Doo Prime Review: this is the name of a Forex broker that is located in the offshore region of St. Vincent and Grenadines. Is dooprime.com a legit Forex broker?
Like we stated above, the offshore location of this broker is an instant red flag. This is because of the notorious reputation of Forex brokerages located in such places. It claims to be owned by Doo Holding Group Limited. The address for the broker is at:
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First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and Grenadines.
Traders are promised a wide variety of trading products in many of the available Forex market assets. It boasts of several international awards and an active community of trading clients. A demo account is also offered. On the page, traders are said to have at their disposal the best trading platforms. A four-step tutorial is offered to make clients become better traders.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Doo Prime Trading Platform
It is mentioned that Doo Prime trading software is operated on a MetaTrader 4 and 5 platforms available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: stocks, futures, metals, currency pairs, CFDs and digital currency. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1: 400 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from as low as 0.1 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Doo Prime
The means of making payments and withdrawals with this broker are not stated but it is possible that Card transactions and Wire transfers are allowed. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.
Is Doo Prime Licensed?
No. Doo Prime is not a duly licensed Forex broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To reach the customer care representative of this broker, dial: +44 20 8123 9088 (UK) or +852 9561 4601 (Hong Kong)
One of the most pronounced flaw of DooPrime is its lack of license from a top Forex regulatory commission. It falsely claims to hold one and we find this uncomfortable. The trading conditions are good with spreads that are too low to be true. Lack of enough means of payment is also a disadvantage.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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