Launched in early 2017, PrimeCFD’s provides brokerage services for both retail clients and professional traders on a web based platform without download. PrimeCFD’s offers traders the possibility to trade Contracts for Difference (CFD’s) in commodities, Indices and Stocks as well as Forex currency pairs and Cryptocurrencies. PrimeCFD’s offers 5 account types with one click trading, flexible leverage up to 200:1 and the ‘tightest possible spreads’. According to the PrimeCFD’s website, 200+ markets are offered on one trading platform with live information from 12 separate global financial institutions and ‘all instruments’ provided.
Whilst licensing details are not given on the website, research revealed that the owner of PrimeCFD’s, Orion Solutions Ltd, is allegedly licensed by Vanuatu Financial Services Commission through Orion’s management company Arrow Capital Ltd.
PrimeCFD’s Account Types
Clients can choose from 5 account types offering different levels of services, expected payout percentages and leverage (not stated in the account descriptions but on PrimeCFD’s home page as up to 200:1). All 5 accounts allow CFD and Forex trading on one user friendly platform. The minimum deposit is 250 USD, EUR or GBP. However, it’s not clear if the minimum deposit increases with the premium accounts.
PrimeCFDs Mini Account
Traders using the mini account can expect up to 82% payout with access to live news updates, charts and analysis. 24/7 customer support is available and full access to the informative trading academy.
PrimeCFDs Silver Account
With a Silver account, traders get 24/7 customer support, a personal coach and access to the trading academy. Payouts up to 82% can be expected. To facilitate trading, PrimeCFD’s gives clients access to trading alerts, signals as well as news feeds and analysis.
PrimeCFDs Gold Account
A Gold account gives traders a personal coach, access to the trading academy, news and charts plus 24/7 support. Additionally, they are given access to trading alerts and signals. Notably, alerts and signals are also sent by email and SMS ensuring traders get the information when they could need it. Gold account holders can expect payouts up to 84%.
PrimeCFDs Platinum Account
Platinum account holders get all the services provided to Gold account holders. Additionally, they can expect a payout up to 86% and receive a free live training session.
PrimeCFDs Diamond Account
By opening a Diamond account at PrimeCFD’s, traders can expect a payout up to 88% with higher trading limits and exposure to financial markets. Traders get 24/7 support, a live training session, personal coach and access to the trading academy to prepare for trading the wide range of assets at PrimeCFD’s. Email and SMS alerts are sent to Diamond account traders, along with access to news feeds and analytical charts.
PrimeCFDs Demo Account
There is no mention of a Demo account at PrimeCFD’s. We saw that traders can set up an account without depositing any money. However, to start trading, funds must be deposited. We like to see brokers offering Demo accounts allowing traders to practice risk-free. Indeed, most online brokers provide this popular service without obligation to set up a live trading account.
We found no reference to the provision of an Islamic account by PrimeCFD’s despite the website being offered in English and Arabic. Traders interested in opening an account that conforms to Islamic Sharia Law may contact customer support to discuss whether it is an option.
Trading Platforms and Trading Tools
A single web-based trading platform is available for traders at PrimeCFD’s. The type of trading platform is unspecified. However, it is accessible from the browser of internet connected devices, whether desktop, phone or tablet. An ‘Assets Index’ page, lists all the assets available at PrimeCFD’s with expiry times. Trading appears to be straightforward with traders choosing from CFD’s or Forex. Each page is neatly set out with an asset list showing Bid and Ask, a live chart, the amount to trade, sell/buy tabs in red and blue colours and a yellow invest button for ‘one click trading’. A trading academy with webinars and downloadable material is available on the website. Notably traders opening a Silver, Gold, Platinum or Diamond Account get access to a personal coach to help with learning the basics of trading on the PrimeCFD’s web-based platform.
PrimeCFDs Customer Support
PrimeCFD’s is owned by Orion Solutions SRL, with headquarters at 29, Erou lancu Nicolae Street, Voluntari, Romania. The company provides 24/7 live support through live chat on the interface, email and telephone. An email address and UK phone number are given for sales and support enquiries. Additional phone numbers are provided for branch offices in South Africa, Nigeria, Finland, Malaysia, Bulgaria, Norway, Ukraine and the Netherlands. Currently, the PrimeCFD’s website is available in English and Arabic, a limited range of languages when compared to most other global financial brokers.
PrimeCFDs Payment Methods
Traders can deposit in EUR, GBP or USD using a broad range of payment methods. Whilst the website ‘terms and conditions’ refer only to deposits and withdrawals by Credit/debit cards, we saw multiple electronic payment methods shown at the bottom of the home page. These include Yandex, CASHU, Skrill, QIWI, WebMoney, Neteller and Delta. PrimeCFD’s requires three days to process withdrawal requests and up to 7 days to deliver funds to client’s accounts.
PrimeCFD’s charges multiple fees, clearly set out in the terms and conditions on the website. A monthly account maintenance fee of 0.5% may be payable by customers. Accounts inactive for two months or more are charged a dormant fee of 50 EUR/USD/GBP. Moreover, a service fee of 3.5% or £/$/€30 is charged on all withdrawals with a cap of £/$/€3,500. Significantly a clearance fee of 0.5% is charged on every trade up to $1,000, whether you win or lose. A fixed $5 fee is charged on every trade of more than $1,000. We were unpleasantly surprised to see that refund requests may take up to 3 weeks for processing and delivery, as they are handled as ‘exceptions’. The numerous fees charged by PrimeCFD’s appear substantial in our opinion and compare unfavourably with many online brokers reviewed by our team to date.
PrimeCFD’s guarantees that the platform is PSI approved, protected by SSL technology and secure web protocols. What’s more, company funds are segregated from client funds and the firm claims to be in full compliance with AML regulations.
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