On-line since: About the company: Principal Forex offers Forex trading in MetaTrader4. Security of funds Principal Forex Inc., the owner of the broker, is licensed by the Financial Services Authority (FSA)of Saint Vincent and the Grenadines; the license number is 22707 IBC 2015. The FSA is the only regulator on the island. The authority is also involved in resolving conflicts and disagreements that arise between customers and companies. If the broker does not fulfil the obligations, the regulator has the right to revoke its license or impose a fine. Besides, companies also undergo a public audit every 12-18 months. As we mentioned earlier, this regulator is the only one on the island. Besides, it operates in the offshore zone, and therefore it cannot be considered a serious regulator of Forex companies and binary options brokers. It is easier and cheaper to obtain a license in an offshore zone. Hence, traders do not really trust brokers regulated by the FSA. Trading conditions The broker has only a Standard trading account. Apparently, Principal Forex provides no demo, PAMM, MAM, and swap-free accounts. Minimum deposit A minimum initial deposit is $1,000! This is an incredibly high deposit for an offshore broker! Many brokers, licensed by CySEC, offer trading from $1. We would recommend Principal Forex to lower a minimum deposit amount and traders to think twice before depositing $1,000. Spreads and commissions On the broker’s website, we found information that spreads start from 1.5 pips. However, as spreads are floating, they can increase depending on market conditions. In fact a 1.5 spread is not the competitive offer. Usually, brokers provide clients, who deposited $1,000, with spreads starting from 0.1 pip. Leverage The company offers the maximum leverage of up to 1:1,000. Trading platforms Principal Forex’ clients can trade on the MetaTrader 4 platform. It is a great choice, as MT4 is the world’s most popular platform thanks to its user-friendly interface, charts, advisors, and tools of technical analysis. Besides, you can use ready-made trading algorithms or create your own one. The broker allows scalping and hedging. MetaQuotes, the developer of MT4, encourages traders to switch to the next generation MT5 platform. In this regard, the company announced that it ceased to release updates for MT4. We advise you to pay attention to those brokers who offer trading on both platforms. Special services Principal Forex does not offer any special services but an affiliate program. The company also provides an opportunity to become an account manager. Support service Support service operates via a feedback form or email. The website is available in English, Chinese, and Korean. Unfortunately, you cannot contact Principal Forex via online chat or phone. Payment options Clients can deposit funds via bank wire transfers, a NETELLER e-wallet, UnionPay, and FasaPay. The broker charges a commission for every type of transactions, except for bank wire transfers and FasaPay. A wire transfer takes up to 1 day after the application has been approved. You can make a deposit in the following currencies: USD, EUR, CNY, and IDR, but all of them will be converted into USD. You can withdraw money only by wire transfer in USD. It will take 1-4 days. The minimum withdrawal amount is $500. Feedback There are no comments of this broker on the Internet, and we advise you to avoid Principal Forex for several reasons. Disadvantages:
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I really like Principal Forex Inc and would advise this broker to anyone. To me, this is one of the most excellent forex brokers. I am always able to withdraw my money from them without incurring any fees. Their withdrawals are also very fast. I've received money in my bank account within four hours.. Their support is also very admirable. They're definitely worth recommending.
Existing programs are also very not suitable. The broker could not provide information on the news analysis. I am disappointed. Usually I don’t trust offshore brokers and my instincts did not let me down this time, too. They cancelled my profits and wouldn’t pay me my money. Their customer support was really rude and unprofessional. Now I will stop joining. Today I will contact the customer support to say that I would close my account and withdraw all my money.
Principal Forex Inc has a first-class platform in the market, As my orders are executed within a moment and I can use a lot of tools in this platform. I prefer scalping trade and their trading environment in my favour, I have customized an EA for scalping too, which gave me a profit of $1K. here I found forex signals, which are highly reliable, so I can easily decide to make a profitable trade. which make me proud to be a trader with Principal Broker.
I've satisfied with Solver Trade in a VIP account, As my deals execute faster on their MT4 platform and it makes my deal 85% profitable. Besides I've appreciated their payment service. I think Solver Trade are reliable in the market.
They never told me about the restriction in scalping. When I made huge profit and requested to withdraw, they hold my withdrawal order for almost 5 weeks. I wasn't able to enjoy my trading this broker because until now they held my requests.I never expect my account got drained easily. As a broker ,they should be open and fair to their clients, they should permit clients to buy or sell at any time .Limitations on trading time is a mean way and disgusting. That's my assessment of this broker. I'm not used to a broker like this. It is true that no broker is perfect. However, I can't tolerate this broker anymore.
The platform at Principal Forex is just terrible! I keep losing my trades not because of my trading mistakes but because of the frequent crashing of the platform. Whenever I close my position, the platform will crash and the order will not be executed. When the platform starts running again, the price is already far from what I want.
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