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DOOPrime Review - is it scam or safe?

DOOPrime review - is dooprime.com a scam or safe forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz DOOPrime
DOOPrime is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 DOOPrime is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MetaTrader 4 platform and an extremely high leverage of up to 1:2000. The required minimum deposit is quite favorable at just $100 and the spread is absurdly low at 0.1 pips.

Account type Min. deposit Max. leverage Spreads
Classic Account $100 1:400 0.1 pips
Quantum Account $5000 1:400 n/a


Disadvantages


No license


On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name DOOPrime Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.

We even read it is "regulated" by the local  Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that  the brokerage not regulated.

Furthermore, the broker is owned by another company registered in Hong Kong. We do remind readers that Forex brokers in Hong Kong have to be licensed by the localSecurities and Futures Commission (SFC in order to operate legally in the country. Going through the online registry of the Hong Kong authorities we find no mention of the company which leads us to conclude it has no regulation there either. The third company - DOO Clearing Limited - is supposedly registered in the UK and regulated by the FCA. Of course, after another quick check of the online registry we can safely conclude that the brokerage does not fall under any regulatory oversight whatsoever.

Not being regulated opens up a whole basket of risks for potential clients. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Due diligence requires us to state this fact. Furthermore, besides the possibility of commingling, there is also no safety mechanism by which the clients losses may be recovered in case the broker goes bankrupt. Regulatory agencies such as the NFA or Cysec offer all these assurances and more. We suggest interested traders play it safe and orient themselves to brokerages that can assure compliance with the highest regulatory standards. Here is a list of our recommended NFA-regulated forex brokers:

 

>>List of NFA-regulated forex brokers<<

Unbelievably low spreads

We could see a spread of just 0.1 pips which, as we mentioned above, falls within what we would consider impossible to maintain by a broker. It is obvious the spread seen by the demo account is fake and the brokerage most likely charges a trading commission or provides clients with a higher spread if they decide to register for real which we advise not to do due to the many security concerns surrounding the brokerage which we outlined above.

                                                                      >>List of low-spread forex brokers<< 

No information on payment methods

 

We could not find on the broker's website any relevant information regarding the available payment methods. Usually brokers provide at least the standard Visa and MasterCard or e-wallet such as Skrill or Neteller.

 

 

Advantages


MetaTrader 4/5 available

However, putting all this aside - the brokerage does provide the MetaTrader 4 trading platform and the MetaTrader 5 which we always consider an advantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. We were able to easily register for a demo account. 

 


Low minimum deposit

 

We learn that the minimum deposit for the most basic account is $100 which is below the average of $200-250. A low minimum deposit is a plus for a number of reasons. The most important of which is that it allows clients to try out the brokerage without having to risk a large sum. There are, however, other top-notch brokerages who do not even have a minimum deposit. One such is FBS where you may trade with the meager deposit of $1. 


Wide range of trading options

The website states that the brokerage offers a wide variety of trading products. Potential clients of DOOPrime may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We must state that without access to the trading platform we cannot be sure if traders with the brokerage do in fact have at their disposal such financial instruments. We may only relay the information presented on the website. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<


Leverage of up to 1:400

 

The website state that DOOPrime offers potential clients a leverage of 1:400 which is significantly high and rarely seen due to leverage caps throughout Europe and the USA by the authorities. It must be said that a higher leverage extends more freedom in the traders dealings, as well as the chance for higher profits. It does, however, also hide the risk of contingent heavy losses. Taking notice of the security concerns surrounding this brokerage, such a high leverage should at best be viewed as a “doubtful advantage”. 

No fees or commissions

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. Such fees are important because they add up to the cost of trading. After a thorough search we may safely conclude that the brokerage charges no such fees.

 

Conclusion

 

DOO Prime is an unregulated brokerage in St. Vincent and the Grenadines which does not offer all that favorable trading conditions. We are not certain regarding the validity of the presented spread and most importantly - the broker falls short when it comes to the safety of the clients funds. Without proper regulation we just cannot confirm the security of the client's funds and that is what most of all inclines us to recommend traders look into better trading options to which we have linked throughout the review.

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Traders` reviews for DOOPrime

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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