PRINCIPALFOREX_INC

About company:

Principal Forex offers currency trading on MetaTrader4.

 

Fund security

Principal Forex Inc., which owns the broker, is licensed by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines (No. 22707 IBC 2015).

 

The FSA is the only regulatory body on the island. The FSA, however, also deals with the resolution of conflicts and disagreements that arise between clients and companies. In case of default by the broker, the regulator has the right to revoke his license or oblige him to pay a fine. At the same time, companies also undergo a government audit every 12-18 months.

 

As we have already said, this regulator is the only one on the island, and, given that it operates in an offshore zone, it is rather difficult to speak of it as a serious regulator of Forex companies and binary options brokers. Because do not forget that in an offshore zone it is much easier and cheaper to obtain a license for financial activities. In this regard, the level of trust in brokers controlled by the FSA is low.

 

Trading conditions

The broker has one type of account, standard. Apparently, Principal Forex does not offer demo, PAMM and MAM accounts, or swap-free.

 

Minimum deposit

The minimum deposit to get started is $ 1000! This is an incredibly high deposit for an offshore broker! Many brokers who are CySEC licensed offer trading from $ 1. We would advise the broker to lower the minimum deposit, and traders to think carefully before depositing $ 1000!

 

Spreads and commissions

Spreads start from 1.5 pips, as indicated on the broker's website. However, since the spreads are floating, they can increase depending on market conditions. But a spread from 1.5 is not the best deal in the industry. Usually brokers offer their clients with a deposit of $ 1000 spreads from 0.1 pips.

 

Leverage

The maximum leverage that a trader can use is up to 1: 1000.

 

Trading platforms

Principal Forex was no exception and offered traders the MetaTrader4 platform. Well, this is an excellent choice, since the terminal is the most popular all over the world due to its intuitive interface, charts, advisors, analytical tools. By the way, it is very convenient that you can use ready-made algorithms for trading or create your own. The broker allows scalping and hedging.

 

MT4 developer MetaQuotes is now encouraging traders to migrate to the next generation MT5 terminal and in this regard has announced that it will no longer release updates for MT4.

 

We advise you to pay attention to those brokers that offer trading on both terminals.

 

Significant services

Principal Forex does not offer any significant services, except for an affiliate program, and the company also offers to become a client relations manager.

 

Support service

You can contact the broker using the feedback form or by email. The site is available in English, Chinese and Korean.

 

It is alarming that the broker does not offer an online chat or telephone for communication.

 

Ways of payment

You can deposit money into your account using bank transfers, NETELER e-wallet, UnionPay, fasapay. All types of transfers, except bank transfers and fasapay, are charged by the broker.

 

Bank transfer takes up to 1 day after the application has been approved.

 

You can deposit money in the following currencies: USD, EUR, CNY, IDR, but all these currencies will be converted into USD.

 

You can only withdraw money by bank transfer in USD. It will take 1-4 days. The minimum withdrawal is $ 500.

 

Criticism of traders

It is impossible to find reviews on the broker's work on the Internet. But we advise traders to bypass Principal Forex for several reasons.

 

Minuses:

 

a broker with a dubious history; works in an offshore zone; high minimum deposit; high spreads; contacting support via form or email; does not offer MAM or PAMM accounts.

 

Pros:

 

MT4.