RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Doo Prime is a Forex brokerage registered in Mauritius and Vanuatu. It provides the MT4 trading platform, the MT5, and the proprietary InTrade web-based terminal. The broker offers a generous leverage of up to 1:400. The required minimum deposit is $100 and the spread 1.1 pips on the EUR/USD pair for the Standard (STP) account.
Doo Prime regulation and safety
The broker is a part of a much larger network of sister companies, with the main parent firm Doo Holding Group Limited, registered and regulated in Hong Kong.
Doo Holding Group Limited holds Doo Prime Mauritius Limited and Doo Prime Vanuatu Limited. Both brokers shouldn’t have different trading conditions. The only differences might be expressed in the payment gateways.
This review is of Doo Prime Vanuatu Limited, a regulated entity based in Vanuatu, a South Pacific Ocean nation. The FX regulator there is the Vanuatu Financial Services Commission. It requires a starting capital of $50 000 for all brokers. We can confirm that Doo Prime is in fact regulated there.
However, Doo Prime does remain an offshore broker by definition. Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Doo Prime trading software
The brokerage does provide the MetaTrader 4 trading platform which we always consider an advantage since it is the foremost trading terminal at the moment, equipped with features such as almost 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex.
The available MT5 is an improvement over the MT4, in almost every way. So, if you have to choose, we advise you to pick this one.
We were able to easily register for a demo account. We could see a spread of just 1.1 pip, but we did open a practice account. The website discloses that the average EUR/USD cost of trade for the ECN Account is 0,1 and 1,1 pips for the STP.
A 0.1 pip spread is definitely suspicious. Furthermore, there are mentions of commission throughout the Client Agreement document, but there is no true reveal of what these are, in terms of numbers. However, as previous brokers have tough us, most ECN accounts do have some sort of commission scheme attached.
No brokerage may hope to yield a profit through such a low spread and we may only guess that it actually provides clients with a higher spread if they decide to register for real.
The last of the platforms is the InTrade web-based terminal. It is noticeably less appealing than the MT4/MT5, as it doesn’t nearly offer as many options and features as the MetaQuotes trading softwares. The standout features, and the only major aspects of the InTrade office are stop loss/take profit, chart customizations, pending orders, technical indicators, and time frames.
Doo Prime deposit/withdrawal methods and fees
We were able to register a live account through which we got very accurate deposit methods, which are China Union Pay, International Wire Transfer, Local Bank Transfer, deposit through Cryptocurrency, and third-party payment methods of which one has to be PayPal. Users can open an account in the following base currencies: USD, CNY, EUR, AUD, GBP, and JPY.
The minimum deposit for the STP account is $100, while for the ECN type it’s $5000. The latter account type is clearly made for more professional traders, since few retail investors would deposit so much.
Alternative payment methods (including ChinaUnionPay) can take a couple of minutes at their slowest to process a deposit. International bank transfers take some 6 days for deposits, while local wire transfers take 2 days. All crypto-payments as well as third party provider deposits should appear in an account instantly.
There are no fees for deposits. However, commission may be issued by the payment systems themselves.
The withdrawal are gives us fewer payment options: International Bank Transfer, Local Bank Transfer, and Digital Currencies. All withdrawal requests are processed within 3 days, which is actually pretty good timing. The situation with the withdrawal fees is very ambiguous. The legal documents do include several provisions that mention the presence of fees, but there is no further clearance on how much these charges are. This might be one of the biggest disadvantages of Doo Prime.
BOTTOM LINE
Doo Prime is a very big and ambitious broker, and this review has barely scratched the surface. There is a lot going on with this one, and the only way you can experience all that it has to offer is by creating an account.
