Doo Prime Review
Doo Prime is owned by Doo Holding, a well-known company that has many subsidiaries. Since one of their subsidiaries is Doo Technology, a software provider, I expect nothing but the best from Doo Prime when it comes to service, platforms, and execution.
They do have some big statements from the very first moment you enter the website. For example, as a client, you will get fast turnovers (up to 1300 orders in one second), cooperation with many international banks and hedge funds, multi-platform support, virtual private server, etc. If all of this is true, we found one extraordinary broker.
Let’s start with the most basic thing. The website itself. This is the part where we can see that Doo Prime has a lot of help from its sister company. The design is amazing, full of details and yet the company managed to keep the highest level of responsiveness. So, not only do you get to trade on a visually appealing website, but you can also enjoy the fast loading speed without interruptions.
This broker offers two account types. One is an ENC account, called Quantum and the other is an STP account, named Classic. The Quantum account has leverage from 1:1 to 1:400, the warning line is 100% and the strong fat line is 30%. If you decide to go with this one, the minimum deposit is $5000, and the minimum trading lot is 0.01. The maximum order quantity of the account is unlimited, and the contract is market price deal.
For Classic account, you need to deposit at least $100. Basically, everything else you get is the same as in the Quantum account. This is an account with no fees and only low spreads but keep in mind that Doo Prime suggests this account mainly to professional traders.
What I like the most is the possibility of a free Demo Account. This is an excellent way to test out if this broker is suitable for you, but there are some limitations. The only available option for trading platforms is MT4.
This is not the best selection when it comes to account types and I hope Doo Prime will work on that in the future. This broker presents itself as an innovative company that will adopt every feedback to improve the platform, so we will see if they will listen to the desires of potential clients and implement more account types.
Platform and Execution SCORE: 90%
Doo Prime did not provide a good selection of accounts, but when it comes to platforms, I can only say positive things. If you become a registered user, you will be able to enjoy the MT4 and MT5 platforms. I am sure you already know everything about MetaTrader since this is one of the most popular platforms.
You can download both MT4 and MT5 for Windows and Mac or Apple and Android phones and trade on your computer or mobile. Aside from this, you can choose the VPS - Forex trading host. This is a third-party service and Doo Prime provided it for free. With it, you can create a full-featured virtual host in cloud service using the Remote Desktop Protocol (RDP) for desktop or mobile devices.
Withdrawal Speed SCORE: 10%
I have to say, Doo Prime did an amazing job with the platform, but let’s see what will happen with deposit and withdrawals. The first thing that will happen is a state of shock since this broker doesn’t provide single information about deposit and withdrawal methods or speed.
Usually, you will find a list of payment methods or at least some important information in Terms and Conditions. This time, nothing. So, as you can assume, I cannot say this broker is a legitimate one since it's hiding some of the most important things.
Support and Assistance SCORE: 70%
When it comes to customer support, I already said my expectations are high. What I expect to see are different methods, excellent Live Chat, and online form to make things easier. So, let’s see what help their clients get.
First of all, there is a Help Center on the main menu. I like that since everything is organised and you do not have to go through the website to find contacts. Once you enter the Help Centre, there are Frequently Asked Questions. I am so glad to see this since the FAQ page usually contains important answers and it is the fastest way to see whether the broker already replied to your question.
At Doo Prime, the FAQ section is excellent. Everything is organised into categories, so you can go directly to the section that interests you. For example, there is a part of registration and login. Also, you can go to the Wallet section and find some explanations about that. Most importantly, you can search by keyword and easily find an answer to the problem you have.
Next to the FAQ page, there is a form for feedback. You can choose the category and submit the message. This is an excellent idea, but that’s all it is. In reality, it is not working at all. You can press on the Submit button and nothing will happen.
My second disappointment is the lack of a contact form. If you want to reach out to them, there is an option to make a phone call (you can choose between a number in the U.K. or Hong Kong), send an email, or use the Live Chat. There is a form you can fill in, but it is just a Call Back request.
If you decide to go with Live Chat, don’t expect to receive a reply instantly. Customer representatives are not available 24 hours, so you can leave a message, and someone will reply to your email. This is a surprise since Doo Prime claims they have customer service centers in Dallas, Hong Kong, Singapore, Kuala Lumpur, Taipei, Ho Chi Minh City, Mauritius, Seychelles, and Vanuatu. So, if a company has nine different service centers, you would expect them to provide constant support.
I have to say, I expected more from a company like this. The only part that pleasantly surprised me is the Frequently Asked Questions page and the rest needs a lot of improvement.
Education and Tools SCORE: 40%
My excitement from the beginning slowly dropped a little bit with each section. Now, when we come to the education part, it is gone completely. Why? Well, Doo Prime does not offer any educational material. It is impossible to expect excellent trading results if you do not improve your knowledge and that is the main reason why I want to see the education section on every website.
There is an Information Center at Doo Prime, but it serves mostly for updates about the company. We have Press Releases and those are just some articles about changes on the website and in-depth explanations of what they introduced to the clients. Also, there is a Blog section, that contains almost the same articles as Press Releases.
There is a Weekly Economic Calendar part and Important Information and News as well, and this is the only part where you can learn something. People from Doo Prime will keep you updated about the latest news in the market, but that’s it.
As you can see, I am quite disappointed with this part. I had a little bit of hope when I saw the Tutorials segment, but that is only tutorials on how to make the payment on the website, or how to set up a dollar index.
Unfortunately, once I sum up everything from this Doo Prime review, I cannot say this is a good place to start trading. This broker made some big promises and, in the end, just a few of them turned out to be true.