Continuing the broker review series, this time we have a broker in Cyprus, with over 10 years of experience – FXPRIMUS. Although this forex broker has been in the Vietnamese market for quite some time, many traders are still unfamiliar with this name, as the broker’s marketing campaigns have not been very effective.
Coivn98.com previously conducted a review of FXPRIMUS over 2 years ago. However, up to the present, as the forex broker has been focusing more on development in the Vietnamese market, the broker’s website has undergone numerous changes, accompanied by upgrades to brokerage services. Account and trading conditions at the broker have changed significantly to better suit the Vietnamese market.
Are these changes enough to meet the needs of investors? Is FXPRIMUS trustworthy and good enough to build trust among Vietnamese traders?
Overview of FXPRIMUS and Its Operating License
FXPRIMUS is a brand owned by FXPRIMUS Group Limited, established in 2009, with its headquarters located in the Republic of Cyprus. It is one of the well-known groups in the European region.
FXPRIMUS was founded with the mission of providing individual and organizational investors worldwide with a transparent and efficient financial trading environment with the best order execution speed. Throughout its operation, FXPRIMUS has always focused on efforts to innovate, upgrade services, and ensure the delivery of the three best criteria to customers: Safety – Technology – Training.
The FXPRIMUS Group consists of three subsidiaries, operating in three different regions, all of which are licensed:
- Primus Global Ltd, regulated by CySEC – Cyprus Securities and Exchange Commission, license number 261/14.
- Primus Africa (Pty) Ltd, regulated by FSCA – Financial Sector Conduct Authority, license number 46675.
- Primus Markets INTL Limited, established in Vanuatu, licensed and regulated by VFSC – Vanuatu Financial Services Commission.
Among these three regulatory authorities, CySEC is one of the most prestigious regulatory bodies in the world. CySEC issues strict broker control regulations to prevent fraudulent activities by brokers and ensure a transparent, fair, and efficient trading environment.
In addition, FXPRIMUS has implemented many security measures for the safety of customer accounts and funds, including:
- Negative balance protection policy.
- Segregating customer accounts from the company’s accounts and depositing them into Tier 1 banks in regions where the broker is registered.
- Developing new anti-hacking software and advanced technology to protect customers from cyber threats.
- With the CySEC license, customers are compensated up to 20,000 Euros in case of broker fraud or if the broker becomes unable to pay.
- FXPRIMUS participates in Lloyd’s professional indemnity insurance program with insurance coverage of up to 5 million Euros.
- For deposit and withdrawal transactions, FXPRIMUS collaborates with Boudica Client Trust to ensure that customer withdrawal requests are processed quickly and efficiently.
With its legal profile and the measures FXPRIMUS has taken, it can be confidently stated that this forex broker is trustworthy, and traders can trade with confidence at this broker. The remaining important consideration is whether the trading conditions and platforms offered by the broker are good enough and meet your needs, to make the most informed decision when opening an account.
Trading Products Offered at FXPRIMUS
The product portfolio at FXPRIMUS remains consistent in terms of types but has seen an increase in the quantity within each type. FXPRIMUS provides traders with various asset types, including forex, metals, energy, indices, stocks, cryptocurrencies, and futures contracts. All of these products are traded in the form of Contract for Difference (CFDs), which is a characteristic of the forex market.
- Forex: 42 forex pairs, including major, minor, and exotic currency pairs.
- Metals: Including gold, silver, copper, and platinum. Gold is quoted in both USD and EUR.
- Energy: Comprising Brent oil (UK), WTI oil (US), and natural gas.
- Indices: 13 stock indices from major markets such as the US (DJ30, NASDAQ100, S&P500), the UK (UK100), Germany (DE30), Australia (AUS200), Japan (JPN225), and Hong Kong (HK50).
- Stocks: Featuring 110 stock symbols of famous companies and corporations listed on US stock exchanges.
- Cryptocurrencies: Including popular coins like BTC, ETH, LTC, XRP.
- Futures Contracts: On two types of crude oil (USOIL, UKOIL) and two indices (VIX, DXA).
Accounts at FXPRIMUS
One of the confusing aspects when researching FXPRIMUS is the information provided on the website, which can lead traders to misconceptions. The broker’s website mentions three types of trading accounts: Standard, Premium, and VIP, but when you proceed to open an official account, the three main live trading accounts are Micro, Variable, and ECN.
In reality, the three main live trading accounts are Micro, Variable, and ECN, and these accounts are categorized based on trading conditions such as trading volume, spreads, or commissions. The accounts mentioned on the website as Standard, Premium, or VIP are categorized based on the minimum deposit you make, with higher deposit amounts offering more premium services.
- Micro Account: This account is designed for new traders to access the real market with the trading conditions of a standard account but with limitations on the number of trading products.
- Variable Account: Suitable for traders of all levels, this account provides standard spreads without commissions, similar to the Micro account but without limitations on the number of trading products.
- ECN Account: Designed for professional traders and large trading volumes, this account offers lower spreads and comes with a commission
Comparison of Trading Conditions for 3 Live Account Types at FXPRIMUS
Comparison of Services Provided Across 3 Levels of Trading Accounts
Leverage and Trading Costs
FXPRIMUS allows traders to use a maximum leverage ratio of 1:500, which applies to all three types of accounts and forex trades. Different products have varying maximum leverage ratios:
- Gold: 1:250
- Silver: 1:83
- Platinum: 1:20
- Indices: 1:100
- Commodities: 1:33
- Stocks: 1:10
- Cryptocurrencies: 1:5
- Futures Contracts: Crude oil – 1:33, Indices – 1:50
For new traders, a maximum leverage ratio of 1:500 is relatively high, but for professional traders, it may not fully meet their needs. Many brokers nowadays offer leverage of up to 1:1000, 1:2000, and even unlimited leverage.
For the Micro and Variable account types, the spreads at FXPRIMUS on the EUR/USD pair are typically 1.7 pips. This spread level is relatively high compared to the spreads on standard accounts offered by reputable brokers like IC Markets, Exness, FXTM, where spreads are typically as low as 1-1.2 pips for over 90% of the trading time in the market.
For the ECN account, despite using ECN technology, the spreads at FXPRIMUS are still relatively high, with a spread of 0.5 pips on the EUR/USD pair. In contrast, most of the top ECN accounts in the market today offer spreads as low as 0.1-0.2 pips for the majority of the trading day.
Common spread values (in pips) for some major forex pairs across the three account types:
Regarding Commission Fees:
FXPRIMUS charges commission fees for forex trades at $10 per lot (round trip) for ECN accounts, and for stock trading, it’s 0.1 cent per share (Variable and ECN accounts).
The commission fee of $10 per lot (round trip) for forex trading on ECN accounts is relatively high compared to the average commission fee for this account type, which typically ranges from $6 to $7 per lot (round trip). With spreads and commission fees at these levels, traders will incur relatively high trading costs when using the ECN account at FXPRIMUS.
Trading Platform at FXPRIMUS:
MT4 is the sole trading platform supported and offered by FXPRIMUS to its customers. It is also the most widely used forex trading platform globally.
MT4 is a product of MetaQuotes, a well-known technology company that also offers the advanced MT5 platform and the MQL5 Community. MT4 provides nearly all the necessary trading features, catering to traders of all skill levels.
Some features of MT4 include
- Three types of price charts and nine timeframes
- Four types of pending orders: Buy/Sell Limit, Buy/Sell Stop
- Over 30 technical indicators and 20 drawing tools to aid in chart analysis
- Support for scalping and hedging strategies
- Compatibility with Expert Advisors (EAs) and the ability to backtest single-threaded trading strategies
- One-click trading for quick execution
- Daily economic news updates
- Integration with mql5.com for trading signals and automated trading services
- User-friendly interface with customization options
- Support for over 30 languages
- Compatibility with various operating systems, including Windows, Mac, Android, and iOS.
This software is specifically designed for fund managers (FXPRIMUS PAMM account holders) and traders who manage multiple accounts.
MT4 MultiTerminal allows users to log in, trade, and manage multiple accounts simultaneously on a single screen.
MT4 MultiTerminal offers the same trading features as the MT4 software, along with some advanced features to assist in multi-account management, including trading across multiple accounts, monitoring trade history, and generating reports for all trading accounts.
Trading Tools and Educational Resources at FXPRIMUS:
FXPRIMUS provides a set of over 10 trading tools to assist traders in their activities on the MT4 platform. Some of these tools include:
- Market Manager: Displays market price information, available products, and open positions, with features for quick position management.
- Correlation Matrix: Shows the correlation between different currency pairs, aiding traders in their decision-making process.
- Mini Terminal: Allows for one-click trading, controlling lot sizes on new orders, setting stop-loss and take-profit levels quickly and easily.
- Sentiment Trader: Displays the trading sentiment of all FXPRIMUS traders on various assets.
These tools can be downloaded from the FXPRIMUS website and installed into the MT4 platform.
A Virtual Private Server (VPS) is a crucial service that allows traders to execute trades 24/7 without worrying about their internet connection. This service is particularly essential for fund managers and traders who use automated trading robots (EAs) or engage in copy trading.
At FXPRIMUS, traders can access the VPS service under the following conditions: maintain a minimum account balance of $500 or execute at least 5 lots of trading per month. Failure to meet either of these criteria will result in a monthly charge of $30 for using the VPS service, which is twice the price of VPS services available through mql5.com.
The Economic Calendar is an indispensable trading tool for traders who rely on fundamental analysis. This tool provides real-time news, events, and announcements from various countries. Each event is assessed in terms of its impact on different currencies, assisting traders in making more informed trading decisions.
The trading calculator at FXPRIMUS allows traders to calculate the value of a pip, Fibonacci ratios, and currency conversions. Traders can utilize this tool along with the Economic Calendar on the platform’s website, under the “Tools” section.
FXPRIMUS offers educational resources that include short video tutorials on trading. However, these resources are primarily available in English. FXPRIMUS has mentioned some new features and materials, but as of now, they are incomplete and have not been published on the website.
Deposits and Withdrawals at FXPRIMUS:
FXPRIMUS supports various payment methods for deposits and withdrawals, including international bank wire transfers, Visa/Master cards, internet banking, and e-wallets like Neteller, Skrill, FasaPay, as well as Bitcoin wallet transfers. All of these methods require a minimum deposit of $100.
Additionally, FXPRIMUS allows traders to transfer funds directly from accounts with other brokers to their FXPRIMUS accounts.
FXPRIMUS does not charge any fees for deposits or withdrawals. However, withdrawals via Visa/Master cards and wire transfers may incur fees from the banks.
Deposit transactions are typically processed within a few minutes, while withdrawal requests are processed within 24-48 hours.
Customer Support and Promotion Programs at FXPRIMUS
- The FXPRIMUS website supports 10 languages, including Vietnamese.
- Live chat is available 24/5 with dedicated Vietnamese-speaking staff to provide prompt and effective assistance.
- Email support is available at firstname.lastname@example.org.
- In addition, you can contact the live chat staff and leave your phone number for a direct call from an advisor.
- There’s also a fan page, FXPRIMUS, where you can send messages and stay updated with the latest announcements from the broker.
Currently, FXPRIMUS offers one promotional program, which is the 100% Bonus. This program is available to both new and existing customers who open Variable or ECN accounts with a minimum deposit of $500. The maximum bonus amount is $10,000, and traders can also receive up to $4 cashback on each traded lo
Pros and Cons of FXPRIMUS:
- Regulated and reputable.
- Diverse trading products.
- A variety of account types.
- Good customer support.
- High spreads.
- High commissions.
- No MT5 platform.
- Lack of advanced analysis tools like Trading Central or Autochartist.
- The website has areas that need improvement.
Common Questions about FXPRIMUS:
What is the minimum deposit at FXPRIMUS? The minimum deposit for all payment methods is $100. However, it is encouraged to deposit a minimum of $500 to receive bonuses and additional services.
Are there withdrawal fees at FXPRIMUS? How long does it take for funds to reach my account? FXPRIMUS does not charge withdrawal fees. Funds typically take around 24 hours to reach your bank account.
Is it mandatory to upload verification documents at FXPRIMUS? During the account opening process, FXPRIMUS does not require you to upload identity or address verification documents. You can still deposit, trade, and withdraw without doing so. However, for the security of your account, it is advisable to complete this step in your personal account management area.
Is FXPRIMUS reputable? By obtaining a license from CySEC, FXPRIMUS has demonstrated its reputation and credibility to its customers.
Is it recommended to trade at FXPRIMUS? While FXPRIMUS is a reputable broker, its trading conditions may not be competitive with the best-quality brokers available today, especially for ECN accounts with high trading costs. Instead, you might consider other well-regarded brokers favored by many Vietnamese traders, such as Exness, IC Markets, FXTM, XTB, HotForex, and more.
WISH YOU SUCCESS.