FOREX TRADING IN SOUTH AFRICA WITH FXPRIMUS [CLAIM YOUR 100% DEPOSIT BONUS]
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
FXPrimus (www.fxprimus.com) is a global Trading Platform which states that it's mission is "to provide the safest available online trading environment". Is this a true statement? We will review this and more. This article requires a basic knowledge level in Finance and Trading, if you are in doubt of any of the referred topics, do not hesitate to leave us a message through our contact form, we will try to answer your question as soon as possible.
FXPrimus: Trading Financial Instruments in South Africa with a Global Focus
Although it was originally conceived as a Forex Trading website, FXPrimus started offering CFDs on Stocks, Indices, Metals and energy-related instruments (oil and gas). In some regions it also offers Crypto Trading. FXPrimus runs on the globally recognized MT4, which is one of the trading platforms with the largest number of users in the world. Another interesting fact for customers based on certain regions [Not available in the EU] is that the broker offers a 100% deposit bonus for clients residing in South Africa, which means that when the customer deposits an X amount, FXPrimus will double the amount available to invest. There is no doubt that this is a cool aspect about this broker.
At the moment, the African continent is one of the fastest growing regions in terms of number of new traders. This is why FXPrimus is focusing their efforts to acquire new clients residing in the region by offering, not only the bonus, but also webinars, live market analysis and daily trading updates among other useful tools.
Financial Instruments available with FXPrimus
Forex: +42 FX pairs - Majors, minors and exotics.
Shares: +105 CFDs on American Shares.
Indices: +15 indices on major Stock Exchanges.
Commodities: +12 CFDs on energy and metals.
Cryptocurrencies (Only available in some regions): +7 CFDs on the most popular Cryptocurrencies.
Futures: Oil and US Dollar Index' Futures.
FXPrimus claims that it's the Safest Forex Broker... Is this true?
The best way to confirm if a Broker is trustworthy is through its regulation and the security measures applied to client's funds. Usually trading platforms are regulated in different countries, and each of these subsidiaries offers a subset of services, depending on country and region. As an example, a broker with a subsidiary in the EU and in Australia, will offer different levels of leverage. FXPrimus is regulated in various jurisdictions, in the European Union (Cyprus), South Africa and Vanuatu. Its motto is "The Safest Place to Trade", an aspect that is reinforced by the fact that:
Customer accounts are split from company accounts. What does this mean? Since client funds are deposited with a third party, these funds can only be returned to the client, in other words, FXPrimus can't use the client's funds for any other purpose.
FXPrimus has partnered with an independent entity, the Boudica Client Trust, which is in charge of monitoring the fund withdrawal process on behalf of the Traders, that is, the Boudica Client Trust ensures that withdrawal requests to FXPrimus are run as quickly and efficiently as possible. This is a key aspect, since the withdrawal process is usually a controversial one when dealing with many Brokers.
Although FXPrimus's "Safest Place to Trade" statement is a bit inflated, the security measures taken by this broker are definetely above average.
MT4: Top FX Trading Platform [Available with FXPrimus]
MT4 is one of the most widely used [and complete] platforms for Forex Trading. MT4 connects different Brokers to get the best prices available. Is a downloadable app that is available when Trading with FXPrimus.
How to Open a Trading Account with FXPrimus in South Africa
As with any other online app, opening a Trading Account with FXPrimus is quick and simple:
Upload an ID (Passport or National ID Card) and a Proof of Residence.
Choose the base currency: US Dollars, Euros or Sterling Pounds.
Deposit funds via: Credit Cards (VISA and Mastercard), eWallet Transfers or Bank Transfers.
But I don't have much capital… Can I still Trade with FXPrimus?
Of course you can: FXPrimus minimum deposit is only USD100, meaning that you can start trading financial instruments with a very low investment amount, and remember about the 100% Deposit Bonus.