FXPRIMUS Review: Scam or Legit?

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FXPRIMUS is a retail forex broker, offering a wide range of currency pairs, precious metals, and various CFDs on energy products, indices, and cryptocurrencies.

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). FXPRIMUS is using the Vanuatu offshore company for its operations in Asia and Africa.

Given that this is an “offshore” broker, we can’t really expect much of it in regard to regulation and home jurisdiction. This guide will shed light on FXPRIMUS: Scam or Legit? Can you withdraw profits?

FXPRIMUS Review

Many traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. There are lots of websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.

As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read FxPrimus reviews. 

Their overall rating on the largest portal for broker reviews is average. What do FXPrimus’s disgruntled traders complain about?

Alleged spread manipulation is also always an issue with online trading operations, as is the apparently unfounded denial of profits from traders. But here seems like a serious problem with blocked and canceled withdrawal requests. FXPRIMUS uses some “Recoup Abuse” policy to cancel profits during volatile market conditions, automated trading, arbitrage, or other sophisticated trading techniques.

Here are just 2 examples:

BIG SCAM BROKER IN HISTORY

I have an Live account with Fxprimus with deposit of total $9760
It’s 3-22-2020 when i requested wd and fill a form for withdrawal of $4600 and $4400, it was really surprise and shock to me when i found that they took all my profit took away with put in statement “Recoup Abuse” without any explanation and without any email cuz they have no any proof Screenshot (http://prntscr.com/rkqdxi)

put that all in withdrawal and mention Abuse -Totally Scam by fxprimus

Last week 3-14-2020 i had some hedging position in my account (everything is share in screenshot for your references). Fxprimus removed my buying position removed on Saturday night when market was Off (here is screenshot Screenshot http://prntscr.com/rkq573). i can’t express the emotion and what i had feeling that its high of scam. i didn’t have any experience like that before with any broker who can close any position on weekend when market off (100% sure market mover can do this). they put my account on selling positions and remove all the profit the $0 . It was my luck that market open in selling gap on monday 3-15-2020 and my account equity was $40K (Look when they let selling positions on http://prntscr.com/rkq86p) is all that recoup abuse profit? does this make any sense? this is nothing but clean and clear Scam and Fraudulent activity by fxprimus

All this week i trade and when today i try to make some money out , Fxprimus find no reason otherwise they could put that all profit lots into 0 zero like they did before. and they feel hard to pay me back so they decided it should be put on Recoup Abuse with some plan and put all my money out. THIS IS BIG SCAM WHICH NO ONE CAN EXPECT and 100% means FXprimus is market mover and can close positions and took profit anytime in close market. It was never going to happen if i loss all my equity .

I hope someone senior and responsible person take some action and make it resolve on priority basis. i won’t let this happen to me or anyone who earn very hard and invest online with these crooks

– zahidnoor1, faisalabad, Pakistan, Mar 22, 2020

Don’t loose your time with this

I was trading with FxPrimus from April 2019 till July 2019 till the moment when FxPrimus took away my initial deposit of 6000 USD and profit 12728 USD. I contacted Cysec and also financialombudsman. There were manual and EA made trades, it became clear that after the profit hit 50-100% they switch the account to a mode when the opening and closing orders time became way too long so the EA became a loosing machine. Anyway the manual trades were still profitable so they decided to still my money in order to prevent my trading. I am saying to all those who want to use an EA and expect a profit that they will not let you to win after you will hit 50-100% of your initial deposit. Don’t loose your time with this.

– Sakhkalyan, Yerevan, Armenia, Aug 22, 2019

source: https://www.forexpeacearmy.com/forex-reviews/6194/www.fxprimus.com?page=1&per-page=10

In short, some of the FxPrimus clients complained about a poor experience with this broker and the main problem issued was the impossibility to withdraw profits made with some automated trading methods and not only.

Presence and popularity

FXPrimus is only popular in some Asian countries, with Malaysia as their top market, followed by Thailand and Vietnam and a lower level of popularity and active clients (source: ahrefs.com). Outside Asia, South Africa is the only market where FXPrimus has a decent penetration level. 

fxprimus review
Source: Ahrefs

Is FXPRIMUS Scam or Legit?

FXPrimus is considered an average trust. FXPrimus is not publicly traded and does not operate a bank. FXPrimus is authorized by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust).

As stated before, FXPrimus is regulated in the European Union by CySEC.

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.

Although it is regulated in Europe, FXPRIMUS operated mainly in Malaysia, Thailand, and Vietnam using the offshore company registered in Vanuatu: Primus Markets INTL Limited, regulated by VFSC, with registration no. 14595.

FXPrimus is not a scam, but non-European clients do not benefit from any protection or funds security.

FXPRIMUS Trading Accounts

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 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 skilled traders and investors.

FXPRIMUS Trading Platforms

This broker supports the standard forex trading platform MetaTrader 4 (MT4) and WebTrader, powered by Sirix.

Although advanced traders have switched to the multi-awarded MetaTrader 5, MT4 is still an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, an advanced charting package, a wide range of Trading Robots (Forex 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. For more details read our MT4 vs MT5 comparison guide.

MetaTrader 4 is available to clients of FXPRIMUS for desktop, web, and mobile. An MT4 user guide can be viewed here

Like most brokers, FXPRIMUS also provides forex VPS (Virtual Private Server) for $30 per month. It allows you to connect to your MetaTrader 4 (MT4) platform using a remote computer located close to our MT4 servers.

FXPRIMUS Trading Conditions

Minimum Initial Deposit
In order to open an account with FXPRIMUS, traders have to invest a minimum of $1000. Such a minimum initial amount is quite high, actually. Most forex brokers require less. For instance, the global leading Forex and CFDs provider Admiral Markets demands just $100 from its clients as a start.

Spreads & Commissions
Being a true STP broker, FXPRIMUS offers floating forex 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 in forex). Variable spreads from 1.0 to 1.5 pips are considered average for the forex market.

For purposes of comparison, average variable spreads on Admiral Markets’ commission-free accounts amount to 0.5 pips on EUR/USD, while ECN account holders are offered spreads from 0.0 pips on EUR/USD with $7 commission per standard.

Leverage
The maximum leverage level offered by FXPRIMUS is comparatively high, reaching 1:500. Nonetheless, many offshore-based brokers offer even higher leverage rates: for example, others provide leverage up to 1:888, and others run Unlimited Leverage Promotion. At Admiral Markets, the maximum leverage in forex trading is 1:1000, with traders having the freedom to choose and modify the leverage for any account type.

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.

Conclusion

FXPRIMUS is an 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

  • Well-regulated in the European Union
  • ECN/STP Model
  • Choice of trading platforms, MT4 available  
  • Bonuses & Rebates offered

CONS:

  • Not-regulated outside European Union
  • High Spreads
  • “Recoup Abuse” policy to block and cancel profit withdrawals from more sophisticated trading methods 

GET A FOREX PRO ON YOUR SIDE

To trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.

Here’s the Overall rankings for the best online brokers who participated in our 2021 Broker Review, sorted by Overall ranking.

FAQs

Is FxPrimus Safe?

FXPrimus is considered an average trust. FXPrimus is not publicly traded and does not operate a bank. FXPrimus is authorized by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust).

Is FxPrimus legal in Malaysia?

FXPRIMUS is not regulated in Malaysia. Bank Negara Malaysia (BNM) does not have a legal framework to monitor or regulate forex trading in Malaysia.

Can I withdraw money from FxPrimus?

There have been countless incidents of people not being able to withdraw their winnings with FxPrimus. So even if you are lucky enough to win some money, it isn’t guaranteed that you will be able to withdraw that money. Read more…

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