Clients of Prime Fx Bank(PrimeFX) are offered several account types, all of which offer leverage up to 1:400, the option to trade in mini lots and to choose between fixed or variable spreads. Besides, there is a specialIslamic (swap-free)account for investors of Islamic belief. Unfortunately,micro lotsare not available for trade to those unwilling to put much at stake.
Indeed, PrimeFXs trading conditions seem pretty attractive: high leverage levels and tight spreads. However, we find the minimum initial deposit of $1000 required too high, especially for a non-regulated broker. A number of reliable and well-regulated brokers require less or none at all. For instance, one may open an account with leading FCA-licensed brokerageIGwith just $1.
PrimeFX or Prime Fx Bankoffers trading in Forex, Indices, Commodities & Share CFDs on both MetaTrader 4 and Sirix platforms.The company that owns and operates the PrimeFX brand and website is DGX Systems Ltd. It is registered in the Commonwealth of Dominica, an offshore zone, where forex businesses are not regulated.
With regards to the above said, we dont recommend PrimeFX, as it not licensed nor supervised by any authority. Besides, most user reviews we read in the Forex Peace Army forum about this broker are negative, claiming it is a scam. We suggest that you select among brokers duly regulated by CySEC,FCAASICor another trustworthy regulator, asdoing business with offshore companies is risky.
The broker supports the ever-popularMetaTrader 4 platform, as well as Sirix.
MT4 offers all a trader needs: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Sirix WebTrader is an innovative and interactive trading platform. Requiring no download or installation, it ensures secure trading, while remaining friendly for maximum ease of access.Some of the platforms key features include advance charting tools, seamless social trading and Visual Trends – a tool that provides a visual interpretation of major market trends and conditions.
PrimeFX offers the following payments methods: bank wire transfer, credit/debit cards and China UnionPay.
Apart from the high minimum initial deposit required, the offerings of PrimeFXs seem attractive: tight spreads and high leverage levels available on two trading platforms. In spite of this, we do not recommend PrimeFX, because it is registered in Dominica and is not regulated by any authority. Here are, in a nutshell, the advantages and disadvantages of this broker:
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that its EU-regulated and theres nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: its regulated in the UK, offers Metatrader 4 (MT4) and cTrader where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is aIFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.
Opened an account with them back in Sept 2018. Saw money go out, money go and it looked legit. Requested a withdrawal from account, said I would be receiving in 5 business days and nothing. Cant get anyone to reply by email and phone number goes straight to a VM. Sounded legit but now, not so much.
They stole my money. WHen they want your money call you several times over the day but when you want your money and/or benefits back they disappear. This site is a BIG FRAUD. I have more than 9000€ hold by them and dont find a way to get answers from them. I seem very difficult to get my money back but hope to avoid that other people make the same mistakes
I was cheated by this company. They told me that I could earn a lot of money by investing in the stock exchange. It turned out to be a fraud. I paid to them $328 to receive benefits, but it was false. They kept taking money from my visa card without my authorization. They are a gang of swindlers. Be careful.
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