Doo Prime Details
Table of contents
Doo Prime is more than a simple broker; it’s an institution. The holding company has multiple subsidiaries, each concerning itself with foundational aspects of the forex industry.
The main company behind the operations is Doo Holding Group Limited. This company has in total of 5 subsidiaries, including Doo Prime, Doo Tech, Doo Clearing, and Doo Intelligence.
- Doo Consulting (also referred to as Doo Intelligence) is a firm that offers financial consulting services to companies, including the provision of trading strategies.
- Elish & Elish Inc (also referred to as Peter & Elish) is a broker-dealer registered with the U.S. Security and Exchange Commission based in Texas. However, we could not find a dedicated website for this branch.
- Doo Clearing is a liquidity provider that works with some of the most renowned liquidity organizations in the world and is licensed by the FCA.
- Doo Technology is a financial software provider that serves the Forex Industry. It is located and registered in Hong Kong.
- Doo Prime is the FX broker, and our main focus for this review.
Before we move on to the main course, we have to mention that the holding company, Doo Holding Group Limited, is a licensed money service operator, as authorized by the Customs and Excise Department, which is tied to the Hong Kong government.
Doo Prime is our main focus of the review. It is the only firm out of the 5 fully owned subsidiaries, and it is the one that offers actual forex trading services and acts as an online broker. Doo Prime has two separate branches, one based in Mauritius and one in Vanuatu.
- Doo Prime Mauritius Limited is regulated by the Mauritius Financial Services Commission. The main jor of this watchdog is to oversee the stability and integrity of the growing local FX industry while attracting international clients and keeping scammers away. As an offshore regulator, it can offer leverages going all the way up to 1:1000, and there is no user compensation fund at play here.
- Doo Prime Vanuatu Limited is licensed by the Vanuatu Financial Services Commission. Another offshore license issuer, however here there is a $50 000 minimum capital requirement for all brokers.
The review will cover the Vanuatu branch. We do not think that there are any differences in the trading conditions between these two subsidiaries, however, there might be a contrast between the payment options.
But, seeing as the company has trustworthy subsidiaries, and a parent company that is regulated by a Hong Kong government-tied agency, we treat Doo Prime Limited as a legit broker, but with somewhat looser rules and slightly more unconstrained trading conditions, due to the offshore regulations.
We opened a live account very easily, but many of the features of the superior user area were blocked to us. The reason for this was that we had not provided the so-called KYC documents, a.k.a ID papers. Without these, we could not access a live trading account, and so had to rely on a demo one instead. The demo account allowed us to open a practice account with all the platforms.
The Show account type gave us a EUR/USD spread was 1.2 pips across the platforms. The website reveals that the EUR/USD spread for the other two account types are 0,1 pips for the ECN, and 1,1 pips for the STP. The leverage is capped at 1:400 for both ECN and STP account types. The so-called Show Account type allowed only leverage of 1:100. The latter account type was a practice account, or just for show. Thus live users can only access either an ECN or an STP account.
Accordig to the platforms. the trading assets are Forex Pairs, Indices, Equities, Spot Indexes, Commodities, and Crypto. However, the website claims slightly different available financial differences: Currency Pairs, Metals, Futures, Stocks, Indexes, and Commodities. We think that only live users have the ability to access all real assets.
The website is translatable in Chinese, English, Arabic, Korean, Thai, and Vietnamese.
DOO PRIME LOGIN
There are three platforms here; the MT4, the MT5, and the Doo Prime InTrade.
The MT4 has become a household name: automated trading bots, 500 individual orders per account, VPSs (Virtual Private Servers), customizable trading indicators, and much more. While the MT4 is superb, the MT5 is an improvement over MT4 with an increased number of time frames, more pending order types, better EAs, and more.
In addition, there is also the ability for PAMM (Percentage Allocation Money Management) accounts to be utilized. The essence of this is that inexperienced traders, or those without the time, can allocate a sum of their money to a qualified trader they chose beforehand. From there on these adept traders will trade with their and your money with the sole purpose of generating as much profit as possible.
The MT4/MT5 platforms can be accessed via iOS/Android phones and by means of a standalone desktop version.
The third major trading software is called InTrade. It is a significant downgrade from the MT4/MT5. Here we have a noticeable lack of features, making this trading terminal perfect for newer users who wish to start off slowly. The standout features of InTrade are pending orders, stop loss/take profit, chart customizations, time frames, and technical indicators.
Considering that you have two fully functional MetaQuotes offices, there is no reason for us to recommend InTrade for anyone who is not a complete novice.
The legal documents mention that there are commissions when trading, but we could not find any further disclosure of this.
DOO PRIME MINIMUM DEPOSIT
From what we on the payment area in the registered client dashboard, the depositing gateways are China Union Pay (and potentially other alternative methods), International Wire Transfer, a Cryptocurrency method, Local Bank Transfer, and a third party payment methods, most probably PayPal, but there may be others.
All other payment info is taken from the website, for the user area did not allow us to advance the payment process because we were not verified.
The minimum deposit required to open an STP account is $100, and for the ECN it’s $5000.
All deposits made through alternative payment methods, including ChinaUnionPay, are processed within a couple of minutes at the maximum. International bank transfers can take up to 6 days to process, while the local transfer time is 2 days tops. Third-party payment methods and crypto deposits should be instantaneous.
There is no information on depositing fees. Usually, based on our speculations alone, the fees are typically issued only by the payment providers, and rarely by the broker.
DOO PRIME WITHDRAWAL TIME AND FEE
The withdrawal area in the client dashboard reveals that withdrawals are achieved only through International Bank Transfer, Local Bank Transfer, and Digital Currencies.
All withdrawal funds may take up to 3 days to arrive.
The company website is very inadequate concerning withdrawal details. There is no info on fees for example, even though the Client Agreement mentions the presence of fees. Usually, Wire Transfer fees can reach up to $30; while Crypto withdrawal fees depend entirely on the wallet used and the broker itself.
Doo Prime is an overwhelming experience, and there is no doubt that users will be confused at first, if not somewhat reluctant. However, beyond these first stages, clients will begin to realize the true potential of this broker! Even with the offshore licenses and the, at times, questionable practices, we still recommend this one!
Doo Prime compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines