I would always suggest starting on a demo account to see if a broker can meet your needs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Trading Brokers Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for.
Mobile trading apps at FXPrimus
FXPrimus features four account types, including one Cent account, only available with the MT4 trading platform. Cent and Classic are more expensive commission-free accounts, while Pro and Zero are commission-based, where the latter ranks among the cheapest ones and the account type I highly recommend at FXPrimus. Traders at the CySEC subsidiary get an investor compensation fund, covering up to 90% of deposits up to a limit of €20,000.
- One of the most ignored trading costs is swap rates on leveraged overnight positions.
- In addition to this, they run strict tests of services with a risk management model to try and ensure that clients do not end up with a negative balance position.
- The mini terminal improves trading efficiency by allowing you to trade with one click, adjust lot size, set stop losses, take profits or trailing stops and more.
- They have a global footprint with data centres in New York, London, Hong Kong, China and Singapore.
Equity trading remains commission-free, and swap rates on leveraged overnight positions remain low, increasing the cost advantage for active, leveraged traders. I highly recommend the Primus Zero account, which ranks among the cheapest ones available. We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points.
I always prefer to use a regulated broker as I want to focus on my trading without worrying. FXPRIMUS continuously look to improve security for clients and give them peace of mind by implementing the latest technologies and advanced safety mechanisms alongside the educational material provided. You are given all of the necessary tools and resources that can help you to make informed trading decisions. They believe that providing you with the best possible academic, technical and practical support can help to give you sustainable success whatever your level of expertise. FXPrimus notes that it covers all deposit and withdrawal fees, but third-party costs may apply, dependent on the payment processor.
What can I trade at FXPrimus?
This can be very convenient if you are day trading multiple instruments at the same time. FXPRIMUS is a member of the Investor Compensation Fund (ICF), thus eligible client’s funds are protected. In addition to this, they also have professional indemnity insurance via the Howden Group. Just keep in mind that this does not apply to all clients and protections can vary depending on the broker entity that you open an account with.
Account funding at FXPrimus
The broker has a skilled and experienced global customer service team who are on hand to offer you support 24/5 via online chat, telephone or email. I have always had a quick response to my questions and appreciate that they have reached out to me just to see how things are going without being prompted to do so. FXPRIMUS host global seminars and webinars to try and help educate traders of all experience levels. Registration and attendance are free and anyone who is interested in learning more about trading is welcome to attend.
You can diversify your portfolio with the indices offered including the S&P500 CFD, Nasdaq 100 CFD and Dow Jones CFD. An index is a statistical measure of changes in a portfolio of stocks representing a portion of the overall market. Index trading is for those with a keen eye for changes in a certain sector or a group of stocks. The brokers website has a basic glossary of terms and definitions that can be used to help familiarise yourself with some of the most popular trading related terms. Here is a screenshot of the FXPrimus quotes in their MT4 during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com.
Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). FXPrimus provides multiple options for account funding, catering to a variety of preferences. The mini terminal improves trading efficiency by allowing you to trade with one click, adjust lot size, set stop losses, take profits or trailing stops and more.
A short online application form grants new clients access to the back office. Unfortunately, FXPrimus includes unnecessary questions, which are normal for CySEC brokers, to Vanuatu clients. FXPrimus does not really have any unique features, as it focuses on a competitive core trading environment, which I believe it has achieved with its Primus Zero account. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-based Primus Zero account.
FXPRIMUS Review
Traders can swiftly create them in MT4/MT5, but I recommend a demo account balance similar to their planned live deposit. I also want to caution beginner traders against using a demo account as an educational tool. It creates unrealistic trading expectations, and the absence of trading psychology negates the educational value.
Regulation and Security
Founded in 2009, FXPRIMUS is an online trading broker with great emphasis put towards client safety and education whilst utilising new technologies to continue to improve their offering to traders. I was impressed by the excellent range of trading tools for conducting chart analysis and finding trading signals. I like how the broker gives you a choice of trading accounts depending on your strategy and has a good variety of convenient funding options. If you are a beginner, you can learn from an extensive collection of educational content whilst practising your trading on a free demo account. For those of you who are ready to start trading, the minimum deposit is just $100 and opening an account takes just a few minutes.
With access to popular platforms like MetaTrader 4, MetaTrader 5, and cTrader, alongside a proprietary platform, traders have a decent suite of tools to bitbuy canada review enhance their trading experience. However, it’s worth noting that while these platforms are widely recognized, the broker’s overall offering does not stand out significantly in the crowded market space. FXPRIMUS has a good selection of account types suitable to different styles and needs of traders.
Compared to the industry average of 3,623 tradeable symbols, FXPrimus offers a significantly smaller selection, which might be limiting for traders looking for extensive market coverage. However, this range might still be suitable for those who focus primarily on major markets or specific trading strategies. FXPRIMUS offer a huge range of funding and withdrawal methods including online payment processors such as Skrill and Neteller for fast and convenient transfers. I would say they have perhaps the most impressive selection that I have seen from any broker. I love that there are so many digital wallets as this is my preferred method of lexatrade review payment.
For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. There is a short online form to complete and you will need to verify your email. Once verified by the accounts team you will then be able to fund your account and start trading. I completed it within minutes and had an email right away with my login details. It is great that the whole process is done online but also expected in today’s day and age.