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PriorFX Review

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PriorFX is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and commodities.

Pros

  • Segregates client funds
  • Established in 2013
  • Regulated by CySEC
  • Min. deposit from $50

Cons

To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, PriorFX offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by CySEC (Licence: 221/13). PriorFX puts all client funds in a segregated bank account and uses tier-1 banks for this. PriorFX has been established since 2013, and have a head office in Cyprus.

Before we dive into some of the more detailed aspects of PriorFX ’s spreads, fees, platforms and trading features, you may want to open PriorFX ’s website in a new tab by clicking the button below in order to see the latest information directly from PriorFX.

Visit PriorFX

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

PriorFX screenshot Open a demo account

71.96% of retail investor accounts lose money when trading CFDs with this provider.

What are PriorFX's spreads & fees?

Like most brokers, PriorFX takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on PriorFX’s website. The colour bars show how competitive PriorFX' spreads are in comparison to other popular brokers featured on BrokerNotes.

PriorFX
EUR/USD (Average: 0.7 pips) Not offered 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) Not offered 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) Not offered 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) Not offered 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) Not offered 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) Not offered 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) Not offered 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) Not offered 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, PriorFX’s minimum spread for trading EUR/USD is pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with PriorFX vs. similar brokers.

See all Spreads

How much does PriorFX charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with PriorFX at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $10.19. Here’s a rough breakdown of the fees and how this compares against IG & Forex.com .

PriorFX IG Forex.com
Spread from: $ 10.00 $ 6.00 $ 10.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 10.00 $ 6.00 $ 10.00
$4 less $0 more
Visit PriorFX Visit IG Visit Forex.com

All fees/prices are for informational purposes and are subject to change.

General Fees

  • PriorFX doesn’t charge inactivity fees*
  • PriorFX withdrawal fees varies on payment method

Commissions

  • PriorFX does charge commission on CFD shares

What can you trade with PriorFX?

PriorFX offers over 46 different instruments to trade, including over 30 currency pairs. We’ve summarised all of the different types of instruments offered by PriorFX below, along with the instruments offered by IG and Forex.com for comparison.

FX / Currencies PriorFX IG Forex.com
# of forex pairs offered 30 90 80
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs PriorFX IG Forex.com
# of commodities offered 5 34 12
Metals Yes Yes Yes
Energies No Yes Yes
Agricultural No Yes Yes
Index & Stock CFDs PriorFX IG Forex.com
# of Stocks offered 0 8000 220
UK Shares No Yes Yes
US Shares No Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See PriorFX's InstrumentsSee IG's InstrumentsSee Forex.com's Instruments

What’s the PriorFX trading experience like?

1) Platforms and apps

PriorFX offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.

PriorFX Screenshot

PriorFX also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See PriorFX 's platforms

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Accounts offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • Managed account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

PriorFX allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. PriorFX allows you to execute a maximum trade of 10,000 Lot. As PriorFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As a market maker, PriorFX may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As a nice bonus, PriorFX are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at ).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

PriorFX also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders negative balance protection price alerts and much more. You can see all of the account features offered by PriorFX here.

Finally, we’ve listed some of the popular funding methods that PriorFX offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Payoneer
  • Neteller
  • American Express

3) Client support

PriorFX support a wide range of languages including English, Russian, German, Hungarian, and Arabic.

PriorFX has a BrokerNotes double AA support rating because PriorFX offer over three languages live chat and phone support.

4) What you’ll need to open an account with PriorFX

As PriorFX is regulated by CySEC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore PriorFX’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with PriorFX you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://priorfx.com/ on 01/08/2019.

71.96% of retail investor accounts lose money when trading CFDs with this provider.