Abstract：WikiFX provides FXPRIMUS review: covering licenses, range of markets, user reviews, forex spreads, trading leverage, read our in-depth review before start trading.
FXPRIMUS is regulated by various jurisdictions online trading providers, which strives to deliver a safe environment with the best execution speeds combined with innovations and numerous rewards recognizing FXPrimus as the best Forex provider to their traders. The broker established its offices in Vanuatu, along with a Forex Broker in Cyprus, South Africa and other countries around the world to cover the global needs of their clients.
FXPRIMUS is actually operating as of the FXPrimus Group through three main brands, while clients may benefit from deep liquidity, provided by international top-tier banking institutions available anywhere in the Forex.
FXPrimus Pros and Cons
FXPrimus is a trusted brokers with top regulations including CySEC and FSCA South Africa. FXPrimus provides professional education and great research suitable for beginners, is one of the largest broker in South Africa, there is a selection of trading platforms and all trading styles are accepted.
On the negative side product offering is based on Forex and CFDs.
10 Points Summary
|Regulation||CySEC, FSCA, VFSC|
|Instruments||Forex and CFD products, Cryptocurrency, Indices, Commodities|
|EUR/USD Spread||1.7 pips|
|Base currencies||Various base currencies|
|Education||Free education, Webinars, Seminars and Financial EXPOs|
|☎ Customer Support||24/5|
One of the great offerings from FXPrimus is its established one of the safest and rewarding online trading environments with costs starting as low as from 0 pips. While overall, FXPrimus numerous achievements along with the advanced trading conditions were recognized by world traders over 100,000s and global publications as well. These awards including s such as Best Forex Broker Europe 2019 by FxDailyInfo Awards, Most Trusted Broker Asia by Global Brands Awards and more.
Is FXPrimus safe or a scam
No, FXPrimus is not a scam, it is authorized broker also provides Professional Indemnity insurance up to 2.5m EUR for low risk Forex and CFDs trading.
Is FXPrimus regulated？
In terms of FXPrimus legit status and regulation it follows, since it is a brand name used by Primus Global Ltd previously known as FX Primus Europe (CY) Ltd, and is a part of FXPrimus group a global trading company with various representative offices. Due to its headquarter in Cyprus broker is authorized to provide services to European clients as per the Cyprus Securities and Exchange Commission CySEC regulation.
In addition, FXPrimus is regulated by other jurisdictions with the license from FSCA (South Africa), which allows residents from South Africa and international traders to join trading relatively easily. Besides, FXPrimus serves entity and authorized by the VFSC (Vanuatu), which is an offshore license that in fact does not demand strict and necessary safety measures.
In case the company is solely offshore we do not recommend trading or trusting those firms, however since FXPrimus is a European broker and due to its multiple follow of Forex guidelines FXPrimus is considered to be a safe trading environment.
|FXPrimus entity||Regulation and License|
|Primus Global Ltd||Regulated by CySEC (Cyprus) registration no. 261/14|
|Primus Markets INTL Limited||Authorized by VFSC (Vanuatu) registration no. 14595|
|Primus Africa (Pty) Ltd||Authorized by FSCA (South Africa) registration no. 46675|
Is FXPrimus legal in Malaysia？
FXPrimus does not have a legal entity in Malaysia, nor regulated by the local authority that regulated financial firms Bank Negara Malaysia BNM. It does not mean that if you are a trader from Malaysia you cant open an account with FXPrimus, the broker has Vanuatu entity which accepts clients from all around the world. It simply means that you will open an account with a company not particularly regulated in Malaysia.
It may seem misleading at some point, however FXPrimus has the reputation of a safe broker therefore the choice is always your whether to take a trading risk or not.
How are you protected？
The investors protection along with compliance to the set rules performed in numerous ways since obliges broker strictly to keep money in segregated bank accounts and make sure they are always protected. These rules are also monitored and audited by the regulatory bodies, which we recall to your attention again why regulated broker considered safe and eventually the only recommended brokers.
Moreover, all clients trading under Negative Balance Protection so that you will never incur any losses that exceed the account balance. As an added safety measure, FXPRIMUS has also introduced a client fund insurance of €2.5million, which is offered for free to all clients.
Leverage is the tool by which you may trade a large amount of money, due to its capability to increase your initial balance for a certain number of times, which is defined by the instrument as well as regulated also. Leverage may magnify your exposure to markets, yet the probability of profits or losses increases in parallel, which makes it essential to learn how to use leverage smartly.
Obviously, FXPrimus being a regulated broker offering leverage levels that are determined by the regulatory restrictions each authority impose. Simply it means you should verify with company customer service first which level you end to use, as it may be defined by your residence in the country or another. It is also a fact that you may choose under which entity to open an account, yet verify this with FXPrimus firstly as well.
Trading with European FXPrimus under CySEC and MiFID guidelines the maximum leverage level is set to 1:30 for Forex instruments
South Africa entity and traders may exposure to leverage of 1:200 for currency pairs and lower for other instruments
A global entity of FXPrimus based in Vanuatu enables you to trade with high leverage up to 1:300
The account types offered by FXPrimus also reflect its strive to manage the need of both beginning traders, those that require specified conditions and professionals.
Multiple account options offered by FXPrimus allowing you to access trading and markets with variable spreads and access to trade all range of its offered instruments. Besides you will trade with competitive spreads and no commission fee basis along with access to unlimited use of educational and research materials, which we will see in detail further in our FxPrimus review.
|Multiple Account options including ECN and Variable Spread Account, Islamic Accounts||None|
|Fast Account Opening, fully Digital|
|Low Minimum deposit|
The FXPrimus accounts offered including both Live Account and Demo accounts available for your practise or familiarization with a platform. While account types are divided by the investment size, where obviously the spreads will become lower as long as you trade with higher account grade. Besides, you may access the Micro Account trading option through the possibility to trade Micro lots.
Also, Premium Account end to additional services like weekly informative financial trading seminars and offered with lowest spreads.
Thus the Variable Account also known as Standard Account requires – 1000$, FXPrimus ECN Premium Account – 2,500$ and VIP Account – 10,000$, which also may vary according to the entity of FXPrimus you trade with.
Moreover, there is a possibility to request Islamic Account known as Swap-free account that traders of Islamic faith to enter the trading process with no swap charges or spread widening.
How do I create a Forex Demo account？
So in order to create a Demo Account, which is a great and necessary option for your practice before you jump to Live trading you simply should follow the next steps.
Further on, and once youre ready you can proceed with necessary verifications of your identity and open already Live Account with all the benefits offered by FXPrimus.
Opening Demo account step by step
1. Access FXPrimus Sign In page
2. Enter your personal data First and Last Name, Country of residence, email, phone, etc. Also, you may follow with Facebook or Google existing account.
3. Get access to your trading area through verification received by email
4. Once you ready you may activate Live trading through preference selection in your client area
With FXPrimus youll get access to trade over 120 Instruments including Forex, Commodities, Stocks, Energies, indices, and cryptocurrencies. Even though at some point trading instruments may seem limited if compare with other brokers, there are still enough popular trading instruments to diversify your portfolio especially considering good cost wide offered by FXPrimus, which we will cover further in our FXPrimus Review.
FxPrimus Markets compared to similar Brokers
It is also good to compare FXPrimus to other industry offerings, so in the table below you may see available assets and instruments.
The broker offers trading with a total of over 11,000 instruments from 19 markets. It offers an attractive commission structure to lure traders.
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