PrimeXQ-Overview of Minimum Deposit, Leverage, Spreads

Note: PrimeXQ's official website: https://www.primexq.com/ is currently inaccessible normally.

PrimeXQ Information

PrimeXQ is a brokerage company whose website is inaccessible currently, leaving us uncertain about its background, operational status and trading conditions. All the info in this article is from the Internet.

The broker is said to offer trading services in forex, indices, stock, cryptos, commodities and futures. There are 3 tiered live accounts with a minimum deposit from a high $500. Trades are executed on the world leading MT4 platform and its own web-based platform.

Furthermore, the broker's operation without valid regulation further exacerbates its credibility and reliability, warning you to stay away from unprofessional brokers like PrimeXQ.

Regulatory Status

Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of PrimeXQ, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.

Downsides of PrimeXQ

Unavailable website: PrimeXQ's website cannot be opened currently, which indicates possibility of cease of operation.

Regulatory concerns: The broker operates with no valid regulation currently, meanig that it might not comply to financial rules and customer protection. This heightens trading risks with them.

High minimum deposit: Though PrimeXQ offers 3 tiered live accounts, minimum deposit is set at a high level from $500, which is a barrier for beginners or those with limited capital.

Wide spreads: From the demo account, the test found that the broker's EURUSD spread on all account types was 3 pips, which is wide and will bring extra costs for transactions.

What Can I Trade on PrimeXQ?

PrimeXQ advertises that it offers a variety of market instruments for trading, these include:

• Forex (Foreign Exchange): The global marketplace for buying and selling currencies, where traders profit from changes in exchange rates between currency pairs. PrimeXQ supports 50 currency pairs including the popular EURUSD.
• Indices: The broker off ers 20 indices, which are statistical measures of the performance of a group of stocks or other assets. Indices are used as a benchmark for the overall market or specific sectors.
• Stocks: Shares of ownership in a company, bought and sold on stock exchanges, representing a claim on part of the companys assets and earnings.
• Cryptos (Cryptocurrencies): Digital or virtual currencies that use cryptography for security and operate on decentralized networks, often based on blockchain technology. PrimeXQ enables trading in the popular Bitcoin, Ethereum, Ripple, Litecoin, as well as altcoins such as OmiseGo, Zcash.
• Commodities: Raw materials or primary agricultural products that can be bought and sold, like oil, gold, or wheat, typically traded in standardized contracts.
• Futures: Contracts that obligate the buyer to purchase, or the seller to sell, an asset at a predetermined future date and price, often used for hedging or speculation.

Account Type/Spread

PrimeXQ not only offers a demo account for strategy testing, but also 3 tiered live accounts.

However, minimum deposit is quite high comparing to reputable brokers, with starting point set from $500 in Mini account, $5000 from Classic account and a whopping $20000 in the Premium account. Beginners and investors with limited capital may find this broker not friendly at all.

And the tester found that spread for EUR/USD on the demo account is wide from 3 pips.

Leverage

Leverage is a kind of trading tool to enable traders to control larger positions with small initial capital. But it's always suggested to use leverage prudently since it can work on your side to amplify profits as well as against you to augment losses and risks.

On PrimeXQ, leverage is up to 1:400, which is much higher than the standard set by EU regulators at 1:30.

Trading Platform

PrimeXQ offers the industry leading MetaTrader 4 platform and a proprietary web-based trading platform.

MT4 is renowned for its intuitive interface and robust functions such as automated trading bot, advanced charting tools and analysis updates, etc. However, the tester found that PrimeXQ's MT4 platform is actually provided by a third party, which significantly magnify risks trading with the broker.

Deposit & Withdrawal

PrimeXQ boats a wide range of funding methods: Visa and MasterCard, as well as the popular e-wallets Skrill and Neteller. Nonetheless, when tester attempts to register a live account, only credit card is in the option list actually.