Is Pu Prime Scam or Legit Broker?

No, PU Prime cannot be considered a secure broker due to its absence of a credible license from a prominent regulatory body. The firm conducts its operations through PU Prime Limited and holds registration with the Financial Services Authority of Seychelles, which is frequently linked to questionable conduct in the industry. 

  • The Forex industry in Seychelles operates with relatively limited regulatory oversight. While brokers based in this jurisdiction may provide enticing financial services, their regulatory standards do not match the rigorous criteria established by well-respected authorities such as ASIC and FCA. As a result, participating in trading activities within offshore jurisdictions is generally regarded as less secure.

About Pu Prime
🏢 Registered inthe Financial Services Authority of Seychelles
🗺️ Type of LicenseOffshore license
🛡️ Is Pu Prime safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is PU Prime?

Based on the information we collected on PU Prime, the broker offers clients access to multiple markets, including Forex, Metals, Indices, Commodities, Shares, ETFs, and Bonds. The broker claims to provide clients with deep liquidity, keeping the trading costs at a minimum. The broker allows clients to conduct trades on its own trading app, also, through the market's popular MT4 and MT5 trading platforms. PU Prime also mentions keeping the clients' funds in segregated accounts. Another pro of the broker is that customer service is available 24/7, to support traders around the clock. 

However, to offer an impartial and thorough overview of PU Prime, we undertook comprehensive research and uncovered the following crucial points:

  • Lack of serious registration: PU Prime is registered with the Financial Services Authority of Seychelles. It is widely recognized that Seychelles, being an offshore jurisdiction, has limited oversight and regulatory frameworks in place. As a result, choosing PU Prime or similar brokers registered in this jurisdiction may not be the most advisable option for financial investments. Besides, PU Prime is also licensed by another offshore entity - St. Vincent and the Grenadines (registration number: 271 LLC 2020) operating under www.puprime.net. Furthermore, PU Prime had an FSCA license, which now seems to be exceeded. This means, that unless the FSCA license is resumed, it is not advisable to trade with this broker. 
  • Client feedback: During our investigation of the broker, we carefully examined the feedback provided by fellow traders. In the instance of PU Prime, there are many negative reviews. The complaints are about a range of issues, with many traders emphasizing inadequate customer support, withdrawal challenges, and other issues.
  • Insufficient withdrawal process: Prioritizing the withdrawal process is essential. Completing withdrawals is a crucial aspect of the trading experience. Many traders state the same issue, claiming that when they make profits and want to withdraw their funds from PU Prime, the broker starts to deny all profits and reject withdrawal requests. Generally, this is a common practice among offshore or unregulated brokers. Thus, our advice is to be very careful and trust your funds only well-regulated brokers with good standing in the market. 

Overall PU Prime Ranking

According to our thorough research, we have identified substantial concerns regarding PU Prime's reliability and compliance with regulatory standards. Consequently, we are unable to assign a positive rating to PU Prime.

  • PU 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.

RankingPU PrimeTrading 212Interactive Brokers
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneEducationTrading Conditions

PU Prime Alternative Brokers

Given the doubts surrounding the reliability and security of PU Prime, we highly recommend that traders explore alternative options that provide stronger regulatory oversight and enhanced trading conditions. Below, you will find a list of reputable brokers that offer dependable choices and a secure trading environment for your consideration:

  • Dukascopy – Excellent for Shares, Futures Trading
  • ThinkMarkets – Competitive Spreads
  • FXTM – Good for Beginners and Good Fees

Deposits and Withdrawals

PU Prime offers a variety of payment methods for funding trading accounts, including Wire Transfers, Credit and Debit cards, Neteller, Skrill, fasapay, etc. The minimum deposit amount is $50. For bank transfers, it takes 2-5 business days to process the funds. Through other methods, funds are processed instantly. 

  • Withdrawals also take 2-5 days for bank transfers. 
  • There is not much information found regarding withdrawals on the PU Prime website. However, we revealed complaints from other clients regarding the PU Prime withdrawal process, thus our advice is to be extremely careful with financial investments

Account Types

PU Prime has several accounts to meet different trading expectations: Standard, Prime, Pro, ECN, and Cent. When signing in with the broker traders also get a $50 No Deposit Bonus. 

  • It is easy to open a live account with PU Prime. The minimum deposit for the Cent account is $20
  • Professional traders can trade through the PU Prime ECN account, granting them direct access to raw spreads, spreads for the ECN account can reach as low as 0.0 pips. For the PU Prime's ECN account, the minimum initial deposit is $10,000.

PU Prime Review Conclusion

Based on the information we have gathered regarding PU Prime, there are notable concerns about the broker's trustworthiness and credibility. The primary apprehension revolves around the absence of tight regulation, along with a multitude of complaints and negative reviews related to the broker's withdrawal process. Besides, the broker was previously regulated by the FSCA. However, it's important to note that the broker's license has expired, and until they successfully regain the license, they are operating as an offshore broker.

Our recommendation is to prioritize brokers that hold licenses from reputable authorities such as FCAASIC, or CySEC. Most regulated brokers offer excellent services and favorable trading conditions, at the same time following top-tier regulations, thus ensuring a secure trading environment. Some of the regulated brokers with good standing in the market are EightcapOANDA, and FP Markets

  • Overall ranking and experience for PU Prime is Negative.
 

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One response to “Pu Prime”

  1. I am with puprime for nearly 2 years now and still have not made any profit. In a longterm forex trade for the past yeay and a half but it still is not makeing any profit. Got cold call from there agent but lost money with there agents as the forex trades he put me into lost money and now in long term forex euro /dollar put he put me in at under 101 when the dollar against the euro was at that time but it may be a long time when it goes back to that rate. puprime will not get back to e mails there customer service is very poor. Can you please get back to me.Regards Gerald.

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