FXPrimus, which will write a review about today, was established in 2009. I can say that they have improved themselves since the day it was founded. The official website has about 200 thousand visitors a month. I can say a good number for a forex company. In addition, the website has a professional look and design.
So I must say that in the first step, the broker made a positive impression on the visitors. How are the facts? Is the quality of the services offered by the company really good?
In this FXPrimus review you will find answers to many questions about the broker you have in mind. What are account types offered by the broker and its trading conditions like spread or minimum deposit limit? What are funding and withdrawal methods it offer? Are there any withdrawal problem?
Do not open an account at FxPrimus before learning the answers to all these questions.
If you’re ready, let’s start.
I reviewed OctaFX based on the following criteria.
- Strong regulations
- High minimum deposit
As I mentioned in previous articles, regulation is one of the most important safety criteria. One of the first things we look at when measuring the reliability of a forex company is whether it is licensed or not. I never suggest trading on unlicensed forex brokers. Because when you have a problem with unregulated brokers, you cannot find an authority to complain about.
When it comes to regulation, FxPrimus is quite advantageous. Because FXPrimus is regulated by 3 diffrent watchdogs: CySEC, VFSC, FSCA. CySEC is a highly reputable regulator. Because you are asked to fulfill strict requirements for CySEC license. This regulator also has a compensation fund. With this fund, your money up to 20,000 euros is guaranteed, if the company goes bankrupt.
Account Types Offered by FXPrimus
FXPrimus offers 2 different account types: Variable and ECN account. You can browse the features of these account types in the following table.
The Variable Spread account type is similar in many respects to the standard account type in other brokers. The minimum deposit limit is $ 100 in this account. This minimum deposit limit is average of the forex brokerage industry. The maximum leverage you can use is 1:1000. However, leverage ratios depend on funding amount. If you fund up to $ 1000, you can use leverage as up to 1:1000. Fundings from $ 1001 to $ 20.000, you can use leverage as up to 1:500.
As the name implies, this type of account offers floating spreads. Average spreads on EURUSD is of 1,6 pips.
In ECN Account, minimum deposit limit is $500. Average spreads on EURUSD is of 0,4 pips but $ 10 commission applied by the broker.
FXPrimus offers a wide variety of deposit and withdrawal methods. As with almost all other brokers, you can use wire transfer and major credit cards. The fastest way to deposit and withdraw is usually to use a credit card.
In addition, e-wallet systems are now being used by investors. Fxprimus, accept as payment method many of the popular e-wallet system. Many e-wallet systems, including Neteller and Skrill, can be avaliable at the broker. You can also use bitcoin to deposit and withdraw funds.