PriorFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this PriorFX Review.
PriorFX Review
Clients of PriorFX may opt for two account types, the only difference between them being that the Standard one is commission-free, while the Xchange account involves a commission and offers significantly lower spreads. Otherwise, minimum initial deposit required is the same, maximum leverage provided is 1:200 and micro lots are available for trade on both accounts.
The Company. Security of Funds
Founded in 2013, PriorFX is a STP broker, offering more than 40 currency pairs, precious metals and some commodities and indices CFDs on the robust MetaTrader 4 platform.
This is the brand name of PriorFX Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 in order to prove their good financial standing. In addition, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
Trading Conditions
Minimum Initial Deposit
In order to open an account with PriorFX, traders have to invest a minimum of $250. Such minimum initial amount is average, yet many Cyprus-based brokers require less. For instance, XM demands just $5 from its clients as a start.
Spreads & Commissions
Being a true STP broker, PriorFX offers floating spreads, the typical ones for the EUR/USD pair amounting to around 1.5 pips on the commission-free account type which is on the upper end of average. Spreads on the Xchange account for the same currency pair are averaged 0.5 pips and involve a commission of $8 per standard lot round turn, so the trading costs for EUR/USD amount to around 1.2 pips per lot.
For purposes of comparison, XM’s average variable spreads on the Zero accounts are averaged 0.1 pips on EUR/USD and a commission a $10 per standard lot traded (round turn) applies. For more information, you may look up real-time spreads of 15 leading brokers here.
Leverage
The maximum leverage level offered by PriorFX is 1:200, which is standard for the FX market. However, many Cyprus-based brokers offer considerably higher leverage rates – for example, XM provides leverage up to 1:888. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
Nonetheless, we advise traders to be careful when operating with higher leverage, for it involves greater risk of losses, which may even exceed the initial investments.
Trading Platform
This broker supports the standard forex market trading platform MetaTrader4 (MT4).
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work. Besides, this broker provides EA Programming support.
MetaTrader 4 is available to clients of PriorFX as desktop, mobile and web versions. More brokers using the MT4 can be viewed here.
What is more, PriorFX has partnered with MyFXbook to offer its clients the copy mirroring platform AutoTrade. This platform allows you to copy trades from other traders into your own PriorFX MetaTrader 4 account. It´s a very easy and simple to use system, that has been proven to be very popular within the social trading community network. One of its many benefits is that you do not need to install any software in order to take part in the community of Social Trading.
Methods of Payment
PriorFX supports the following payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill and Neteller.
Besides, you may use the PriorFX Prepaid Card for deposits and withdrawals. It is a prepaid VisaCard that comes in either USD or in EUR. Accepted deposit currencies with the other payment methods are: USD, CHF, GBP, and EUR.
PriorFX is a well-regulated STP broker that offers online in more than 40 forex currency pairs, as well as various CFDs and precious metals through the popular MT4.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
PriorFX Review Conclusion
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