FXPRIMUS broker review: is this company trustworthy?
Although FXPRIMUS has a long history, it still is not a reason to trust this broker at first glance. It often appears that even the most famous companies deceive their customers. This one may be no different. You need to read a lot of information on the web to find out for sure. Our FXPRIMUS review is here to help.
The company was founded in 2009. Currently, its headquarters are located in the Republic of Vanuatu. The broker is regulated by several authorities: CySec, FSCA, VFSC. One more prominent side of FXPRIMUS is that it is the winner of many global industry awards.
All the regulations and awards show that FXPRIMUS is not a fraud and is actually a real brokerage service. Some of the proof can be seen in the picture above. In addition, this service is authorized in South Africa and provides insurance for up to 2.5 million Euro. Negative balance protection is a thing too. However, the only drawback is that the company is not listed on a stock exchange.
What can you trade with FXPRIMUS?
More than 100 instruments are provided by the broker to trade. This includes:
- Major, minor, exotic forex pairs
- 60 stocks
- UK and US shares
All traders will find something to work with if they decide to open an account with FXPRIMUS. However, if you want to work with cryptocurrencies, this is not your choice. You can try one of the alternative services that we have previously reviewed.
Payment methods at FXPRIMUS
This broker uses several popular payment methods:
- Wire transfers
- Bank cards
When deposits are made, the service does not charge anything above. Also, if an unsupported currency is used, it will be automatically converted and there may be some losses. You will be unable to top up your account if you use an account that is not registered on your name.
When it comes to withdrawals, it is important to note that there are some pitfalls. For instance, it is possible to withdraw the funds only to the account and method with which you made a deposit. The withdrawal processing time also depends on the selected method. It may take up to three business days before the funds appear on your wallet.
Trading platforms at FXPRIMUS
There are several platforms that are provided by the broker. These include the popular MetaTrader 4 software, the less known Platinum API that provides direct market access, and VPS Service.
First of all, let us talk about the MT software. It has an intuitive user-friendly interface with many technical indicators. Chart analysis here is very comfortable. There also is a broad choice of timeframes and automated trading is supported.
Second, Platinum API. To get access to this software, a minimum deposit of $50,000 is required. This pays off by making the margin requirements 1% for some of the available instruments.
Finally, the VPS Service. It is used to reduce the latency between all accounts that use the MT4 platform. However, to use this service, you need to have at least $500 on your account and trade at least 5 lots during 30 days of activating your account.
Customer support at FXPRIMUS
The customer support at this company is pretty decent. It works with several languages: English, Spanish, Chinese, and several others. An agent can be easily contacted via live chat, email, or phone. Each of these methods appeared to be good enough. Several users have tested the efficiency of the support and everyone received quick and professional answers. Email support appeared to be the slowest. It took up to 3 hours before the ticket received an answer. With the live chat and phone line, it took up to 3 minutes before an agent answered the request.
Customer reviews about FXPRIMUS
We have searched for many reviews about FXPRIMUS on the web. On Trustpilot, most of the opinions appeared to be spam with advertisements in them. However, on Forexpeacearmy, the picture did not improve. The broker has an average rating of 3 stars out of 5.
A user with the nickname “Mohamad Faisal” writes that there are both positive and negative sides when working with this broker. He liked the bonuses, customer service, swap-free accounts, and multiple account types. However, he did not like the spreads and the requirement to have 1 account per ID.
Another user, “ronooi”, writes that the broker deceives its clients by artificially changing the prices. As an example, he has provided a situation where the price per gold fell 1000 pips down in only a few seconds. This did not happen with other brokers, so the user assumes that this has something to do with the broker.
Generally speaking, we cannot point out neither a positive nor negative opinion about this broker. We recommend that you read more customer reviews on the sites that were mentioned above to see what users like and dislike most.
FXPRIMUS seems to be a trustworthy and legit company that is regulated by several authorities and has a long history. It uses the MetaTrader 4 software, Platinum API, and VPS Service. The customer support appeared to be very responsive, but the customer reviews did not look that good. People complain about various issues. An example is given by one of the customers who mentions a situation where the price per Gold fell 1000 pips in a few seconds. This is quite strange, but we haven’t seen other reviews mentioning this issue.
What about your experience with FXPRIMUS?
Author: Jack Matias