It cannot be easy for brokers who have been in business for decades to see how the new companies rise and steal their clients and traders. Still, the experienced broker has something new brokers cannot take away from them, and that is the needed experience. On the other hand, brokers who know how to run their business, they do not mind the dramatic influx of newcomer Forex brokers. This review reflects back on the beginnings of one broker who has been offering Forex services for a very long time now. The FXPrimus review will give you an insight into the broker’s service package. The Forex market is merciless, and brokers have to work hard to stay in business, despite the fact that it is the most liquid market of all times.
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FXPrimus General Info
FXPrimus has established a decent reputation in the past years, and even younger traders prefer this broker over newly established brokers who are supposedly hip and modern. FXPrimus has been in business since 1999 and maintains many offices like in New York, Amsterdam, Singapore, and Hong Kong. The broker also offers STP services to its customers, a service which lets traders place trades on the basis of differently quoted assets. STP provides for competitive spreads and prevents conflict of interest between broker and customers. FXPrimus is situated in Cyprus and registered with CySEC. Let us remind you that this broker was around before strict market regulations and made it through those times just to reapprove its quality and loyalty under new legislation which has to harmonize with the EU directives and rules. The broker also has many other licenses which only reassures its value. An important thing to mention is that the broker accepts US clients and has its American customer base overseas. Most European brokers do not provide services to fellow Americans.
Platforms
The broker offers the Meta Trader 4 which is used worldwide and classified as the best trading platform. The MT4 supports Windows and Mac and is available as desktop and browser version. The platform is meanwhile available in 30 languages to cater even more traders from non- English areas. The other platform by this broker is the Platinum API. This platform is not for beginners since it takes $50,000 to trade on this sophisticated platform. The platform offers above-average execution speed, supports creating a personalized interface, customizable liquidity, and automated features. As expected, FXPrimus offers the accompanying FXPrimus mobile apps for an all-around trading experience.
Account Types
The broker offers the following accounts:
- Individual account
- Joint account
- Corporate account
We see that the broker has a somewhat different account classification. The joint account trend started in Asia where traders were offered to invest together if they cannot fund their account independently. The corporate account is for financial managers and financial advisers who run multiple funds of multiple people. The minimum deposit is $100. Mini, micro, and standard lots can be traded. Leverage does not exceed 1:500 which is too high anyway for today’s standards. Being an ECN broker means that spreads will look promising with any of the accounts. The broker offers low spreads sometimes decreasing to 0.01 pips. Slippage and requotes are also rather rare,e specially with the ECN Premium account. The broker offers, both, variable and fixed spreads.
FXPrimus Bonus
This broker has a full bonus program which makes traders happy from time to time. If you register with the broker, you can apply for the FXPrimus 100% deposit bonus and additional $4 cash back. The broker also runs promotions were the tight spreads are even further lowered, e.g. 0.05 pips for certain assets. The FXPrimus cashback bonus offers $2 back per traded lot. There is also a special 30% trading bonus which can enhance your trading account. If you decide to place trades on gold, you will be happy to know that the pips start from 0.04 pips for gold.
Funding Options
FXPrimus offers very convenient payment methods so that traders can easily deposit and withdraw their money. Some of the payment options include wire transfer, credit cards, and e-wallets like Skrill, Neteller, ecoPayz, UnionPay, Fasapay, EasyBill, TrustPay, YuuPay, and SafeCharge. The withdrawal requests are handled within one business day after the customer verified the account according to the verification procedure. There are no extra fees charged, neither for deposits nor for withdrawals.
Customer Support
Since the broker expanded to different places in the world, it is only logical that FXPrimus maintains a multilingual customer support. The FXPrimus support team is available 24/5 via the standard methods, e.g. phone line, e-mail, and the convenient live chat. The broker has a very useful FAQ section where all general information can be found. If you are looking to improve your knowledge, you can make use of the different educational resources which the broker offers on their website.