PriorFX Review

Up to 200:1
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Company Information PriorFX is a Forex broker, based in Limassol, Cyprus. The company started out slowly but gained traction over the years. It was established in 2013. The financial name… more

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Website URL
HeadquartersLimassol, Cyprus
Support Number+357 2525 8220
Support TypesPhone, Live Chat, E-mail, Call Back
LanguagesEnglish, Chinese, Russian, Arabic, Hungarian, German
Minimum 1st Deposit$250
Minimum Trade Amount0.01 lots
Maximum Trade Amount1 lot
PayoutUp to 200:1
Free Demo AccountYes
Regulated Yes
RegulationCyprus Securities and Exchange Commission (CySEC); MiFID; FCA
Account TypesStandard, Exchange
Deposit MethodsVisa, MasterCard, Neteller, Skrill, China UnionPay, Wire Transfer, Yandex Money, WebMoney, Qiwi
Withdrawal MethodsVisa, MasterCard, Neteller, Skrill, China UnionPay, Wire Transfer, Yandex Money, WebMoney, Qiwi
Types of AssetsForex, CFDs, Precious Metals, Indices, Oil
Account CurrencyUSD, CHF, GBP, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

PriorFX is a Forex broker, based in Limassol, Cyprus. The company started out slowly but gained traction over the years. It was established in 2013. The financial name of the broker matches the company name – PriorFX Ltd. It’s not easy to gain a registration and regulation license, especially with all the scammy services out there on the market. PriorFX made sure they are ahead of the game and obtained a license from the Cyprus Securities and Exchange Commission (CySEC). The license number of the business is 221/13, and the company registration is HE 321360. PriorFX is an STP/ECN type of brokerage. They do not accept clients from the USA, sadly. However, the spreads can go as low as 0.1. All trading styles are allowed by the broker. Forex is a multi-faceted trade, and you should be aware of all the ways you can earn more money. PriorFX also uses the popular MetaTrader 4 platform, a prime choice and a must-have for every Forex broker.

The website boasts a clean design, accessible on both desktop and mobile devices. The majority of the background is white, with some red and green accents here and there. Aside from the color scheme, you have an easy way to follow the movements of certain Forex pairs in real time. It’s easy to discern what’s going on – the falling numbers are flashing in red, and the rising ones are flashing in green. Traders can also make use of professional market and other various insights. The welcome menu offers all the information a newcomer to the website will need. You can also read industry news right there on the PriorFX internet site. Overall, the execution is masterfully done.

Trading Information

PriorFX offers some excellent trading conditions. For starters, traders can choose between two account types. The Standard account is a pure STP experience, without a dealing desk and zero commission. The minimum deposit is $250, and the lot size is limited to 100 000 units. The minimum trade is 0.01 lot, with a maximum leverage of 1:200 and a spread starting from 1.2. Looking into the available instruments, you can see 40+ currency pairs, indices, and commodities. You also have a personal account manager and live support. Hedging is allowed, and you can also look at tailor made reports and trading signals. The Xchange account lets traders enjoy some additional extras. The raw market spreads start from 0.1 pips. The account is ideal for scalping. The good news is that this account type also requires a minimum deposit of $250 to start off. The lot size, minimum trade, and maximum leverage are the same. However, there is a commission of $8 per lot. You also get access to personal coaching, multilingual support, mobile phone app and a PriorFX prepaid card. All of those are some quite useful extras, worth getting if you prefer the scalping method of Forex trading.

Trading Platforms

PriorFX offers only one platform – MetaTrader 4. However, it’s the most widely used Forex trading platform around the world. MT4 is famous for its flexibility and openness to customization. It’s available for desktop PC, tablets, and smartphones. The platform itself does not incur any additional fees. Traders using the MT4 version of PriorFX will be able to utilize over 30 indicators. Pending orders and trailing stops are also allowed. All the MT4 expert advisors can be freely used by PriorFX traders. Micro lots are another useful tool for any trader. Are you an asset manager? If so, you will have a multi account manager so you can keep an eye on the whole batch of accounts.

Security and Customer Service

PriorFX’s customer support attention to detail is outstanding. They are always happy to help and to answer a variety of questions. Getting in touch with the department is also easy. You can reach them by phone, e-mail, live chat or the contact form on the website. PriorFX surely cares about customer satisfaction and invest in efficiency and professionalism.

The website itself is secured by a 256-bit SSH encryption. The certificate is provided by COMODO RSA. As cyber security is a much more needed thing nowadays, PriorFX is in the loop and are keeping traders’ data well-protected and private. Regarding fairness safety, CySEC is notorious for making sure all registered Forex brokers play by the rules. You shouldn’t worry about scamming and unethical conduct.

Deposits and Withdrawals

The minimum deposit amount at PriorFX is $250. Overall, depositing and withdrawing funds from your account is made easy. Many payment methods are at your disposal. Those include bank wires, transfers, credit/debit cards and e-wallet services. Most of the payments take several days to get executed, except for the e-wallets – they usually get processed within one business day. The account currencies vary and are abundant. They include EUR, USD, GBP, RUB, CHF and more. If you are using one of the major currencies, you won’t have a problem with PriorFX. It’s a great broker regarding usability and processing times. Both deposits and withdrawals are accessible the same way, so there will be no problem when you decide to invest in Forex.

Deposit Bonus and Loyalty Programs

Just like most Forex brokers, PriorFX does not offer any deposit bonuses or loyalty programs. However, the company is looking for introducing brokers. This form of partnership is based on the trust between traders and brokers. This partnership program is an easy way to earn some extra money on the side. PriorFX provides various materials to help explain the service they are offering and retain customers in the long run. On the other hand, you will be able to cash in parts of your referrals’ commissions. There is no withdrawal limit with this option. This is the best thing; only you are your own limit. You can have as many traders as you want to, provided you can get the word out there and make them click on your referral link.

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