Pros & cons of FXPRIMUS

FXPRIMUS Fact sheet

The first question every professional trader asks when selecting a broker is whether it’s trustworthy or not. Regulations are one of the best indicators of safety and security. 

FXPRIMUS is a Vanuatu Investment Firm (the “IF”) incorporated in the Republic of Vanuatu with Company Number 14595. The Company is authorized and regulated by the Vanuatu Securities and Exchange Commission (the “VFSC”), with a Dealer in Securities Principal’s License

(the “License”) Company granted by the Minister of Finance and Economic Management of Vanuatu.

Primus Global Ltd. is also regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number: 337614. 

While it’s true that the broker is regulated and safe, it should be mentioned that these regulators are not very strict. 

FXPRIMUS offers Contracts for Difference (CFDs) trading on various asset classes to its clients. CFDs are great for short and medium-term price speculation as traders get numerous benefits compared to trading the underlying assets directly. Some of the benefits include:

• Traders can open short and long positions and profit from both bull and bear markets
• Leveraged trading is available
• Liquidity is greater as more traders trade CFDs

Forex trading on FXPRIMUS

There are 45 available currency pairs with this broker. It should be mentioned that the number is fairly average when compared to what other brokers are offering. The maximum available leverage is 1000:1. Trading fees depend on the account type. For commission-free accounts, holder spreads start from 1.5 pips. 

Stock CFD trading on FXPRIMUS

There are 77 CFDs on stocks available for trading. Traders have access to popular company shares such as Disney, American Express, eBay, FedEx, and more. 

Crypto CFD trading on FXPRIMUS

There are 11 cryptocurrency derivatives available for trading with FXPRIMUS. When trading crypto CFDs, traders do not have to worry about storing digital coins and cashing out, as profits are added to the trading balance, eliminating the need for crypto wallets. In case you are planning to invest in crypto long-term, CFDs are not ideal. However, for speculative purposes, crypto CFDs are best. 

Commodity CFD trading on FXPRIMUS

There are 11 commodities for trading with this broker. Commodities are raw materials that can be grown or mined. FXPRIMUS offers precious metal pairs and energies. Traders have access to trading both Crude and Brent oil against USD. In addition, it is possible to trade gold, silver, and platinum. 

Indices trading on FXPRIMUS

There are 15 indices of US and EU stocks available for trading. IndicesCFDs are focused on a basket of publicly traded stocks. They show the health of certain economies and industries. The list of available indices includes highly popular ones such as the Dow Jones Industrial Average, S&P 500, etc.

In order to meet the needs of different traders FXPRIMUS offers 4 account types to its clients.

Pros & cons of FXPRIMUS account types

PrimusCENT Account

The PrimusCENT account is for novice traders and traders that are willing to test their strategies live with little risk. The minimum initial deposit required to open the account is just 15 USD, and the maximum available leverage is 1000:1. Traders only have access to MetaTrader 4 (MT4) software with this account. 

PrimusCLASSIC Account

The PrimusCLASSIC account is a standard account. Similar to the Cent account, the minimum deposit required is just 15 USD. Spreads on EUR/USD is 1.5 pips, and all the different types of trading software that are offered by the broker are available.

PrimusPRO Account

The minimum initial deposit required to open this kind of account is 500 USD. The available platforms are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Spreads start from 0.3 pips, and commissions differ based on the trading platform. On MT4 there’s a 10 USD commission per traded lot round turn and on MT5 it’s 8 USD. This account type is the most popular choice among clients of FXPRIMUS. Maximum available leverage is 500:1 on MT4 and 1000:1 on MT5.

PrimusZERO Account

The PrimusZERO account has the best fees. Spreads start from 0 pips and commissions are 5 USD per traded lot. On the downside only MT4 is available and there's a 1000 USD minimum deposit requirement to open the account. Maximum available leverage is 1000:1.

Getting started on FXPRIMUS – Main steps

Opening a live or demo account with FXPRIMUS is super easy as the broker provides traders with a user-friendly webpage. If you have already decided to open an account with this broker, we’ll guide you through this process, it takes only a couple of steps and is fully digital.

Step 1: Open an account

The first step is to open the broker’s main page, where you’ll see “Trade Now” in the top right corner. Click that button. You will be transferred to the registration page where you are required to provide your personal information such as full name and contact info, then you have to set a password. 

Step 2: Time to verify your account

After the registration process is concluded, it’s recommended that you fill in data under the “Personal Details” and “Questionnaire” tabs. You can also choose account settings such as base currency and leverage. The next step is to verify your account under the “KYC documents” section. The broker requires two types of documents from you. You need to upload a proof of your identity (Photos of your passport, ID card, or driving license will work), and proof of your residence (you can use your utility bills or bank statements). 

Step 3: Make your deposit and start trading

After the account gets verified, you can start funding and placing orders. There are various methods for making deposits and withdrawals with FXPRIMUS. Traders have the following options: Visa, Mastercard, FasaPay, TrustPay, Neteller, SafeCharge, ecoPayz, emerchantpay, and bank transfer. It should be noted that for most account types the minimum initial deposit is 15 USD, but when it comes to withdrawals, the minimum amount in most cases is 100 USD. 

Trading fees with this broker are high compared to competitors. While it’s true that the broker offers both spread-free and commission-free account types, both spreads and commissions are high. In addition, there are high inactivity fees.

Comparing FXPRIMUS fees with other brokers

To better understand the fees on FXPRIMUS, let’s compare the standard account fees with other brokers. For the comparison, we took the PrimusCLASSIC account type’s fees. 

FXPRIMUS fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FXPRIMUS fees compared to CM Trading fees

FXPRIMUS fees compared to plus500 fees

FXPRIMUS fees compared to XM fees

FXPRIMUS fees compared to AvaTrade fees

FXPRIMUS fees compared to Capital.com fees

FXPRIMUS provides traders with a full set of MetaTrader platforms and cTrader. MetaTrader software is very popular and most brokers offer it to their clients. cTrader on the other hand is offered by a limited number of brokers. In addition, the broker provides traders with a web trading platform and mobile app. The web terminal and mobile apps are versions of MetaTrader software. The mobile app is fully equipped with all the necessary features such as the availability of live charts, a range of different trade order capabilities, and more. 

cTrader is a great platform for both beginners and professionals. The platform is user-friendly and has a slick design. Let’s see the comparison table below for these platforms:

Tools and educational material is very limited with this broker. Only financial articles are available under the education section, and hopefully, more sections will be added in the future. 

Customer Support (CS) with FXPRIMUS is available 24 hours a day, 5 days a week, on business days. The CS is highly professional and very friendly. Traders can contact the support via live chat, send them an email, or contact them over the phone. 

To sum everything up, the broker is regulated by the CyCES (located in Cyprus) and the VFSC (located in Vanuatu), so they can be trusted. The broker offers a wide range of account types to choose from, however, trading fees are high compared to other brokers. The number of assets is average and educational material is very limited. On the bright side, all the MetaTrader platforms and cTrader are available and customer service is good.