RatingFX: independent rating of Forex brokers
The PriorFX STF broker founded in 2013 offers its clients to trade more than 40 currency pairs, precious metals, commodities, indices, and CFDs on the MetaTrader 4 platform.
The brand belongs to the PriorFX Ltd. investment company which is located in Cyprus and registered in the EU. It is also regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain rules to Cypriot investment companies. For example, in order to prove their reliable financial conditions, they must have a capital of at least EUR 730,000. In addition, the Commission requires brokers to keep clients' funds in segregated accounts, separately from the company's operating funds.
Besides, all CySEC-regulated brokers are members of the Investor Compensation Fund, which can pay compensation of up to EUR 20,000 if the company goes bankrupt.
Clients of PriorFX can choose between two account types, Standard or Xchange. The only difference between them is that there is no commission for the Standard account, while the Xchange account has commissions and offers significantly lower spreads. The minimum deposit for both accounts is $250, the maximum leverage is 1:200. Both account types allow micro lots.
Spreads and commissions
PriorFX provides floating spreads.The average spread for the EUR/USD pair is about 1.5 pips on the Standard account. Compared with offers of other brokers, PriorFX's spreads are quite standard in the industry. The average spread on the Xchange account for the same currency pair is 0.5 pips. There is also a commission of $8. So, the total costs for trading can be about 1.2 pips per lot.
This broker supports the standard MetaTrader4 (MT4) trading platform.
MT4 is a world-famous trading platform that offers a full range of trading objects and tools such as more than 50 built-in technical indicators, an expanded package of graphical objects, a lot of advisers and extensive opportunities to test them. Traders can download ready-made strategies or create their own ones. Moreover, EA Programming is available as well. PriorFX's clients can use MetaTrader 4 through PCs and mobile devices.
PriorFX cooperates with MyFXbook, which allows customers to copy deals of successful traders. The AutoTrade service is easy to use, so it quickly became popular among traders. One of its various advantages is that clients do not need to install the software to join the Social Trading community.
PriorFX offers the following payment methods: credit /debit cards, bank transfer, and electronic payment systems such as Skrill, Neteller, Yandex.Money, WebMoney, Qiwi, and UnionPay China. In addition, customers can use the PriorFX card for depositing and withdrawing funds.
The broker accepts USD, CHF, GBP, and EUR.
PriorFx 3/10 (votes 2192)