Fist A bit about the Company
The online binary options trading industry has continued to grow despite the introduction of tight regulations by authorities across the globe over the past decade. As expected, new brokers are opening shop in a bid to win a piece of the market share. Prime CFD is one of the new entrants in the industry that shows promise of becoming a favorite among traders. Launched in 2017, this broker is owned by Orion Service EOOD. Its parent company is registered in Bulgaria and is headquartered in 39 Aleko Konstantinov Street in Sofia. Prime CFD is regulated by the Vanuatu Financial Services Commission (VFSC).
Prime CFD a scam or legit online options trading broker?
Every new binary options broker is subjected to close scrutiny from traders who want to avoid investing their money in scam businesses. Since their launch, Prime CFDs has elicited mixed reactions from traders around the globe. This is largely due to the fact that despite being owned by a company registered in Bulgaria, it’s regulated by the Vanuatu Financial Services Commission. We decided to dig a little deeper to understand why this is so.
Under the list of licensees of dealers in securities published in the VFSC website, Prime CFDs license number 14793 is registered under Arrow Capital Limited. This is a management firm based in Oceania. After further investigation, we discovered that Arrow Capital Limited is Orion Service EOOD’s management firm. Since it’s located in Oceania, it does meet the criteria needed to be regulated by the VFSC rather than a regulator from another part of the world.
We can therefore confidently state that Prime CFDs is a legit online binary options broker.
What makes PrimeCFD stand out?
Unlike many brokers that only offer one trading account, Prime CFD offers 5 different account types. Each account has its own unique effective return percentage (between 82% and 88%) as well as an assortment of unique features. They also offer a wide range of assets and a rich learning resource which includes downloadable manuals and videos.
Built upon the Tradesoft platform, the Prime CFDs website is fast and easy to use. The broker also offers traders Fixed Return Options (FRO) as well as Contracts For Difference (CFD). Prime CFD also offers trade expiry windows that range between 30 seconds to trades that expire at the end of the month. This makes it easy to use different trading styles to maximize earnings.
Prime CFDs downside
Having 5 account types to choose from is great. However, accessing unique features such as live training, high trading limits and ability to trade Forex/CFDs will require you open high deposit accounts. They also don’t have a demo account which has become something of a standard among modern online brokers.
Should you open a trading account with Prime CFD?
Prime CFD is still relatively new and there’s little trader feedback regarding the broker’s reliability. However, from the information we’ve gathered from the website, Prime CFD looks like a reliable broker where new and experienced traders can make profits.
The broker’s website is built on the Tradesoft platform. Depending on the account type you open, you can trade Fixed Return Options only or both FROs and CFDs. The website is stable and fast. It’s also well-designed and easy to navigate. Prime CFDs is also available for Android, Windows and iOS devices with no download required. This makes it quite accessible regardless of where in the world you’re trading from. Each account is highly secured using up to date protocols to keep your money safe.
Despite not having a demo account, getting started using the platform is quite easy. Prime CFD offers quality learning resources that include written and video tutorials. However, we think that the website should include more resources especially touching on trading CFDs. The best learning resources are also focused towards traders with platinum and gold accounts where they get access to live training sessions as well as a personal coach.
Prime CFDs has a huge selection of tradable assets which include stocks, currency pairs, commodities, and indices. This makes it a good option for traders who wish to trade different assets in a bid to earn higher profits.
Their support is also good and available 24/7. Their customer support team is available through phone, email and live chat. Traders are also assigned account managers to answer any questions they might have.
Currently, the website is available in either English or Arabic. In addition, they also have a regularly updated blog, professional charts with real time data and other features such as trading alerts.
Overall, Prime CFD is worth considering if you want to trade CFDs alongside binary options. The primary consideration to keep in mind is that you might have to pay a large deposit amount if you want to enjoy the extra perks like live training and ability to trade CFDs.
Prime CFDs account types
As mentioned Prime CFDs offers 5 different account types. Here are brief descriptions about what each offers.
This is the basic account that allows you to trade FROs and earn effective returns of up to 82%. Other features available include access to 24/7 customer support and a professional chart. Holders of the mini account are charged a monthly withdrawal fee.
The silver account includes all the features found in the mini account. Additional features include access to trading alerts, access to the trading center and a personal coach.
Traders with Prime CFDs gold accounts can earn up to 84% effective returns on successful trades. In addition to the features found in the silver account, gold account holders also receive SMS and email alerts.
Holders of platinum accounts get to withdraw their earning free of charge. They also get to earn up to 86% effective returns on their successful trades. This account has all features found in the gold account. Additional features include access to live training sessions and ability to trade CFD’s.
Traders that open diamond accounts can earn up to 88% effective returns. These accounts also have all features found in platinum accounts. Diamond account holders also access higher trading limits and exposure enabling them to maximize their trade’s profit making potential.
Opening an account and starting to trade
Opening a trading account is quite simple. All that’s necessary is selecting your preferred account type and placing your deposit. Prime CFD accepts different payment methods that include credit card, wire transfer, and e-wallet. The least amount you can deposit is $250.
Depending on account type, you can trade FROs only or both FROs and CFDs. The trading interface is the same and changing between FRO and CFD trading involves clicking on conspicuous buttons placed on the top left of your screen. Trading windows on the platform range between 30 seconds to the end of the month. This gives you flexibility over how long you want to hold trades.
if you are interested in this binary options platform then I invite you to open an account.
Withdrawing your earnings from Prime CFDs
Earnings can be withdrawn via wire transfer, credit card or to your e-wallet. Withdrawal processing takes about 3 business days. Depending on the payment method you use, the withdrawn amount can take up to 5 days to reflect in your account. Holders of the mini, silver and gold accounts are charged a monthly withdrawal fee.
Prime CFDs requires that you provide identification documents to facilitate withdrawal processing. This is to comply with international anti-laundering laws.
Prime CFDs trader complaints and regulatory warnings
This online binary options broker is still new in the industry. As such, there aren’t any notable trader complaints we could find. It’s a fully regulated broker and to date, no regulator has published any warnings regarding Prime CFD.
Prime CFD is built on the Tradesoft platform. The website is well designed and easy to navigate. Since it offers both CFD trading and FROs trading options, the website provides an efficient way to change between either trading interfaces through the click of a button. There’s no need to log out and sign in again to do this.
Prime CFD is also new-trader friendly. It has a huge collection of learning resources to enable new traders to know how to use the website as well as buy and sell assets. However, more could be done regarding the resources since they’re heavily focused on FRO trading. New traders who want to trade CFD’s can only do so by opening a platinum or diamond account. This gives them access to more training resources.
Tradable assets and leverage offered
Prime CFDs offers a diverse range of tradable assets that include currency pairs, commodities, stocks and indices. Besides binary options, they offer the opportunity to trade CFDs which are becoming quite popular. The leverage offered largely depends on the asset you want to trade. Currency pairs have leverages of up to X200 while commodities have leverages of up to X100.
Prime CFD deposits and withdrawals
his online binary options broker accepts several payment methods including credit card, wire transfer, and e-wallet. The minimum amount you can deposit is $250. Before being registered, you must provide identification documents including a recent utility bill and ID or passport.
Prime CFD allows you to withdraw your earnings via wire transfer, credit card or e-wallet. A monthly withdrawal fee might be applied depending on the type of account you have. Withdrawals can take up to 8 days to reflect on your account.
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Trading window and effective return
Trades can last as little as 30 seconds or last until the end of the month. This gives you more flexibility when deciding whether to go long or go short. The effective return you’ll earn on successful trades will depend on the type of account you have. The highest you can earn is 88%.
Learning resources and support
Prime CFD doesn’t include a demo account. However, they provide a rich collection of learning resources which include videos and manuals. Upon inspections, we noticed that many of these are focused on teaching FRO trading. For traders wishing to learn more about CFD’s, the necessary learning resources are provided via live training sessions and personal coaching. You’ll have to open a high deposit account to access these.
(If you are a beginner, we recommend that you try a broker first, with a free demo account, to practice. The broker QI Option is here as a good example.)
Support is quite good. You can contact Prime CFD support team via phone, email or live chat. Customer support is available 24/7 and customer issues are resolved fast.
Prime CFD Smartphone App
Website specific extras
Prime CFD does have some unique features that make it stand out from competitors. One feature we liked is the availability of both CFDs and FROs on the same platform. They also have a wide range of assets to choose from (over 150) which comes in handy if you want to diversify your trading portfolio. Rather than one standard account type, Prime CFD offers 5 different accounts to choose from. Each account has its unique features giving you access to a variety of services and tradable assets. Another feature we liked is the wide range of trade windows you have. This enables you to select the trade expiry period that best suits your trading style.
Prime CFD is a new binary options broker that’s out to shake up the industry by offering traders the opportunity to trade both FROs and CFDs. A fully regulated broker, they’re a legit company offering you a secure way to trade. They have one of the highest effective return rates on the market allowing you to keep much of your earnings. Their learning resources will get you started fast. However, additional resources especially covering CFD trading need to be made accessible to all traders.
This online binary options broker doesn’t offer bonuses or have a demo account. However, traders can maximize their trade profits through the offered leverages that can be as high as X200 coupled with the high effective return rate. What you can trade and how much return you can get largely depends on the account type you have. This is worth considering before opening a new account. Depositing and withdrawing from your Prime CFD account is simple but requires you provide identification documents.
Prime CFD opening an Account
Overall, Prime CFDs shows the potential of becoming one of the Best online binary options brokers out there.
sign up with the link down below, and have a look in their platform yourself.
Or, Check our other Binary options broker reviews. Thank you for visiting and good luck trading.