Discover A Bit Of History & Background Of Forex Trading Services Through This FXPrimus Review
FXPrimus is an offshore Forex brokerage that moved to mainland Europe during the early part of the 2010s. FXPrimus is currently headquartered in Cyprus and is one of the leading Forex brokers in the EU that operates according to the different regulatory conditions as stipulated by the ECB, the European MiFID, and the CySEC. FXPrimus offers a huge set of advantages and trading benefits that do make a case for itself in the highly competitive marketplace, where Forex brokers face the stiffest competition to cater to the highly lucrative retail trading market.
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- Website: www.fxprimus.com
- Support: +357 25262084
- FXPrimus Europe (CY) Ltd.
- Office 102 Zavos
- Kolonakiou Centre
- 4103 Limassol
Is FXPrimus A Genuinely Regulated Forex Broker?
FXPrimus is regulated by the Cyprus Securities and Exchange Commission (CySEC), under the extensive regulatory framework of the Markets in Financial Instruments Derivatives (MiFID) and the careful supervision of the European Central Bank (ECB). The European Union has developed an elaborate set of regulatory guidelines that are designed to offer the maximum protection to investors against fraudulent malpractices. Cyprus is no longer considered to be an attractive tax haven after its induction into the EU, which has bolstered a tremendous amount of credibility for Cypriot Forex brokers in the international markets. All Cypriot Investment Firms (CIFs) are required to hold at least €1 million in operating capital, which should be increased according to an increase in client capital. To protect traders’ investments from broker redundancies, CySEC has also instructed its regulated member companies to hold all clients’ funds in segregated accounts, which helps in differentiating the money from the broker’s capital in the case of emergencies. If a broker winds up its business due to unforeseen circumstances such as bankruptcy or other legal proceedings, clients are also offered protection of customer funds of up to €20,000 through the Investor Compensation Fund (ICF). To enhance investor security and confidence, FXPrimus has further opted to offer an insurance underwriting from Lloyd, which offers free insurance for all traders for up to €2.5 million in client capital. Such a move not only ensures that all traders are protected through a reliable insurance scheme, but it also holds the company accountable for its financial transactions, which are audited by certified third-party auditors for regulatory compliance. FXPrimus is also authorized by the CySEC and the ECB to indulge in cross-border sharing of services through the European Economic Area (EEA) passport. EEA agreement virtually allows all European companies to cater to clients from all over the EU without any additional licenses. While it is possible for the broker to entertain clients from other EU member nations, FXPrimus can also be subjected to legal and regulatory sanctions if the broker is found to be in violation of any country-specific laws or guidelines. Hence, it is safe to assume that FXPrimus provides one of the best regulatory environments that guarantees the safety and protection of client funds.
What Are The Costs Associated With An FXPrimus Account?
FXPrimus has one of the top trading conditions in the entire market, with traders receiving a host of benefits through a trading account. FXPrimus spreads are highly competitive, which starts from 0.1 pips for the ECN Premier account. The FXPrimus Variable Spread account, on the contrary, has slightly higher spreads that start from 1.5 pips, which is strictly average. However, the broker does charge a high commission for its ECN accounts that involves a minimum of $10 per lot round turn, which is more than double the amount of other competing ECN accounts. Both the Variable and the ECN Premier accounts are available for a minimum deposit of $100. Trading positions can be opened from a minimum of 0.01 lots, and the maximum FXPrimus leverage for both accounts are limited to 1:500. The lower minimum margin requirements do help in reducing the capital outlay, but there is an inherent risk of high volatility and margin calls if a trader is not careful with his money management strategies. In our opinion, it is always a better choice to choose the ECN account, as it has no conflicts of interest, which even allows traders to follow any type of scalping or hedging strategy without any trading restrictions. FXPrimus has facilitated easy and secure payment options through a wide range of payment platforms such as Skrill, Neteller, UnionPay, Bitcoins, Credit/Debit cards, and bank wires, for a total of 13 different payment options. FXPrimus has supplemented its Forex trading services with a customer-friendly support staff that can be reached 24 hours a day and for five days a week through live chat, phone, or via email correspondence. FXPrimus clients can be assured of a professional and friendly attitude from its broker, failing which they can contact the CySEC and other customer-centric forums for initiating complaints against the broker.
FXPrimus Trading Platforms & VPS Option
All traders receive complete access to the different versions of the MT4 trading terminal, which connects traders to an ECN network through dedicated ECN bridges and FIX APIs. FXPrimus mobile traders can also download the MT4 mobile apps that are exclusively developed for the iOS and Android platforms, which offer an excellent opportunity for investors to access their accounts on the move. The broker also offers a PAMM account option for professional traders and fund managers, which increases the likelihood for successful traders to promote their trading services to a global pool of investors and hedge funds. FXPrimus also offers additional trading technologies such as a Virtual Private Server (VPS) and a Platinum API through the FIX protocols, which offers customized trading options for the best market conditions and lowest latency of trading. These premium products are available to traders that are willing to make an initial deposit of at least $50,000, which also qualifies for lower commissions according to the clients’ trading volumes. FXPrimus is one of the leading Forex brokerage firms from Cyprus, and the company is dedicated to offering one of the top-quality services in the market. Although the broker might have a slightly expensive ECN offering concerning the cost and commissions of trading, overall, the company does deliver on its promises of catering to the retail trading market in an effective manner.