186
General Information
Broker Name: FXPRIMUS
Broker Type: Forex
Country: Saint Cyprus
Operating since year: 2009
Regulation: CySEC, VFSC, FSCA
Address: Limassol, Cyprus
Broker status: Active
Customer Service
Phone:+27 105004213
Email: [email protected]
Languages: ENG, ESP, RUS, +8
Availability: 24/5
Trading
The Trading platforms: MT4, WebTrader, MobileTrader
Trading platform Time zone: GMT+2
Demo account: Yes
Mobile trading: Yes
Web-based trading: Yes
Bonuses: Yes
Other trading instruments: Yes
Account
Minimum deposit ($): $500
Maximal leverage: 1:30
Spread: Variable
Scalping allowed: Yes

FXPRIMUS Review 2020

 

General Information

FXPRIMUS is a veteran in the online brokerage world, with over a decade of experience under its belt. It started operating in 2009 and celebrated its tenth-anniversary last year. The brokerage offers a range of trading services, including stock, forex, and digital currency trading. The firm has multiple branches, but the primary one is in Limassol, Cyprus. However, the exact address of the office is unknown.

The fact that FXPRIMUS is quite an experienced brokerage might sound appealing to some. However, the broker seems to have fallen into the same trap that many older firms do and has become too complacent. That has led to a lack of innovation and seemingly no desire to keep up with modern brokerage standards. The issue is apparent in many aspects of their service. But let’s start with the thing you spot first FXPRIMUS’ website.

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As you enter, you might feel the need to check your internet speed since the loading is painfully slow. We assure you, the issue isn’t on your end, but rather the brokers. The slowness of the transitions creates quite a bit of frustration when you’re trying to inspect the service or even just browsing around. But that isn’t the only issue, as FXPRIMUS is also plagued by sub-par website organization.

For example, once you look at the account-related pages under the trading drop-down, the first two things you see are PAMM for masters and followers. Those aren’t the actual account types but rather an introduction to the broker’s social trading features. The thing you probably want to know is under the account comparison page, located at the bottom of the menu. Even that is a minor issue compared to others, which we’ll inspect in a second. Before that, however, let’s look at what the broker’s self-promoted strengths are:

 

·         REFER-A-FRIEND

While referral programs aren’t anything new in the brokerage world, putting them on your landing page’s most noticeable image is quite odd. That’s especially true since a lot of shady brokerages use those to attract inexperienced customers. Namely, such brokerages function similarly to MLM schemes rather than true trading service providers. While FXPRIMUS isn’t necessarily one of those brokers, putting up the referral shows that it lacks in other areas of its service.

·         100% DEPOSIT BONUS

Bonuses are another one of those things that sound better on paper than they are in reality. A novice trader might see a 100% bonus and see it as a simple way to double their money. However, more experienced investors will know that the bonuses often come with conditions that make them barely worth anything. Combined with the previous referral function, it definitely leaves an air of suspicion regarding the broker’s intentions.

·         KAIA PARV

While the previous two clauses raised some questions about the broker’s legitimacy, this one is simply confusing. The brokerage decided to put Kaia Parv, who is the Head of Investment Research, on one of its banner images. There’s no additional info on the picture, so it just comes off as them promoting one of their employees. If you click on the ‘more info’ button, you’ll notice it’s actually promoting her analysis and education services. However, the brokerage already has a dedicated education page, so the situation simply creates confusion and demonstrates poor organizational skills.

Funds Trading and Security

Security is a strange area of FXPRIMUS’ service. That’s because they seem to have excellent technical specifications, but a poor realistic situation. Namely, the broker is under the watch of three regulators, CySEC, VFSC, and FSCA. You might say that the only worthwhile regulator on that list is CySEC. But still, the fact that FXPRIMUS has three watchdogs should translate to a secure experience.

FXPRIMUS

However, in reality, it displays a lot of things that would indicate it’s a scam. For starters, we stated that the broker’s website is laid out in a confusing manner and mentioned the account example. The Kaia Parv situation is another similar instance, and you can find many more if you try and use FXPRIMUS. However, the confusion is a smaller issue compared to the fact that the broker straight-up hides certain information. For example, you might have noticed that at the start of our FXPRIMUS review we said that the broker’s exact address is unknown. An address, as you know, is basic information and should be simple to find.

There are more examples of missing information, related directly to trading conditions. Coupled with the fact that the broker uses bonuses as its main advertisement source leads to quite a bit of doubt regarding its validity. Also, the fact that it tries to hide things about its service indicates that the customer experience is sub-par.

The customer reviews seem to back those doubts, as there are many complaints of the broker scamming users. To be more exact, it seems like it was a legitimate operation up to a certain point, and then suddenly it started acting maliciously. The turn, along with the broker’s age, makes us think that the owners are aware that they can’t compete and are attempting to cash out.

The Trading Accounts

Earlier in our FXPRIMUS review, we mentioned the issue with how the brokerage lays out its account info. Although confusing at first, we can ignore that for now. First, we’d like to focus on the account quality rather than the web design issues. It seems we do have one good thing to say about FXPRIMUS in that it offers a demo account, which can be a valuable practice tool. You can also employ the demo as a workaround for the broker’s lack of willingness to display info.

Naturally, having to find a workaround at all is horrible news, but at least there’s somewhat of a solution. However, the poor live account typing ruins the slightly good news without any hesitation. For starters, the cheapest account is $500, which is quite a bit above the usual market price. On top of that, you don’t even get to know what that $500 will get you.

Instead of informing users about useful details, such as leverage, spreads, stop-out levels, or possible fees, the broker put up promotional material. You’ll see what we mean further down the review when we take a slightly more detailed look into each accounts’ features.

On top of that, the actual specifications which we found after digging through third-party sources, are below the value you’d expect for the price. For example, leverage rates are set at 1:30 (possibly to adhere to MiFID II), but there’s no pro account option. As such, you can’t get the leverage to decent levels. Here’s some of the account info that the broker actually bothered to disclose:

FXPRIMUS

Standard

  • $500
  • Daily Market Outlook
  • One to One Consultation
  • 100% Trading Bonus

Premium

  • $2500
  • Daily Market Outlook
  • One to One Consultation
  • 100% Trading Bonus
  • 60 minute MT4 & Trading Tools Training
  • Live Market Update Telephone Calls

VIP

  • $10000
  • Daily Market Outlook
  • One to One Consultation
  • 100% Trading Bonus
  • 60 minute MT4 & Trading Tools Training
  • Live Market Update Telephone Calls
  • 30 Minute Consultation with Market Specialist
  • Personal Access to Market Specialist 24/5
  • VIP Trading Signals

Trading Conditions

Very little about FXPRIMUS’ trading conditions actually comes from the broker itself. Namely, you need to find out by either employing the demo account or looking at third-party sources. As we already stated, we gathered that the max leverage is a measly 1:30. The info about spreads varies, with some saying they are tight and others stating the opposite. Whatever the case may be, we shouldn’t have to rely on he-said-she-said to find out. Instead, the information should come from the broker itself.

FXPRIMUS

Trading Platform

FXPRIMUS at least made a good choice in its platform by providing MetaTrader4. The software has been the go-to for brokers and traders for years now. It doesn’t seem like it’ll leave that spot anytime soon. MetaTrader4 makes overcoming the initial hurdles of trading possible with its intuitive interface while remaining analytically capable. On top of that, it also comes with web and mobile traders, which enable browser and phone trading.

It should also be noted that FXPRIMUS has a social trading program in its PAMM platform. That lets users copy or be copied by others, making the trading process simple or boosting their earnings slightly.

FXPRIMUS’ Trading Products

Information about FXPRIMUS’ trading products is more readily available than info about other parts of its service. However, it makes it apparent that the reason FXPRIMUS is secretive is because of its sub-par specifications. As for its assets, while the broker does cover all the major categories, the selection itself is quite poor. The total number reaches about 100, which is way less than other modern brokerages. Here’s a list of FXPRIMUS’ asset categories:

  • Forex
  • Metals
  • Energies
  • Equities
  • Cryptocurrencies
  • Indices
  • Futures

Customer Service

FXPRIMUS’ customer support setup is nothing out of the ordinary. Their customer service team works 24/5, and you can reach them via phone, email, or the live chat feature integrated into the website.

Phone: +27 105004213

Email: [email protected]

FXPRIMUS contact

FXPRIMUS Review: Conclusion

Everything about FXPRIMUS screams “dying brokerage intending to cash out.” The company is secretive about its conditions while using multiple newbie-baiting tactics. As for the specifications that you can see, they are far below the industry standards. While we’re not calling the broker a straight-up scam, its current state definitely isn’t far from it.

We recommend avoiding FXPRIMUS, as it’s dangerous and has a sub-par trader experience. There are many better alternatives, and since you’re already online, you shouldn’t have a difficult time finding one.

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Comments Rating 4.82 (186 reviews)


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