Note: Since PRIMEQXs official site (https://primeqx.com/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information & Regulation
PRIMEQX, a trading name of Prime Business Finance Ltd, is allegedly an unregulated forex broker registered in China that claims to provide its clients with some tradable financial instruments with leverage up to 1:100 on the web-based trading platform, as well as a choice of three different account types.
Market Instruments
PRIMEQX advertises that it mainly offers three different asset classes, including forex, commodities and indices.
Account Types
There are three live trading accounts offered by PRIMEQX, namely Mini, Classic and Premium.
Leverage
A leverage ratio of up to 1:100 is offered by PRIMEQX. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads
As tested on PRIMEQXs demo web account, the spread for the EUR/USD pair was floating around 0.7 pips.
Trading Platform Available
The platform available for trading at PRIMEQX is a web-based trading platform. However, while the interface of this platform is relatively clear and equipped with some basic charting tools, it lacks more sophisticated features compared with industry-standard Metatrader4 and Metatrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
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Deposit & Withdrawal
PRIMEQX says to work with credit/debit cards, bank drafts and wire transfers. The minimum initial deposit requirement is said to be $250 and there is no minimum withdrawal amount. As for the processing time of withdrawal requests, it usually takes 2 days for the broker to process.
Bonuses & Fees
In PRIMEQX, bonuses are available, but there are additional conditions that are unjustified. To withdraw bonus dollars, traders must execute $20,000 in turnover. The broker also charges an inactivity fee of $36 monthly, if the account is inactive for 30 days.
Customer Support
PRIMEQX‘s address: Overhills Swallowcliffe, Salisbury, Wiltshire, SP3 5PW, United Kingdom. However, this broker doesn’t disclose other more direct contact information like telephone numbers and email that most brokers offer.
