FXprime Review (2023)

What is FXprime?

FXprime claims to be an industry leader in the Forex and CFD markets. It promises to deliver a powerful, user-friendly, and fair trading platform. Trading at FXprime allows its clients to benefit from tight spreads and low commissions (Low Spread Brokers). FXprime offers a slew of tools for traders to take advantage of, including stop-loss, take profit, entry limit, and entry stop orders. It provides a web-based platform and a leverage of up to 1:200. On this platform, clients can trade the most popular assets – currencies, commodities, and indices. Fxprime clients benefit from intensive training, dedicated service, and 24/5 professional customer support and assistance.

Licenses & Regulation

Is FXprime regulated?

It is not safe to trade with FXprime as it is an offshore broker. FXprime is owned and operated by Royal Gates LTD, registered in St. Vincent and the Grenadines.

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders.  Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.

Is FXprime a scam?

The broker doesn’t provide any information about its regulation as well as its location. It provides the contact phone numbers with UK’s country codes, however, FXprime is not regulated in the UK or any other country. 

In addition, the broker has gotten in the warning list of the Belgian regulator FSMA: 

“During the last weeks, the FSMA continued to receive complaints from consumers concerning new fraudulent online trading platforms that are operating in the Belgian market. The FSMA therefore strongly advises against responding to any offers of financial services made by the following trading platform: FX prime (www.fxprime.io)”

FXprime in India

FXprime allows Indian traders to open accounts and trade. However, FXprime has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

FXprime in the USA

FXprime is not legal in the USA and is not available for American traders. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for FXprime, you are only permitted to trade with the U.S regulated platforms. 

Deposits & Withdrawals

The minimum deposit is 250 USD for a Basic account. Fxprime supports the standard Visa and MasterCard, however, popular e-wallets Skrill and Neteller are not available.

Withdrawal conditions are not clear as well as possible deposit/ withdrawal fees. 

Apps

The platform is not available for mobile trading via mobile devices. 

Demo Account

FXprime does not provide a demo account for its traders. 

Conclusion

Overall, there are many questions in regards to the trust of the FXprime company services, its trading conditions and its operations in general. We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about FXprime. So you may share your experience or thoughts or discuss them below or ask us for additional information.