PriorFX Broker Review
Located in Limassol Cyprus, PriorFX is an online forex broker which offers a number of different investment services to their clients. These services include portfolio management along with the order execution on behalf of their clientele.
If you are thinking about registering with PriorFX, take some time to read our PriorFX scam review before making your final decision.
PriorFX is located in Cyprus and is regulated by the local regulatory body, CySEC. They are also regulated under the MiFID and is a member of the Investor Compensation Fund, which in the event of PriorFX defaults, will offer a payment of up to 20,000 EUR to their clients. PriorFX is also an EEA authorized firm and even registered with the FCA in the United Kingdom.
Safe to say that on paper, PriorFX is being well monitored. But as we have mentioned before, brokers are only regulated in terms of how they handle their clients’ funds. However, how they treat their clients is not regulated. And that is what will really make a difference in your experience.
So far, our research has shown that while PriorFX is indeed well regulated, they are lacking in several other key areas essential to the trader’s experience.
PriorFX Customer Support
Client/customer support is the backbone of any company or broker. PriorFX offers customer service 24 hours a day, 5 days a week.
You can contact them via:
- Live chat
These methods are common and when it comes to customer support, it is the quality that makes all the difference. That being said, there are PriorFX reviews online where clients share their experiences about PriorFX’s lack of customer support.
One client shared his story of being threatened with a termination of his account without just cause. When he asked for an explanation, he got none. He was advised on one forum that he should invite PriorFX to the forum but they refused and refused to help him, their client, resolve the issue involving his hard earned money.
That is not customer support. That is neglect.
The PriorFX broker currently does not offer any custom accounts. They do however offer the widely popular MT4 platform. We have mentioned this one before and praised it for its comprehensive tools, easy accessibility as well as how easy it is to customize.
However, we have also mentioned that not because a broker uses the MT4 platform that you experience with them will be a pleasant one. Clients have spoken of difficulty downloading and using the MT4 platform available on the PriorFX website. This seems to be a reoccurring issue. It will undoubtedly cost you time and money if you register with them.
PriorFX not only offers the MT4 app for download but they also offer access to it through these methods:
- iPhone App
- Mac App
- iPad App
- Android App
- Web Terminal
However, our research has shown that all these portals have their own bugs, the mobile apps for example crash quite a lot which can cause traders to lose not just money but time and energy as well.
While they offer a Demo Account, PriorFX also offers two real money account options:
- Standard Account ($250 Minimum deposit)
- Xchange Account ($250 Minimum deposit)
PriorFX claims that the Standard Account carries spreads as low as 1.2 pips. The minimum trade sizes available are 0//01 lot with a maximum leverage of 200:1. If you register for this account, you are supposed to gain access to 40+ currency pairs, commodities, and indices. An account manager is also made available along with customized reports, a supposed personal coach, and even EA support.
The Xchange account carries the same minimum deposit but is geared towards traders who prefer scalping. The minimum trade size and the maximum leverage are the same as the Standard account you gain access to the same number of instruments. Where these accounts differ is that PriorFX claims that you will receive trading signals, a PriorFX prepaid card, multilingual support and no requotes along with all the other benefits of the Standard account. However, this account carries a commission of $8 per lot.
PriorFX Deposits and Withdrawals
The PriorFX forex broker has a plethora of deposit and withdrawal methods. However, deposits less than $100 carry a fee of $10 and the exchange rate fee for a deposit is 0.3%.
These are the deposit and withdrawal methods available:
- Debit/Credit Card
- Wire Transfer
PriorFX Review Conclusion
PriorFX may be well regulated but their poor customer service along with the poorly performing platforms left us wanting more. We advise you stay away from PriorFX and register with a broker that can provide you with fully functioning platforms and superb customer service. For any broker like PriorFX opinions are important, so share your experience in the comments below!