PrimeXQ is owned and operated by PrimeXQ LTD. Their main goal is to offer unique and advanced trading services and professional support. We will see if they managed to do that, but for now, let’s discuss the first problem. PrimeXQ is an unregulated broker.
So, if you are a trader who is not willing to take a risk and trade with a broker who doesn’t have a licence, PrimeXQ is not the best choice for you. But if you don’t mind the fact they are not regulated, you can keep on reading to see what they offer to each client.
Let’s start with the website. I like to say a few sentences about that always since the design is the thing that leaves the first impression. I have to say one thing, so far so good. Everything is optimised, load speed is excellent, and the design is attractive. You can switch the language to Arabic and that is a plus from the beginning. Now, let’s see what else they have for us.
They offer three different account types. Mini, Classic and Premium Account along with a wide spectrum of currency pairs, six global stock indices and four commodities. Depending on the account, each client has the possibility to select leverages from 1:1 up to 1:400.
What they promise for each account is online chat support, free eBooks, individual competitive spreads and commissions, and access to Forex Market research. You can make an account from any country except the U.S. and Japan.
Platform and Execution SCORE: 90%
They offer PrimeXQ MetaTrader 4, PrimeXQ Web Trader and PrimeXQ Trade Mobile. This is a good start, I must admit. If you choose the globally acclaimed software, MetaTrader4, you will have access to all vital information, the latest economic data and occurrences and you will be able to see different charts at the same time. It’s compatible with Windows and MAC OS, and some of the benefits PrimeXQ offers are instant execution, 0.01 lot sizes, availability of four pending orders and slippage protection.
PrimeXQ Online Trader allows you to be completely involved in the trading process. You will be able to adjust according to the market conditions and use the full scope of the latest technological developments. Another great thing is that you can customize the platform according to your preferences and choose between different languages. It’s compatible with both Windows and MAC OS and it’s also optimised for phones (Apple and Android) and tablets.
Lastly, there is PrimeXQ Trade Mobile, a mobile software application that allows you to invest any time using your phone. You can download it from the App and Play Store, depending on the device. The design is easy to use, perfect for beginners and you have every option that is available on a computer, which is great.
They really did their best to provide us with different options, and I appreciate that. It is important to be able to trade both on computer and mobile device, depending on the situation. It doesn’t matter what account type you choose as you will have an option to use each of these trading platforms.
Withdrawal Speed SCORE: 10%
Now, after such a great start, we came to the negative part. If you want to find out something about the withdrawals, you won’t be able to do so on their website. They provided just a little information and failed to mention the most important ones.
This is strange, I must admit. The only things they mentioned are withdrawal and deposit methods. You can use Credit or Debit Card, Bank Transfer, Neteller and Skrill. Keep in mind that you need to withdraw funds using the same method you used to deposit.
Of course, I wanted to open an account and find out more details about withdrawals, but that wasn’t possible. When you go to the registration form and start filling in the details, errors appear no matter what browser you use. So, currently, it is impossible to register at PrimeXQ.
They never mentioned anything about withdrawal fees, but keep in mind you will have to pay a monthly tax of $36 in case you have not made a single trade for 30 days in a row. Aside from that, they said funds may take longer to appear on your account once you withdraw them. We have no idea how long. It could be a week, a month or even a couple of months. And the worst thing of all, you cannot complain if you don’t receive funds within a couple of months since they never specified anything.
Support and Assistance SCORE: 40%
PrimeXQ does not provide constant support. Their working hours are Monday to Friday from 9:30 to 21:00 GMT and 10:00 to 17:00 GMT on Sunday. At first, I thought they had every option. From Live Chat to telephone call. But that’s not the case.
They don’t have Live Chat, instead, you need to have a Skype account if you want to send them a message. So, if you don’t have Skype, you have to send an email or call their agents. There are one email and five different phone numbers. So, depending on the country you live in you can choose the number (for Austria, Switzerland, South Africa, United Kingdom and the United Arab Emirates).
This is disappointing due to one thing. They have big claims like listening and understanding what matters the most to customers, constant support and live assistance. Apparently, they failed to provide everything they promised.
Education and Tools SCORE: 50%
Although they didn’t fulfil the promises at the beginning, I still hope they will do better in the education part. Let me just quote one sentence they wrote, to help you understand why I have big expectations when it comes to education.
“Knowledge is power, and empowering traders to get the best value for their investments is our passion.”
They are committed to providing each person with a wide range of options to help them become better at trading and also make profits. That said, they need to make guides and books so people can learn constantly.
Well, the only thing they have is Glossary and some basic explanations like “What is Forex?” or about CFDs. That’s clearly not enough, and I am disappointed.
The good thing is that if you make an account, you get an exclusive right to see breaking news and market research, and that is always helpful.
As you can see, PrimeXQ is a broker with a great trading platform that offers different possibilities but all of that is combined with some negative things. They are not at your disposal always, there is no way to know how long it takes to have funds on your bank account and lastly, you cannot complain to anyone if something goes wrong since they are not regulated.