Is Doo Prime Scam or Legit Broker?
No, it is not safe to trade with Doo Prime. Our research showed that the broker does not have a license from a world-known authority. Instead, Doo Prime is regulated by the Vanuatu Financial Services Commission (VU FSC), under the regulatory number 700238.
- Doo Prime Limited is also registered in the Cayman Islands under the registration number SI-334856. However, both of these locations are known to be offshore. This means the broker is not properly regulated and does not follow strict guidelines and rules.
About Doo Prime
|🗺️ Registered in||Vanuatu|
|🗺️ Type of License||Offshore|
|🛡️ Is Doo Prime safe to trade?||No|
|🗺️ Recommended Licenses||FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
What is Doo Prime?
Based on the Doo Prime website, the broker offers tens of thousands of CFD products, holds multiple international regulatory licenses, and has affiliates all over the world.
However, when we dig deeper, it becomes evident that Doo Prime does not hold any license from a world-known financial authority. Instead, the broker is registered in two offshore locations.
- First, Doo Prime Vanuatu Limited has a registered office at Govant Building, Po Box 1276, Port Vila, Vanuatu. This means the broker is regulated by the Vanuatu Financial Services Commission (VU FSC) with the regulatory number 700238. However, it is a known fact, that offshore brokers are not the most reliable ones, and many of them can eventually turn out to be scams.
- Besides, Doo Prime Limited is also registered in the Cayman Islands with the address at Fifth Floor, Zephyr House, 122 Mary Street, George Town, P.O. Box 31493, Grand Cayman KY1-1206. The Cayman Islands is also an offshore zone, thus it does not provide sufficient protection and safety measures.
- In addition to the regulation issues, there are also many negative reviews from traders, especially in regard to the withdrawal process. Traders report that it is impossible to get your profits and initial investments. The problems with the withdrawal are one of the biggest red flags in Forex Trading. The safety of funds is of utmost importance.
- Also, we have noticed, that Doo Prime was operating then been unavailable for a while. In Forex trading this is a common practice when brokers inactivate their websites for a certain period, and then they come back to the market again. This is actually how scam brokers operate.
Overall Doo Prime Ranking
During our research we found regulation and safety issues with Doo Prime, thus we do not rank positively Doo Prime, based on our Expert Opinion with over 10 Years of experience in Forex Trading.
- Doo Prime Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
|Is Broker safe? ||No||Yes||Yes|
|Advantages||None||Trading Platforms||Trading Conditions|
Doo Prime Alternative Brokers
We revealed that Doo Prime has a lot of issues connected with its safety and customer care. Thus, here are much better Alternatives to Doo Prime with tight regulations and favorable trading conditions. We select Good Brokers and reliable options for your comparison below:
Doo Prime Account Types
Doo Prime offers different types of accounts, so traders can choose one according to their trading needs. The main account types the broker offers are CENT, STP, and ECN accounts.
- All of the accounts enable access to MT4, MT5, Doo Prime InTrade, and TradingView platforms. The minimum deposit for CENT and STP accounts is $100, while for an ECN account, it is $5,000.
- Cent Account enables trading Forex, Precious Metals, and Commodities. With STP Account and ECN Accounts, traders have access to Securities, Futures, Currency, Metals, Commodities, and Stock Indices.
Deposit & Withdrawal
On its website Doo Prime represents a variety of deposit and withdrawal methods: Local Bank Transfer, E-wallet, Credit Card, and International Wire Transfer. Doo Prime also supports many currencies, such as AED, AUD, BRL, COP, CLP, CNY, EUR, EUSD, GBP, HKD, IDR, KRW, KHR, LAK, MMK, MXN, NGN, PEN, THB, USD, USDT, VND, ZAR.
- The recommended minimum deposit amount with the broker is USD 100 for CENT and STP accounts.
- All deposits should be transferred to the trader’s account. Third-party payments are refunded according to the information provided by the payer.
- Regarding withdrawal, there is not much information provided. However, the reports from traders available on different internet platforms are proof that Doo Prime has serious withdrawal problems. Issues with withdrawal are one of the greatest red flags in Forex trading, as the safety of investments and access to them, is of great importance.
Doo Prime Review Conclusion
Based on our research Doo Prime is not a trustworthy broker. Although the broker’s offerings seem to be attractive and favorable, it is still an offshore broker that does not provide enough safety. We always recommend traders avoid unregulated or offshore brokers. Most often, these brokers turn out to be spam, and investments are always at risk with such brokers.
It is wiser to choose a broker with UK’s FCA or Australian ASIC, or CySEC licenses and sign in with reliable brokers such as XM, Interactive Brokers, and HFM.
- Overall ranking and experience for Doo Prime is Negative