PriorFX Review – Top Ways To Better Understand The Broker’s Service Offerings
Innovation and transparency are the keys to the success of a Forex broker, which should also be supported with the best regulatory protection for clients and investors to feel a sense of security while trading the markets. Some brokers are able to offer the best regulatory protection, but fails on their service offerings, while some other brokers have the complete opposite result. As a Forex trader, you should be able to find a Forex trading company that can strike the perfect equilibrium between security and competitive service packages. We have created this PriorFX broker review to dive deep into the broker’s Forex trading products and determine whether the broker has indeed been successful in creating a competitive Forex product.
PriorFX Company Incorporation & Regulation
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- Website: www.priorfx.com
- Support: +357 2525 8229
- 28th October Street 377
- 3rd Floor
- Soboh House
- Limassol 3107
PriorFX has been around since 2013, with its primary headquarters located in one of the most popular Forex destinations in Europe. PriorFX offers its FX services from Limassol, Cyprus, and the company is very specific in its policy of denying its service offerings to residents from the USA, Canada, Sudan, Syria, and North Korea. Apart from these jurisdictions, the broker does officially accept clients from all over the world, but there may be region-specific restrictions in countries that have a strong regulatory structure. Some countries such as Australia specifically instructs in investors to avoid trading with overseas Forex brokers, unless they have the necessary authorizations or licenses from the ASIC. PriorFX is regulated by the Cyprus Securities and Exchange Commission (CySEC), according to the Markets in Financial Instruments Derivatives (MiFID) that was introduced by the EU in 2007. The MiFID derivatives serve as a basic framework of regulatory policies that help in creating a uniform regulatory structure for all non-banking financial companies operating in the European Union. All European member nations are an integral part of the EU and regularly contribute to the MiFID in creating a safe and secure marketplace for traders and investors. Some of the nascent CySEC guidelines under the MiFID include strict financial auditing, holding client funds in segregated accounts, and protecting investors through the Investor Compensation Fund (ICF). PriorFX holds its operating capital and investors’ funds in segregated accounts at top banks in Switzerland, which will not be clubbed together under any circumstances. If a broker is reduced to any bankruptcy or insolvency procedures, the ICF guarantees up to €20,000 for qualified investors if the company in question is unable to meet its clients’ debts. PriorFX serves clients from all over the EU under the EEA passport, which also brings it under the regulatory protection of other leading Forex regulators such as the FCA (UK) and the BaFin (Germany). It does appear that PriorFX is regulated by some of the top regulators in the industry, which has covered the regulation aspect of the brokerage.
PriorFX Trading Platforms, Accounts & FX Product Specs
PriorFX has an STP Forex brokerage that offers access to Forex and CFDs to cover a wide range of financial markets that include Forex currency pairs, commodities, indices, and metals. PriorFX offers STP market access through the MT4 terminal as the primary PriorFX trading platform, which is largely devoid of any conflict of interests. The MetaTrader4 does help both desktop and mobile traders to access their trading accounts through a range of PriorFX apps that are developed for Windows, iOS, and Android devices. MT4 users do enjoy a significant advantage in terms of market access through multiple systems, as PriorFX clients can trade the markets on Windows PC, Mac, smartphones, and tablets. There is a slight confusion with the broker’s different Forex trading accounts, as Prior FX promises a maximum leverage of 1:400, while the actual PriorFX leverage is limited to 1:200. The broker primarily offers its trading services through the Standard and the Xchange accounts, both of which are STP accounts that provide the best market access through multiple liquidity providers. The Standard Account is more of a direct trading account that offers commission-free trading for average PriorFX spreads of 1.2 pips on the most commonly traded currency pairs. The Xchange Account is similar to the Standard Account, but it comes with a commission of $8 per lot and spreads starting from 0.1 pips. Both types of accounts offer micro lot trading capabilities along with no major restrictions on trading due to the direct market access nature of the accounts.
PriorFX Minimum Deposit & Payment Options
Both the Standard and the Xchange Accounts require a minimum initial deposit of $250, which is not too high for a regular STP account in our opinion. Although PriorFX does not have the incredibly low initial capital requirements of $5 for ECN accounts that are offered by other competing brokers, we are quite satisfied that PriorFX has not stipulated any high capital requirements either. In fact, the simple account offerings also help in reducing confusion to traders, but we are a bit disappointed about the high minimum margin requirements. Although 1:200 is not a smaller leverage by any means, some traders might require the higher 1:400 leverage, which requires existing clients to request for higher leverage through their account managers or customer support departments. PriorFX allows its clients to deposit funds into their trading accounts through credit/debit cards, Neteller, Yandex, Qiwi, WebMoney, Skrill, UnionPay, and bank wires. The broker has a detailed payment options page that describes the different fees of transfers and the associated costs. Although the broker specifies a minimum of $250 as the initial deposit requirement, traders can make additional deposits that should be at least $100 to avoid any cost of transactions. Deposits that are less than $100 will attract a convenience fee that can be anywhere between $5 and $20, depending on the mode of payment. PriorFX does have slightly expensive fees for transactions, especially in the highly competitive market, where brokers are known to absorb the costs of transactions to facilitate better customer morale.
PriorFX Complaint Resolution & Customer Service
PriorFX is required by the CySEC to offer the best complaint resolution process to its clients, which are verified by the CYSEC and other independent authorities. Clients are free to contact the PriorFX complaints department for any concerns, or additionally contact the customer support channel through live chat, email, or phone. PriorFX does have an effective customer service department, robust regulatory compliance, and a competitive Forex trading platform, which should help you to enjoy a stable trading environment for your Forex investments. Open a PriorFX demo account today to learn more.