FXPRIMUS is a trade name of the Cypriot financial company Fx Primus Europe (CY) Ltd that is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company claims to be insured by a Lloyd’s of up to EUR2.5 million.
The broker offers more than 120 instruments for online trading, divided into currency pairs, shares, commodities and indices.
Customers can trade with one of the most popular platforms for online trading MetaTrader 4 (MT4). It is available for desktop machines, for mobile devices and can also be accessible from a web-browser. MT4 supports all instruments classes and provides some useful tools such as enhanced charts, forex calculators, economic news and calendar and automated trade with expert advisors.
FXPRIMUS offers Micro, Mini and Standard lot trading accounts. One micro lot (0.01) is equal to 1,000 units, one mini lot is equal to 10,000 units and one standard lot is 100,000 units. Instruments of the accounts can be with ‘Variable’ spreads or with ‘ECN Premier’ ones. In exchange for a narrower spread, customers of ECN Premier account pay a commission of 1 pip per a standard lot, which is USD10. The typical Variable spread of EUR/USD is 0.5 pips, while the typical one of EUR/USD for ECN Premier account is 1.7 pips.
The minimum deposit amount is USD100.
FXPRIMUS claims to be a ‘100% Straight Through Processing (STP) brokerage firm’, which means there is no dealing desk and all deal is transferred to some liquidity provider. The company also welcomes scalpers.
Although the broker claims there are no re-quotes, its legal documents show slippage exists and client’s market order either could be executed at a different than shown in the platform price, or be rejected. The broker announces its stop loss orders are non-guaranteed and can be executed at the worse than expected price, thus losses can exceed the set ones.
FXPRIMUS closes all open positions (so-called stop out level) if the margin is less than 30% but the Risk Disclosure document informs that clients can lose not only their entire deposit but also to suffer a large additional loss. This means any deficit should be recovered if the customers wish to trade again.