FXPrimus is multi-asset broker scheme which is already active since 2014. In the EEA, the scheme is registered with CySEC through Primus Global Ltd. Besides, an offshore mutation is also operated through Primus Markets Intl Ltd registered on Vanuato. In our review, we found some regulatory violations in the process and therefore placed FXPrimus on our Orange Compliance List. Here is our review and compliance check.
Key Data
| Trading name | FXPrimus |
| Business activity | Multi-asset brokerage platform |
| Domains | https://fxprimus.com FXPrimus.com/int https://fxprimus.eu |
| Social media | LinkedIn, Twitter, Facebook, Instagram, YouTube |
| Legal entities | Primus Global Ltd, Cyprus Primus Solutions Ltd, Cyprus Primus Markets Intl Ltd, Vanuatu |
| Contact data | +27 105004213 [email protected] |
| Jurisdiction | Cyprus Vanuatu |
| Authorization | CySEC license 261/14 for Primus Global Ltd VFSC for Primus Markets Intl Ltd |
| Membership | Financial Markets Association (FMA) Vanuatu |
| Related individuals | Alexandros Pezikis (LinkedIn) Theodoros Chrysantho (LinkedIn) Klaudia Szuścik (LinkedIn) Chara Lambrou (LinkedIn) Chris Kyriacou (LinkedIn) Harry Evangelidis (LinkedIn) |
| Leverage | up to 1:1000 |
| Payment options | Bank transfer, credit/debit card, e-wallet, crypto |
| Payment processors | Praxis (payment gateway) Equals Money UK Perfect Money Finrax |
| Trustpilot | 4.1-star rating with a “Great” trust level |
| Compliance rating | Orange |
| Warnings | RBI (India), SC Malaysia |
Short Narrative
The offshore mutation of FXPrimus has grown strongly in recent months. Similarweb statistics show that almost 350,000 people visited the website between April and June 2023. This is almost 60% more than in the previous three months. In contrast, the CySEC-regulated website shows less than 5,000 visitors for this period. This ist next to nothing.
The website visitors of FXPrimus.com come mainly from Asia and South America. There are no jurisdictions from Europe and North America among the top 5 countries of origin.
FXPrimus has a 4.1-star rating on Trustpilot with a corresponding “Great” trust level. This is not so bad.
Compliance Check
FXPrimus has regulatory permission from CySEC for EEA mutation (FXPrimus.eu), operated by Primus Global Ltd. The international mutation (FXPrimus.com/int), operated by Primus Markets Intl. Ltd is registered with the VFSC in Vanuatu as a Financial Dealer.
We have registered as an EEA resident with the offshore mutation of FXPrime without any problems. This gave us access to a maximum leverage of 1:1000. Although we were informed in a pop-up in the course of registration that we were identified as EEA citizens and, therefore actually, the CySEC-regulated FXPrimus would be responsible for us, we could continue and finish our registration without problems.
On the offshore mutation, we would have been able to make deposits via bank transfers, the Russian payment processor Perfect Money, and Crypto pre-KYC in theoretically unlimited amounts. Crypto deposits are processed through Finrax. Bank deposits are made to the Primus Markets Intl Ltd account at Equals Money UK Ltd.
We only received a notice with the pre-KYC deposits that we had to complete the KYC check within 21 days or the money would be returned to us.
The offshore mutation of FXPrimus has no regulatory permission to accept EEA residents or residents of other jurisdictions. A software algorithm could prevent onboarding (as also implemented by some offshore brokers). Apparently, this possible circumvention of CySEC restrictions is intentional.
In 2020, the Securities Commission in Malaysia put the offshore broker on its alert list, in 2022, FXPrimus was placed on the warning list by the Indian regulator.
Because of the regulatory issues, we have put the FXPrimus scheme on our Orange Compliance list. In this regard, we would like to point out that the clients of Offshore Mutation are not entitled to Investor Compensation Schemes or Financial Ombudsman support.
Share Information
We recommend staying away from this unregulated offshore broker scheme. If you have any information about the scam operators or supporting partners, we would be happy if you share it with us.
