CFD Prime review 2023: 5 things you should know about cfdprime.com

Beware! CFD Prime is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

CFD Prime is an unregulated broker who only pretends to be a reputable firm. In reality however it’s not licensed nor supervised by any financial authority. On top of that there’s something quite fishy when it comes to its trading software, as it doesn’t seem to work properly. If we add the highly risky leverage of 1:500 and the absence of any decent data about its trading conditions, investing here starts to look just unthinkable. In the following in-depth review we have tried to focus on everything regarding this broker’s credibility, safety and trading conditions. Just keep reading.

CFD Prime Regulation and safety of funds

As a beginning, CFD Prime claims to be registered in St. Kitts and Nevis. Note however that this offshore zone does not regulate forex brokerage activities, so it’s 100% certain that CFD Prime is not licensed nor supervised by the local financial authority.

Apart from that, this broker also claims to have several other offices including in South Africa, Cambodia and Cyprus. This however can’t simply be the case, since this firm is not regulated in either of these locations. For example we searched the registers of the Cyprus Securities and Exchange Commission (CySEC) but no record about CFD Prime was to be found.

And even though this broker claims to be reputable and trustworthy, don’t trust even a word it says. The absence of a legit forex license is a huge drawback that shouldn’t be ignored. Trading with such unregulated firms means that you won’t be able to benefit from any client protection, but that’s not even the worst part. The possibility of getting scammed is huge as these brokers are not supervised by any watchdog and don’t follow the common rules and guidelines.

For example, CFD Prime claims to keep its clients funds in segregated trusted accounts, however this can hardly be true. Don’t invest with such illegitimate brokers or you risk being left without two nickels to rub together!

CFD Prime Trading software

CFD Prime claims to offer the well-known platform of MetaTrader 4. Note however that you can’t preview the software but can only download it after you register.

So right after we opened our account, there were two options – to open the WebTrader or to download MT4. Both of them went terribly wrong.

When we opened the WebTrader it turned out that we couldn’t log in. For some reason the system didn’t approve our login details and kept saying that “Web terminal is not supported by this MetaTrader server”. In addition, we managed to open the demo version of MT4 without filling in any login details. Still the whole situation seemed quite suspicious and strange. Not to mention that the demo version looked like it was provided by MetaQuotes, but not by the broker itself.

As for the software that we downloaded, it didn’t seem to work either. Take a look:

We don’t know the reason for this dysfunction, but everything so far doesn’t speak well about this broker’s credibility. We advise you to refrain from dealing with it as a whole and choosing a regulated firm instead.

CFD Prime Trading instruments

CFD Prime claims that you can trade forex, shares, commodities, indices and cryptocurrencies on its platform. However, since we couldn’t see any software, or at least not a functional one, we can’t confirm if the above statement is true or not.

Nevertheless, reputable brokers usually offer a wide range of trading instruments so there’s no need to deal with shady firms like CFD Prime.

CFD Prime Spreads and cost of trading

On the whole website there is no data about the spreads this broker offers. It’s only mentioned that you can choose between three account types – Prime Standard, Prime UltraLow and Prime VIP. And since we couldn’t see any data on its platform, we have no idea what amounts of spread this broker really provides. Beware however that spreads more than 2 pips are certainly going to be more costly, so better stay away from such trading conditions.

CFD Prime Maximum leverage

CFD Prime claims to offer leverage of 1:500. After we registered this was the exact amount that was set automatically for our account. This volume however is too high as we have explained thousands of times so far. Don’t make the mistake of investing with such risky leverage especially when it comes to an unreliable firm like this one. In addition, note that there’s a leverage restriction in most of the countries that regulate forex brokerage activities – 1:30 for the EU and 1:50 for the US for instance. Still, if you really want to give it a try and trade with higher leverage we advise you to choose some of the offshore subsidiaries of reputable forex brokers.

CFD Prime Deposit and withdrawal methods

On its website CFD Prime posts a chart of its deposit and withdrawal methods along with some additional information about them.

The deposit methods are said to be with Visa, Mastercard, Skrill, Neteller, wire transfer and Tether. The minimum amount for all of them is 50 USD and the execution time is 30 minutes. The broker claims that there are no fees upon any of these payments.

As for the withdrawals, CFD Prime lists the same payment options but specifies that there is no minimum withdrawal amount. The execution time is said to take approximately 30 minutes as well. The broker also states that there are no fees. Take a look:

After we registered and tried to fund our account, the same options were available, take a look:

Note however that crypto transactions are proven to be completely anonymous and irreversible, so better avoid them. And even though the rest of the payment methods seem alright, we still don’t think that investing here is a good idea. Don’t forget that this broker is absolutely illegitimate and untrustworthy.

CFD Prime Minimum deposit

The minimum deposit this broker requires is 50 USD, which seems fine in general. Reputable brokers however tend to offer much lower initial investment like for example 10 or even 5 USD.

CFD Prime Withdrawal requirements

As a matter of fact there is no official Deposit/Withdrawal Policy on this website which is not a good sign. The information displayed on the page however explains a lot about this broker’s withdrawal requirements. As we mentioned above, there is no minimum withdrawal amount nor any fee. Or at least this is what the broker claims, still we would take every word it says with a grain of salt.

All in all we don’t recommend investing here as this firm is unregulated and therefore not to be trusted.