Doo Prime review – find out the broker’s features and the scam controversy
Doo Prime is definitely not a new kid on the bloc judging from the fact that its a subsidiary of a rather large Group Holding in Hong Kong. However, despite it being a subsidiary, our Doo Prime review found out that the brokerage has some skeletons in the closet that it doesn’t want to be found.
Read our detailed review below to find out if the broker is worth your time. You’ve probably already guessed based on the rating, but still, knowing the reason is always much more beneficial than the final rating.
Doo Prime at a glance
Speaking of transparency, the first idea of a Doo Prime scam came exactly from that characteristic. It may seem that the company is quite honest with its operations by disclosing info about being a subsidiary, but when it comes to the rewards that it claims to possess, there is no evidence.
For example, Doo Prime claims that they’re the owner of the 2017 best MT5 broker award, which they don’t link to, and Google says that its FxPro and not Doo Prime.
If that’s not enough to convince you in the Doo Prime fraud there’s more where that came from.
Doo Prime regulation and license
When digging through the footer of Doo Prime’s website, where legal information is usually located for Forex brokers, we found out that they are a subsidiary of Doo Holding Group Limited, located in Hong Kong. However, Doo Prime Forex broker itself is in the Cayman Islands.
But, the trick here is that they’re not licensed by the Monetary Authority of the Cayman Islands, they’re just registered there. This ultimately makes them an unlicensed offshore broker, which are three words you should never have to hear about a company.
In most cases that would be enough for us to brand Doo Prime scam a definite reality and advise everybody to avoid it. But, let’s do that at the end of the review, and in the meantime, discuss how Doo Prime entices traders to register with them.
Doo Prime trading conditions
In terms of trading conditions, Doo Prime does not strike as an amazing deal. Being offshore and unlicensed should provide them with unlimited possibilities to market to their potential customers, but their real capabilities fall short compared to even the most strictly regulated companies in Europe.
Doo Prime Forex broker promises leverage up to 1:400 on major currency pairs, alongside a 1.1 or 1.3 pips spread (not that bad) and a minimum deposit of $100 and $5000 on its two trading accounts respectively.
We weren’t able to find any information about the methods that traders will have in terms of Doo Prime withdrawals and deposits, but judging by the fact that they promote a “partnership” between banks like the Bank of America and HSBC, it’s easy to believe that they use Wire transfer and credit cards the most.
Once again, we don’t know about the fees on these deposits or withdrawals, but judging by the fact that Doo Prime is a scam, it’s unlikely that you’ll be getting back from the broker, regardless if there are fees or not.
Can Doo Prime be trusted?
The answer to this question should already be obvious based on the tone that we set from the large part of this Doo Prime review. We think that this brokerage is indeed a scam regardless of their affiliation with a Holdings Group in Hong Kong or pretty much anywhere else.
They’ve blatantly lied about their awards that they’re promoting on their main page, and they don’t even hold a legitimate license in the country they’re registered in.
Furthermore, we believe that Doo Prime didn’t even bother with attempting an FCA license based on the fact that they couldn’t meet their standards. And when a brokerage can’t meet the industry standards of the EU, there’s no redeeming feature it can offer to compensate for it.