FXPrimus Certified Cryptocurrency Broker Review
Several certified forex brokers from mainstream trading industry have added crypto to their list of trading instruments. One good example of a prestigious CFDs broker which has included crypto to its list of the available instruments is FXPrimus.
For those who think cryptocurrencies are the only trading instruments prone to drastic price spikes driven by volatility, you surely haven't traded an exotic forex pair some few minutes to a major news release. If you happen to be in the wrong side of the market before this massive price spike occurs, the chances of you getting a margin call (even with your stop-loss set) is pretty much high.
Forex trading is arguably the most popular trading instrument class, with about $5 trillions daily trading volume.
The amount of learning material you are likely to find on the subject of forex trading beats any other forms of the trading instrument. However with the way cryptocurrency has been able to capture the interests of mainstream retail audiences. It has become the favorite option of most first time traders. In order to increase their clients base and not get left out.
I will be taking you through this well crafted FXPrimus Review so you can also see why we are so in love with this broker.
In case we miss anything in this FXPrimus Review, you can easily point it out to us using the comment box.
What is FXPrimus?
When looking for a broker you can be confident in, FXPrimus is one that easily comes to mind. The high standard for safety FXPrimus has created, as well as its transparency and operating efficiency is one that is rare among brokers. The firm was founded in 1999 by former traders from the retail and hedge fund sectors with the aim of allowing both corporate and individual clients experience the power of high-frequency processing. The backbone of the FXPRIMUS network is the network of data centers it boasts of, which are located in Hong Kong, New York, Singapore, and Amsterdam.
FXPrimus is a Straight-Through processing broker with a very high volume of daily trades. For those who don't know, a high volume of Straight-Through Processing gives room for hedging, scalping, EAs, and other forms of automated trading strategies to thrive. The threats of re-quotes or slippage are also eradicated, except under certain conditions which are exceptional such as a Non-Farm Payroll release. The need for back-office trading desk conflicts is also eliminated by the Straight-Through Processing or STP, as it is sometimes called.
Features Of FXPrimus
Lots Size and Leverage
Trading can be done in micro, mini or standard lots. FXPrimus offers varying leverages, depending on the account type and account balance and it can be as low as 1:1, to as high as 1000:1. The level of leverage selected determines the extent of variation experienced on the margin requirements. The prices are made executable by major liquidity providers, as well as STP. Cryptocurrency's leverage is currently capped at 5:1 on the platform.
The FXPrimus infrastructure has an interweaving number of advanced trading tool and algorithms that fit together well so that they can be run more or less simultaneously.
Examples of such an advanced set of trading tools include MetaTrader4 trading platform, pattern recognition software, Sirix social trading, as well as other automated trading options.
The variable pricing and the Premier ECN pricing are the two types of spread pricing FXPrimus offers. The Premier ECN pricing can produce spreads which are less than 1 pip for major pairings, while the variable pricing can produce a 2 to 2.5 pip spread for EUR pairings.
For transparency sake, the difference between the buying and selling price of any currency pair is always displayed, as this reflects the varying degrees of market volatility. The spreads begin from as low as 0.1 pips, and this gives traders the advantage of very competitive trading conditions.
Clients can have access to customer service assistance through live chats, email, and direct phone calls at any time during market hours. The customer service team speaks multiple languages, the MT4 platform can be read in 30 languages, and the website comes in eight languages.
Deposits And Withdrawals Methods on FXPrimus
Deposits and withdrawal of funds are easy from any part of the world, funds can be deposited or withdrawn using banking wire transfers, cryptocurrency, Skrill or major credit and debit cards. You can also make withdrawals or deposits with a variety of local payment alternatives which have been installed for convenience. The minimum deposit that can be made is one hundred USD($100) or its equivalent in other currencies, which also includes cryptocurrency.
FXPrimus Trading Instruments
The trading instruments available on the platform include stocks, cryptocurrency, commodities, forex, and indices. FXPrimus made it know that it serves as a host to over 120 different trading instrument cutting across the aforementioned categories.
FXPrimus Fees And Account Types
There are three main types of trading accounts offered by FXPrimus. These are FXPrimus Standard Account, FXPrimus Premium ECN Account and FXPRIMUS VIP account.
The FXPrimus Standard Account offers a minimum deposit of $1000, a daily market outlook, double dynamo cashback bonus, and one to one consultation, as well as SMS alerts.
The FXPrimus Premium ECN Account offers a minimum deposit of $2500, a 60 minute MT4 & trading tools training, daily Market Outlook, and double dynamo cashback bonus. You also have the option of live market update telephone calls, one to one consultation and SMS alerts.
The FXPrimus VIP Account offers a minimum deposit of $10000, a 30-minute consultation with a market specialist, a 60 minute MT4 & trading tools training, a daily market outlook, and a double dynamo cashback bonus. You also get to enjoy live market update telephone calls, one to one consultation, personal access to market specialist, SMS alerts and VIP trading signals. Clients also have the choice of Islamic accounts and free demo account available to them.
FXPrimus Funds Safety Mechanism
FXPrimus offers their clients free fund insurance of up to 2.5 million Euros. They also offer their clients negative balance protection. Their client's equity can never remain negative, as it is protected from extreme market volatility. FXPrimus protect their clients from any loss that exceed their account balance.
A third party—Boudica Client Trust, is used to monitor clients withdrawals to make sure withdrawal requests are executed quickly. FXPrimus also administer their clients' funds completely separate from their own, to protect their clients' funds in case the company runs into financial issues. FXPrimus uses the latest 128-bit SSL technology to encrypts all data and personal information of transactions to ensure their clients’ security.
All the deposits made by clients from operating funds will be segregated by FXPrimus. These funds are been deposited in a Tier-One offshore bank account. The clients' deposits are also given additional protection which the national investor compensation insurance schemes provide.
License and Registration
The firm is regulated by CySEC, with a license no. 261/14. Since the company is operational in several countries, it is said to have the approval of several regulatory bodies around the world. This gives FXPrimus an edge and enables them to be able to process trades from clients in more than 200 countries around the world, although the United States of America and some other countries are omitted.
Requirements For Having an Account With FXPrimus
FXPrimus which is regulated By CySEC, and MiFID, requires people looking to have an account with them to pass a couple of basic compliance checks. This is simply to make sure these new clients have an understanding of the risks involved in trading while they get to trade. New clients will have to provide certain information while opening an account, which includes the following:
•A scanned color copy of the client’s national ID, passport or driving license.
•A bank statement or utility bill, for the last three months prior to registration. It must indicate the client’s address as well.
•The client will be required to provide answers to some basic compliance questions as a confirmation of how much trading experience the client possesses.
Therefore when opening an account, it’s safe to bare it in mind that at least ten minutes will be spent for the completion of the account opening process. Although you can easily explore the FXPrimus platform, you should have it in mind that trading won’t be possible until compliance has been passed. Passing compliance could take a couple of days.