FXPrimus review and ratings

Company information

FXPrimus is a forex broker located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).

Availability

FXPrimus group accepts clients from all over the world, excluding USA, Australia, Belgium, Iran, Japan, North Korea and some other countries from the OFAC list.

Distinctive features

• Simple registration and verification process.
• Both the Metarader 4/5 platforms and cTrader offered.
• Quite tight spreads on the PrimusZERO account.
• Bitcoin funding accepted.

Trading instruments

Forex broker offers the following underlying assets for trading.

Comprehensive review

FXPrimus is an online CFD & forex broker with registered offices in Cyprus, Vanuatu, and South Africa. As usual, the Cyprus-registered branch is set up mainly for EU-based traders, and follows regulations from the European Securities and Markets Authority (ESMA), while the other branches are intended for traders from all other countries.

A unique thing about FXPrimus, however, is that there are indications that the Vanuatu branch also accepts European traders when asked. As such, the high leverage typical of offshore-based brokers would also be available to European traders. In the case of FXPrimus, this leverage goes all the way up to 1:1,000, which is about as high as it gets in the world of forex trading.

Unfortunately, FXPrimus specifically states that it does not accept clients from Belgium, France, Australia, the USA, Japan, and a few other smaller countries.

FXPrimus is a classic STP (straight through processing) broker that does not match trades itself. In other words, all trades are passed directly on to an external liquidity pool without any intervention from the broker’s side.

The assets offered for trading by FXPrimus includes all the usual things such as forex, major stock indices, precious metals, energy commodities, and cryptocurrencies, all in the form of contracts-for-difference (CFDs). Compared to its competitors, the selection of assets is fairly decent, although it’s still far from the best.

Regarding cryptocurrency trading with FXPrimus it’s worth noting that this is only available during weekdays. However, since the underlying crypto market also trades during weekends, large price gaps either up or down should be expected between the Friday close and Monday open. To eliminate this risk, some traders may want to avoid holding crypto CFDs over weekends.

With regards to trading platforms, FXPrimus is one of the brokers that have chosen to rely exclusively on the classic MetaTrader 4 (MT4) platform, which probably does not need a further introduction here. As many already know, this platform is available in its standard version for Windows computers, in addition to a version for Mac and a web-based version for use on any computer.

When signing up as a new client with FXPrimus, all users get the choice between the Standard Account, Premium Account, and VIP Account. The minimum deposits for opening these accounts are USD 500, 2,500, and 10,000, respectively. However, the real difference between the three account types is not that significant, with the main thing probably being that VIP Account holders have access to “VIP Trading Signals” via SMS. Accounts can be opened in USD, EUR, GBP, SGD, or PLN.

Further, traders will have the choice between standard STP-type trading or ECN (electronic communications network) trading. As usual, ECN trading offers the tightest spread, but traders are required to pay commissions on all trades. For large traders, this thus offers the best deal, while standard commission-free trading is fine for traders with smaller amounts of capital.

The spreads and commissions obviously depends on whether the trader is using the ECN account option or not. For ECN trading, spreads with FXPrimus are quite tight, starting from 0.7 pips for the popular EUR/USD pair, and with a commission of USD 10 per lot traded. For the commission-free accounts, however, spreads for the same currency pair starts from 1.9 pips, which positions this broker in the mid range compared to its competitors.

We are happy to see that FXPrimus’ is among the brokers that offer 24-hour customer support on trading days. The customer service team can be reached via a South Africa-registered phone number, live chat, or email. It’s also possible to call the broker’s trading desk directly with any issues related to trades and order placement.

All in all, we believe FXPrimus is a fairly good choice for traders looking for high leverage on a variety of underlying assets on the MT4 platform. 1:1,000 leverage is really some of the highest that can be found in the industry these days, and we realize that this may be attractive to some traders. However, it’s important to trade carefully with such high leverage, as even a small mistake can be enough to wipe out an entire trading account.