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FXPrimus Review

FXPrimus Review

FXPrimus is a financial trading broker that offers forex, stocks, and commodities on its web and app platforms. This 2021 review covers the broker’s benefits, security features, and core trading services. Make sure you read before you open an account.

History & Overview

The firm started life in 2009 as FX Primus Europe (CY) Limited. Its owner and CEO, Terry Thompson, has since secured CySEC regulation and set up the company’s head office in Limassol, Cyprus.

This review covers FXPrimus Global (www.fxprimus.com) which belongs to the FXPrimus Group along with Primus Markets INTL Limited and Primus Africa (Pty) Ltd. Note – FXPrimus Malaysia is a separate entity with alternative headquarters and is not affiliated with the broker.

MetaTrader 4 Platform

The MetaTrader 4 (MT4) platform is available for download on Windows, Apple, and Android and is also available through their WebTrader. MT4 is well known for its user-friendly interface and automated trading capabilities. FXPrimus also provides a free Virtual Private Server (VPS) to traders with a balance of $500+.

FXPrimus MT4
FXPrimus MetaTrader 4

Traders with $50,000 to invest can also utilize the broker’s Platinum API platform which operates outside of MT4 and enables enhanced automated and algorithmic trading systems.

Markets

FXPrimus offers to trade-in:

  • Forex – trade majors including EUR/USD and USD/GBP, along with your standard crosses and minors. There is also a selection of exotic pairs such as USD/ZAR
  • Indices – invest in CFDs on ten live global indices including the FTSE 100, Dow Jones STOXX 50, and NASDAQ 100, though note some key players are missing, including the Dow Jones US30
  • Cryptocurrencies – invest in a modest selection of crypto coins, including Bitcoin, Litecoin, and Ethereum
  • Commodities – buy and sell gold and platinum, plus energies such as natural gas and crude oil
  • Shares – trade on Facebook, Salesforce, Google, FedEx, and more

Trading Fees

FXPrimus makes its fees through a combination of spreads and commissions. The brokerage offers two different live spread options, ECN or variable.

The ECN Premier account promises the tightest spreads from 0.5 pips on popular pairs such as the EUR/USD. However, there is a commission of 10 USD per lot, which decreases when you reach a monthly trading volume of 250 lots. Alternatively, on the variable spread option, there are no fees, but market conditions dictate what you’ll achieve.

Leverage Review

Leverage at FXPrimus is capped at 1:30 for retail clients and 1:200 for institutional traders in line with CySEC regulations. Prospective clients should be aware of the risks associated with leveraged trading.

Mobile App Rating

FXPrimus has a fully functioning MT4 mobile app that is available for download on Apple or Android phones. The app has all the functionality available on the desktop version. It is also fully integrated, so all your trades and deposits are available to view on the mobile app, even if completed on your desktop.

FXPRIMUS MT4 Mobile
FXPrimus MT4 mobile app

Deposits & Withdrawals

FX Primus offers several deposit and withdrawal methods including bank wire transfer, credit cards such as Visa and Mastercard, plus e-wallets including Skrill and Neteller.

You can transfer using the following currencies:

  • USD
  • EUR
  • SGD
  • GBP
  • PLN
  • HUF

The minimum deposit rate is $100 per transaction. Withdrawals are generally free, though small amounts may incur a fee. When funding your account, be aware that your bank may use an intermediary to hold the money in escrow and charge a fee to do so.

Note, that ZAR is not accepted as a base currency.

Demo Account

FXPrimus offers a demo account on the MT4 platform. You can also open a demo account alongside your live account. The signup process is quick and easy. Following registration, you can access the client/member area from the trading tab on the homepage.

Bonuses & Rebates

Unfortunately, those looking for strong promotions will be disappointed to hear that FXPrimus is no longer running its deposit bonus scheme in 2020. The company decided to review its offering but has a history of offering free bonuses of between 30 to 50 USD upon sign up. Clients can also participate in trading contests from time to time.

Always check the terms and conditions of incentives and promotions.

Regulation

FXPrimus Global (fxprimus.com) falls under the regulation of the Cyprus Securities and Exchange Commission (CySEC). It also operates in compliance with the Markets in Financial Instruments Directive (MiFID). In line with CySEC regulations, FXPrimus offers a negative balance protection guarantee on all accounts meaning losses are capped at deposit amounts. However, this does decrease the leverage available to you.

FXPrimius (www.primusmarketscn.com) is regulated by the Vanuatu Financial Services Commission (VFSC). The VFSC is an offshore regulator which doesn’t place stringent rules on brokers.

In South Africa, the partner firm – FXPrimus Africa (Pty) is regulated by the Financial Sector Conduct Authority (FSCA).

Note, that the broker is available in multiple countries across Asia, including Indonesia, Vietnam, and Thailand, as well as in Kenya, Singapore, Nigeria, Hong Kong, Dubai, India, and the Philippines. FXPrimus is not available in certain countries, including the US and Canada.

Additional Features

As a global company, FXPrimus is known for its innovative functionality and services. On its central website, it provides all the resources you’d expect of a large brokerage to keep you in the know, including an education center with seminars, a daily outlook, educational videos, and a regularly updated news blog.

PAMM

FXPrimus offers a copy trade function on its PAMM website that allows you to piggyback on the positions of successful traders. Masters’ trade results are published on the website upon login so that you can review their performance and risk profile to select one that is right for you.

Accounts

There are three main account types; Standard, Premium, and VIP.

All accounts come with 24/5 support and professional indemnity insurance up to €2.5million as well as one-to-one consultations, SMS alerts, and the firm’s daily market outlook.

If you’re prepared to step up into the higher tiers, you’ll need a minimum deposit of $2,500 for the Premium account and $10,000 for the VIP account. For the additional capital outlay, you’ll gain a dashboard of benefits, including 60-minute training materials, market update calls, and VIP trading signals.

Note, that corporate and joint accounts are also available.

Benefits

Reasons to create an FXPrimus account include:

  • MT4 Platform
  • CySEC regulated
  • Zero deposit fees
  • Good customer reviews
  • Competitive ECN spreads

Drawbacks

There are a few disadvantages to using FXPrimus vs other brokers such as XM Global or FXTM:

  • No MT5 Platform
  • No swap free / Islamic account

Trading Hours

Forex trading is available on the platform from Sunday evening through to Friday. Other opening hours vary depending on the financial market.

Contacting Support

Customer support is available 24 hours, 5 days a week via email at [email protected] or through their live chat feature. They also have a Telegram support bot, Whatsapp, and Line accessibility. The telephone number for customer support is +357 25257687. Alternatively, you can submit a form via the Contact Us page.

Safety

The FXPrimus server is HTTPS secure meaning your personal data is protected from potential hackers trying to obtain your name, address, and bank details along with other details.

FXPrimus Verdict

FXPrimus is a long-standing, regulated broker offering multiple financial instruments. With the MT4 platform and ECN account, seasoned traders are well-equipped. Clients looking for welcome bonuses may be disappointed, but regulators are cracking down on sign-up offers across the industry. Overall, FXPrimus is a decent online trading broker.

Accepted Countries

FXPrimus accepts traders from Thailand, the United Kingdom, South Africa, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

Traders can not use FXPrimus from Australia, Belgium, Canada, France, Iran, Japan, Korea, Singapore, United States.

Alternatives FxGlory

If you are looking for alternatives to FxGlory we have compiled a list of the top 5 brokers that are similar to FxGlory below. This list of brokers like FxGlory is in order of similarity and only includes companies that accept traders from your location.

  1. HotForex – Its one of the leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
  2. MTrading – Trade Forex on 0.0 pip spreads with the world’s leading True ECN forex broker – MTrading.
  3. CMTrading – CMTrading offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
  4. Deriv.com – Deriv.com is a multi-asset online broker offering powerful trading aides.
  5. FXPesa – FXPesa is leading Forex, Crytocurrency and CFD broker offering the MT4 & MT5 platforms

Frequently Asked Questions

Is FXPrimus a good broker?

FXPrimus has many of the hallmarks of a good broker including being regulated by the CySEC. It also provides the MT4 platform which enables swift transactions with a raft of features.

Is FX Primus a market maker?

No, FXPrimus is an ECN broker and not a market maker.

What base currency can I open an FXPrimus account with?

FXPrimus offers accounts with base currencies in USD, EUR, GBP, and SGD. Note, that ZAR is not accepted as a base currency.

Does FXPrimus offer a demo account?

Yes, FXPrimus offers a demo account on the MT4 platform. Head to the broker’s homepage to register for a practice account.

Can I trade Bitcoin at FXPrimus?

Yes – clients can trade Bitcoin and several other cryptos at FXPrimus, including Litecoin, Ethereum, and Dash. The broker offers tight spreads and crypto-fiat pairs.

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