FXPrimus Review – Are They a Scam?

Lets First Go To The Bottom Line:

FXPrimus offers a complete package and a secured online trading environment but aside from these advantages, what makes them different from the rest is that they implement extra measures in safety and that makes them an ethical brokerage. It’s a rarity in this industry to find an investment company that promotes responsible trading which is why signing-up with FXPrimus is highly recommended.

Final Score: 91/100
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FXPrimus Overview

Founded1999
PlatformMT4 for Windows & Mac on iPhone, iPad & Android, FXPRIMUS PAMM, FXPRIMUS Platinum API, WebTrader
Minimum account size$100
Minimum lot size0.1
Tradable assets120+
Maximum margin1:500
Spread on EUR/USD0.5 pips
Payment methodsCredit/Debit Card, Bitcoin, Bitpay, SafeCharge, Trustpay, Neteller, Skrill, Fasapay, ecoPayz
Demo accountYes
Accepts Malaysian tradersYes
RegulatedCySEC (Cyprus), VFSC (Vanuatu)
SupportPhone, E-mail, Live Chat
Websitewww.fxprimus.com/my

 

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Pros

  • Multiple account options
  • Negative balance protection
  • Over 120 instruments including cryptocurrencies
  • Bahasa Melayu-speaking support available

Cons

  • Limited indices available for trading

 
FXPrimus has been in the forex trading business since 1999 and currently, their company slogan is that they are “The Safest Place To Trade”. Are they able to prove this statement? Read our updated and detailed review to find out.

Platform

They provide a diverse range of trading platforms which can be accessed on desktops, tablets, smartphones or directly on web browsers. They have the MetaTrader4 platform for Windows, Mac and mobile apps for Android and iPhone/iPad devices. There’s also the PAMM service for highly-skilled traders, the exclusive Platinum API which offers FIX Protocol and the VPS (Virtual Private Server) Service which allows users to link their MT4 platform via a remote computer that is nearby the broker’s MT4 server. With such an array of options, FXPrimus got a Platform score of 10/10.

Design

The interface of their platforms were all smooth and responsive. Regardless of your skill level, it won’t take long for you get familiarized with the layout because it is very easy to navigate. Such simplicity deserves a Design score of 5/5.

fxprimus platform

Minimum Deposit

For the Variable account type, the accepted minimum deposit is $100 while for the ECN Premium account, it’s $500. Based on our grading system, there were able to get a Minimum Deposit score of 4/5.

Minimum Lot Size

In line with other brokerages, they also allow trading micro lots with a minimum size of 0.01. This warrants a Minimum Trade Score of 4/5.

Tradable Assets

With FXPrimus, you can trade not just forex but also other types of financial instruments such as energies, indices, equities, precious metals and cryptocurrencies like Bitcoin, Ether (Ethereum), Ripple, Litecoin and Dash. This kind of diversity will give you the opportunity to expand your trading portfolio and this deserves a Tradable assets score of 4/5.

fxprimus tradable assets

Payouts

If you’re a Variable account holder, you will be provided with variable spreads depending on market conditions and fast execution of orders. With an ECN Premier account, you will be able to enjoy tight spreads for as low as 0.1 pips via their electronic communication network which will connect you to tier 1 liquidity providers. Both accounts offer competitive trading conditions and this warrants a Payouts score of 10/10.

Withdrawal Time

The processing time for withdrawals will be dependent on your banking method. For Bank wire, it may take 2 to 5 business days while withdrawal via Skrill only take 1 to 2 business days. This kind of speed is still above the industry standards and warrants a Withdrawal Time score of 8/10.

Deposit and Withdrawal Methods

You will have a lot of options to fund your online trading account. You can use credit and debit cards, Bitcoin, Bitpay, SafeCharge, Trustpay, Neteller, Skrill, Fasapay or ecoPayz. With so many choices, this broker notched a Deposit and Withdrawal Methods score of 5/5.

fxprimus Deposit and Withdrawal Methods

Customer Support

There’s a 24/5 hour live help and you can reach them via phone, email and live chat. The good news is that they have agents that speak Bahasa Melayu so you can communicate with someone who speaks your local language. We had the chance to test out most of these channels and were very satisfied on the customer service quality hence the Support score of 13/15.

fxprimus Customer Support

Quoting Accuracy

All our orders were executed without any delays or slippages and this is most likely due to their nature of being an ECN broker which allows traders to enter the market with the best available price. This warrants a Quote Accuracy Score of 10/10.

Reputation

FXPrimus is currently regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Vanuatu Financial Services Commission (VFSC). But aside from the fact that they are a licensed broker, they are known for launching supplementary protective measures for trading and that makes them a standout in the forex trading industry. This and the majority of good reviews from their Malaysian clients earned them a strong Reputation score of 18/20.

Conclusion

FXPrimus offers a complete package and a secured online trading environment but aside from these advantages, what makes them different from the rest is that they implement extra measures in safety and that makes them an ethical brokerage. It’s a rarity in this industry to find an investment company that promotes responsible trading which is why signing-up with FXPrimus is highly recommended.

Final Score: 91/100

 

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