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FxPrimus

FxPrimus Review
Trader's rating 3.6
Editor's rating 3

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage  Average Spreads 
Variable spread  $1000 0.01 1:400 1.5 pips on EUR/USD
ECN Premier  $2 500 0.01 1:400 0,4 pips on EUR/USD + $10 commission per lot

 

FXPRIMUS offers its clients two trading account options: Variable spread and ECN Premier. Both accounts provide leverage up to 1:400, micro lots for trade and variable spreads. The ECN premier account holders are offered tighter spreads, however a commission applies for the ECN environment, while the Variable spread account is commission-free.


In addition, FXPRIMUS provides swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn interest for religious reasons), as well as percentage allocation money management (PAMM) services. The FXPrimus PAMM accounts are fully automated both for the skilled traders and the investors.


The Company. Security of Funds

 

Company Country Regulation
Primus Global Ltd. Cyprus CySEC

 

FXPRIMUS is a retail forex broker, offering wide range of currency pairs, precious metals and various CFDs on energy products, indices and 5 cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin and Dash).


FXPRIMUS is the trading name of Primus Global Ltd (previously known as FX Primus Europe (CY) Ltd.), a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).


Currently Cyprus is among the most attractive forex broker destinations and one of the reasons for that surely is balanced regulation. Tough regulation with high entry capital requirements and low maximum leverage has reduced competition in the United States and Japan, while light touch regulation affects credibility and safety.


CySEC applies certain rules and requirements to Cyprus Investment Firms, which are not as stringent as those in the US, for instance, however they provide a certain level of credibility. Cypriot Investment Firms must hold at least €730 000 in order to prove their good financial standing. Besides, they are required to keep customer funds in segregated accounts, separated from the company’s operating funds.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. In November 2016  the broker increased client fund insurance protection with additional up to €2.5 million. The offering is available to all live trading account holders and is underwritten by Lloyd’s.


Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime. What is more, the broker is also registered with a number of EU regulators, including UK’ FCA, Germany’s BaFin and others. It seems that the Primus group has a UK brand, Primus Capital Markets UK (PCM UK).

 

Besides, FXPRIMUS used to hold a license in Mauritius, but in late March 2016 the local financial regulator, the Financial Services Commission (FSC), revoked it.


Trading Conditions


Minimum Initial Deposit
In order to open an account with FXPRIMUS, traders have to invest a minimum of $1000. Such minimum initial amount is quite high, actually. Most Cyprus-based brokers require less. For instance, FXTM demands just $5 from its clients as a start.


Spreads & Commissions
Being a true STP broker, FXPRIMUS offers floating spreads, varying by account category. No matter which account type you chose, however, trading costs will be similar, as commission-free Variable spread account provides average spreads of 1.5 for the EUR/USD pair, while the ECN Premier one offers average spreads of 0.4 pips on EUR/USD + $10 commission (which equals approximately 1 pip). Variable spreads from 1.0 to 1.5 pips are considered average for the FX market.


For purposes of comparison, average variable spreads on Exness’ commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD with $5 commission per standard.


We would also like to mention that FXPRIMUS offers large-volume traders discounts. Once you trade the equivalent of 250 standard lots or more in a calendar month, you will qualify for a lower commission rate of $8 per standard lot round trip traded (or equivalent thereof).


Leverage
The maximum leverage level offered by FXPRIMUS is comparatively high, reaching 1:500. Nonetheless, many Cyprus-based brokers offer even higher leverage rates: for example, XM provides leverage up to 1:888 and Exness currently runs its Unlimited Leverage Promotion. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.


Although it is tempting to use higher leverage and be able to operate with larger amounts, we advise traders to be careful, for such leverage levels involve greater risk of heavy losses.


Trading Platforms


This broker supports the standard forex market trading platform MetaTrader4 (MT4) and WebTrader, powered by Sirix.


MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved.


MetaTrader 4 is available to clients of FXPRIMUS as desktop and mobile versions. More brokers using the MT4 can be viewed here


The FXPRIMUS WebTrader, on the other hand, lets you access your MT4 account via the Internet without having to install the MT4 platform. Any browser that supports Flash can run the WebTrader on any PC, Mac or Linux computer. WebTrader is not currently available to clients with managed accounts or Money Managers who use our MAM software.


Like most brokers, FXPRIMUS also provides VPS (Virtual Private Server) for $30 per month. It allows you to connect to your MetaTrader4 (MT4) platform using a remote computer located close to our MT4 servers.


Promotions
By the time of writing this review, FXPRIMUS runs the following promotions:


- Double dynamo bonus & cashback is offered to new and existing clients with minimum deposit of USD 500 and maximum leverage 300:1 are offered 100% on deposit bonus up to $10,000.00 and $2/$4 (for Variable spreads/ECN Premier account holders respectively) cashback on every standard lot traded;


- As official online sponsor of one of the most successful premier league football team, Manchester City Football Club, the broker offers successful traders to meet their favorite Manchester City player as a reward.

 

In addition, FXPRIMUS has partnered with rebate service provider PayBackFX. Variable spread account holders are able to get 0.6 pips per lot (round trip), while ECN Premier account holders may get back 30% of the commission.


Methods of Payment


FXPRIMUS supports a wide range of payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill, Neteller, FasaPay and Payoneer’s Prepaid MasterCard, eZeebill, as well as Bitcoin, YuuPay, ClickandBuy and China UnionPay.

USD, EUR, GBP, AUD, SGD, PLN & HUF based accounts are offered by this broker.


Conclusion


FXPRIMUS is a EU STP broker that offers online trading in forex currency pairs, CFDs and precious metals under competitive conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated Mediocre spreads
ECN/STP Model  
Choice of trading platforms, MT4 available  
Bonuses & Rebates offered  

 

Headquarters: Ebène House, 3rd Floor, 33 Cybercity, Ebène

Country: Mauritius

Regulated by: FSC Mauritius

EverFX

EverFX Review
Trader's rating 3.6
Editor's rating 3

Account Types

 

Account Type   Min.Deposit  Min. Trade Size Maximum Leverage Average Spreads (& Commission)
Standard $300 0.01 1:500 0.2 pips + $6 per round lot
Premium $5 000 0.01 1:500 0.2 pips + $5 per round lot
VIP $20 000 0.01 1:200 0.2 pips + $4 per round lot

 

EverFX offers its clients a choice of several basic account types, depending on the initial investment. As this brokerage is a pure STP one, all accounts provide tight variable spreads, starting out at 0 pips. Commission fees and leverage, on the other hand, vary by account type.

 

In addition, EverFX offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn and pay interest for religious reasons).

 

Keep in mind that EverFX does not offer Contracts for Difference to residents of certain jurisdictions such as the USA, Iran, Canada and North Korea.

 

The Company. Security of Funds

 

Company

Country

Regulation

ICC Intercertus Capital Limited

Cyprus

CySEC

 

With EverFX you can trade in currencies, metals, indices, energies, commodities and bonds on the good old MetaTrader 4. In addition, the brokerage offers high-quality educational tools. 

 

EverFX is a trademark of ICC Intercertus Capital Limited and is regulated by Cyprus Exchange and Securities Commission (CySEC).

 

As UK is preparing to leave the European Union, Cyprus is gaining more and more popularity as an attractive forex broker destination in Europe.

 

The Cypriot financial watchdog applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 as a proof of financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. Similar compensation schemes apply in other jurisdictions.

 

Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open the Standard account with EverFX, and trade with some of the lowest spreads in the market, traders have to invest just $300 – which is very fair considering the savings on trading.

 

Spreads & Commissions

All account types with EverFX offer one and the same variable spreads, which are pretty tight, averaged 0.3 pips on EUR/USD. Commission fees, however, vary from $4 to $8 per traded lot (round trip). So basically, trading costs on the Standard account are below 1 pip EUR/USD (spread averaged 0.2 pips on EUR/USD + $6 commission = approximately 0.8 pips) per standard lot. This is a really competitive pricing, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. 

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

EverFX offers high leverage levels, reaching is 1:500. In an attempt to protect traders with the risks associated with trading at high leverage, the Cypriot financial watchdog proposed default leverage levels to be 1:50. Nonetheless, most Cypriot brokers still offer leverage ratios, which are significantly higher: FXTM - up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

This broker offers two platforms to its clients. One of them is the most commonly used forex trading platform - MetaTrader4 (MT4), available in all forms and shapes: for PC, MAC, tablet, mobile and web version.

 

MT4 is internationally acclaimed for its wide range of built-in technical indicators and Expert Advisors (EAs), which users are able to get ready-made or create ones of their own, extensive back-testing options for them, as well as the advanced charting tools and user-friendly interface.

 

More brokers using the MT4 can be viewed here.

 

Additionally EverFX has developed their own unique web-based solution, (which will also be available for mobile devices soon). The Status platform provides an easy access to the forex market, while also packing some advanced functionality. There are two sidebars, which can be extended inwards, toward the chart, revealing the instrument list and news section. Here is a preview:

 

 

At the same time the bottom section is very intuitive. This platform feels like a solid choice for the beginner and veteran alike.

 

Promotions

EverFX often launches various promotions, such as a Refer-a-Friend program or Zero Trading Cost promotion.

 

Methods of Payment

 

The following payment methods are available to EverFX clients: credit/debit cards (Visa, MasterCard), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and Webmoney.

 

There is no minimum withdrawal amount with this broker.

 

Conclusion

 

EverFX is a FX and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. Besides, it is duly regulated by CySEC to operate in all EU countries. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated  
MT4 available     
Tight spreads, starting at 0 pips  
Pure STP execution  
Low initial deposit  
Promotions offered from time to time  

 

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