FX Prime

Overview of FX Prime

FX Prime, operated by FX PRIME by GMO Corporation, is an online trading platform based in Japan. Established in 2003, FX Prime offers a wide range of trading opportunities to investors. The company is regulated by the Financial Services Agency (FSA), ensuring compliance with regulatory standards and providing a secure trading environment. One of the key advantages of FX Prime is its no minimum deposit requirement, making it accessible to traders with different budget sizes. With a maximum leverage of up to 1:25, traders can amplify their trading positions. The spreads offered by FX Prime vary depending on the time periods and currency pairs, providing flexibility to traders. The platform operates on the popular MetaTrader4 trading platform, known for its user-friendly interface and advanced trading tools. Traders can access 20 currency pairs, CFDs, Forex Options, and Choitre FX for diversified trading opportunities. A demo account is available for traders to practice and familiarize themselves with the platform. Customer support is provided via phone, ensuring assistance when needed.

Is FX Prime legit or a scam？

FX Prime is a regulated trading platform overseen by the Financial Services Agency. The company holds a Retail Forex License with license number 関東財務局長(金商)第259号, indicating its compliance with the regulatory framework established by the Financial Services Agency. As a regulated entity, FX Prime is obligated to adhere to specific guidelines and standards, ensuring the safety and protection of traders' interests. By operating under the supervision of the Financial Services Agency, FX Prime demonstrates its commitment to maintaining a secure and trustworthy trading environment for its clients.

Pros and Cons

One of FX Primes key advantages is no minimum deposit requirement, making it accessible to traders with varying budgets. The platform is regulated by the Financial Services Agency, ensuring compliance with regulatory standards and providing a secure trading environment. With a maximum leverage of up to 1:25, traders can amplify their trading positions. The platform operates on the user-friendly MetaTrader4 trading platform, offering advanced trading tools. Traders can access 20 currency pairs, CFDs, Forex Options, and Choitre FX for diversified trading opportunities. A demo account is available for practice, and customer support is provided via phone. However, the specific educational tools are not specified. The spreads offered by FX Prime vary depending on the time periods and currency pairs, providing flexibility to traders. Payment methods include online transfer and money transfer.

Market Instruments

FX Prime offers four products, namely foreign currency, CFDs, Forex Options, and Choitre FX, providing investors with a diverse range of trading opportunities. The platform allows traders to access 20 currency pairs, 4 brands, 5 currency pairs, and 14 currency pairs. This extensive selection allows traders to engage in various currency and brand pairings, expanding their trading options. Additionally, FX Prime offers binary options trading, with the trading amount ranging from ¥50 to ¥999 per trade, depending on market conditions and the timing of the purchase. This flexibility enables traders to tailor their investments according to their preferences and market conditions.

Minimum Deposit

There is no minimum deposit requirement for forex trading with FX Prime. This flexibility allows traders to fund their accounts with any amount they choose, making it more accessible for individuals with different budget sizes to start trading. It's always important for traders to review the specific terms and conditions provided by FX Prime regarding account funding and any associated fees.

Account Types

As for the type of account, it does not specify the exact type or minimum deposit amount, but it does indicate on its website that it offers a demo account.

This is a demo trading service that allows individuals to try out select-able foreign currencies and select-able foreign exchange options (binary options) for free. It provides a virtual transaction service that enables users to experience “select-able foreign currency” without any cost. Through the use of virtual money, users can engage in demo trading within an environment and operational framework that closely mirrors the actual trading experience. It is important to thoroughly read and understand the terms of use for demo trading before engaging in any trades.

How to Open an Account？

1. Visit the FX Prime website at https://www.fxprime.com/.

2. Look for an option such as “Open an account”and click on it.

3. You will be presented with an online application form. Fill in the required information accurately and completely. The details may include personal information, contact details, financial information, and trading preferences.

4. Read and accept the terms and conditions of opening an account with FX Prime. Make sure you understand and agree to the terms before proceeding.

5. Submit the completed application form. You may be required to upload certain documents for verification, such as identification (e.g., passport or driver's license) and proof of address (e.g., utility bill or bank statement). Follow the instructions provided to securely submit the required documents.

6. After submitting your application, you should receive confirmation that your application has been received.

7. Once your application has been processed and approved, FX Prime will provide you with further instructions on how to fund your account and start trading.

Leverage

In terms of trading leverage, FX Prime offers traders a maximum leverage of up to 1:25 for forex trading. Leverage allows traders to utilize a limited account balance to trade with larger volumes. It's important to note that while leverage has the potential to amplify profits, it can also increase the risks involved in trading. Traders should exercise caution and fully understand the implications of leverage before engaging in trading activities. It is advisable to manage leverage responsibly and employ risk management strategies to mitigate potential losses.

Spreads &Commissions

FX Prime offers different spreads during two distinct time periods. Between 8:00 AM and 4:00 AM (20 hours), the spreads for various currency pairs are as follows: USD/JPY has a spread of 0.3 pips, EUR/JPY has a spread of 0.6 pips, GBP/JPY has a spread of 1.1 pips, and AUD/JPY has a spread of 0.9 pips. On the other hand, between 4:00 AM and 8:00 AM (4 hours), the spreads widen: USD/JPY has a spread of 6 pips, EUR/JPY has a spread of 10 pips, GBP/JPY has a spread of 12 pips, and AUD/JPY has a spread of 9 pips. It's advisable to refer to the FX Prime website for more detailed information on spreads, as they may be subject to change and may vary for different currency pairs and time periods.

Trading Platforms

FX Prime provides traders with a range of trading platforms, including MT4, MT4 desktop terminal, MT4 mobile terminal for MT4 Windows, and MT4 OS terminal. MT4 is widely recognized as one of the most popular trading platforms globally, offering features such as automated monitoring, advanced charting capabilities, and real-time analysis tools.

As one of the providers of MT4, FX Prime's extensive experience in utilizing this platform can assist traders in their trading endeavors. These resources can provide traders with valuable insights and assistance in making informed trading decisions.

Deposit & Withdrawal

FX Prime offers two types of payment methods: online transfer and money transfer. Online transfers are made through the My Page > Deposit/Withdrawal/Transfer screen and are at the company's expense, with deposits reflected in the account in real-time. Transfer payments must be made through bank counters and ATMs and are at the trader's expense, with deposits waiting for confirmation from the company before being transferred to the account.

Handling time for withdrawal procedures and cancellation of withdrawal requests

① Withdrawal reception hours

Withdrawal requests made between 00:00 and 14:59 will be made on the next bank business day, and requests made between 15:00 and 23:59 will be made on the next bank business day.

Payment requests made on Saturdays, Sundays and public holidays will be processed on the next bank business day.②Cancellation of withdrawal requestWithdrawals requested between 00:00 and 14:59 can be canceled until 14:59 on the same day, and withdrawal requests between 15:00 and 23:59 can be canceled until 14:59 on the following weekday.Educational Resources

In terms of educational resources, FX Prime provides learning opportunities through online seminars, which have already concluded. However, traders can still access the recorded webinars on the FX Prime byGMO YouTube channel. These webinars offer a wealth of educational content and insights that can enhance traders' understanding of the market. By accessing and exploring the archived webinars, traders can benefit from valuable information and learn new strategies, techniques, and market analysis approaches. These resources can contribute to improving traders' trading skills, decision-making abilities, and overall market knowledge.

It is advisable for traders to take advantage of these past webinars as a resource for self-education and professional development. By investing time in reviewing and studying the content presented in these webinars, traders can gain a deeper understanding of various aspects of the market and potentially enhance their trading performance.

Conclusion

In conclusion, FX Prime is an online trading platform based in Japan. It offers a range of advantages such as no minimum deposit requirement, regulation by the Financial Services Agency (FSA), a user-friendly MetaTrader4 trading platform, access to multiple trading instruments, and a demo account for practice. Traders can benefit from the maximum leverage of up to 1:25, flexible spreads, and customer support via phone. However, there are some drawbacks, including limited information on account types and minimum deposit amounts, as well as limited customer support options. Overall, FX Prime is a forex broker with various features for traders in Japan.

FAQs

Q: Are account opening fees and account management fees required？

A: No, there are no account opening fees or account management/maintenance fees.

Q: Will I be charged a fee when I make a withdrawal？

A: Currently, there is no withdrawal fee. Our company covers the withdrawal fee.

Q: What are the fees for CFD trading？

A: In CFD trading, trading fees are free. However, there are fees for loss cut and detailed display.

Q: In CFD trading, is there a fee for settlement by loss cut？

A: Yes, for CFD transactions, there is a fee for loss cut and forced settlement.

Q: Is there a maximum deposit amount for a single deposit？

A: The maximum deposit amount for a single deposit is up to 99,999,999 yen. Please refer to our company details for information on the transfer fee for “Net Deposit 24”.