Doo Prime review – can you trust this offshore broker?
Doo Prime is a Forex brokerage registered in the Cayman Islands but seemingly does not possess a local regulatory license to provide financial services legally. The brokerage is a part of the Doo Holding Group Limited which is located and registered in Hong Kong with several subsidiaries in the UK.
When we first heard that the company has a subsidiary in the UK, we were immediately struck with the question as to why they didn’t register the Doo Prime Forex brokerage in the UK in the first place. However, later research revealed that Doo Prime scam has some merit to it, birthing the argument that the company may not have been verified even if they had tried.
Doo Prime regulation and licensing issues
As already mentioned Doo Prime Forex broker is located in the Cayman Islands, but the website does not indicate anything about them possessing a local regulatory license from the Cayman Islands Monetary Authority. The only information that was disclosed was the registration number, which is not enough to give the company the needed legitimacy to register with them.
In the end, Doo Prime turned out to be nothing but an offshore Forex brokerage without any licensing. One would think that this is the only evidence needed to say that Doo Prime is a scam, but there’s actually more.
Awards that can’t be found
Doo Prime also promotes several alleged awards it received in 2016 and 2017, but ever since then, the awards seem to have calmed down. Let’s start with the fact that these awards don’t come with links so we couldn’t confirm them with a direct source, but even a thorough Google search comes up with nothing.
In fact, the results we found indicated that the owners of these awards had nothing to do with Doo Prime, for example, the 2017 best MT5 broker award belongs to FxPro and not Doo Prime. All of this is just additional evidence for the Doo Prime scam conclusion in the end.
Trading with Doo Prime
However, we never brand a company with the scam label unless we take at least a glance at their trading options available on the platform. It pains us to say that even as scammers, Doo Prime aren’t doing a good job. The features with scammers should always be enticing and inviting for unsuspecting customers when in reality, had Doo Prime been a legitimate brokerage, it would face the same issues of getting new traders as it’s facing right now.
This rating is going to have a one-star rating due to the Doo Prime scam, that much is obvious, but if we were reviewing the broker as a legitimate company, we’d probably give them a maximum of two stars rating.
But enough with the bashing, let’s get into the details.
There are only a few factors that we need to look at. those are the leverage, spreads, withdrawals and deposits and, of course, the trading software. In all of these aspects, only the spreads are relatively OK with Doo Prime Forex broker.
With leverage, traders get a maximum of 1:400, which can easily be trumped by licensed and trustworthy brokers that have 1:1000 and more. In regards to the spreads, the standards are relatively close to what you’d see in the best EU brokerages, around 1.1 and 1.3 pips for major currency pairs.
The biggest gripe though is with the withdrawals and deposits, that have absolutely no information on them with the brokerage. It does say it’s partnered up with banks like HSBC but doesn’t say what exactly are the terms.
In terms of software, traders get the Doo Prime MT4 and Mt5 platforms, which is commendable for the sake of diversity.
Overall, that’s pretty much all the broker offers. No special webinars, educational material, contests and etc. The only other benefit that traders may find is a DEMO account but that’s now a very common thing with any company one may find.
Is Doo Prime a scam?
When we first saw that Doo Prime was a subsidiary of a large Holding Group we were given hope that Doo Prime fraud was just a rumor that somebody had spread in the community for losing too much with them.
But once we found out that the company is simply registered in the Cayman Islands but not regulated, it all came together.
We do not recommend to trade with Doo Prime due to serious allegations for being a scam. Even if they turn out to be legitimate, their conditions don’t make them enticing either way.