PriorFX Review 2020

PriorFX Rated 3/5
learn more Learn more about eToro. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

PriorFX Guide

PriorFX are an online broker founded in 2013 offering Forex trading.

PriorFX are a global broker and have a head office in Cyprus.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of PriorFX we break down the pros and cons. What PriorFX are able to offer, what countries PriorFX are available in. Who PriorFX are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with PriorFX

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC)
  • Headquarters Country : Cyprus
  • Foundation year 2013
  • Min Deposit : 50
  • Used by over 10,000 traders
  • PriorFX is not available in the following countries : US
Open PriorFX's Website

Your capital is at risk

At the bottom of this review you can also learn about some pretty good alternatives to PriorFX

With this review we hope to help you see if PriorFX is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding PriorFX that will help you get off to a good start in the world of online trading.

PriorFX Review Table of Contents

PriorFX what you should know

PriorFX offer one way to trade: Forex.

With PriorFX you will need a minimum deposit of $50. You can sign up for a demo account to acquaint yourself with PriorFX platform.

PriorFX are able to accommodate various levels of traders whether you are experienced or a beginner.


Are PriorFX safe?

When choosing a broker like PriorFX the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2013, and in operation for 7 years PriorFX have a head office in Cyprus.

PriorFX is regulated. This means PriorFX are supervised by and is checked for conduct by the Cyprus Securities and Exchange Commission (CySEC) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to PriorFX, this will be honored. If PriorFX violate any regulatory rules their regulated status could be stripped.

Any payments funded to PriorFX accounts by traders are held in a segregated bank account.

For added security PriorFX use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with PriorFX. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit PriorFX

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker PriorFX eToro XTB Pepperstone
Year Established 2013 2006 2002 2010
Head Office Cyprus Cyprus, UK Poland Australia
Regulation Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
Used By 10,000+ 12,000,000+ 250,000+ 10,000+
Negative balance protection Yes No Yes Yes
Guaranteed Stop Loss No No Yes No
Learn More Visit PriorFX Visit eToro Visit XTB Visit Pepperstone
Risk Warning Your capital is at risk 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

PriorFX Pros and Cons

What we like about PriorFX

  • Used by over 10,000 traders
  • Established in 2013
  • Regulated by Cyprus Securities and Exchange Commission (CySEC)
  • Min. deposit from $50

What we don't like about PriorFX

PriorFX Financial Regulation and Supervision in more detail

We have checked and PriorFX is regulated and supervised by reputable organisations. You are able to check every PriorFX supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with PriorFX. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect PriorFX traders and provide a safe trading environment.

PriorFX is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as PriorFX you should be sure they're legitimate online agent.

PriorFX General Fees

  • PriorFX withdrawal fees varies on payment method
  • PriorFX doesn't charge inactivity fees
  • PriorFX does charge deposit fees
Broker PriorFX eToro XTB Pepperstone
Min Deposit 50 200 0 200
Withdrawl Fees Varies Yes varies No
Inactivity Fees No Yes No Yes
Deposit Fees Varies No No No
CFD Commission Fees Yes No Yes Yes

PriorFX Commissions

  • PriorFX does charge commission on CFD instruments.

What can you trade with PriorFX?

You can trade a wide variety of instruments with PriorFX over 100 instruments infact.

If you are looking at trading currency pairs PriorFX offer over 30 currency pairs.

Compare PriorFX with eToro and XTB below.

Your capital is at risk

Broker PriorFX eToro XTB Pepperstone
Instruments Available 100 100 1,500 100
Platforms MT4, Mac, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps
FX / Currencies Visit PriorFX Visit eToro Visit XTB Visit Pepperstone
Forex pairs offered 30 50 50 70
Major forex pairs Yes Yes Yes Yes
Minor forex pairs Yes Yes Yes Yes
Exotic forex pairs Yes Yes Yes Yes
Cryptocurrencies No Yes Yes Yes
Commodity CFDs Visit PriorFX Visit eToro Visit XTB Visit Pepperstone
Commodities Offered 5 0 21 16
Metals Yes Yes Yes Yes
Energies No Yes Yes Yes
Agricultural No Yes Yes No
Indiced & Stock CFDs Visit PriorFX Visit eToro Visit XTB Visit Pepperstone
Stocks Offered 0 957 1696 60
UK Shares No Yes Yes No
US Shares No Yes Yes No
German Shares Yes Yes Yes Yes
Japanese Shares Yes Yes Yes No

Trading on PriorFX web platforms and other applications

PriorFX offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

An PriorFX IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

PriorFX also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See PriorFX's platforms

PriorFX Trading benefits :

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

PriorFX Trading Accounts Offered :

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • STP account
  • Managed account
  • Islamic account

Can I try PriorFX before I buy?

PriorFX offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

PriorFX withdrawl and funding methods.

PriorFX offer the below funding payment methods. learn more about PriorFX

  • Credit cards
  • Bank Transfer
  • Payoneer
  • Neteller
  • American Express
  • UnionPay
Broker PriorFX eToro XTB Pepperstone
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer Yes Yes Yes Yes
Neteller Yes Yes Yes Yes

How can I start trading with PriorFX?

When opening a trading account with PriorFX, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on PriorFX trading platforms here.

Performing trades with PriorFX

PriorFX allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. PriorFX allow you to execute a maxium trade of 10,000 Lot. As PriorFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As a nice bonus, PriorFX are one of very few brokers that claim to have no requotes, so you don't have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments.

PriorFX also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders, negative balance protection, price alerts, and much more. You can see all of the account features offered by PriorFX here.

Limiting Your Risk When Trading with PriorFX Negative Balance Protection

We should say something about negative balance protection with PriorFX. When trading using leverage an adverse move could result in losing more than your trading account balance at PriorFX. Your PriorFX account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Limit Risk When Trading with PriorFX Stop Loss, PriorFX Stop Limit Orders

A stop-loss order is an order placed with a broker like PriorFX to buy or sell once the stock reaches a certain price. A stop-loss is designed to limit a traders loss on a security position.

Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage. Circumstances differ depending on the trade and the markets.

Education resources at PriorFX

To trade effectively with PriorFX, it's important to get a have a good understanding of the PriorFX trading tools and the markets.

PriorFX offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with PriorFX.

Take time to look around the PriorFX platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at PriorFX

PriorFX support a wide range of languages including English, Russian, German, Hungarian, and Arabic

PriorFX have a double AA grade support rating because PriorFX offer live chat and email support in multiple languages.

Livechat Support at PriorFX

We tested the PriorFX live chat and it works well. We sent messages to PriorFX livechat through their app and website and recieved a response within 30 seconds.

We tested communicating with PriorFX support in multiple languages in multiple countries. PriorFX where able to quickly resolve our customer issues.

Email Support at PriorFX

PriorFX does not offer Email Support.

Phone Support at PriorFX

We called PriorFX and the call was answered very quickly. The call was answered in less than 5 minutes.

The PriorFX phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual PriorFX team by calling in varying languages. PriorFX made an effort to make sure our queries were answered.

Overall great phone support from PriorFX.

See how PriorFX Support Compares Against Other Brokers

Broker PriorFX eToro XTB Pepperstone
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Russian, German, Hungarian, and Arabic English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic
Learn More Visit PriorFX Visit eToro Visit XTB Visit Pepperstone
Risk Warning Your capital is at risk 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

What you will need to open an account with PriorFX

As PriorFX is regulated by Cyprus Securities and Exchange Commission (CySEC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore PriorFX's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with PriorFX you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://priorfx.com/ on 12th August 2018.

Is PriorFX A Good Broker?

We spent over 3 months examining PriorFX in depth. Although we found some very useful aspects of the PriorFX platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative PriorFX broker.

  • PriorFX have a good track record of offering Forex.
  • PriorFX has a history of over 5 years.
  • PriorFX has a reasonable sized customer support of at least 10.
  • PriorFX are regulated by Cyprus Securities and Exchange Commission (CySEC). This means PriorFX fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • PriorFX have regulation from a Tier 1 reputable country.
  • PriorFX has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • PriorFX have an international presence in multiple countries. This includes local PriorFX seminars and training.
  • PriorFX are able to hire people from various locations in the world who can better communicate in your local language.

PriorFX Risk Disclaimer

Your capital is at risk

PriorFX not quite right?

Check out these PriorFX Alternatives

We have spent years researching the best alternatives to PriorFX. Click the links below to learn more.

If you feel some of the above PriorFX are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of PriorFX alternatives below.

Related PriorFX Comparisons

If you would like to see how PriorFX stands up against other brokers you can read some of our PriorFX comparisons below. We compare side by side some of our top rated PriorFX versus comparisons. Read some indepth PriorFX VS pages below.

PRIORFX Frequently Asked Questions

Can I try PriorFX before I buy?

PriorFX offer a demo account so you can try before you put down and payment. Learn more here

What funding methods do PriorFX accept?

PriorFX offer the following funding payment methods accept Credit cards, Bank Transfers, Payoneer, Neteller, American Express, Wire Transfer, among other payment methods.
Learn more here

Your capital is at risk

Is PriorFX safe?

PriorFX are considered safe as they are regulated by and checked for conduct by the Cyprus Securities and Exchange Commission (CySEC). Any payments funded to PriorFX accounts by traders are held in a segregated bank account. For added security PriorFX use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is PriorFX trading good?

PriorFX is considered good and reputable to trade with. PriorFXPriorFX is used by over PriorFX active traders. PriorFX offers Forex trading. Minimum deposit with PriorFX is mindeposit.

Is PriorFX trading Legit?

PriorFX was founded in Cyprus in 2013. PriorFX has been facilitating trade on the financial markets for over 7 years. PriorFX offers clients Forex trading. All funds deposited to PriorFX are held in segregated tier 1 bank accounts for security. PriorFX is regulated by Cyprus Securities and Exchange Commission (CySEC) so can be considered legit.

Is PriorFX a good broker?

PriorFX is overseen by the top tier financial regulators Cyprus Securities and Exchange Commission (CySEC) so can be considered a good broker.PriorFX allows Forex trading.

Is PriorFX trustworthy broker?

PriorFX can be considered trustworthy. All money funded to PriorFX is placed into a segregated tier 1 bank account. this means your money in not held by PriorFX directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also PriorFX is regulated by Cyprus Securities and Exchange Commission (CySEC).

What is the minimum deposit for PriorFX?

The minimum deposit to trade with PriorFX is 50.

How long do PriorFX withdrawals take?

Withdrawing money from PriorFX processing time varies but averages 2-5 days.

Is PriorFX regulated?

PriorFX is regulated by Cyprus Securities and Exchange Commission (CySEC).

Is PriorFX a market maker?

PriorFX is a market maker. Stocks, currency and other commodities and instruments will be purchased by PriorFX even if no buyer is lined up.

How can I start trading with PriorFX?

When opening a trading account with PriorFX, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on PriorFX trading platforms here.

Is my money safe with PriorFX?

PriorFX is regulated by Cyprus Securities and Exchange Commission (CySEC). One of the most important criteria for traders when choosing a broker like PriorFX is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to PriorFX, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is PriorFX a con?

PriorFX is regulated and well established having been in business for over 7 years. PriorFX is definitely not a con.

Can you make money with PriorFX?

Although traders have had great success with PriorFX. Trading on the financial markets with PriorFX is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does PriorFX have fees?

PriorFX withdrawal fees varies on payment method. PriorFX doesn't charge inactivity fees. PriorFX does charge deposit fees.

When was PriorFX founded?

PriorFX was founded in 2013.

How many people use PriorFX?

PriorFX is used by over 10000 registered traders.

What is PriorFX Headquarters country?

PriorFX has its head quarters office in Cyprus.

Does PriorFX offer negative balance protection?

PriorFX offers negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does PriorFX offer guaranteed stop loss?

PriorFX does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price.

Does PriorFX allow scalping?

PriorFX offers scalping.

Does PriorFX allow hedging?

PriorFX offers hedging.

Does PriorFX offer CFD trading?

PriorFX does not offer CFD trading.

Does PriorFX offer STP?

PriorFX offers STP trading.

How many people use PriorFX?

PriorFX is used by over 10000 traders.

Is PriorFX an ECN broker?

PriorFX does not offer ECN trading.

Does PriorFX offer a demo account?

PriorFX offers a demo account.

Does PriorFX offer an Islamic account?

PriorFX offers a Islamic accounts.

What are the funding methods for PriorFX?

PriorFX accept the following funding methods : Credit cards, Payoneer, Neteller, American Express, UnionPay, Bank Transfer.

PriorFX review written by Andrew Blumer and Mark Hansen

We hope you found our review of the PriorFX brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

PriorFX review written by Mark Hansen of Comparebrokers.co