Loyal Primus Forex Broker
Basic Information
South Africa
2-5 years Regulated in South Africa Regulated in Australia Regulated in Australia Financial Service Corporate Appointed Representative(AR) Investment Advisory License MT4 Full License MT5 Full License Self-developed Suspicious Overrun Medium potential riskCompany profile
Rating Index
Standard
Pro
Loyal Primus Forex Broker - Complete Information Guide
1. Broker Overview
Loyal Primus, officially known as Loyal Primus Ltd, was established in 2020. The broker is headquartered in Saint Vincent and the Grenadines, operating as an international business company. It primarily serves retail clients across various global markets, providing access to a wide range of financial instruments. Since its inception, Loyal Primus has aimed to cater to traders from over 80 countries, focusing on delivering a user-friendly trading experience.
The company has made notable strides in the industry, achieving recognition at various events, such as being named the most popular broker at Wiki Expo 2023. Loyal Primus operates on a non-dealing desk (NDD) model, which allows for direct market access, thereby minimizing the risks of requotes and slippage, making it an appealing option for traders seeking efficiency.
As a relatively young player in the forex brokerage space, Loyal Primus has positioned itself to offer competitive trading conditions, including high leverage options and a straightforward account registration process. However, it is essential to consider the broker's regulatory status and customer feedback when assessing its reliability.
2. Regulation and Compliance Information
Loyal Primus claims to be regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, with its registration number being 26626 BC 2022. However, it is crucial to note that the FSCA's regulation primarily covers advisory and intermediary services, not direct forex trading activities. Additionally, there are inconsistencies regarding its claimed membership with the National Futures Association (NFA) in the USA, as investigations reveal that Loyal Primus is not listed as a member.
The broker operates under the laws of Saint Vincent and the Grenadines, which is known for its lenient regulatory framework. While this allows for easier entry into the market for brokers, it also raises concerns regarding the protection of client funds. Loyal Primus does implement a client fund segregation policy, ensuring that traders' deposits are held in separate accounts at reputable banks.
In terms of compliance, Loyal Primus adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to verify their identity and address upon account registration. However, the lack of a robust regulatory framework raises questions about the overall safety and integrity of the broker's operations.
3. Trading Products and Services
Loyal Primus offers a diverse range of trading products, catering to various investment preferences. Traders can access over 145 financial instruments, including:
- Forex: The broker provides a selection of more than 43 currency pairs, including major, minor, and exotic pairs.
- CFDs: Clients can trade Contracts for Difference (CFDs) on various assets, including indices, commodities, metals, and cryptocurrencies.
- Indices: Traders have access to CFDs on 24 different indices, allowing them to speculate on the performance of global markets.
- Commodities: Loyal Primus offers trading on popular commodities such as crude oil, gold, and silver.
- Cryptocurrencies: The broker provides access to 27 cryptocurrency pairs, including Bitcoin (BTC), Ethereum (ETH), and others.
The range of products offered by Loyal Primus allows traders to diversify their portfolios and take advantage of different market trends. However, the broker does not provide managed accounts or PAMM services, which may limit options for clients looking for passive investment strategies.
4. Trading Platform and Technology
Loyal Primus exclusively utilizes the widely popular MetaTrader 4 (MT4) platform for its trading operations. MT4 is renowned for its user-friendly interface, advanced charting capabilities, and extensive analytical tools. The platform supports automated trading through Expert Advisors (EAs), allowing traders to implement their strategies efficiently.
The broker does not currently offer alternative platforms such as MetaTrader 5 (MT5) or proprietary trading software, which may limit options for traders seeking advanced functionalities. However, the MT4 platform is compatible with desktop, mobile, and web-based trading, ensuring accessibility for users.
Loyal Primus operates on a market execution model, which means orders are executed at the best available market price. The broker's technical infrastructure is designed to support fast and reliable trade execution, enhancing the overall trading experience for clients.
5. Account Types and Trading Conditions
Loyal Primus offers several account types to cater to different trading needs:
- Standard Account: Requires a minimum deposit of $15, with leverage up to 1:500 and variable spreads starting from 0.6 pips. No commission is charged on trades.
- Standard Pro Account: Requires a minimum deposit of $100, offering leverage up to 1:1000, with the same spread conditions as the standard account.
- Demo Account: Allows traders to practice without risking real capital, providing access to the same features as live accounts.
The broker does not offer Islamic accounts or managed accounts, which may be a drawback for specific traders. The minimum trade size is 0.01 lots, and overnight fees may apply for positions held beyond the trading day.
6. Fund Management
Loyal Primus supports various deposit methods, including:
- Bank Transfers: Local and international options available.
- Credit/Debit Cards: Standard payment methods accepted.
- E-Wallets: Options like SurePay and AwePay are supported.
- Cryptocurrencies: Deposits can be made using Bitcoin (BTC) and Tether (USDT).
The minimum deposit requirement varies by account type, with the standard account requiring $15. Deposit processing times are generally instant for e-wallets and cards, while bank transfers may take longer.
Withdrawals can be made through similar methods, but specific details regarding withdrawal limits and processing times are not explicitly stated on the broker's website. Traders should be aware of potential fees associated with withdrawals, particularly for bank transfers, which may take 1-3 business days to process.
7. Customer Support and Educational Resources
Loyal Primus provides customer support primarily via email, with no live chat or telephone support available. The absence of a dedicated FAQ section may hinder traders' ability to find immediate answers to their inquiries. The broker claims to offer support in multiple languages, but the effectiveness of this support may vary.
In terms of educational resources, Loyal Primus offers limited materials, including market analysis, an economic calendar, and a market screener. However, the lack of comprehensive educational content, such as webinars or detailed trading guides, may pose challenges for novice traders looking to enhance their knowledge and skills.
8. Regional Coverage and Restrictions
Loyal Primus operates in various regions worldwide, catering to traders from over 80 countries. However, the broker does not accept clients from certain jurisdictions, including:
- United States
- Australia
- Afghanistan
- Cuba
- Iran
- North Korea
- Sudan
- Syria
- Ukraine
These restrictions are typically due to regulatory compliance and local laws governing the provision of financial services. Traders should verify their eligibility to open an account with Loyal Primus based on their country of residence.
In conclusion, while Loyal Primus presents itself as a competitive forex broker with a user-friendly platform and various trading instruments, potential clients should exercise caution. The broker's regulatory status, customer feedback, and limited support options raise concerns about its reliability and safety. As with any trading platform, thorough research and due diligence are essential before committing funds.
Loyal Primus Similar Brokers
Latest Reviews
Akun Retail
Indonesia
I traded at this broker with a deposit of 307$. Immediately after that I just traded normally. My trading was in the Xauusd pair with a layering lot of 0.03 with 10 layers. I sold in the 2420 area and I closed at around 2395, making a profit of around $875. Immediately the next day after making the payment details I withdrew all my money amounting to $1182.30 but immediately after that my account was disabled by LoyalPrimus. I hereby hope for the good faith of the LoyalPrimus broker to immediately pay all my withdrawals.
Exposure
2024-07-31
Sophian
Malaysia
Loyal Primus has got a lot of stuff to trade, from currencies to commodities to even crypto. And the minimum amount you need to start is pretty reasonable too. It's a good fit for traders who want options and don't wanna break the bank.
Positive
2024-07-09
FX1534966318
Brazil
Stay away from this fraudulent broker. Yesterday I made a deposit of $600 USD, made a profit of 126 USD and decided to withdraw all my capital to go trade at another broker, but a few hours later my account was deactivated and they blocked me from accessing the dashboard. Now I have my $600 USD stuck in this fraudulent broker. They deactivated my 3 trading accounts too with profit and deposit of 600 usd. accounts 75214066, 75214069 and 75214068
Exposure
2024-11-26