PrimeCFDs Review
- Licensed and regulated by the island of Vanuatu (VFSC)
- Minimum deposit only $250
- Many deposit methods
- Offshore license makes some traders wary
- Only 2 languages (English and Arabic)
- Just a little trading education material
- No demo account available
- Market Maker broker
- New and untested broker
Owned and operated by Orion Service EOOD who is based in Romania, Prime CFDs is one of the newest brokers to make its presence known. They started in early 2017 but have already been gaining a look from various traders.
It seems that this broker is licensed and regulated by the Vanuatu Financial Services Commission under the Orion Services subsidiary Arrow Capital.
From what I can tell, the maximum leverage at Prime CFDs is 200 to 1, and it seems that even though they have CFDs in their title, the primary trading performed through Prime CFDs is binary options. As a matter of fact, the only way to trade CFDs with this broker is by opening a platinum account.
Overall, the Prime CFDs website seems well designed and quite professional. The fact that they are so new does have us keeping a close eye on this broker to see how they proceed.
Prime CFDs Trading Platforms
Prime CFDs utilizes the Tradersoft platform for all trading be it binary options, Forex or CFDs. The platform is quite easy to use and well liked.
If you choose certain account types, you can also receive trading signals either by email or directly to your smartphone.
And speaking of smartphones, Prime CFDs also offers a free mobile application so you can use their service from your mobile device.
Prime CFDs Trading Markets
Prime CFDs has a good range of markets you can trade in:
Commodities – You can trade on:
- gold
- silver
- oil
- coffee
- and natural gas
Indices – There are 7 various indices to trade in.
Stocks – Prime CFDs has a huge list of major stocks you can trade in.
Forex – And Prime CFDs has a lot of currency pairs pitted against each other
So you should have no problems finding the market asset you would like to trade in.
Prime CFDs Customer Support
I see that Prime CFDs has live chat available for website users. They also provide phone numbers for all the Orion offices.
- South Africa
- Norway
- Ukraine
- Bulgaria
- Netherlands
- Malaysia
- Canada
- Finland
- and Nigeria
So you will have no issue getting questions answered or problems solved by the Prime CFDs customer service team.
Prime CFDs Security & Fairness
I see that Prime CFDs is following the “book” on regulations. Upon joining, you are required to send in compliance documents to abide by anti-money laundering regulations. These consist of
- A copy of your government issued photo ID or Passport
- A recent copy of a utility bill showing your name and address
- And a copy of the credit card used for depositing
Being licensed and regulated by the island of Vanuatu, this broker must ask for these items to ensure they abide by all regulations.
What’s more, Prime CFDs uses strong encryption methods to ensure your information is safe and secure.
Prime CFDs Summary
I do believe Prime CFDs may turn out to be one of the better brokers, but it really is too early to tell. I would say they need to add more trading education resources.
I also think that Prime CFDs needs to be more clear on how to trade CFDs through them. It seems that it is just a glorified binary options broker that is using a CFD look.
But the fact that they are licensed and regulated and they abide strictly by those regulations can make us all feel safer using Prime CFDs as a broker.
We will keep watching this broker closely and will keep you updated on any major changes.
