Doo Prime Review: How It Stands Out in Market Diversity

December 8, 2023
4:17 am
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The realm of forex trading is constantly evolving, presenting traders with numerous options for brokerage services. Among these options, Doo Prime stands out as a notable entity. Established in 2014, Doo Prime has carved a niche for itself in the competitive forex trading market.

This forex trading broker review delves into the various facets of Doo Prime, offering readers an in-depth analysis of what sets this broker apart in the world of forex trading.

Doo Prime: Overview

Established: 2014
Headquarters: Vanuatu
Trading Platforms: MetaTrader 4, MetaTrader 5, Doo Prime InTrade, TradingView
Mobile Trading: Yes
Minimum Deposit: $100
Account Types: CENT, STP, ECN

Open an Account

Doo Prime is a forex brokerage that is registered in Mauritius and Vanuatu. It offers trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and its proprietary InTrade web-based terminal. The broker provides a significant leverage of up to 1:400 and requires a minimum deposit of $100. The spread on the EUR/USD pair for the Standard (STP) account is 1.1 pips.

Doo Prime is part of a larger network of sister companies under the main parent firm, Doo Holding Group Limited, which is registered and regulated in Hong Kong. Doo Holding Group Limited manages Doo Prime Mauritius Limited and Doo Prime Vanuatu Limited, and both entities have similar trading conditions, with potential differences in payment gateways.

Regulation and Registration

Doo Prime holds various licenses, including from the Financial Services Commission (FSC) in Vanuatu and the Financial Services Authority (FSA) in Seychelles. Additional licenses are held by other entities within the Doo Group, accredited by top-tier regulatory bodies such as the FCA in the UK, SEC and FINRA in the USA, and ASIC in Australia.

The registration of Doo Prime Vanuatu Limited in Vanuatu and Doo Prime Limited in the Cayman Islands, under the regulatory numbers 700238 and SI-334856, respectively, adds to its credibility. The parent company, Doo Holding Group Limited, is regulated in Hong Kong, further strengthening the regulatory oversight of it.

Account Types of Doo Prime

It offers three main types of trading accounts, each designed to cater to different levels of traders, from beginners to professionals. Here’s a summary of these account types:

CENT Account

Minimum Deposit: 100 USD
Spread: High
Commission: None
Maximum Leverage: Not specified
Instruments: Forex, Precious Metals, Commodities

STP Account

Minimum Deposit: 100 USD
Spread: Medium
Commission: None
Maximum Leverage: Not specified
Instruments: Securities, Futures, Currency, Metals, Commodities, Stock Indices

ECN Account

Minimum Deposit: 5,000 USD
Spread: Low
Commission: Yes
Maximum Leverage: Not specified
Instruments: Securities, Futures, Currency, Metals, Commodities, Stock Indices

Deposit and Withdrawal

It offers a variety of secure and convenient deposit and withdrawal methods to meet the diverse needs of investors. These methods include e-wallets, credit/debit cards, international wire transfers, and local bank transfers. Additionally, they support more than 20 currencies, such as AED, AUD, BRL, COP, and many others.

The processing time for withdrawals typically ranges from 2 to 7 days, ensuring secure and timely access to funds. For deposits, most methods are processed almost instantly, except for international wire transfers, which take between 2 to 5 days.

Products in Doo Prime

Doo Prime offers a comprehensive selection of financial instruments, primarily focusing on contracts for difference (CFDs) across various asset classes. Their product range includes:

More than 10 global stock indices, including S&P 500, Dow 30, Nasdaq 100, Deutsche 40, Hang Seng 50, and Nikkei 225.
A variety of futures CFD products, encompassing stock index futures CFDs, commodity futures CFDs, and volatility futures CFDs.
The Gold/Euro Spot CFD
Global CFD trading products in sectors such as securities, futures, forex, commodities, precious metals, and stock indices.

Trading Platform of Doo Prime

This broker offers a range of trading platforms to cater to the diverse needs and preferences of traders. It also provides its proprietary platform, Doo Prime InTrade, designed with unique features and tools to enhance trading efficiency.

MetaTrader 4
MetaTrader 5
Doo Prime InTrade
TradingView

Fees of Doo Prime

Doo Prime’s trading fees are considered average, with advertised spreads as low as 0.1 pips. However, actual spreads experienced during testing were higher, with 1.3 pips on GBP/USD and 1.7 pips on EUR/AUD, which are not among the lowest in the market. While the CENT and STP accounts benefit from zero transaction fees, the ECN accounts do incur charges.

Doo Prime Promotions

This broker offers a variety of promotional activities and incentives for both new and existing clients. Here’s a list of promotions they’ve been offering:

Mid-Year Global Giveaways: Offering over 20,000 chances to win, including cash prizes and luxury gifts.
July Prize Pool Upgrade: Includes PS5, other luxurious prizes, and an authentic Man Utd Home Jersey for the 23/24 season.
Bonus Offers: Up to USD 888 in bonus funds with a single draw.
Exclusive Grand Prize: iPhone 14 128GB (Red).
Limited Time Bonus: Up to USD 888 per reward for depositing USD 100 and trading 1 lot.
Porsche 718 Boxer Giveaway: For meeting certain deposit and trading volume conditions.
Apple iPhone 14 128GB Giveaway: For trading 999 lots, with the winner chosen in a random draw.

Customer Support

Email: [email protected]
Phone (UK): +44 11 3733 5199
Phone (HK): +852 3704 4241
Phone (CN): +86 40 0842 7539
Phone (SG): +65 6011 1415
Live Chat: Available 24/7

Pros & Cons

Pros

The diverse range of trading instruments
Multiple account types
Wide range of payment methods
Regulated by the SEC, FINRA, FCA, ASIC

Cons

Limited educational materials
Mediocre customer service
High VPS deposit requirement
No swap-free account for Muslim traders

Pros Explained

Doo Prime offers over 10,000 assets across forex, stocks, indices, commodities, providing flexibility and numerous investment opportunities.
It provides 3 account types (Cent, STP, ECN) catering to both beginners and experienced traders.
It supports 20 funding methods in 22 different currencies for convenient deposits and withdrawals.
It is regulated by reputable institutions such as the SEC, FINRA, FCA, ASIC, along with several offshore entities, which provides a level of trust and security for traders, signifying compliance with international regulatory standards.

Cons Explained

Doo Prime has less suitable for beginners or those who rely on comprehensive educational content for trading.
Customer support experiences may vary, with some traders facing slow responses and difficulties in getting specific queries answered.
A deposit of $5000 is required to access the VPS service, which may be prohibitive for some traders.
Doprime lacks the provision of Islamic swap-free accounts, potentially limiting the broker’s appeal to Muslim traders who require such accounts.

Is Doo Prime Worth Considering?

This broker offers an impressive array of over 10,000 trading instruments, which is highly advantageous for diversifying investment strategies. The platform’s regulation by esteemed bodies such as the SEC, FINRA, FCA, and ASIC instils a sense of reliability and trust. Moreover, the variety in account types and the extensive range of payment methods are beneficial.

However, the limited educational resources could be a significant hindrance for traders who rely on continuous learning and guidance. The quality of customer service is crucial in trading, and the reported average support at Doo Prime could be a concern for resolving issues efficiently.

While it’s diverse trading options and strong regulatory compliance are attractive, aspects such as customer service quality and specific account features may not meet the high standards expected by professional traders. It’s essential to weigh these factors against personal trading needs and preferences. However, you may look up more information about Doo Prime review from forex trading broker review.

FAQs

1. What is Doo Prime?

Doo Prime is an international online broker providing access to a wide range of financial instruments. The platform offers over 10,000 trading assets across different classes, including forex, stocks, indices, and commodities. Doo Prime is regulated by several reputable bodies, including the SEC, FINRA, FCA, and ASIC.

2. What types of trading accounts does Doo Prime offer?

Doo Prime provides three main types of accounts: Cent, STP, and ECN. Each account type is designed to cater to different levels of trading experience and investment preferences.

3. What are the leverage options available at Doo Prime?

Doo Prime offers high leverage options, up to 1:1000 on some entities, providing traders with significant trading power. However, it’s important to note that higher leverage also increases risk.

4. What customer support options are available at Doo Prime?

Doo Prime offers customer support through various channels, including email, live chat, and phone support. They also have a FAQ section on their website for common queries.

5. Are there any deposit or withdrawal fees at Doo Prime?

Doo Prime does not charge any deposit or withdrawal fees, except for possible third-party fees. This is advantageous for traders as it saves on transaction costs.

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