In this review, you will find a lot of details and information about FXpremium broker. This forex broker claims to be CySEC regulated and to enable completely transparent trading. Considering how that is of great importance for most traders who participate in forex, we decided to take a closer look. FXpremium review also found out how this broker claims to offer 8 asset types (indices, commodities, stocks, bonds, cryptos, ETFs and ETNs, physical stocks and forex), as well as crypto-trading 5 days a week. FXpremium also states that they are not a broker, but a direct to the market agency which enables them to provide the most accurate data, as they only connect traders and liquidity providers.
FXpremium is owned and operated by FX Premium Overseas LTD, but the CySEC license is held by their sister company FX Premium Group LTD.
We suggest trading with a regulated and licensed broker, like IQ Option, that has a free demo account and only $10 minimum deposit.
FXpremium offers only one account type that trader can use for real money trading. Actually, there are two accounts that are basically the same, but one is for EU traders, and the other is for offshore traders. FXpremium traders in South Africa will have to use the offshore account type. The main differences between those two accounts are margin levels and stop-loss levels, but it seems that both EU and South African traders get the same tools and features.
FXpremium Offshore LTD Account
FXpremium Demo Account
We are always happy to see that a broker offers a demo account, but with FXpremium that was not the case. FXpremium has no demo account for traders from South Africa, or anywhere else in the world.
And while brokers often think that demo accounts are just a waste of time, traders love this useful feature. Demo accounts allow them to get familiar with the interface. They can easily place a few trades with virtual money by using the same tools that are available on a real trading platform. Also, the can test their strategies and see what trading style suits them best. Both experienced and newcomers alike prefer the demo account. In cases like this, where there is no FXpremium demo, traders must place real trades immediately. This puts them under a lot of pressure as they are encountering the trading platform for the first time.
FXpremium Trading Platform
FXpremium traders from South Africa can use 3 platforms. One of them is Metatrader 5, followed by Metatrader 4 and the third one is Guidants.
FXpremium MetaTrader 5 and MetaTrader 4
Metatrader 5 is one of the most popular platforms and a successor of Metatrader 4. Both platforms have a great reputation in the online trading community. They can be accessed directly from the computer, after the platform has been installed, from the browser or via mobile app. This offers more than enough diversity when it comes to trading on different devices. Platforms are multilingual and have tools for technical and fundamental analysis integrated into the interface. You can also use SMS alerts or Experts advisors feature for more convenient trading.
FXpremium Guidants Platform
This is a proprietary platform, that may not be suitable for traders from South Africa as it is available only in the German language. It is always better to trade in a language you are fluent in. This platform doesn’t support one-click trading, SMS alerts or EA’s, but it does support social trading tools and interactive tools. Sticking with MT4 or MT5 would be a wise decision.
FXpremium Invest Feature
FXpremium Invest is a feature that is, in its essence, mirror trading. It all comes down to that you copy or mirror trades and strategies developed by successful and profitable traders. This may seem easy, but it also requires the ability to make the right decision on who you will mirror and why, as not all traders are always equally profitable. Some are great when trading stocks, but can’t figure out currency pairs.
It takes only a few steps to take part in FXpremium Invest feature:
- Register for FXpremium Invest profile
- Register for FXpremium trading account
- Connect your account to your profile
- Make a deposit
- Follow strategies
Successful traders can make a few extra bucks by “renting” their strategies to others. The broker mentions 20-40% annual yield. Traders who only wish to follow other traders must be prepared to pay a fee. There is a 25% fee on each trade which is more than we expected.
FXpremium Customer Support
FXpremium claims to be a modern broker that fits the needs of modern trading, so we weren’t surprised when we noticed a live chat icon on the website. However, it turns out that their live chat is everything but live. First, we entered our email and name and typed in a simple question. However, they told us that all agents are offline, but that we will receive an answer as soon as possible. Such an approach makes the entire live chat feature redundant, as you can’t get quick assistance when needed. You can easily send an email instead – it makes no difference.
FXpremium Deposit and Withdrawal
Deposits and withdrawals are important aspects of trading for traders all over the world, including South Africa. FXpremium has a minimum deposit of $500, while the minimum withdrawal is not known. We tried to find that information in terms and conditions document, but such a document doesn’t exist on the broker’s website. Every trader has the right to know all trading terms before making the final decision.
FXpremium offers bank wire and credit cards as deposit methods. You can use either MasterCard or Maestro. Also, you can use Skrill e-wallet.
Please bear in mind how not all of these are fee-free. E-wallet transaction has a fee of 2.9%. Also, there is an additional 1% fee for traders from South Africa who want to make a Skrill withdrawal. Credit card fees are as follows:
- EUR: 1.95%
- USD: 2.95%
- GBP: 1.95%
- CHF: 2.95%
- RUB: 2.95%
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