Thad’s User Review of FX Primus Broker

Are you considering opening a trading account with FxPrimus? Perhaps you’ve gone to their official website and researched what they offer, and even read a few reviews on Forex Peace Army or some other review site. The thing is, can you trust the brokers themselves to live up to all the lofty promises that they make on their site? And are the user reviews true, or simply people with a hidden agenda?

Before you make a decision one way or the other, ideally you would want to have as much reliable information as possible to help guide you to the right one. That’s where this FxPrimus broker review comes in. I’ll be doing an in depth investigation into the claims of FxPrimus on their site, as well as both positive and negative user reviews found around the internet. That way, you won’t have to do all of this time consuming legwork on your own.

My Thoughts On FXPrimus’ 19 Promises

On the FxPrimus website, they list 19 promises to all their potential new traders. Among them, there are a few that you should expect from every single broker you do business with. For example, practices like mandatory segregated accounts, straight through processing, licensing and regulation by the Financial Services Commission (FSC) and 24 hour live support are a MUST for any serious trader.

A number of these other promises are “convenience” type promises, which to me aren’t a deal breaker, but good to have nonetheless. These include free Forex training, mobile and web trading platform and the ability to trade other futures contracts. I’m an experienced Forex trader, and I only trade Forex using the MT4 platform (supported by FXPrimus, which is a major plus) so these features don’t really matter to me. That said, you might be in a different situation and have different needs, so one or more of these might be relevant to you.

Profitability And Execution – How FxPrimus Measures Up Where It Counts

The features that are of most concern to me are the ones that directly impact my trading execution and profitability, so these are the ones that I will focus on. First of all, they promise zero requotes and zero slippage. Unfortunately, based on the feedback that I’ve found from the popular review forums like Forex Peace Army, there have been a fair number of complaints about not being able to enter or exit trades at crucial times. To me, that’s a worry, and while FxPrimus has compensated some of these traders with account credits when this has happened, I personally would rather they just stick to their promises.

Secondly, when it comes to their spreads on major currencies, they aren’t the most competitive. You’ll hear them cite spreads of 0.3 pips, but these would be in the most liquid conditions through their ECN platform. Typically, you can expect spreads of 2 pips for the EUR/USD and USD/JPY, and wider spreads for the GBP, AUD and CHF pairs. Personally, I know brokers that can do better than these spreads, but they’re not ripping you off with these spreads should you choose to go with them, so I have no major complaints here.

The FXPrimus “Funding Frenzy” Debate

Finally, I want to take some time to talk about their “Funding Frenzy” bonus that is currently ongoing as of November 2011. As far as I know, this promotion has been going on for quite a long time now, and basically they offer to match any deposit of yours that’s above $500. This is where there have been a lot of complaints against them, and in my opinion, this isn’t down to any kind of untoward behavior on their part, just a poor understanding of the terms of this bonus.

Basically, according to their advertising, you can basically withdraw this bonus once you’ve made your deposit divided by 6 in lots. How does this work exactly? Well, let’s say you deposit $600. That means that you have to trade 600 divided by 6 which is 100 lots before you can withdraw your bonus in cash. I don’t know about you, but trading 100 lots on a $600 deposit is going to take a substantial amount of time!

The bottom line of this FxPrimus broker review is that you should consider whether the conditions offered by FxPrimus are attractive enough for you to trade with them. Don’t just join because you think you can make a quick buck through their bonus offer. They are certainly not a scam, and they do give a good service most of the time, so if you like what you see then why not give them a try?