes for trading. For traders who prefer an alternative, FXPRIMUS supports the cTrader platform, offering advanced trading functionalities, level II pricing, and a customizable interface.
The following is a table that compares FXPRIMUS's trading platforms to that of competitors:
Customer Support
FXPRIMUS purportedly offers the following support options, including live chat, email and phone support. Specifics on the different types are as follows:
Live Chat: FXPRIMUS offers live chat support as one of its customer support options. Traders can engage in real-time conversations with support representatives through the website, seeking assistance and resolving queries efficiently. However, this is currently unavailable due to the unavailability of the website.
Email: For more formal communication, traders can reach out to FXPRIMUS through email. By sending an email to the designated support address,assets@FXPRIMUS.com, clients can seek assistance or inquire about various matters related to their trading accounts.
Phone Support: FXPRIMUS provides phone support for clients who prefer direct verbal communication. Traders can contact the broker's support team via phone to discuss any trading-related issues or seek immediate assistance.
Conclusion
In conclusion, FX,PRIMUS is an unregulated forex broker that offers a variety of financial instruments, including forex, commodities, indices, equities, and cryptocurrencies. Traders can choose from different account types, including a Standard Account, an ECN Account, and finally an Islamic Account.
The broker provides various trading platforms, such as MetaTrader 4, MetaTrader 5, and cTrader, catering to traders' preferences. However, the unregulated status of FXPRIMUS matched with the lack of an accessible website may raise concerns for potential clients seeking regulatory oversight for their investments.
FAQs
Q: What types of financial instruments can be traded with FXPRIMUS？
A: FXPRIMUS allows trading in forex, commodities, indices, equities, and cryptocurrencies.
Q: How many trading platforms does FXPRIMUS offer？
A: FXPRIMUS provides three trading platforms: MetaTrader 4, MetaTrader 5, and cTrader.
Q: Is there an option for an Islamic Account？
A: Yes, FXPRIMUS offers an Islamic Account adhering to Sharia principles.
Q: What are the available customer support options？
A: Traders can access customer support through live chat, email, and phone channels.
Q: Does FXPRIMUS have any regulatory oversight？
A: No, FXPRIMUS is not regulated by any regulatory authority recognized by WikiFX.
Q: What is the maximum trading leverage offered for major forex pairs？
A: FXPRIMUS offers a maximum trading leverage of up to 1:1000 for major forex pairs.
China|2-5 years| 
WikiFX
2024-01-09 18:42
