Spanish Regulator Flags Pepper Stone, PRIMUS FX, 7 Other Websites

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. Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. FXPrimus presents clients with two regulated entities and maintains an overall secure trading environment. FXPRIMUS can provide direct market access (DMA) using an exclusive FIX Protocol for those who want a more customised experience with faster execution speeds. It is worth noting that access to the Platinum API does require minimum deposit of $50,000 although margin requirements on some instruments are as low as 1% through the API.

  • The investors’ protection along with compliance with the set rules performed in numerous ways since obliges brokers strictly to keep money in segregated bank accounts and make sure they are always protected.
  • You can start trading on an FX Primus demo account, to begin with, to test the trading conditions, which from my experience, are very good.
  • Leverage may magnify your exposure to markets, yet the probability of profits or losses increases in parallel, which makes it essential to learn how to use leverage smartly.
  • Along with comprehensive offerings, the broker’s efforts went on engaging in targeted strategies through advanced educational resources suitable for traders of different levels.

I have been trading with this trade company for over a year, and I am extremely satisfied with their services. The platform is user-friendly and provides a wide range of trading options. The company’s customer support is outstanding, always responsive and helpful. The economic calendar lets you keep up to date with the latest market news from across the globe. It makes tracking news events easy without needing to access various websites and sources.

These rules are also monitored and audited by the regulatory bodies, which we recall to your attention again why regulated brokers are considered safe and eventually the only recommended brokers. FXPrimus notes that it covers all deposit and withdrawal fees, but third-party costs may apply, dependent on the payment processor. While the minimum deposit is as low as $15, the minimum withdrawal for all payment processors is $100.

As an example, you may refer to the comparison table and see typical FXPrimus spread and other popular CFD Brokers. FXPrimus Forex fees we find that FXPrimus fees for Standard accounts are rather high among the industry for currencies but very good offering for Cryptocurrency, as well as Commodities. FXPrimus leverage levels that are determined by the regulatory restrictions each authority imposes. Simply it means you should verify with company customer service first which level you are entitled to use, as it may be defined by your residence in one country or another. It is also a fact that you may choose under which entity to open an account, yet verify this with FXPrimus first as well.

Tools

They have partnered with Boudica Client Trust for third-party monitoring of client withdrawals to ensure requests are processed in a prompt and efficient manner. They conduct regular financial and compliance audits that are externally authenticated to ensure independent, transparent and accurate review of the company finances. In order to trade available at FXPrimus 120+ instruments you are able to access all from one of the most popular MetaTrader platforms in the industry suitable for desktop or mobile trading. FXPrimus gives access to trade over 120 Instruments including Forex, Commodities, Stocks, Energies, indices, and cryptocurrencies. FXPrimus features four account types, including one Cent account, only available with the MT4 trading platform.

Stocks, currency, and other commodities and other instruments will be purchased by the broker even if no buyer is lined up. 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. When I talk to support about it, even the bot is better than the live chat agent. Reputable sources recommended 𝙁𝙤𝙧𝙣𝙖𝙭.𝙘𝙡𝙖𝙞𝙢𝙨 for their excellent recovery service and it was beautiful. The recognized broker also noted that it has reported the clone platform to its domain service provider. The National Securities Market
Commission (CNMV), Spain’s financial regulator, has issued a warning against
six unregistered entities including ‘Pepper Stone Ltd’, and ‘PRIMUS FX’.

  • One of the most ignored trading costs is swap rates on leveraged overnight positions.
  • The broker has gained numerous rewards by being recognized as one of the best Forex providers in the market.
  • These offer insights and specific reports to help you improve your trading knowledge and abilities, as well as make more educated trading decisions.
  • FXPrimus is an execution-only broker focused on the core trading environment.

Meanwhile, the second clone website, ‘Pepper Stone,’ also does not mention where it is regulated and claims to have been in the market for over five years with over 10,000 clients under its belt. However, the well-recognized Pepperstone, in addition to being multi-regulated, offers its clients trading opportunities in over 1,200 CFDs. On top of that, it offers its clients access to MetaTrader 4, MetaTrader 5 and cTrader trading platforms. However, Finance Magnates is yet to get a comment from Pepperstone on the development.

Instant Deposit

There are SMS alerts for immediate market updates, exclusive webinars and VIP trading signals that are updated 3 times per day. On the FXPRIMUS website, there are a lot of interesting educational videos about things like trading psychology, trading platforms, technical analysis, and more. There primus fx are things that can be looked at to help you improve your trading skills. MT4 is noted for its user-friendly design, extensive charting features, technical analysis tools, and automated trading capabilities. The MetaTrader 4 platform offers USD, EUR, GBP, SGD, and PLN as account currencies.

An overview of the Non-Trading Fees

Multiple account options are offered by FXPrimus allowing you to access trading and markets with variable spreads and access to trade all range of its offered instruments. Besides you will trade with competitive spreads and no commission fee basis along with access to unlimited use of educational and research materials, which we will see in detail further in our FxPrimus review. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.

Which includes news feeds available directly to the traders and helping with informed decisions through daily market outlooks, trading signals, videos, training sessions, and tailor-made market reports. Web trading platform is indeed a very useful tool for your trading as you simply should log in to your account through any internet browser and enjoy FXPrimus platform capabilities. We noted that FXPrimus Fees are charged while all trading styles are welcomed at FXPrimus, based on tight spread conditions and quite competitive trading costs with spreads of 0.1 pips with no commission. Or if you select an option to trade through ECN connection with raw spreads you’ll be charged a commission of 10$ per lot. The broker supports multiple trading styles backed up with high leverage making it the best choice for traders of any type. Also, traders of any expertise level are welcomed since the broker provides an excellent range of educational resources and research tools.

Educational Videos

It does not mean that if you are a trader from Malaysia you cant open an account with FXPrimus, the broker has a Vanuatu entity that accepts clients from all around the world. It simply means that you will open an account with a company not particularly regulated in Malaysia. Due to its headquarter in Cyprus broker is authorized to provide services to European clients as per the Cyprus Securities and Exchange Commission CySEC regulation. Credit/debit cards and e-wallets support USD, EUR, SGD, GBP, PLN, and HUF. Only verified trading accounts may request withdrawals, and FXPrimus processes withdrawal requests Monday through Friday between 0700 and 2100 (GMT+2). Regrettably, phone support is unavailable, and a direct line to the finance department where is missing.

How do I create a Forex Demo account?

MetaTrader 4’s distributed design, robust security system, and mobile trading accessibility are just a few of the key skills that give it a competitive edge. FX Primus provides traders with over 120 instruments to trade online, including forex currency pairs, commodities, indices, and equities. You can start trading on an FX Primus demo account, to begin with, to test the trading conditions, which from my experience, are very good. The standard variable account requires a minimum deposit of $100 and is commission free. Spreads are variable depending on the market conditions and may be increased to cover costs.

Overall FXPrimus Ranking

On the other hand, FXPIG is a good forex broker that gives all clients personalised support regardless of their investment size. Based on our finds, FXPrimus accounts offered include both Live Account and Demo accounts available for your practice or familiarization with a platform. While account types are divided by the investment size, where obviously the spreads will become lower as long as you trade with a higher account grade. Besides, you may access the Micro Account trading option through the possibility to trade Micro lots.

This account also comes with the same additional benefits as the standard account with access to some extras such as trading signals for qualifying clients. Overall, FX Primus is an established forex broker offering the MT4 trading platform and other useful online trading services. The support is very good with very rapid response times, and there is a variety of account options and deposit methods to choose from for your convenience.

And you’re done, of course further on you have full control over your position and can either close the trade manually or adjust it, unless t hit some of your defined levels. Placing an order is a quite simple process, as you may trade and open trade directly from the chart through a selection in the menu ‘Place Order’. Despite this, FXPrimus covers your charges for deposits or withdrawals, which we will cover further in our FXPrimus review. Also, other fees like non-trading fees and withdrawal fees should be taken into consideration. Based on our testing, in order to create a Demo Account, which is a great and necessary option for your practice before you jump to Live trading you simply should follow the next steps.