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FXPRIMUS News

You can find and read the latest news and press releases from all of our partner brokers here.

On May 25, 2015, Memorial Day in the US is being observed and the following schedule is to be observed from an operational perspective for May 25, 2015 & trading perspective for May 24-26 2015:

Operational:

Funding/Withdrawals: No deposits will be processed on May 25, 2015. Bank Wire withdrawals will be processed on May 25, 2015. All other withdrawal methods will be limited on May 25, 2015.

Your continued support of FXPRIMUS has helped them achieve exponential year over year growth since 2009. The growth has led to an explosion in client trading volumes, which they've used as leverage in their banking relationships to ensure customers are always trading on the tightest spreads with lightning fast execution. They are pleased to announce that as a result of recent record setting volumes, the best just became better. Starting this Sunday, April 19 at the open of trading:

You will see a reduction of our average spreads by up to 30%!! They have been slowly rolling out these tighter spreads in the last few weeks with all symbols set to be tightened this coming weekend. You deserve only the best, and they're happy to continue to provide this to you.

Clients can now enjoy positive slippage on resting orders when the markets move in their favor. This includes Take Profit orders, faster execution, and tighter spreads. They have improved their technology such that your order gets matched against a market price at the time your order gets executed. For example, if you have a Take Profit order set @ 1.0600 in the EUR/USD, and the market "gaps up" to 1.0700 and that is the best possible price available, you'll enjoy a 100 pip price improvement! If you are trading a 5 lots, this is an additional $5,000 profit!

Faster executions. Their improved routing technology now gets your order matched against a market price faster than ever before.

A brief outline of some of the particulars based on your spread type:

ECN Premier Spread:

ECN Premier customers will see the largest impact of the new execution and spread changes. This is due to the additional decimal on many currency pairs which allows them to enjoy in the spread reduction more frequently than their Fixed & Variable spread customers. Resting orders including Take Profit orders will be susceptible to slippage both negative & positive. What this means is that once your take profit level is triggered, your order will be executed at the next best price, for a much truer institutional trading experience than ever before. Stop Losses will be treated as usual where execution of a Stop Loss is guaranteed but the price is not.

Variable Spread:

Variable spread customers will notice a slight decrease in spread across some currency pairs, but will be limited due to the fact they don't have an extra decimal similar to ECN Premier. However, Variable spread will also enjoy a dynamic institutional trading experience on resting orders including Take Profit orders which will provide for both negative & positive slippage. Stop Losses will be treated as usual where execution of a Stop Loss is guaranteed but the price is not.

Fixed Spread:

Fixed Spread clients will only see a slight decrease in spreads across some currency pairs, and they will not experience the same dynamic institutional trading experience that our ECN Premier & Variable spread clients will receive.

If you would like to change your spread type to ECN Premier or Variable spread to enjoy tighter spreads and enhanced dynamic execution, please contact support@fxprimus.com.

FAQ's For Upcoming Move to CySEC

Monday 6th of April 2015

Further to the email sent on Thursday 02 April 2015, regarding the migration of the activities of FX Primus Ltd, to FX Primus Europe (CY) Ltd. FXPRIMUS would like to address a few questions that have been raised by their valued customers:

Question: Is the entity domiciled and regulated in Mauritius (FX Primus Ltd.) going to cease accepting new customers?

Answer: Yes, as of the close of business on Monday 06 April 2015, FX Primus Ltd will no longer be accepting any new customers. New customers shall be on-boarded at their new domain www.fxprimus.eu.

Question: What happens to existing clients not agreeing to move to FX Primus Europe (CY) Ltd.?

Answer: Existing customers that remain with FX Primus Ltd will be provided with the option to either;

(i) Transfer their trading activities from FX Primus Ltd to FX Primus Europe (CY) Ltd. subject to certain terms and conditions, or;

(ii) Close their positions and cease their trading activities with FX Primus Ltd.

The account of any client not agreeing to the terms and conditions in relation to the transfer of their trading activities from FX Primus Ltd to FX Primus Europe (CY) Ltd. shall following a notice period of 90 day of the date of this communique (the "Termination Date."), be automatically closed and any open positions liquidated. The balance on the account after having made good any obligations towards FX Primus Ltd shall be reimbursed to the client and deposited in their respective bank account, as per our records. The clients shall be duly notified accordingly.

Question: Do I have to transfer my account and funds?

Answer: Yes, subject to acceptance of the terms and conditions in relation to the transfer of your trading activities from FX Primus Ltd to FX Primus Europe (CY) Ltd. However, you are not being forced to transfer your account and funds immediately. Your positions will remain open and your funds will remain in segregated accounts in Barclays Mauritius and in the FXPRIMUS Trust account (if applicable) for a maximum period of 90 Days of the date of this Communique.

Question: What do I do if I want to move my account over to FX Primus Europe (CY) Ltd. prior to the Termination Date?

Answer: The process of moving your account, funds, and any open positions over to FX Primus Europe (CY) Ltd. is quick and easy. Simply follow the instructions on the FXPRIMUS web-site by agreeing to the terms & conditions and FX Primus Europe (CY) Ltd. will handle the rest. FX Primus Europe (CY) Ltd. is an investment firm with registration number HE 337614, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license no. 261/14.

Question: Will my personal information (ID & Proof of Residence) be shared with FX Primus Europe (CY) Ltd.?

Answer: No, except if you agree to continue trading with FX Primus Europe (CY) Ltd. Upon agreeing to the terms and conditions of FX Primus Europe (CY) Ltd, you will authorize FX Primus Ltd. to share your KYC information with FX Primus Europe (CY) Ltd., which will be used in your new account profile.

Question: What will happen to my personal data if I decide not to continue trading with FX Primus Europe (CY) Ltd.

Answer: Your personal data will be kept by FX Primus Ltd (Mauritius) as per the relevant laws and regulations of Mauritius.

Question: When I transfer my account and funds over to FX Primus Europe (CY) Ltd. where will my funds be held?

Answer: Currently funds are being held at Hellenic Bank in Cyprus. However, within the next 90 days FX Primus Europe (CY) Ltd. will be offering additional banking options at other world-renowned banking institutions outside of Cyprus for your convenience. We fully appreciate customers enjoy having flexibility in terms of banking options, and intend on catering to everyone's needs.

FXPRIMUS Proudly Announcing Move to CySEC

Thursday 2nd of April 2015

The purpose of this letter is to notify you that pursuant to an email you received two weeks ago, FXPRIMUS is migrating all current customers from their Mauritius entity over to their newly formed CySEC regulated entity FX Primus Europe (CY) Ltd. This migration will be occurring on April 6th and will be relatively effort free from the part of the client. All open positions and free margin monies will be transferred over to FX Primus Europe (CY) Ltd. without impacting your live trades.

Once the migration is complete, all that will be needed from you is to visit their website, http://account.fxprimus.eu/en, and read and agree to the terms and conditions within your Member Area home page. Once completed to, you will be able to navigate through our website as usual.

What the move to FX Primus Europe (CY) Ltd. means to you:

CySEC & MiFID
Your funds and account(s) are now regulated by the Cyprus Securities & Exchange Commission (CySEC)-- one of the most widely respected regulatory bodies not only in Europe but in the world. As a European investment firm, FXPRIMUS is a MiFID Forex broker in full compliance with the regulations of Markets in Financial Instruments Directive (MiFID).

Segregated Client Accounts
As usual FXPRIMUS client funds are in a completely segregated account with highly rated banking institutions, thereby safeguarding against use for any other purpose. Funds are currently going to be held at Hellenic Bank, a publicly traded institution with assets of over $7.1 Billion in assets in business since 1976. We will be adding additional banking institutions (both EU & non EU) in the near future to provide additional choices for bank wire deposits.

Investor Compensation Fund
FXPRIMUS is a member of the Investor Compensation Fund. The Fund was established under the Investment Firms Law of 2002 and the establishment and Operation of an Investor Compensation Fund for customers of Cyprus Investment Firms Regulations of 2004 which were issued under the Law. All retail clients have their funds insured to a maximum of 20,000 Euros each, in the unlikely event that the company cannot fulfill its obligations due to insolvency.

Additional Deposit & Withdrawal Options
In addition to our wide variety of payment options, as an advantage of now being domiciled in the EU, we are able to offer additional deposit & withdrawal options including PayPal & Bitcoin to name a few. Please be on the lookout for the announcement of these options shortly as they are implemented.

Tighter Spreads & Better Executions
Due to the amount of business we provide our liquidity providers combined with our CySEC regulation, we're now being offered up to a 40% reduction in our ECN Premier spreads, with as low as 0.1 on our EUR/USD & 0.4 on our GBP/USD currency pairs. In addition, we are able to improve our execution policies which may include client advantages such as even faster executions and positive slippage on take profit orders. Please look out for an announcement detailing these important changes shortly.

FXPRIMUS has always done its best to provide their most important asset -- you the client --with the best of best. It is their hope that this important milestone in the company's history is accomplishing this, yet again. They've always prided themselves in being the gold standard in the Forex industry and sincerely appreciate each and every one of you for making them who we have become over the almost six years of existence. They are pleased that you are joining them for this new exciting chapter, and feel the best is still yet to come.

As part of their ongoing commitment to providing you with a safe, responsibly regulated trading environment, FXPRIMUS are pleased to announce that they have activated its European regulated license, which it acquired in November 2014. FX PRIMUS EUROPE (CY) LIMITED "FXPRIMUS" is an Investment Firm with registration number HE 337614, and is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license no. 261/14.

As part of this activation, FXPRIMUS account applications from certain geographical locations will be accepted immediately through their CySEC regulated entity. In the upcoming weeks, all existing clients and new applicants will be afforded the same opportunity. Additional information will be disseminated to you at that time.

In light of this information, there are some important policy changes being made to all FXPRIMUS accounts that you should be aware of. Effective immediately:

  • MT4 Transfers: You will still be able to transfer funds between accounts held in your own name. However, please note that 3rd party transfers are prohibited.
  • PMC Options: FXPRIMUS is disabling PMC Options for all FXPRIMUS customers.


FXPRIMUS will keep you posted with future announcements regarding the activation of their new European license.

This serves as a reminder that Daylight Savings Time (DST) for the US ends on Saturday 7 March 2015. On 7 March 2015, the FXPRIMUS MT4 platform will switch to GMT +3 until November. For further information on GMT and how it corresponds to your specific location, please visit the following link: http://www.forex-internet.com/forexhours.htm.

Please keep note DST may affect trading hours for CFDs. For all updated CFD information, please visit: http://www.fxprimus.com/en/instruments .

At approximately 13:30 (GMT +4) yesterday, 15th January 2015, the Swiss National Bank unexpectedly announced that it was ending its minimum exchange rate of 1.20 swiss franc per euro. In addition they also announced the lowering of the interest rate on deposit account balances that exceeded a given exemption threshold, to minus 0.75 percent from minus 0.25 percent.

The announcement led to unprecedented market volatility in some CHF linked currency pairs that hadn't been seen in almost 35 years. As a result there were some instances of off-market quotes and subsequent executions in some of these pairs due to prime banking systems being overwhelmed with order flow. Luckily, few clients were affected by this event, and the FXPRIMUS trade audit team is in the process of analyzing all trades that may have been affected and are due adjustments. Some adjustments have already been made, and will continue to be made over the next 24 hours. FXPRIMUS are expecting all adjustments to be completed by close of trading on Friday, January 16th.

As a result of today's announcements it is widely expected volatility will continue in CHF linked pairs, so FXPRIMUS encourage customers to exercise extra caution when trading these pairs. Spreads may widen due to lack of liquidity and pending orders may not always be executed at desired pricing.

Lastly, FXPRIMUS are happy to report that they were completely unaffected by the market volatility, and remains as financially sound as it was prior to the event.

FXPRIMUS Obtains CIF License from CySEC

Tuesday 30th of December 2014

FXPRIMUS are delighted to inform you that they have obtained a CIF License from CySEC (Cyprus Securities & Exchange Commission). This is an important milestone in the history of their company. You can take comfort in knowing that FXPRIMUS is regulated under a European jurisdiction. This is part of their ongoing commitment to become the safest retail Forex and CFD brokerage.

As an FXPRIMUS customer, nothing will change immediately in terms of your customer experience or the regulatory jurisdiction currently governing your account. They will notify you of any changes or modifications to this as they proceed with the establishment of their European entity. Please view the official Press Release below, and continued Happy Holidays to you.

FXPRIMUS Obtains CIF License from CySEC

Ebene, Mauritius: FXPRIMUS, the Mauritius based FX/CFD broker, announced today that their European entity, FX Primus Europe (CY) Ltd. has been granted a CIF License from CySEC (Cyprus Securities & Exchange Commission.) FXPRIMUS is now able to provide the comfort and assurance to its customers they are trading with an EU-regulated broker that complies with MFID directives.

Terry Thompson, President of FXPRIMUS commented on the development, "This is quite a big step for FXPRIMUS in terms of meeting some of our primary goals for 2015 and beyond. It gives us greater access to the European market. While we've established quite a footprint in Asia, we recognize the importance of having more of a global reach, and a European license puts us in a better position to accomplish this. Additionally, in our relentless pursuit to affirm our commitment to being the "Safest Place to Trade," we welcome the opportunity of being governed across multiple jurisdictions."

Thompson continued, "The process in obtaining a CIF license is quite extensive, but a process we were more than happy in committing to. We look forward to working with CySEC and are appreciative of the issuance of the license."

FXPRIMUS intends to open an office in Cyprus and become fully operational in early Q1, 2015.