PriorFX Review review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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PriorFX is an investment firm located in Limassol, Cyprus. It is licensed and regulated by CySEC to provide investment services including the execution of orders on behalf of clients and portfolio management. It is also regulated under MiFID, and a member of the Investor Compensation Fund, that offers payment of up to 20,000 EUR, in the event of the company being in default. Being regulated under MiFID entitles to offer cross-border services within the EU. PriorFX is also an EEA authorised firm, registered with the FCA in the UK. Minimum deposit of $250 is required and the spreads offered start at 1.0 pips. Leverage available is up to 200:1, and the trading platform is MT4. Assets available are a number of currency pairs, gold, silver, oil, and CFD indices.
|Forex, indicies, commodities, shares|
PriorFX offer the popular MetaTrader 4 as their trading platform
PriorFX have chosen to use the ever popular MetaTrader 4 for the convenience of their clients. And we really shouldn’t find that surprising. After all, it is still possibly the most preferred trading platform in the world of online trading today. It has been carefully designed to provide trade operations and technical analysis in real time, and can be customised to meet the exact needs of every trader. It allows traders to import/export indicators and historical data, as well as place a wide range of orders. Which all serves to provide flexible management of a trader’s activity. If you want to try it out before risking real money it is available for download in a demo version. There are also apps for Android devices, iPhones and tablets, as well as for a Mac.
PriorFX currently offer two real money accounts
We’ve already mentioned there is a demo account that can be used to try out the MetaTrader 4 trading platform. When you’re ready to trade with real money there is a Standard and Xchange account to choose from.
Standard account – Minimum deposit is $250, and low spreads start at 1.2 pips. As PriorFX are an STP broker they can offer lightning fast execution , with no requotes and no worries about any conflict of interest. Minimum trade size is 0.01 lot and the maximum leverage is up to 200:1. The instruments available for trading include 40+ currency pairs, indices and commodities. The services of a personal account manager are an additional benefit, along with tailor made reports, personal coaching, and EA programming support.
Xchange account – Minimum deposit is $250, and this is an ideal account for traders who prefer a scalping strategy. Minimum trade size is 0.01 lot and the maximum leverage is up to 200:1. With an Xchange account traders can choose from 40+ currency pairs, commodities, and indices. Support is available 24/5, as is the services of a personal account manager. Additional benefits include personal coaching, trading signals, multilingual support, a PriorFX prepaid card, no requotes, and EA programming support. Commission is payable for this account, which is currently $8 per lot.
Copy Traders will be pleased to learn they can use Myfxbook for autotrading
Copy trading has become very popular among todays Forex traders, and this may be one of the reasons PriorFX have decided to offer such an option. Autotrade, which is owned and operated by Myfxbook, allows account holders to copy trades made by other traders, into their own PriorFX MT4 account.
What you can expect from customer support
When it comes to making payments, PriorFX supports a range of methods. Major credit and debit cards are accepted as are a number of e-wallet payment systems including Skrill and Neteller. It is also possible to top up an account by bank wire transfer. All methods will incur additional charges, and if the amount is less than $100 there is an extra charge of $10. There is also a PriorFX prepaid visa card, and all account holders are eligible to apply for one. There are, however, some considerable charges that have to be paid.
Customer support is available 24 hours a day, Monday to Friday, and the team can be contacted by telephone, email, of via the live chat option. There is also a postal address, if you can wait for an answer, as well as a contact form online.
PriorFX is a well-regulated broker that offers trading in more than 40 currency pairs, as well as precious metals, and a number of CFDs. It is an excellent example of STP trading, and allows advanced trading options. Some may feel that the fact there is only MetaTrader platforms available a little bit of a disadvantage, along with the fact that leverage is a little on the low side. However, these aren’t major issues, and are more of a personal preference thing.
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