Access to the capital market enabled the common man to play Wall Street investors, a game where traders around the world put a lot at stake. Some traders are ready to invest their last dime in a trade that seems promising. The industry is full of traders who meanwhile switched to full-time trading and whose returns from the market are their primary source of income. Those are usually the big traders who have been trading for series of years and who figured out how the market works. Well, it is true that no one can predict the market events and the economy but skillful traders’ secret is that they make more winning than losing trades. The key is to increase the frequency of wins, but yet many average traders count more losses than wins. That is the inevitable fate of the average trader, but they keep going on expecting their breakthrough one day. What matters is that traders find the right broker who is able to provide them what they need. This PriorFX review will deal with PriorFX and its services in the highly volatile market. The broker is relatively new but has been operating steadily in the past few years.
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PriorFX Background
As A European broker, PriorFX, of course, chose a place where Forex is an everyday thing. As many other brokers, PriorFX settled in Cyprus and works under the regulation of CySEC and the EU MiFD directive. The broker obtained its CySEC license for online trading in 2013 and can be classified under the category of new Forex brokers with a bright future. The broker did not break any CySEC rules in the past three years and obediently follows legal protocols regarding all aspects. It is always hard to meet the high industry standards, especially since the rules get stricter every now and then. For example, the latest legal amendment increased the starting capital and made it mandatory to ensure clients on additional 20,000 euros in case the broker faces bankruptcy. This means a lot to traders who have heard and unfortunately felt it on their own skin that some brokers just vanish with their investments. CySEC and other regulatory agencies, therefore, impose very strict policies to avoid scams and malpractices. PriorFX is trusted thanks to its CySEC license and is free to offer its services, while in return traders enjoy legal protection.
PriorFX Trading Platform
We have seen that the broker followed the example of other brokers when it comes to the license, and PriorFX does not deviate from that rule regarding the trading platform. As the majority, PriorFX offers the Meta Trader 4 platform in all its versions. The platform is suitable for Windows and Mac PCs and offers a wide range of possibilities with its exquisite trading features. If you are rather a fan of mobile trading, you can download the PriorFX mobile app to Android and iOS devices, tablets, etc. Mobile trading has become the most popular trading form, and the majority of traders prefers it over desktop trading.
Account Types
There are two types of PriorFX account. The first one is the Standard Account which is available at $250. The pips are very competitive on major pairs and already start from 1.2 pips. One of the best features of an STP account is very rapid execution and the no requotes policy. The minimum trade size is the standard 0.01 lot, and leverage reaches 1:200. Trade over 40 currency pairs, indices, and commodities on this account. Additional perks of the account are personal managers, personal coaching, and reports. The Xchange account has the same minimum deposit ($250), and the account is made for those who are fans of the scalping strategy. Leverage and minimum trade size remain the same with this account. This account comes with an $8 commission per trade size. The other benefits listed in the Standard account are also part of the XChange account. This account offers lower raw spreads, i.e. from 0.1 pips.
PriorFX Bonus
Unfortunately, PriorFX offers no bonuses, nor promotions. It is always disappointing to discover that a good broker has no rewards waiting for traders. Some brokers offer a full bonus policy with welcome bonuses, deposit and no-deposit bonuses, cash backs, referrals,e tc., but PriorFX is not one of them. Still, the lack of bonus should not be a reason to give up on this broker or any broker, since it is more important that the broker follows the rules and keeps your funds safe.
Funding Options
The broker has a very long list of payment methods they accept. The funds are withdrawable in one to five days, depending on the payment method of your choice. Also, the minimum withdrawal amounts depend on the payment method, whereas there is no maximum limit. The payment methods include:
- Wire transfer
- Credit card
- Skrill
- Neteller
- WebMoney
- Qiwi
- UnionPay
- Yandex
Customer Support
The multilingual PriorFX customer support is available all the time during workdays and can be contacted via phone, e-mail, and live chat. Live chat became very popular since it proved to be very efficient. The live chat was a true innovation a few years ago, and brokers also recognized the values of this communication method.