Prime4X Review

WHO IS PRIME4X?      

According to research in South Africa, Prime4X – is a Dubai-based broker which was founded in 2005 with the purpose of serving an international client base in trading Forex.

There is extraordinarily little information available about this broker as access to the website is restricted, but prior reviews indicate that this broker serves individual and institutions along with large corporations.

SAFE OR SCAM

When choosing a broker, it is imperative that traders ensure that brokers are regulated and authorized only through reputable, well-known regulatory entities.

When trading with offshore brokers who have no prior authorization or regulation under which operations are conducted, client funds cannot be guaranteed. There is no proof that exists that Prime4X is a regulated broker.

Traders are neither advised nor encouraged in using such brokers to facilitate trading as the security of their funds and sensitive information such as banking details, and personal details may be greatly compromised.

PRO AND CONS

LEVERAGE

Leverage is a powerful and useful tool which, when used correctly and in moderation, can increase the potential for gains, but simultaneously it can increase the risk of substantial losses which can exceed the initial deposit of the trader.

Leverage levels are often dependent on the broker itself in addition with the regulatory entity through which the broker is authorized and regulated. Prime4X is an unregulated broker and thus it does not conform to such requirements.

Prime4X offers leverage from 1:100 and up to 1:500, depending on the type of account the trader opens.

ACCOUNTS   

Prime4X offers a choice between three different accounts, these are:

• Micro Account – minimum deposit of $100 and leverage of up to 1:500.
• Standard Account – minimum deposit of $2,000 and leverage of up to 1:400.
• Institutional Account – minimum deposit of $10,000 and leverage of up to 1:100.

MARKET INSTRUMENTS

Prime4X only facilitates the trade in Forex, as its name suggests. There is exceedingly little information available pertaining to the Forex pairs that Prime4X offers, it can be safely assumed that Forex Majors such as USD/EUR, EUR/GBP, and others, will be offered.

FEES

Prime4X does not provide substantial information relating to trading or non-trading fees and thus traders are made aware of the typical fees that they may expect from brokers such as Prime4X.

These fees may or may not apply when opening an account with Prime4X and traders are advised to verify any, and all, fees prior to opening an account. Yet, due to Prime4X’s lack of regulation, trading activities through this broker cannot be endorsed.

There can be differentiated between two types of fees that traders can encounter when opening an account with Prime4X, these are trading and non-trading fees.

Trading fees related to the costs when trades are executed while non-trading fees pertain to broker fees, which is how brokers make their money, such fees include commissions, spreads, margin requirements, and deposit and withdrawal fees, amidst others.

Spreads

Spreads are often available on the financial instruments before executing a trade and they consist of the difference between the bid and the ask price. Spreads can differ between instruments and may be subjected to market conditions.

The spread is the difference between the bid and the ask price of an instrument which can either be fixed, floating and variable. Some brokers offer spreads that start from 0.0 pips, but traders will find that with such spreads, commission fees per trade are often charged.

There is no information available on the spreads that Prime4X provides, whether they are raw, variable, floating, or fixed.

Commissions

This is another way through which brokers are compensated for their services and it is often in the form of a fixed fee which is charged per trade, or per standard lot and differs between various brokers. Some commissions are often subjected to market conditions.

Prime4X does not have any information on the type of commission charges that traders may be liable for, or whether commissions are charged at all.

Margin

The margin requirement is the balance that the trader must have when they open a position and this is calculated by the current price of the financial instrument weighted against the USD, the size or volume of the position and the leverage which is applied.

Overnight fees

Traders who are not in possession of an Islamic account are subjected to charges when positions are held open for longer than a day. The fees charged will be determined by the financial instrument as well as the duration of the open position.

Inactivity fees

Some brokers require that a fee be paid should the trading account be left inactive for a certain amount of time. This fee is deducted from the remaining account balance until the balance reaches zero, should this happen, the account will be closed automatically.

Deposit and Withdrawal Fees

Some brokers waive deposit or withdrawal fees either in the form of a fixed fee, or as represented by a certain percentage that is deducted from either the deposit or withdrawal.

Often brokers cover the fees in both regards and traders merely have to carry the charges waived by their banking institution. This is the case with Bank Wire Transfer, but banking fees may also apply to other forms of payment such as Credit/Debit Cards.

Some brokers carry the costs when deposits to and withdrawals form the account are made and it can either be expressed as a fixed amount or as a certain percentage deducted from the total deposited or withdrawn.

DEPOSIT AND WITHDRAWAL

When opening a standard live trading account with Prime4X, a minimum required of $100 must be funded to the account.

There is no information regarding the deposit or withdrawal purpose when using Prime4X to facilitate trading, although there have been reviews and complaints that suggest that there are existing challenges that traders face with fund withdrawals from their trading account.

There is no indication as to the payment methods that can be used when depositing or withdrawing funds, but it can be assumed that the most predominant gateways such as Bank Wire Transfer, Credit/Debit Cards, and e-Payments such as Skrill will be accepted.

There is no information regarding the accepted deposit currencies, but as an offshore broker, it can be anticipated that Prime4X will support common and popular currencies such as USD, GBP, EUR, JPY, AUD, and others.

The processing times of both deposits and withdrawals will depend on the method used and it can be instant, or it may take up to 10 days, respectively.

Traders should note that third-party deposit and withdrawals are prohibited and that withdrawals have to be made through the same method that was used when funds were deposited into the trading account.

TRADING PLATFORMS

Trading platforms serve as the trading environment, or vehicle, through which transactions are executed and brokers may offer a variety of trading platforms, or they may rely on their own proprietary in-house trading platform which is tailored to their trading conditions.

Based on prior reviews which have been done on this broker, it would appear that the use of MetaTrader 4 is offered, due to its capabilities and comprehensive offering as a Forex-only trading platform.

HOW TO OPEN AN ACCOUNT

In order to register for a live account with Prime4X, traders will have to complete an online application that requires some basic personal information, contact information and residential information.

Traders are however cautioned against opening an account with this broker due to the lack of information that exists in addition to the lack of regulation. Trading through such brokers may pose the risk of substantial losses and the compromise of sensitive information.

CUSTOMER SUPPORT

When evaluating brokers, this is one of the crucial factors that traders need to test so that they will have an idea of whether the broker caters sufficiently for client queries, especially should there be an emergency query.

Prior reviews suggest that Prime4X can be contacted by making use of email addresses and telephone numbers, although this information is not available, and neither is the actual contact details for this broker.

EDUCATION       

Prior reviews on this broker suggest that there are education resources in the form of glossaries, and other guidelines, but this cannot be ascertained due to the inability to gain access to the Prime4X website.

RESEARCH         

Prime4X, according to previous reviews, offers advice on trading strategies, indicators in the marketplace and guides on the psychology of trading and how it can affect success.

AWARDS

There is no existing information that would suggest any awards that have been obtained by Prime4X.

CONCLUSION  

Prime4X is not recommended for use by any traders due to the sheer and substantial lack of information that exists on this broker in addition to the fact that it is not regulated by any known regulatory entities.

Dealing with unregulated brokers may lead to substantial losses along with compromising sensitive information that is provided to brokers when traders open up accounts. Provision of such information forms part of ‘Know Your Client’, or KYC, procedures and is mandatory.

DISCLAIMER

The trading of leveraged financial instruments hold the potential for great gains, but it also has the potential for great risks that threaten the initial capital of the trader and losses may often exceed this amount.

The price movement on financial instruments are quite unpredictable and in speculating the direction of such movements, traders may be exposed to substantial risks that are not suited or recommended for some traders.

Traders should always evaluate their exposure to risk along with their willingness to be exposed to risk in addition with evaluating their trading objectives, financial situation, needs and level of experience before making trading decisions.

Prime4X cannot be held liable for any losses incurred and neither can the broker accurately provide a maximum loss that a trader may suffer.

Traders are therefore cautioned when trading leveraged and margined financial instruments in ensuring that traders have the necessary skill, knowledge, and experience before doing so.

FAQs

Trading Environment

How many instruments can I trade with Prime4X?

You can only trade Forex.

Which platforms are supported by Prime4X?

Prime4X provides the following popular trading platforms:

• MetaTrader 4

Does Prime4X offer leverage?

Yes.

Prime4X offers a maximum leverage of 1:500.

What spreads can I expect with Prime4X?

This information is not provided on the website, safe to assume that this information and other trading conditions will be provided when you sign up for an account with the broker.

Does Prime4X charge commission?

Unsure.

There are no commission charges indicated on the website.

Is Prime4X regulated?

No, Prime4X is not regulated and therefore traders are cautioned in using this broker to facilitate the trade of financial instruments as client fund security cannot be guaranteed.

Is Prime4X a recommended forex trading broker for experts and beginners?

No, Prime4X is not recommended for the facilitation of trades at all due to the lack of information on this broker, and due to a lack of regulation.

What is the overall rating out of 10 for Prime4X?

0/10

Accounts

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does Prime4X offer a demo account?

No.

For how long is the demo account valid?

This information is not available as it would appear that Prime4X does not offer a demo account.

Which live trading accounts does Prime4X offer?

• Micro Account – minimum deposit of $100 and leverage of up to 1:500.
• Standard Account – minimum deposit of $2,000 and leverage of up to 1:400.
• Institutional Account – minimum deposit of $10,000 and leverage of up to 1:100.

What are the available deposit currencies for a live trading account?

There is no information regarding the accepted deposit currencies, but as an offshore broker, it can be anticipated that Prime4X will support common and popular currencies such as USD, GBP, EUR, JPY, AUD, and others.

Deposits and Withdrawals

What is the minimum deposit for Prime4X?

$100.

How do I make a deposit and withdrawal with Prime4X?

There is no indication as to the payment methods that can be used when depositing or withdrawing funds, but it can be assumed that the most predominant gateways such as Bank Wire Transfer, Credit/Debit Cards, and e-Payments such as Skrill will be accepted.

Does Prime4X charge withdrawal fees?

This cannot be ascertained due to the substantial lack of information on this broker.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.