FXPRIMUS Broker Review

Although global clients will be trading through FXPrimus’s Vanuatu-based entity, which has less regulatory oversight than regulators of the UK or Australia, FXPrimus also maintains regulation from CySEC in Cyprus. Additionally, FXPrimus segregates its client funds from company funds and provides all traders with negative balance protection. On this basis, we consider FXPrimus a safe broker for clients to trade with.

South African traders are not eligible to open an account at FXPrimus. However, the five-step account opening process is fully digital and accounts are generally ready for trading in one day.  FXPrimus offers individual, joint, and corporate accounts, but we will focus on opening an individual account.

How to open an account at FXPrimus:

1. Click on the “Sign Up” button where you will be directed to fill in your personal details, including name, surname, physical address, country of residence, email address, telephone number, and gender.

2. Next, you will be required to fill in your account details, including trading platform, trading account type, level of leverage, and deposit currency. 

3. The third step requires detailing your financial background, including your level of education, employment status, and source of funds. 

4. Traders can then fund their accounts. 

5. The last step is to confirm your identity.  FXPrimus will need two documents from you:

   1. A photo ID – this must be a government-issued ID with a photograph and your names on it, such as a valid passport, a national identification card (front and back), a driving licence, or any other government-issued form of ID.  and; 

   2. A proof of residence – this can be a utility bill or a bank/card statement, in your name, and issued within the last 6 months. 

We suggest you read FXPrimus’s risk disclosure, customer agreement, and terms of business before you start trading.

Compared to other similar brokers, FXPrimus’s account opening process is fast, generally hassle-free, and fully digital.

FXPrimus’s CFD offering is limited to other brokers, which may leave more experienced traders dissatisfied.

The trading costs on the PrimusZERO Account are lower than those of the other three accounts, but this account has a minimum deposit requirement of 1000 USD. 

Trading costs on the PrimusCENT, PrimusCLASSIC and PrimusPRO accounts are higher than average – most other brokers offer trading costs of 9 USD per lot traded on their entry-level accounts. Additionally, traders should be aware that spreads are variable at FXPrimus, meaning that they will get wider or tighter depending on trade volume and market volatility.

Although FXPRIMUS is a market maker, it provides STP execution and offers two ECN accounts with raw spreads derived directly from liquidity providers. 

We have evaluated the below trading accounts:

• PrimusCENT Account: This account is only available on the MT4 trading platform. With a minimum deposit requirement of 15 USD, spreads start at 1.50 pips on the EUR/USD, which is wider than other similar brokers, but no commissions are charged for Forex trading. As the name suggests, this account allows trading in micro-lots or smaller trade sizes, perfect for beginner traders who don’t want to risk too much capital upfront. Leverage on this account is up to 1000:1.
  
  
• PrimusCLASSIC Account: This account is available on all three trading platforms (MT4, MT5, and cTrader). In fact, it is the only account that cTrader users can open. Like the CENT account, it is commission-free and has a minimum deposit requirement of 15 USD, but spreads that start at 1.7 pips on the EUR/USD. This is a disadvantage for traders who prefer to use the cTrader platform, as there is no account choice. Leverage is up to 1000:1 on this account.
  
  
• PrimusPRO: Available on both the MT4 and MT5 platforms, this account has a minimum deposit of 500 USD. Spreads average at around 0.3 pips on the EUR/USD, but a commission of 8 USD (round turn) is charged if traders elect to use the MT5 trading platform, while traders who elect to use the MT4 trading platform are charged 10 USD per lot. Despite the higher minimum deposit, these trading costs remain uncompetitive. Leverage is up to 500:1 on this account.
  
  
• PrimusZERO: Only available on MT4, the ZERO account has a minimum deposit of 1000 USD, putting it out of the reach of most beginner traders. Spreads start at 0 pips on the EUR/USD, and it has a low commission of only 5 USD per lot traded. Overall, this is the best value account, but its minimum deposit requirement is high. Leverage is up to 500:1 on this account.

A regulated broker, FXPrimus ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.

Deposits and withdrawals can be made securely at FXPrimus using major debit and credit cards, bank wire transfer, and leading payment services such as Neteller, Skrill, and Unionpay. FXPrimus does not charge deposit or withdrawal fees and absorbs the merchant fees charged by its banking institutions. However, funds received in an alternative currency to the trading account will automatically be converted into the account base currency and currency conversion fees will apply. Traders should note that funding is processed during working hours: Monday to Friday, 7:00 – 21:00 GMT+2.

At FXPrimus, you can choose from six base currencies: USD, EUR, GBP, SGD, PLN, and THB, which is average compared to other brokers. 

For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

All three of FXPRimus’s trading platforms are available on both Android and iOS mobile devices and tablets. Beginner traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced timeframes and fewer charting options.  

However, the trading platforms are generally user-friendly and well-designed. The MT4 and MT5 mobile apps allow traders to close and modify existing orders, calculate profit and loss in real-time and allow tick chart trading.  

The cTrader mobile app offers the best features available on the desktop version including the complete range of order types, trade analysis, and watchlists.

With MT4, MT5, and cTrader all available, FXPrimus offers support for more trading platforms than most other brokers. 

Clients can choose between the MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.  All platforms offer fast trading and advanced charting tools, including Expert Advisors, automated trading support, strategy backtesting, customisable charting, indicators, and copy trading functionality.

All platform choices are free to use and can be downloaded to your PC and all have web versions of the platform. They are also available on mobile Android and iOS devices.  Note that cTrader is not available on Apple Mac operating systems.

Third-party platforms such as MT4, MT5, and cTrader are sometimes less user-friendly and more difficult to set up than the proprietary platforms available at other brokers.  However, traders can take their customised versions of these platforms with them should they choose to migrate to another broker.  

Metatrader 4

MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability.   Features of FXPrimus’s MT4 platform include:

• 50+ preinstalled technical indicators
• 24 analytical charting tools
• Three chart types
• Nine timeframes
• One-click trading.  
• Traders can also add custom EAs and indicators.
• Ability to trade on all the available accounts at FXPrimus 

While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find.  In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.

MetaTrader 5

The newer version of the MetaTrader platform suite, MT5 is being adopted by more traders all the time.  MT5 incorporates all of the key features of MT4 and an optimised environment for EA trading. 

Features of FXPrimus’s MT5 platform include:

• 38+ preinstalled technical indicators
• 44 analytical charting tools
• Three chart types
• 21 timeframes
• Additional pending order types
• Detachable charts
• Depth of Market
• An integrated Economic Calendar
• Traders can trade on the CLASSIC and PRO accounts on MT5

cTrader

cTrader provides an added level of market analysis and access to full market depth on a fully customisable user interface.  Alongside superior order execution with no dealing desk intervention, it provides one of the industry’s most innovative trading experiences.  It also features a unique tool called cTrader cCopy. The tool allows traders to access the successful trading strategies of traders worldwide and duplicate them on their accounts.

Other features of FXPrimus’s cTrader include:

• 55+ preinstalled technical indicators
• Six chart types
• 28 timeframes
• Level 2 Depth of Market
• No restrictions on stop/limit levels
• Detachable charts and linked charts
• Advanced order protection
• Market sentiment
• An integrated Economic Calendar
• The ability to add custom cBots and indicators.

cTrader is one of the most beginner-friendly third-party trading platforms available.  It has a modern interface, integrated educational content, and innovative risk-management features. One drawback is that traders can only open a CLASSIC account if they select the cTrader platform.

Overall, FXPRimus’s trading platform support is one of the best in the industry.  However, traders can only open certain accounts on certain platforms, which is disadvantageous. 

FXPrimus offers support for a number of useful trading tools, including VPS hosting, premium tools to enhance the MT4 platform, PAMM Accounts, and FIX API.

VPS

The FXPRIMUS VPS Service is offered free of charge to clients that maintain equity (less credit) of 500 USD (or currency equivalent), and who trade a minimum of 5 standard lots round-trip on a monthly basis. Clients that do not meet these requirements may still use the FXPRIMUS VPS Service at a fee of 30 USD per month. The FXPrimus VPS provides optimal latency between a trader’s MT4 account and the FXPRIMUS servers.

Other benefits of FXPRimus’s VPS services include:

• It allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. 
• There are never connectivity issues – traders have permanent uptime. 
• Rapid trade execution

Premium MT4 Tools

FXPrimus’s MT4 tools is a set of modules that transform MT4 into a state-of-the-art trading terminal. Premium Trader Tools give traders access to institutional quality technology, including advanced trading tools, user-configurable news and information, and trade analysis.  It also includes an array of sophisticated alarms and messaging systems, and live sentiment and correlation tracking. Some of the tools in the package include:

• Trade Terminal: A feature-rich professional trade execution and analysis tool, providing several trading features and order controls that are not included in MT4.

• Connect: A customisable news feed aggregator and interactive economic calendar

• Sentiment Trader: Tracks the bias or direction of traders using FXPRIMUS.

• Market Manager: Allows you to keep tabs on the markets without keeping your platform open. 

PAMM

FXPrimus offers an account management service to its clients which allows account managers to trade on their behalf.  In order to perform this service, bespoke technology or software is required, also known as PAMM. 

PAMM stands for Percentage Allocation Module Manager which means investors can be part of a set of sub-accounts that are traded together by a money manager or trader who has permission from clients to trade on their accounts.  Account Managers take a portion of the profits generated by the trades. 

Managed accounts are great for beginner traders who have limited experience with trading.

Platinum API

Clients who deposit a minimum of USD 50,000 are eligible to apply for the Platinum API. This technology is ideal for those using trading systems or developing their own custom-built system.  It allows an increased ability to see the depth of market and access to multiple liquidity providers. The benefits of FIX API include:

•   Faster overall execution speed
•   Ability to design a personalised trading interface
•   Automated or algorithmic trading systems outside of MT4
•   Fully customisable liquidity
•   Ability to use various order types such as Market Orders or Limit Orders

Other trading tools available at FXPrimus include a range of trading calculators, which can be used to calculate pip value, a Fibonacci calculator, and a currency converter. 

Analysis at FXPRIMUS is published on a blog and via the weekly outlook. Neither are detailed or particularly useful for new traders.

Education material at FXPRIMUS is split into Educational Videos, Seminars, and Expert Guests: 

• Educational Videos: The educational videos are essentially tutorials on how to open an account and set up the trading platforms.
• Seminars: Seminars are currently on hold (likely due to the pandemic), but an archive of previous seminars is available on FXPrimus’s website.
• Expert Guests: On its website, FXPrimus lists a panel of expert analysts who run the weekly webinars. Visitors to the site can register for the webinars.

For the purposes of this review, we conducted numerous support sessions and found that our questions were answered swiftly and accurately by people with a good knowledge of the company.