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Approved broker by binaryoptionsthatsuck.com
9.2
  • PrimeCFDs

  • Bonus: No Bonus
  • Regulated: VFSC
  • Rating: 9.2 / 10
Broker Name: PrimeCFDs
Platform(s): CFD, FRO
Founded: 2017
Bonus: No Bonus
Spreads: Medium-High
Leverage: Up to 1:200
Regulated:   VFSC
Demo Account: No
Minimum Deposit: 250
US Traders:   Not Accepted

PrimeCFDs Review

PrimeCFDs is a new brokerage launched in early 2017, focused on Contracts For Difference (CFD’s). The owning and operating company is Orion Service EOOD, located at 39 Aleko Konstantinov st, Sofia, Bulgaria and regulated by the Vanuatu Financial Services Commission (VFSC) under licence number 14793. However, the licence certificate they show on the website mentions the name Arrow Capital Ltd, a company that I managed to find on a List of Licensees under Dealers in Securities on the VFSC website but I don’t understand what their connection with PrimeCFDs or Orion Service is. Need further clarification. According to recently acquired information, the license was awarded to Orion’s Oceania-based management firm, Arrow Capital Ltd. This company is listed in the List of Licensees under Dealers in Securities on the VFSC website, as mentioned before and was established in accordance with the VFSC requirements that regulated firms be based in Oceania.

 

Is PrimeCFDs A Scam?

The owning company Orion Service have managed to establish a reliable public image. Nevertheless, some issues should be clarified by them, starting with their licensing status: the owning company is located in Bulgaria but they say they are regulated by the Vanuatu Financial Services Commission. Even more, the licence they show on the website is for Arrow Capital Ltd, not for Orion Service EOOD. I don’t understand the relation between the 2 companies and the word that comes to mind is “confusing”.

UPDATE* Thumbs up for PrimeCFDs for clearing things up! Arrow Capital Ltd. is Orion’s Oceania-based management firm, which was established in accordance with the VFSC requirements that regulated firms be based in Oceania. Ok cool, now the word that comes to mind is no longer “confusing” but “transparency” and you know I love that.

 

Editor’s Note – Why PrimeCFDs Doesn’t Suck In 50 Words?

They try to bring a new way of trading to the mainstream public and I like that because trading is more than just Fixed Return Options. We should have diversity and PrimeCFDs is a brokerage that adds to the variety of trading, so I have to say that’s why they don’t suck. Time will tell if the diversity they bring is the good or bad kind.

 

Why PrimeCFDs Sucks In 50 Words?

The name makes me think that I can trade CFDs with this brokerage and also that CFDs are their main trading instrument. Well, that’s not very accurate because if you want to trade Contracts For Difference you will need to open a Platinum account. Considering that they have 5 account types and Platinum is the penultimate, it means that you will have to deposit quite a lot if you want to trade CFDs.

 

 

Should I Open A CFD Account With PrimeCFDs?

As mentioned before, this broker is new on the scene and we don’t have enough information about their reliability. As far as the platform is concerned, they offer the TraderSoft platform in two versions: one for Contracts For Difference (CFDs) and one for Fixed Return Options (FRO). The main layout is the same, but you will notice some differences between the two versions, which is normal because FRO and CFD are two different types of trading.

The website is pretty welcoming and easy to navigate, with all the normal guides and tutorials but also a free e-book and Daily Market Briefings, which are actually updated daily, not once every new moon like we’ve seen with other brokers. However, for a brokerage named PrimeCFDs I would expect to see a bit more information about… CFDs (duh!). Right now, they look like a bit plain, without information about Contracts For Difference so I hope they change that soon but for now I will cut them some slack, considering they are so new on the scene. On second thought, why cut them any slack? If you are named PrimeCFDs then you should be prepared for CFD trading right from the start, not months after. Their FAQ doesn’t contain anything about CFDs, their e-book doesn’t even mention CFDs, their whole Education section doesn’t have the slightest trace of CFDs.

What’s even more disappointing is that you will have to open a Platinum account if you want to trade CFDs. Take that, dear client! Welcome to PrimeCFDs where we don’t really focus on CFDs and you cannot trade CFDs unless you are a Platinum account holder. The only account above Platinum is Diamond so I can imagine that you will have to deposit quite a lot… and I said “imagine” because they don’t reveal how much you have to deposit unless you give them all your information by registering on the website and then talk to an Account Manager. What is this? Fort Knox? Jeez, just let me know how I can trade CFDs with PrimeCFDs…

So, to answer the title question: yes, I think you should open a CFD account with PrimeCFDs. Their platform is easy to use and functional, they offer two important types of trading (CFD and FRO) and overall they bring something new to clients who could only trade binary options until now. However, CFDs are a new type of trading for binary options clients, so if you expect people to trade CFDs over binaries, then you have to give them a bit more information, to educate them, to make them understand why they would trade one instrument and not the other. When PrimeCFDs will do that, I believe they will be an important player on the new CFD, FRO and BO trading scene.

 

Trading Fixed Return Options (FRO) with PrimeCFDs

Fixed Return Options (FROs), also called Fixed Rate Options are a new name for the popular and well known Binary Options. The trader can receive payouts of up to 85% if he or she correctly predicts whether the asset’s price (currency pair, stock, index, etc.) will be higher or lower at the time of the chosen expiry. Fixed Return Options (FROs) can be traded on the same TraderSoft platform as Contracts For Difference (CFDs), by simply switching between the two instruments using the buttons you’ll find in the top left part of the platform. There’s no need to log out and log in with another account/username so you have both CFDs and FROs at your fingertips, just choose your weapon.

Accounts start at 250 USD, you have a wide choice of assets and expiry times, ranging from 30 seconds to end of month. Education is mostly focused towards Fixed Return Options so you will have no problem getting started, especially considering that FROs are mostly just a new name for Binary Options. What’s very important is that PrimeCFDs is a regulated brokerage, so trading Fixed Return Options with them is safer in the sense that you don’t have to fear being scammed.

 

PrimeCFDs Complaints

Because the Brokerage was just launched, we couldn’t find any notable complaints on them. Of course, we will update this section if complaints start piling in.

 

Prime CFDs  Withdrawal

The methods for withdrawal are Credit Cards (Visa, Master Card, Visa Electron, Maestro UK), wire transfers and some e-wallets, with Neteller being the preferred one. Withdrawals usually take 3 business days to process and up to 5 business days for the money to reach you. As with all brokers, identification documents are required due to Anti Money Laundering laws.

 
 

Prime CFDs Ratings

CFD User Friendliness 18/20

The CFD platform is relatively easy to use if you are familiar with this type of trading but the website lacks the necessary information related to CFD trading. Also, it is only available in English and Arabic, so we’d like to see it translated in more languages.

FRO User Friendliness 19/20

The platform for Fixed Return Options is easy to use, with enough features to satisfy both experienced and newbie traders. The website is somewhat more geared towards FROs (including education and tutorials) and that’s why they get more points for this section.

 

CFD Range Of Markets, Spreads And Leverage 15/20

PrimeCFDs gives you the opportunity to trade CFDs on a large number of Stocks, Indices and Commodities, but also Forex on more than 30 currency pairs. Spreads are medium-to-high (around 3-4 pips for Majors) and also floating, meaning they change according to market conditions. Leverage differs depending on asset but generally it goes up to 1:200 for currency pairs and 1:100 for commodities.

FRO Number Of Assets And Expiry Times 18/20

They offer 15 currency pairs, 6 commodities, 72 stocks and 22 indices (not all these assets are available 24/7). The expiry times range from super-fast 30 seconds to end of month, with plenty of options in between.

 

CFD Deposits And Withdrawals 19/20

Deposits can be made through the usual methods (credit cards, wire transfers and e-wallets) and withdrawals will be made through the same method used for deposit. Minimum deposit is 250 EUR/USD/GBP according to their FAQ page but on the same page, they say that minimum deposit is 100 EUR or USD. Again, the word “confusing” comes to mind.

FRO Commissions, Support And Effective Return 18/20

There are no major differences between trading FROs and CFDs when it comes to fees and support. However, it must be noted that you will have to pay spreads on each CFD trade and that’s not the case with FROs. Effective return goes as high as 85%, depending on market conditions and asset traded. For Diamond accounts the payout goes as high as 88%.

 

CFD Fees and Support 17/20

Cred Card transactions are free of charge but you may have to pay a fee for wire transfers. However, this fee is not specified and may depend on your bank. Support on the website was almost completely unhelpful and didn’t provide me basic information regarding how much to deposit for a Platinum Account so I can trade CFDs.

FRO Deposit, Payment And Bonus 18/20

The same methods used for deposits and withdrawals for CFDs apply to FROs as well. The client will have only one account for both types of trading. The methods are credit cards, wire transfers and some e-wallets (Neteller, WebMoney). The time it takes for withdrawals to appear in your account is usually 5-7 business days after processin. PrimeCFDs don’t offer a Bonus.

 

CFD Extras 17/20

Their Blog is constantly updated with Daily Market Briefings and I consider this the biggest extra, although in a perfect world, we should view this as normal.

FRO Extras 19/20

Super short expiries of just 30 seconds, candlestick charts and an updated blog with market briefings.

 

PrimeCFDs FRO Overall Ratings: 92/100

PrimeCFDs CFD Overall Ratings: 86/100

 

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