RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The broker is called Pacific Union, but the URL is puprime.com. This is a confusing aspect of the broker, yet it is not the first time that we encounter such a nuisance. However, this is not that big of a deal, and as we shall soon see, there are other things that we have to pay closer attention to here. Overall, though, what we have to look out for is nothing too serious, for Puprime is a very average broker, and we mean that in the best possible way. Read the review to find out what we mean.
We were able to register, and get a hold of the MT4. The user area is very decent looking, and it seems to encompass all the necessary tools for a user to trade and manage her account efficiently.
Once we opened the MT4 with a demo server, we were given the following trading conditions. The leverage was maxed out at 1:500, which is the most common offshore leverage value out there. The EUR/USD cost of trade was 1.8 pips, which is, again one of the most common spreads in the industry. Financial instruments for trading included forex pairs, indices, commodities, shares, and cryptocurrencies. Overall, very decent trading conditions.
The website comes in English, Japanese, Korean, German, Spanish, Russian, Malay, Hindi, Chinese, Portuguese, Italian, Indonesia, French, Arabic, and Vietnamese.
PUPRIME REGULATION AND SAFETY OF FUNDS
The broker is regulated by the Seychelles Financial Service Authority, an offshore license issuer. We checked with its database of permitted entities and Puprime was there. So there is no doubt about the firm being regulated by it.
The Seychelles Financial Service Authority is in fact an FX regulator, and has the rights to issue out licenses to brokers based in the country. However, brokers must meet a number of requirements should they wish to be regulated by the agency. The one that seems most important is that all potential broker candidates must be incorporated domestically with 2 shareholders and 2 directors. Furthermore, the firm has to be in possession of a minimum capital of $50 000.
One major drawback is that the watchdog does not keep users’ money in segregated bank accounts, unlike most major FX regulators in the US and UK.
Please bear in mind that the Seychelles Financial Service Authority, even if a regulator by definition, does not filter out some suspicious entities, for the financial authority is, after all, an offshore broker licensor.
PUPRIME TRADING SOFTWARE
The superb MT4 comes in both desktop and browser form. This is a fantastic addition to the broker’s services.
MT4 is the only platform in the industry that has the power to set standard in the business. Its portfolio is incredibly diverse with hundreds of trading options and opportunities. Here are just a few of the features that users are free to use: automated trading, analysis tools, technical indicators, Expert Advisors, pending orders, and more. Note that EAs are not available with the web based MT4.
The Prime Account has a commission structure applied to it. The $7 commission should be round turn, which would increase any spread with an additional 0.7 pips. If the commission were per side, the the cost of trade increases with 1.4 pips.
PUPRIME DEPOSIT/WITHDRAW METHODS AND FEES
We had no way of accessing the payment areas in the client dashbaord, because we had not opened a live account. So, all payment info is taken from the website.
However, we could not locate the minimum deposit value anywhere on the website. The gateway used for funding an account are credit card, debit card, China Union Pay, Skrill, Neteller, and wire transfer.
Base currencies for all accounts are USD, GBP, CAD, AUD, EUR, SGD, NZD, HKD, and JPY.
Withdrawals, on the other hand, are done via the same ways as deposits, however there are processing times. Debit and credit card requests take some 2 days, China Union Pay, Skrill, and Neteller take 1 day, and bank transfers take 3 days to process.
There are fees and charges that should be found on the website, however we found no sight of these commissions anywhere on the website. This is the first time we find something suspicious, and we urge users to be careful when withdrawing. We assume that the withdrawal section for registered clients will hold some information on this.
The broker has the right to increase this commission on withdrawals with up to 5%. Keep this in mind when withdrawing.
Prior to withdrawing a bonus, all users must complete the following trading requirement with the bonus: bonus times 13%, of what we think is the amount of the bonus. The clause is rather ambiguous. However, we do not advocate broker bonuses, and never have, for they are quite the risky venture.
The client is feed $10 if she is not active in her account for more than 90 days. This is the common dormancy account fee.
Aside from the questionable fees, there is nothing wrong about Puprime. We say, go for it. However, we do recommend you deposit only the minimum amount first, and see where this will get you.