FxPrimus discussion

Unfortunately the Forex market is a big opportunity for scams and rip offs. A typical scam type is when brokerage companies try to make more money through fake or unreal spreads.


I would like to warn all fellow traders because of my very bad experience with FxPrimus.

FxPrimus are deceiving traders by offering a very low spread on their website, but you should know that they increase the spreads when the market comes close to your stop loss or target, so your trade position would be triggered faster. They also try not to let your target be triggered, because they want your position to remain open until the market reverses and hits your stop loss. They manipulate the trades and spreads and make money through your losing positions. They monitor their clients’ positions and increase the spread when it is time to.

I have been trading with them since January this year and had over 80% winning trades. Since they killed my 2 biggest positions I had no chance to save my account anymore because of reduced equity.

1) I have documented their real, sometimes unbelievable spreads and compared to GoTrades, MBT and ActivTrades. They didn’t have the same wild spreads of over 500 pips during the questionable time-frame (see my comparison charts). I cannot believe anymore that they are ECN/DMA.

2) When I was going to close a bigger trade position a strange message suddenly appeared:
“order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]” but it was at 19:00 GMT.

3) Have a look at the candle bar on Sept. 2 at 15:29 (XAUUSD), it was about 275 pips longer than the other 3 brokers, and the following candle bar opened jumping from 1832.17 to 1865.29 (331 pips higher). This is not normal at all.

4) On Aug. 26 at 17:00 (H: 1783.12, L: 1765.27, Ask: 1788.33; – spread = 521 pips???) they closed a short position of about $8,000 claiming that there was margin of only 25% at 1788.33. I still think that here the most significant fact is: “at 1790.28 bid, I had about 180% margin, so it’s impossible to have 25% margin at a lower ask price at 1788.33 (including any length of whipsaw) if the net lot balance negative is.”

5) On Aug. 26 at 17:01 they were shooting with 112 pips longer candle bars than the other 3 brokers.

I cannot trust that their system is working properly and I am concerned about their real honesty.

The only way to express what I think about them is "Wolf in Sheep's Clothing".

Check out my Post at the Scam Alerts Folder on FPA: http://www.forexpeacearmy.com/forex-...-clothing.html

hey dude,

well i would say that did happen to me as well as they had some kind of issue with their feed. Did you contact the company. I suggest you do that and one thing i know about FXprimus is that they always do good by their clients when things like this happen.

As far as i know no other broker did that and i been with fxprimus for some time now. So i strongly suggest you contact them and tell them specifically what happened and they will assist to sort out.

hi sawyer2558,

thanks for your suggestion. They would never admit such spreads as a system failure. I have started a thread in the Scam Alerts Folder at FPA.

Their president was talking about all possible things that might happen during volatile periods of time but failed to deliver the facts that I was asking for. He denied to deliver written confirmation for the spread at the critical time even if he stated: “I have taken the liberty to double check with our institutional liquidity sources and can confirm that the spread during the time of your trade execution and the "tails" the moments afterward were indeed valid,…”
He was claiming that I didn't have enough margin but couldn't deliver calculations that would prove the exact margin at the critical time. He only uses the logs of the system but I was asking to prove what the logs were telling.

Good luck in your trading!

I saw it right in front of my own eyes.

I opened an account with FXPrimus because of their 100% Bonus promotion and started trading yesterday. Let call this broker "F" for FXPrimus.

On 25Oct2011, around 16:16, their server time, the EURUSD chart frozen and I could not close the trades at profit at the next minute candle. The same EA that was running on other brokers on the same computer at the same time closed trades with profits with other brokers. When this "F" broker returned to life, it painted three candles on the M1 chart. The price passed my target profit level but I could not close the trades as the "F" broker platform frozen and profitable trades turned into losses.

The same incident happened again about 16:35 and this time, it frozen for about 4 minutes as when this "F" broker returned to life, it painted another 4 candles on M1 chart and again, I could not close the trades at profit because the platform was frozen.

I email their support and they push the blame on my EA. I've already told them that the same EA was running on other brokers platform and closed the trades at profit. I could not close the trades on this "F" broker because their platform freezes.

Either this "F" broker freezes the platform deliberately or due to their servers not up to standard, I would recommend avoiding this "F" broker at all cost.

I have heard bad rumors about them from time to time.

Thank you for information.

Regards,

Josef

As always, here is an update.

I've received a phone call from their Customer support, this time it was from US, to apologize for what has happened and the unprofessional email reply from their Customer Support.

They credit back my two losing trades and credit another USD 100 as compensation. The caller assured me that they do not stop hunt nor freeze the platform just to prevent client from profit taking.

What you think about this broker? Ok?

But we still have spent our effort to monitor all your trades to make sure that TP reached and executed. For every closed trades, especially the losing ones, you need to verify that trades are hitting TP level but not closed and turned into losses. Then you can email them to ask for the relevant compensation. Tedious isn't it?

This also implies that trades open by EA MUST have Target Profit price set.

I am also currently using FXPRIMUS for some weeks now. They also offer fixed spread-accounts.

I experienced some order-lag from time to time but not longer than some seconds.

Think about it: Why should they drive your Trades into loses? They don't get more money - the market gets more money, not the Broker. The Broker would be doing better if you make profit and therefore make more trades (where they get their spread from).

I am not an insider but as far as they tell(!) they are an 100% Straight Through Processing Broker.

But maybe they have some odd hardware and therefore lagging. Currently I am not unsatisfied with FXPRIMUS.

Hello MR2,


Do you really know what STP means? STP alone doesn’t mean much and can only impress newbie traders. STP/Instant has replaced more or less the function of a dealing desk.

RE: “Think about it: Why should they drive your Trades into loses? They don't get more money - the market gets more money, not the Broker. The Broker would be doing better if you make profit and therefore make more trades (where they get their spread from).”
- How can you know if your broker is not your market? Broker are never making enough money!I think that you are talking about ECN/DMA here.

Do you know what STP/Instant execution or STP/DMA means? A broker can have different liquidity sources like another broker, a smaller or a bigger pool with smaller or bigger banks and Interbank liquidity, but it doesn’t tell where the price-quote is coming from and how much liquidity is offered at the moment.

STP/Instant is when the broker’s software is fixing the price quote and the spread (can offer small spreads).
STP/DMA means STP/direct market access when price and spread are offered from the market.
Conclusion: if a broker can guarantee a “tight spread” (see FxPrimus) then he cannot be STP/DMA? If a broker can offer “fixed spreads” than his software is replacing the dealing desk function.

Modern trading platforms like MT4 have replaced the dealing desk requirement through features of the software that allow the broker to control orders and spreads in even a much more complex way to his advantage. The most common excuses of a broker for stop hunting, abnormal price spikes, widening of the spread, re-quotes and position killing are “high volatility” and “EA failure” because it’s very difficult to track second for second what and how has happened.

Somebody might correct me please if I am wrong.

I didnt want to say, that STP is the ulltimate source of correctness :-) No matter if it is true or not - you will never be able to completly be sure about that because every order is cached or queued in some way.

There are various ways how a broker can benefit from a loss - I know that but I got your point.

Reading their website: They do not mention that they are an ECN Broker when using the fixed spread account. They mention it at the variable spreads and at the commission based (+tight spread) account.

For me it looks like, they do not STP when using the fixed spread but do, when using commission account.

Their commision is based on 1 pip (plus the tight spread) .. so I don't really get the point of it completly, because it's still a variable spread with a fixed part if it - whatever.

PS: I am far away of 80% profits .. but that's my fault, not the fault of my broker ;-)

Hmm, I just funded money into fxprimus...

Anyway, now still playing with demo account.

I will post it here if found any funny issue with live account later.

The broker has improved a lot since the last time I left back in 2010. I made a second comeback and has been trading for half a year now. I don't mind to keep in contact with any Fxprimusians here. Do send me a message and let's be friends

Hi yennifer. Nice to meet you. Couldn't agree with you more. Better platform and better customer service since late last year.

I won't trust this broker any more. When my account grows from $2500 to $3700 in one month time, they disable my account for EA auto trading. So I withdraw all my money at the end.

I don't think that was the reason. Maybe there was connection error or server down that you thought they "disabled" your account. You should ask your broker for reason, not guess or speculate your own conspiracy theories. Growth of 48% on a $2,500 account won't cause any alarm to a broker.

EA autotrading is always welcome at FXPrimus, never an issue for other people.
http://www.myfxbook.com/members/Vinc...xprimus/324004
http://www.myfxbook.com/members/Vinc...imus-ii/466241

It seems this broker do have profitable traders.
http://www.myfxbook.com/members/fxtr...ountcom/457274

Merely showing facts, that brokers don't deliberately freeze platform or shut down accounts when clients become profitable. To agree with you (and not be accused of promoting) is to hide the truth that traders lost money because they can't trade. Sure, go ahead to blame the broker for your own bad trading, feels better isn't it?

mmaker, what are you getting for promoting a broker with a bad history?

it happen to me as well
got margin call (stop out) when xauusd spread widen to 600 pips (5 digit) in their ecn premier account
600 pips spread at news time in ecn premier account
beware people on FXPRIMUS broker !

Anyone have any experience with this broker recently?
How's the slippage?
They've gotten CYSEC regulated.
Offering Payoneer card or local bank transfer as withdrawal option.


Thanks!

Hello, I have an account with this broker. One month ago they removed my bonus that they offered when opening account. This one I accept because I am not actively trading. But, yesterday, they barred my mt4 live account and removed my account balance(no money is shown in the platform and member site. All of these action, I don't accept and not happy because they do it without sending me any notification.

How can I get back the money? Now, the question is are they the SAFE PLACE TO TRADE as mentioned at their website?

Thank you to all those who have taken the time to comment and post about our products and services. Our support team is dedicated to serving our customers. With this in mind, we want to hear from our clients about their experience, so that we can do everything to ensure positive and safe trading. Please contact us directly at [email protected] with your account number and we can investigate into your case - we look forward to helping you to achieve the best possible trading journey.