4.11
Accepts Tanzanian Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.
Pros
- Tight spreads
- Wide range of assets
- Fast and free withdrawals
- Great customer support
Cons
- High commission
- Limited education
- Limited market analysis
Is FXPRIMUS Safe?
FXPRIMUS was founded in Cyprus in 2009 and obtained an FSCA licence to operate in South Africa in 2018.
FXPRIMUS is the brand name used by:
- Primus Global Ltd, regulated by CySEC, with licence no. 261/14.
- Primus Markets INTL Limited, regulated by VFSC, with registration no. 14595.
- Primus Africa (Pty) Ltd, regulated by FSCA, with licence no. 46675.
All FXPRIMUS clients in Africa have negative balance protection, so that they can never lose more money than they have in their trading accounts. Furthermore, all client funds are segregated from FXPRIMUS’ operational funds.
Trading Conditions
FXPRIMUS’ is a market maker but provides STP execution and offers an ECN account for raw spreads direct from liquidity providers. FXPRIMUS maintains a data centre in Cape Town to provide low latency and fast execution on all trades, regardless of the account type.
Account Types
FXPRIMUS offers a demo account alongside a two different live account types, the Variable Account, and the ECN Premium Account. All accounts have three tiers, Standard, Premium and VIP. Though the spreads do not change between these account tiers, each level requires a higher minimum deposit and provides more perks such as one-on-one customer support and VIP trading signals.
Leverage is set at a maximum of 1:1000 for all accounts, though this is on a sliding scale and leverage will decrease with the size of your trade (1:500 for trades over 1000 USD and down to 1:100 for trades over 100,000 USD)
All accounts have USD, EUR, GBP, and SGD as base currency.
Variable Account
- Standard: A minimum deposit of 500 USD (or equivalent) is required for this account and there are few added extras. Expect a Daily Market Outlook, SMS Alerts, and a one-on-one consultation when you open your account.
- Premium: This account requires a minimum deposit of 2500 USD, but account holders will also receive MT4 training as well as live market update telephone calls.
- VIP: The highest tier of account, the minimum deposit here is 10,000 USD. Account holders will have personal access to a market specialist and will also be provided with VIP trading signals.
ECN Premium Account
The ECN Premium Account at FXPRIMUS offers tighter spreads in exchange for a commission per trade. Commission if 5 USD (10 USD round turn) and 4 USD (8 USD round turn) after 250 lots traded per month. Spreads start at 0.3 pips on the EUR/USD and all the perks associated with the account tiers (Standard, Premium and VIP) apply.
Spreads and Commission
Spreads are about average in comparison with FXPRIMUS’ peers. For the Variable Account expect spreads to start at 1.5 pips on the EUR/USD with no commission charged. Spreads on the ECN Premium Account start at 0.3 pips and 5 USD per trade is charged in commission (10 USD round turn).
Deposit and Withdrawal Fees
FXPRIMUS charges no fees on deposits and withdrawals and accepts fund transfers across a variety of methods:
- Banks Transfer: Deposits and withdrawals are free and FXPRIMUS will cover any bank fees charged by its bank. It will not, however, cover any fees charged by your bank or any intermediary banks involved in the fund transfer. Clients should also be aware that bank transfers can only be made in USD, EUR, SGD, GBP, PLN, or HUF. The minimum deposit and withdrawal amount for bank transfers is 100 USD and processing time in 2-5 business days.
- Credit Cards: FXPRIMUS accepts both Visa and Mastercard and no fees are charged for deposits or withdrawals. The minimum deposit and withdrawal amounts are 100 USD. Processing time for deposits is 5 minutes or less and for and withdrawals will take about 24 hours.
- E-wallets: FXPRIMUS supports withdrawals and deposits from Neteller, Skrill, and ecoPayz wallets. No fees are charged for deposits or withdrawals, but the minimum transfer amount is 100 USD. Deposits and withdrawals can be made in USD. Deposits will take less than 5 minutes, but withdrawals can take up to 24 hours.
FXPRIMUS for Beginners
FXPRIMUS offers little in the way of educational support or market analysis but customer service is excellent.
Educational Material
Education material at FXPRIMUS is split into Educational Videos, Weekly Outlook, Seminars and Expert Guests. Educational videos are only available for clients but the Weekly Outlook is available for all visitors to the site.
Analysis Material
Analysis at FXPRIMUS is published on a blog and via the weekly outlook. Neither are detailed or particularly useful for new traders.
Customer Support
Customer support is excellent, responsive, and available 24/5 via WeChat, Zalo, Line, Telegram, Live Chat, WhatsApp, Facebook Messenger, Email, and telephone. For the purposes of this review, we conducted two support sessions and found that our questions were answered swiftly and accurately by people with a good knowledge of the company.
Trading Platforms
FXPRIMUS only offers support for the MetaTrader 4 (MT4) trading platform. MT4 is one of the most widely used Forex trading platforms and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. One of the features that make MT4 popular is its auto trading feature that enables algorithmic trading and strategy backtesting with expert advisors (trading robots).
Trading Tools
FXPRIMUS offers several trading tools for the MT4 platform. These include a Market Manager which allows you to keep tabs on the markets without keeping your platform open and a Sentiment Trader, which tracks the bias or direction of traders using FXPRIMUS.
In addition, FXPRIMUS offers a VPS service for clients with an account balance of over 500 USD, the VPS service costs 30 USD per month and provides optimal latency between a traders MT4 account and the FXPRIMUS servers.
Evaluation Method
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXPRIMUS offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
FXPRIMUS Risk Statement
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FXPRIMUS would like you to know that: Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits, and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary.
Overview
FXPRIMUS are a well-regulated STP broker with both standard and ECN accounts. Though the only platform supported is MT4, there are several useful tools available to supplement the platform, such as a sentiment indicator and a market analysis plugin. Other advantages at FXPRIMUS are free deposits and withdrawals and negative balance protection, both of which really highlight FXPRIMUS’ commitment to their clients.
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