WikiFX Review: Is FXPRIMUS a solid Broker or just another scam?

If you want to know whether FXPRIMUS is a reliable forex broker or not, please continue to read.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of FXPRIMUS based on the facts.

What is WikiFX？

To explore whether FXPRIMUS is a scammer or not, we evaluated FXPRIMUS from different aspects, such as regulatory status, exposure, etc.

1. Evaluate the reliability of FXPRIMUS based on its general information and regulatory status

To understand FXPRIMUS better, we explore FXPRIMUS by analyzing three main perspectives:

A. General Info of FXPRIMUS

B. Regulatory Status

C. Fund Security

A. General Info of FXPRIMUS

FXPRIMUS s general info has been shown below:

(source: WikiFX)

About FXPRIMUS

Established in 2009, FXPRIMUS is the trade brand of Primus Global LTD. It provides traders with a large range of market instruments, including forex, equities, energies, indices, precious metals, futures, etc. The physical addresses of this broker are Govant Building, BP 1276, Port Vila, Vanuatu and Kolonakiou 57, Linopetra, 4103, Limassol Cyprus. According to its website, EXPRIMUS supports ten languages, including English, Spanish, and Mandarin.

Account Types&Details

This broker provides clients with five different accounts. They are PrimusCENT, PrimusCLASSIC, PrimusPRO, PrimusZERO, and PrimusDEMO.

Leverage

For both PrimusZERO and PrimusDEMO, FXPRIMUS offers leverage of 1:500. For PrimusCENT and PrimusPRO, the leverage is up to 1000. For the PrimusCLASSIC, the leverage varies depending on the trading platform. If clients use MT4, then the leverage is up 1:500. if clients use MT5, then the leverage is up to 1000.

Trading Platforms

This broker uses the MT4 and MT5 platforms as its main trading platforms.

Minimum Deposit

You can use PrimusDEMO with no deposit fees. For both PrimusCENT and PrimusCLASSIC, the minimum deposit is $15. In order to open the most popular account - PrimusPRO, you have to make a deposit of at least $500 USD. Besides, the minimum deposit of the PrimusZERO is $1000.

Spreads & Commissions

FXPRIMUS carries rather excessive mark-ups, as evident in the listed spreads, which start from 2.0 pips in the EUR/USD. While FXPRIMUS advertised a 0.0 pip spread for select instruments, it is unclear where exactly that applies. Equity CFDs carry a $0.10 commission per share.

Customer Service

FXPRIMUS offers investors Live Chat Support 24/5.

Deposit & Withdrawal

Bank wires, credit/debit cards, Skrill, and Neteller, represent the deposit and withdrawal options at FXPRIMUS.

(source : WikiFX）

B. Regulatory Status

The legitimate license of FXPRIMUS

FXPRIMUS is a regulated broker. The Cyprus Securities and Exchange Commission (CySEC) is the primary regulator of FXPRIMUS. FXPRIMUS is regulated by CySEC with license number: 261/14. It is also regulated by Vanuatu Financial Services Commission (VFSC) with license number: 14595. However, please note that this broker exceeds the business scope regulated by South Africa FSCA(license number: 46675).

(source : WikiFX）

C. Fund Security

Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back. Unfortunately, this broker seems not to have a category to mention the fund security. But it offers some additional information on the website.

(source: FXPRIMUS)

2. The feedback from Twitter

To figure out whether this broker is a scam or not, we made a survey about this broker on Twitter.

• FXPRIMUS has an official Twitter account, which is registered in February 2010. As of June 6, 2022, It has about 6K followers.

• Many traders on Twitter praised this broker. It is hard to find negative feedback related to FXPRIMUS on Twitter.

3. Exposure related to FXPRIMUS on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of June 6, 2022, WikiFX has received 31 complaints against this broker within 3 months. Below are some of them.

This trader from the Philippines complained that FXPRIMUS took clients' funds away fraudulently.

This trader from Nigeria claimed that he/she was unable to withdraw money.

This trader from Malaysia claimed that FXPRIMUS has no response after he/she uploaded documents.

This trader from China claimed that the severe slippage occurred and this broker did not give any solution.

4. Special survey about FXPRIMUS from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

FXPRIMUS has been given by WikiFX a decent rating of 6.14 /10.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

(source:WikiFX)

According to the above, it seems that FXPRIMUS is very poor at risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events. FXPRIMUS seems not to have enough capital and good strategies to secure clients assets in the unstable market.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• WikiFX did make a on-site survey on FXPRIMUS in 2020 and successfully found their office

(source:WikiFX)

C. WikiFX Alerts

(source:WikiFX)

5. Conclusion:Can FXPRIMUS enhance your trading result？

FXPRIMUS is a regulated broker. And it has a decent score given by WikiFX. However, it still has a long way to go since WikiFX has received too many complaints related to this broker. For your money safety, please do more research and make yourself comfortable before making a decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Click on FXPRIMUS's WikiFX page for details