As far as versatile brokers go, FX Primus has it all: from mobile trading facilities to intelligent solutions for all levels of traders
The world of Forex is in a constant state of flux. Not only does it inherently fluctuate in response to outside factors, but new regulations, new tools and technologies, as well as new trade strategies, are constantly revolutionising the industry. A good trader will have a handle on all of these factors and be able to use them in his or her favour because smart and successful trading is not all about tools and gadgets, but about a deeper understanding of the industry. FX Primus, a Forex brokerage firm, offers a range of tools and services to equip everyone, from the most novice traders to the most senior white label partners, and to help them work the market in their favour with ease and agility.
Based in Mauritius, and regulated under the stringent Financial Services Commission (FSC) of the island, FX Primus offers completely remote services to any country in the world. Because adequate compliance to regulation is arguably the most important tool for a Forex brokerage firm, FX Primus adheres to the severe international standards. “Since our inception we have taken exhaustive measures to ensure that we are fully compliant with all rules and regulations set forth by our regulator, the FSC of Mauritius,” explains Terry Thompson, President of FX Primus. “Whenever the FSC makes any changes or modifications to their rules, we are alerted by our third party administrator and make immediate modifications in protocol.” It has also been the company’s policy to remain abreast of new rules and regulations in other key jurisdictions and to comply with them as much as possible. “In addition to regulation by the FSC, we’re continuously investigating new jurisdictions to become regulated in,” says Thompson. “We’re planning by year’s end to add an additional jurisdiction, and by the end of 2013 to add at least two others. This is important from both a risk management perspective but also from a marketing perspective as well.”
Smart and successful trading is not about tools and gadgets, but about a deeper understanding of the Forex industry
A good grasp of the ever-evolving legislation landscape is not everything in the world of Forex. The arrival of smartphones and mobile internet devices brought with it the possibility of mobile trading on an industry-wide level. The market for mobile trading tools is booming. Over 15 percent of FX Primus’ trade volume is conducted through its iPhone, Android and WebTrader apps, according to Thompson, “and that number is growing each month. Trading remotely over mobile phones is becoming increasingly popular, and in this day and age it is required to allow clients to trade while on the move.”
Tools of the trade
FX Primus also offers a range of other tools for both experienced and novice traders. Its aim is to empower everyone to conduct successful trades, either through educational software, teaching inexperienced traders the ins and outs of the business, or through cutting edge tools that let white label partners navigate the markets more efficiently. Two popular tools for beginner traders are Mirror Trader and Autochartist, both of which are designed to enhance the trader’s experience. Mirror Trader, true to its name, allows less experienced traders to mimic, or ‘piggy back’, other successful trading strategies developed by other traders. “This is especially useful for clients who want to get involved in trading, but may not have the expertise to make their own trading decisions,” says Thompson. “It gives them the freedom of adjusting their lot sizes based on their risk appetite. By the end of this year, we’ll also be offering Zulu Trader, which provides a similar trade following service to Mirror Trader.”
Thompson is keen to emphasise that less experienced and beginner traders are just as important to FX Primus as money managers and white label partners; so in addition to Mirror Trader and Autochartist, the firm also offers a full tutorial and coaching service in order to better equip these traders. “The FX Primus Coach is quite a revolutionary service,” says Thompson, “in that it allows clients who sign up for it to receive access to an exclusive live chat service where they can ask and receive trading advice or inquire about specific technical indicators. They can even ask about how certain economic events will impact the markets.” The tool has already proven invaluable to scores of beginners looking to break into Forex markets. It is best applied when used in conjunction with the FX Primus SMS Text Alert service, which sends out periodical notifications when favourable or specific trade conditions arise. The SMS text alerts can be extremely useful for traders without the know-how to make financial decisions unassisted, or for those without the time who want to supplement their trading strategies. “Over the past three months our trade alerts have yielded a 36 percent return,” says Thompson.
FX Primus is also keen on encouraging its affiliate customers to expand their online referral networks to new levels. “We understand that not everyone has the experience or technical know-how to attract more business online,” Thompson says, “but that should not exclude them from being able to trade effectively and successfully.” With that in mind, FX Primus offers a free e-business builder to all its affiliate partners. The service offers simple and efficient online marketing strategies that can be deployed by traders, such as copy-and-paste marketing strategies for Facebook and Twitter, and other tools that can be implemented on the affiliate’s blog or website. “We want to make it easy for our affiliate partners to reach out to prospective customers about our brokerage and the products and support we offer,” explains Thompson.
There is also much concern about the well being of and equipment provided to white label partners trading through FX Primus. The firm understands how important it is for its partners to provide prospective customers with the assurance that their funds are safe and secure, and to safeguard their investments in the case of a collapse of the brokerage firm, due either to compliance issues or misappropriation of funds. This has led FX Primus to take unprecedented steps and launch independently administered segregated funds for all white label partners. An industry first, the service entails that all segregated customer accounts are independently administered by a third party custodian, Ninety East Financial group, which acts as a signatory to all client segregated accounts. Ninety East Financial must approve all movement in the funds, and thus guarantee the safety of the investment.
The service is even more complete for white label partners that trade exclusively with FX Primus. “They have the option to offer their customers a Trust Account, where customer funds are completely segregated from the assets of our company, and are also safeguarded by Ninety East Financial,” says Thompson. Both schemes are extremely costly for FX Primus, but the company strongly feels that its partners deserve the additional care afforded to them, and that by generating additional trust, the move eventually gives it a competitive edge.
Because FX Primus is based in Mauritius and is regulated by Mauritian authorities, its partners have the added advantages of, as Thompson puts it, “knowing that FX Primus is being regulated by a world-renowned body in the FSC. At the same time, clients are not bogged down by copious amounts of paperwork and requirements to open an account which may be the case in other jurisdictions.” A less bureaucratic system means that clients can open and fund accounts within one business day, ensuring that not a minute of trades and transactions is lost. The ‘Mauritius Advantage’, as the firm warmly refers to it, also means that partners can often carry out trading strategies that might be restricted in other markets. “We are able to offer our clients up to 1:500 leverage and also provide the ability to hedge, which, is not allowed in many other global jurisdictions,” explains Thompson.
Though it is headquartered in Mauritius, FX Primus operates offices in Mongolia, Peru and Nigeria. “Within the next 12 months, we have a mandate to open six additional offices throughout Asia and Europe,” says Thompson. It is important for the firm to create awareness around its brand in emerging markets and its strategy to achieve that is to establish an actual physical presence in the countries. “We feel it’s necessary to connect with the people of the respective countries in which we operate and really leave a lasting footprint,” Thompson explains. “One of the many ways FX Primus attempts to accomplish this is through our charitable work. In early 2011, we established Primus Child Foundation, which assists underprivileged children throughout Southeast Asia, where we have quite a large presence. Again, we plan on expanding this charitable work into these new countries we are entering.”