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 special Islamic (swap-free) account for investors of Islamic belief. Unfortunately, micro lots are not available for trade to those unwilling to put much at stake.
Indeed, PrimeFX’s trading conditions seem pretty attractive: high leverage levels and tight spreads. However, we find the minimum initial deposit of $1 000 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 brokerage IG with just $1.
The Company. Security of Funds
DGX Systems Ltd.
Commonwealth of Dominica
PrimeFX or Prime Fx Bank offers 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 don’t 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, FCA, ASIC or another trustworthy regulator, as doing business with offshore companies is risky.
The broker supports the ever-popular MetaTrader 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 platform’s 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.
Methods of Payment
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 PrimeFX’s 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.
PrimeFX Review Conclusion
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