Are you thinking to start your trading journey with FXPrimus? Or Are you opting for FPrimus to enhance your trading standards? Give a pause and read these points listed below about this brokerage firm.
About FXPRIMUS
FXPrimus is one of the oldest financial service providers founded in the year 2009. Though being relatively old, it has not taken any initiative to enhance the number of tradable assets. It offers service on limited assets. Thus, the broker fails in offering an extended trading portfolio and opens the door for risk due to sudden market shifts. There is a large scope of improvement in the official website of the broker. It is complex and fails to provide some essential information to users such as leverage offered etc. Thus, the neophytes face a huge problem.
The broker has three different websites Primus Global Ltd, Primus Markets INTL Limited and Primus Africa (Pty). Despite having three websites, it fails to reach every corner of the world. The broker provides service in limited regions.
Is FXPRIMUS Scam or safe?
Three random and local regulatory authorities regulate FXPrimus websites or branches. Thus, it raises the question of legitimacy or authenticity of the brokerage firm. Moreover, it does not have a robust firewall or SSL protection to safeguard the sensitive data, personal information, transactions and trading account details. So, it is risky to invest with the firm. Think twice before putting your hard-earned money.
Tradable products and markets
You must have heard that larger the trading portfolio size, lower are the chances of risk and greater are chances to harvest massive profit. The broker fails in providing trading on a large number of assets. The range of products available in each market is limited.
Leverage offered
There is no information about the amount of leverage offered on trade on the broker’s official website. It is one of the essential data which should be mentioned on the websites. You can check the website of advanced and renowned brokerage firms they have mentioned this data.
Minimum deposit
The extremely high minimum deposit of $500, $2500 and $10,000 does not do justice with the quality of service, trading platforms and trading tools the broker offers to its users. There are many brokerage firms which allow trading on relatively lower amounts without compromising on services. The broker should think about this and decline its amount to make it accessible for general traders.
Additional features and tools
FXPrimus does not offer any additional features and tools than those preinstalled with the MetaTrader 4.
Trading accounts offered
The broker offers three trading accounts. The details of each account are listed below:
1) The Premium account
- Customer support not available on weekends
- Spreads and leverage is not mentioned
- Trading on outdated MetaTrader 4
- The deposit charges are as high as $2500
2) The standard account
- Customer support not available on weekends
- Spreads and leverage is not mentioned
- Trading on outdated MetaTrader 4
- The deposit charges are as high as $500
3) The VIP Account
- Customer support not available on weekends
- Spreads and leverage is not mentioned
- Trading on outdated MetaTrader 4
- The deposit charges are as high as $10,00
As you can see, the charges for opening an account with the broker are beyond normal trader’s reach. Why would a trader pay $500 or $2500 or $10,000 for trading over outdated MetaTrader 4?
Deposit and withdrawal
The process of withdrawal and deposit of funds is time-consuming and tiring. It takes more than three business days for a withdrawal request to proceed. Also, the options available are restricted.
Trading platform
The financial world has shifted towards MetaTrader 5, and the broker is still offering service though outdated and simple Meta Trader 4. Thus, it fails in enhancing the trading standards of users and meeting their trading objectives.
Educational hub
FXPrimus offers limited educational material, and this is also of no use as it is provided in a single language. Moreover, the course and articles’ quality is not up to the mark and lacks numerous concepts.
Research tools
Unfortunately, we do not find popular research tools such as trading signals, report season calendar, and several others on the broker’s official website. The research is the most important part of the trade guiding your trading decision. Thus, if you are looking for some excellent research tools, opt for other advanced brokerage firms.
Customer support service
The customer support team is not efficient. It fails in answering your queries instantly. The response time for telephone is more than one minute. We have seen many traders complaining about the services of FXPrimus. Also, the services remain closed on weekends.
Disadvantages of FXPrimus
1) High minimum deposit ranging from $500 to $10,000 (for VIP account)
2) Limited tradable assets
3) Regulated by the random or local authority
4) Limited research tools
5) Educational courses are not up to the mark
6) Lacks MetaTrader 5
7) Does not accepts customer form the United States
8) Complex interface of the official website
9) Fees charged on currency pairs are high
The Bottom Line
FXPrimus is one of the oldest service providers. Still, it has not improved its service, range of tradable assets, official websites and several other areas. Despite having three websites or branches, it fails to reach each corner of the world. The minimum deposit to open a trade with the broker is beyond the reach of general traders. There are many drawbacks of investing your fund with the broker. Your money can also be at risk. So, think before investing with such firms. You can definitely go with other renowned and advanced firms such as ROinvesting, 101investing, HFTrading, T1markets and Brokereo.
