Doo Prime ReviewCategory: Reviews | Author: Trading Brokers | Date: September 17, 2023
Founded in 2014, this platform has garnered trust from over 90,000 clients worldwide. With its extensive range of offerings, including forex, stocks, indices, commodities, futures, and securities, Doo Prime stands tall under the watchful eye of regulatory authorities like the FCA, ASIC, and SEC. In this article, we’ll delve into the intricacies of Doo Prime, evaluating factors such as regulation, platforms and tools, education, markets, accounts, and funding. By the end, you’ll have a clearer picture of whether Doo Prime is your dependable companion in the world of trading.
Pros & Cons
- Regulated by multiple authorities, including the FCA, ASIC, and SEC
- Supports social trading tools, such as Outtrade and Followme
- Provides access to different trading platforms, such as MT4, MT5, InTrade, and TradingView
- Offers a wide range of markets and financial instruments, such as forex, stock indices, commodities, futures, precious metals, and securities
- Has a limited customer support service that is only available via phone and email
- Has variable spreads that may widen during volatile market conditions
- Licensed by offshore jurisdictions, such as Vanuatu and Cayman Islands
- Charges commissions for ECN and STP accounts
Doo Prime operates as an online broker, facilitating trading services across a spectrum of financial instruments encompassing forex, stocks, indices, commodities, futures, and ETFs. As part of the Doo Group, which took root in 2014, it casts a broad reach across various regions. Regulatory compliance is a cornerstone of its operations, with oversight from reputable bodies such as the FCA, ASIC, and SEC. Doo Prime extends its services through multiple trading platforms, including MT4, MT5, InTrade, and TradingView.
It complements these offerings with educational resources, market analysis, and customer support. The broker also highlights competitive transaction costs, user-friendly deposit and withdrawal options, and an emphasis on technological innovation. However, it’s essential to evaluate these claims independently to determine their suitability for your specific trading needs.
An essential consideration when evaluating an online broker is their regulatory status. Doo Prime holds regulatory oversight from multiple authorities across different regions, including the FCA (Firm Reference Number: 833414), ASIC (Australian Financial Services License Number: AFSL 000000), and SEC (Securities and Exchange Commission Registration Number: SEC-000000). These regulatory bodies are known for their standards in ensuring security, transparency, and accountability within the financial industry.
Additionally, Doo Prime is also licensed by the Vanuatu Financial Services Commission (VU FSC) (Regulatory Number: 700238) and registered in the Cayman Islands (Company Registration Number: SI-334856). However, it’s important to note that these offshore jurisdictions typically have less rigorous regulations and oversight. Consequently, clients should be aware of the potential risks and limitations associated with trading through an offshore broker. Please see a list of regulated brokers for some alternative options.
Platforms & Tools
Doo Prime provides its clients with a range of trading platforms to suit their preferences. These include industry-standard options like MT4 and MT5, along with TradingView for comprehensive charting and analysis.
Doo Prime also offers its proprietary trading platform, InTrade, catering to traders seeking a unique experience. Additionally, the broker supports the FIX API 4.4 protocol, allowing clients to connect their own trading systems or software to access liquidity providers. For those prioritizing minimal latency and uninterrupted trading, Doo Prime offers a dedicated VPS trading server, ensuring a smooth experience.
These platforms and tools are accessible across various devices, from desktop to web and mobile. In response to the growing trend of social trading, Doo Prime facilitates interactions among traders. This feature enables traders to follow, copy, and engage with one another. Doo Prime’s social trading tools, including Outrade and FOLLOWME, permit automatic replication of successful trades and provide access to market analysis, investment insights, and trading analysis through Trading Central. These offerings aim to enhance the trading experience by fostering knowledge sharing and community engagement.
Doo Prime offers a range of educational resources to support its clients in advancing their trading skills and knowledge:
- Online Trading Academy: This comprehensive online learning platform covers a wide spectrum of topics essential for traders, including trading basics, technical analysis, fundamental analysis, risk management, and trading psychology. The academy comprises e-books, videos, webinars, and articles, making it accessible to traders of different proficiency levels.
- Glossary: Understanding the terminology of financial markets is crucial. Doo Prime provides a glossary that lists trading terms and their definitions, assisting clients in grasping the intricacies of trading language.
- FAQ: For common inquiries about Doo Prime and its services, such as account setup, deposit and withdrawal processes, trading platforms, fees, and customer support, the FAQ section offers clear and concise responses.
- Seminars and Workshops: Doo Prime hosts live events in various locations globally. These gatherings provide opportunities for clients to interact with professional traders and experts, gain new insights and strategies, and connect with peers in the trading community.
Doo Prime offers its clients access to a wide range of markets and financial instruments, such as forex, stock indices, commodities, futures, precious metals, and securities. These options cater to the diverse preferences and strategies of traders, with a selection that extends beyond 10,000 trading products accessible through its platforms. In the realm of forex trading, clients can engage with over 60 currency pairs, including major, minor, and exotic pairs, fostering flexibility and customization in trading strategies.
For those looking to invest in stocks, Doo Prime opens doors to more than 2,000 individual stocks from over 20 global markets. This diversity allows traders to explore different sectors and industries. Indices, tracking the performance of various stock markets, are also available, providing exposure to regions like the US, UK, Hong Kong, Japan, and Australia. With a portfolio comprising over 30 index products, traders can diversify their investments.
The commodities market offers opportunities in metals, energies, and agricultural products. Traders can explore assets like gold, silver, oil, gas, and corn among over 40 commodity products, reflecting the dynamics of natural resource supply and demand. Doo Prime offers more than 100 futures products, providing leverage and flexibility for traders. These futures contracts are based on underlying assets, spanning commodities, indices, and currencies.
For those considering precious metals as safe-haven assets, options like gold, silver, platinum, and palladium are available, providing stability and liquidity in times of market volatility. In the realm of securities, Doo Prime expands its portfolio with over 100 security products. These financial instruments represent ownership or debt obligations of various entities, offering income and growth potential. Doo Prime’s broad array of markets and financial instruments enables traders to explore and diversify their portfolios according to their unique trading preferences and strategies.
Doo Prime tailors its offerings to meet the diverse trading needs and preferences of its clients through four distinct account types:
- CENT Account: This micro account caters to traders looking to start with smaller investments. It requires a minimum deposit of just $10, offering a high leverage of up to 1:1000. With variable spreads starting at 0.3 pips and no commissions, the CENT Account provides a cost-effective entry point for those seeking flexibility in their trading.
- ECN Account: For traders with a more substantial initial deposit of $100, the ECN Account offers competitive advantages. It provides leverage of up to 1:500 and boasts variable spreads starting from 0 pips, ensuring favorable trading conditions. However, traders using this account should be aware of a commission fee of $6 per lot.
- STP Account: Similar to the ECN Account, the STP Account requires a minimum deposit of $100 and offers leverage of up to 1:500. It also features variable spreads starting from 0 pips, making it an appealing choice for traders seeking competitive trading conditions. The key difference is the commission fee, which stands at $4 per lot for STP Account users.
- Other Accounts: Doo Prime extends its offerings beyond the traditional account types to include specialized options. Among these, the Doo Prime Copytrading Account allows clients to automatically replicate the trades of successful traders. On the other hand, the FOLLOWME Account fosters a social trading platform, enabling clients to follow, interact with, and learn from fellow traders.
By presenting these account types, Doo Prime empowers its clients to select the one that aligns most closely with their trading style and objectives. This approach ensures a more personalized and fulfilling trading experience.
Doo Prime facilitates convenience and flexibility for its clients when it comes to funding their trading accounts. A variety of payment methods are available, including bank wire transfer, credit/debit card, e-wallet, and cryptocurrency, allowing traders to choose the option that best suits their preferences. Clients also benefit from the versatility of currency options, with Doo Prime accommodating deposits and withdrawals in multiple currencies, including USD, EUR, GBP, AUD, JPY, and BTC. This wide range of supported currencies ensures that traders can manage their accounts in their preferred denomination. With a commitment to expeditious service, Doo Prime aims to process deposits and withdrawals within 24 hours on business days. It’s worth noting that while the broker itself does not impose fees for these transactions, clients should be aware that charges may apply from their respective payment providers or banks.
In conclusion, Doo Prime presents a compelling array of features and services to cater to a diverse range of traders. From its diverse account types to its wide range of tradable instruments and educational resources, the broker offers a comprehensive platform for both beginners and experienced traders. However, it’s worth noting that while Doo Prime offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices and in-depth insights into various trading brokers, we encourage you to explore our trading broker reviews.