Note: For some unknown reason, we cannot open MultibankFXs official site (https://www.multibankfx.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.

General Information & Regulation

MultibankFX, a trading name of MEX Group Worldwide Limited, is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with over 1,000+ tradable financial instruments with leverage capped at 1:500 and variable spreads from 0.0 pips on the leading MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of three different live account types.

As for regulation, it has been verified that MultibankFX has four different licenses, but they are all suspicious clone, that is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and it receives a relatively low score of 1.42/10. Please be aware of the risk.

Field Survey

The investigators went to London, UK, to visit the foreign exchange dealer MultibankFX as planned. However, they did not find the dealers office at the publicly displayed address. The dealer may just borrow the address to register the company without a real business place. Investors are advised to choose the dealer carefully.

Market Instruments

MultibankFX advertises that it offers access to more than 1,000 trading instruments in financial markets, including forex pairs and CFDs on indices, commodities, precious metals and shares.

Account Types

MultibankFX claims to offer three types of trading accounts, namely Maximus, MultiBank Pro and ECN Pro. The minimum initial deposit amount is $50 for the Maximus account, while the other two account types have much higher minimum initial capital requirements of $1,000 and $5,000 respectively.

Leverage

The leverage offered by MultibankFX is capped at 1:500, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

MultibankFX claims that different account types can enjoy quite different spreads. Specifically, the spread on the Maximus account starts from 1.4 pips, the MultiBank Pro account has spread from 0.8 pips, while only the ECN Pro account holders can enjoy raw spreads from 0.0 pips. These spreads are all below the industry average of 1.5 pips.

Trading Platform Available

Platforms available for trading at MultibankFX are said to be the industry-standard MetaTrader4 and MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

MultibankFX says to accept payments with credit cards like Visa and MasterCard, bank wire, Neteller and Skrill. The minimum initial deposit requirement is said to be only $50.

Bonuses & Fees

MultibankFX claims to offer all kinds of bonuses, covering the 100% bonus, the 20% bonus, Imperial bonus and Refer a Friend bonus. Just take the 20% bonus as an example: the minimum deposit required for it is $1,000. Clients who wish to withdraw $200 of their bonus must trade 80 lots for every $200 they wish to withdraw. Additionally, clients must complete the trading requirements within 90 days of receiving the bonus. Clients who fail to meet the deadline will only receive a percentage of the bonus.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.

Also, the broker also charges an inactivity fee. If a trading account stays inactive for 3 months, a monthly fee of $60 will be charged. However, other licensed brokers give a grace period of 6 months or even 1 year.

Customer Support

MultibankFX‘s customer support can be reached by telephone: +44 203 953 8381 (English), +62 02129264151 (Indonesian), +351 304 500 657 (Portuguese), +400 120 8619 (Chinese), +49 69 257377474 (German), +1 833 291 1788 (French), +7 499 609 46 73 (Russian), +34 931 220 671 (Spanish), +84 28 44581652 (Vietnamese), email: cs@multibankfx.com, cncs@multibankfx.com, cs.mys@multibankfx.com. You can also follow this broker on social media platforms such as Twitter, Facebook, Instagram, YouTube and LinkedIn. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.

Risk Warning

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Let's start here:

Doo Prime is a regulated broker offering 10,000+ popular trading products with spreads starting at 0.1 pips. The platform provides access to MT4, MT5, Doo Prime InTrade, TradingView, and copy trading. While it appears promising, let's dive deeper to assess if it truly meets its claims of providing an exceptional trading environment.

What is Doo Prime?

Doo Prime is a wholly-owned subsidiary of Doo Prime Holding Group, founded in 2014, headquartered in London, UK, with operations offices in Hong Kong, Taipei, Dallas, Kuala Lumpur, and Singapore.

Doo Prime offers a diverse selection of tradable assets, including forex, contracts for difference (CFDs), indices, and cryptocurrencies. Doo Prime offers different account types to suit individual preferences. Traders can commence their trading journey with a minimum deposit of $100.

In terms of leverage, Doo Prime offers flexibility with leverage options of up to 1:1000. The widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms provide an extensive range of analytical tools, indicators, and expert advisors for comprehensive market analysis and automated trading.

Is Doo Prime Legit?

Yes, Doo Prime is legally operating in different jurisditions, as it is subject to regulatory oversight from multiple regulatory authorities, FSA (Financial Services Authority) in Seychelles, FINRA (Financial Industry RegulatoryAuthority), LFSA (Labuan Financial Services Authority), VFSC (Vanuatu Financial Services Commission), and ASIC (Australia Securities & Investment Commission).

Regulated Country	Regulated Authority	Regulated Entity	License Type	License Number
	FSA	Doo Prime Vanuatu Limited	Retail Forex License	SD090
	FINRA	PETER ELISH INVESTMENTS SECURITIES	Financial Service	24409 / SEC: 8-41551
	LFSA	Doo Financial Labuan Limited	Straight Through Processing (STP)	MB/23/0108
	VFSC	Doo Prime Vanuatu Limited	Retail Forex License	700238
	ASIC	DOO FINANCIAL AUSTRALIA LIMITED	Investment Advisory License	222650

Doo Prime Seychelles Limited, its entity in Seychelles, is authorized and regulated by the Seychelles Financial Services Authority (FSA) under regulatory license number SD090, holding a license for Retail Forex operation.

PETER ELISH INVESTMENTS SECURITIES, its entity in the United States, is authorized and regulated by the Financial Industry Regulatory Authority (FINRA) under regulatory license number 24409 / SEC: 8-41551, holding a license for Financial Service.

Doo Financial Labuan Limited, its entity in Malaysia, is authorized and regulated by the Labuan Financial Services Authority (LFSA) under regulatory license number MB/23/0108, holding a license for Straight Through Processing (STP).

Doo Prime Vanuatu Limited, its entity in Vanuatu, is authorized and regulated by the Vanuatu Financial Services Commission (VFSC) under regulatory license number 70038, holding a license for retail forex operation as well.

DOO FINANCIAL AUSTRALIA LIMITED, its Australian entity, is authorized and regulated by the Australia Securities & Investment Commission (ASIC) under regulatory license number 222650, holidng a license for Investment Advisory Lincense.

Pros & Cons

Doo Prime offers over 10,000 popular tradable assets, and multiple trading platforms, providing flexibility and choice for traders. Furthermore, the availability of social trading features is proovided. However, traders should be mindful of the commission charged per trade and the limitations in terms of educational resources and account customization. Additionally, Doo Prime's promotional offerings may be limited.

Market Instruments

Trading Assets	Available
Securities
Futures
Forex
Precious Metals
Commodities
Stock Indices

Doo Prime offers a comprehensive range of market instruments to cater to the diverse trading needs of its clients. These instruments encompass a variety of asset classes, including securities, futures, forex, precious metals, commodities, and stock indices.

Doo Prime Minimum Deposit

To open a most basic account, that is Cent Account, $100 is required, same as its standard account requirement. However, $100 to open a cent account is a little bit sticky, compared to HTFX's $5 to open a cent account. Well, $100 to open a standard account is acceptable.

Here is a table to show Doo Prime's minimum deposit with other brokers:

Broker	Minimum Deposit
	$100
	$200
	$100
	$1

Account Types

Doo Prime offers three types of live trading accounts tailored for different trading needs:

Account Type	CENT	STP	ECN
Account Currency	USD
Minimum Deposit	$100	$100	$5,000
Spreads	High	Medium	Low
Free Demo
Expert Advisor
Hedging Positions
Order Execution	Market Execution

The Cent account is designed for those who are starting their trading journey or prefer to trade with smaller volumes. With a minimum deposit of $100, the Cent account provides accessibility to the markets without the availability of a demo account. Traders can gradually build their trading skills and experience while managing lower trade sizes.

For traders looking for a Standard account, Doo Prime offers an option with a minimum deposit of $100. This account type allows traders to access a wider range of trading opportunities. The Standard account also provides the advantage of a demo account, enabling traders to practice their strategies and familiarize themselves with the platform before engaging in live trading. This feature helps traders gain confidence and refine their trading approach.

Doo Prime also offers an ECN account, specifically designed for more experienced traders seeking direct market access and enhanced trading conditions. With a higher minimum deposit requirement of $5000, the ECN account provides access to deep liquidity and tight spreads. Similar to the Standard account, the ECN account also includes a demo account option, allowing traders to test and fine-tune their trading strategies in a risk-free environment.

Doo Prime Demo Account

Notably, Doo Prime restricts demo accounts to Standard and ECN account holders. Additionally, if clients don't log in to their demo accounts for over 60 days, those accounts become inactive.

Here are some easy steps for you to open a demo account:

Step 1:Visit Doo Prime – Official Website and click “Demo Account”on the top right corner.

Step 2: Account Registration: Simply enter your phone number and email on the registration interface, choose verification via email or phone, click “Send Verification Code,” set your password upon successful verification, and then agree to the terms before clicking “Submit Registration.”

Step 3: Add a demo account: In the Doo Prime User Center, go to the homepage and choose “Add Account” below the demo account section.

Step 4: Customize your demo account: You can add an account by selecting the “Creation method,” “Trading Platform,” “Basic Account Type,” “Account Currency,” “Leverage,” and specifying the “Deposit Amount.” Then, set your “Trading Password” and “Read-only Password” to complete the process.

Step 5: Demo account is sucessfully opened: Once registration is complete, users can access their personal mailbox to retrieve their demo account login details, which include the chosen “Trading Platform,” “Demo Account,” and “Server Name.”

To add your demo account funds, follow just two steps:

Step1: Within the Doo Prime User Center's Demo Account screen, simply click the gear icon located in the upper right corner.

Step 2: Input the desired deposit amount into the “Deposit” field, then confirm by clicking “Yes.”

Then, the added amount will be displayed in the demo account.

Leverage

Leverage, in the context of trading, refers to the ability to control a larger position in the market with a smaller amount of capital. Doo Prime offers leverage of up to 1:1000. This means that for every dollar of trading capital, traders can control a position up to 1000 times larger.

Leverage is a double-edged sword, whch means it has the potential to magnify both profits and losses. When used wisely, leverage can amplify trading gains and allow traders to capitalize on market opportunities with a smaller investment.

Spreads & Commissions

Doo Prime offers spreads starting from 1 pip with a commission of USD 10 per trade. Spreads represent the difference between the bid and ask price of a financial instrument, indicating the cost that traders incur when entering a trade. With spreads starting from 1 pip, Doo Prime provides a competitive pricing structure that may appeal to traders seeking cost-effective trading opportunities.

In addition to spreads, Doo Prime applies a commission of USD 10 per trade. The commission is a fixed fee charged on each trade executed by the trader. This transparent commission structure ensures clarity regarding the cost of trading, allowing traders to accurately assess the expenses associated with their transactions.

Trading Platforms

As for the trading platform, Doo Prime provides its clients with many options. There are public platforms such as tradingview, MT5 and MT4 that have served many clients worldwide, also Doo Prime's own platform Doo Prime InTrade. If you didn't want to spend time familiarizing yourself with a new platform, you could choose public platforms. But Doo Prime's own platform provides better compatibility with businesses, as they are specially developed and customized platforms. The choice is yours.

MetaTrader 5 (MT5): Doo Prime also supports the advanced MetaTrader 5 platform, which builds upon the features of MT4 and offers expanded functionalities. MT5 includes additional asset classes, improved charting tools, and enhanced order execution capabilities. Traders can access a more extensive range of analytical tools, utilize depth-of-market (DOM) functionality for more precise order placement, and benefit from advanced built-in indicators and graphical objects for comprehensive market analysis.

Doo Prime Intrade: Doo Prime introduces its proprietary trading platform, Doo Prime Intrade, designed specifically for its clients. This platform combines advanced charting features, intuitive navigation, and swift order execution. Traders can enjoy a seamless trading experience with access to real-time market data, customizable charting tools, and the ability to execute trades swiftly and efficiently.

TradingView: Doo Prime integrates with TradingView, a popular and powerful charting and social trading platform. TradingView offers an extensive range of technical analysis tools, customizable charting features, and the ability to follow and interact with other traders in the TradingView community.

Social Trading

Social trading, a feature provided by Doo Prime, revolutionizes the way traders engage in the financial markets by combining the power of technology and social interaction. In social trading, traders have the opportunity to observe and replicate the trading activities of experienced and successful traders.

Deposit & Withdrawal

Doo Prime offers multiple payment methods. The available payment channels, their supported payment currencies, deposit limits, and processing times are as follows:

• Local bank transfers, allowing traders to deposit funds from their local bank accounts directly into their Doo Prime trading account. For traders using pay4broker CNY, deposits ranging from 1000 to 6800 CNY can be made within a 30-minute processing time. Another option is OTCP4B CNY, which allows for larger deposits. Traders can deposit between 15000 and 200000 CNY with a processing time of approximately 30 minutes. Additionally, OTCP4B CNY offers a range of deposit amounts from 450 to 6800 CNY, with a processing time of 5 to 30 minutes.
• epay: Supports USD, HKD, GBP, EUR, AUD, THB, and AED as payment currencies. Deposits can be made within the range of $100 to $99,999, and the processing time is instant.
• Skrill: Accepts multiple payment currencies, including USD, HKD, GBP, EUR, CHF, AUD, CAD, AED, PLN, NZD, ZAR, SEK, DKK, TWD, KRW, SGD, NOK, and INR. Deposits can be made between $100 and $6,000, with instant processing.
• Fasapay: Supports USD and IDR as payment currencies. Deposits can be made within the range of $100 to $25,000, and the processing time is instant.
• HWGC: Accepts TWD as the payment currency. Deposits can be made within the range of $100 to $710,000, and the processing time is approximately 45 minutes.
• VISA, MASTERARD, APPLE PAY, GOOGLE PAY: Multiple payment currencies are supported, such as AED, AUD, BND, CAD, ZAR, VND, USD, TWD, THB, SEK, PLN, NZD, NOK, LAK, MMK, KHR, INR, HKD, GBP, EUR, DKK, CHF, and KRW. Deposits can be made between $100 and $6,500, with instant processing.
• VISA, MASTERARD, APPLE PAY, GOOGLE PAY, AMERICAN EXPRESS: Accepts KRW and THB as payment currencies. Deposits can be made within the range of $100 to $400, and the processing time is instant.
• Wire Transfer: Supports EUR, GBP, and USD as payment currencies. Deposits can be made within the range of $7,000 to $500,000, with a processing time of 2 to 5 working days.

Withdrawal

Doo Prime recommends a minimum withdrawal amount of USD 50, and it offers various withdrawal methods to accommodate the needs of its clients. For international wire transfers, withdrawals can be made in multiple currencies, including EUR, GBP, HKD, and USD. The processing time for international wire transfers is relatively quick, with funds typically being processed within one working day for withdrawal amounts up to USD 50,000. For withdrawal amounts ranging from USD 50,001 to 200,000, the processing time extends to two working days. Withdrawals of USD 200,001 to 1,000,000 require approximately five working days for processing, while withdrawals above USD 1,000,001 may take around six working days to complete.

For local bank transfers in CNY (Chinese Yuan) and VND (Vietnamese Dong), Doo Prime provides a good option for clients based in those respective regions. The processing time for local bank transfers may vary depending on the specific local banking systems. It is advisable to check with Doo Prime for the estimated processing time for local bank transfers in CNY and VND.

Educational Resources

Doo Prime offers access to renowned market analysis provider Trading Central, providing traders with research, technical analysis, and trading ideas across various financial markets.

Additionally, Doo Prime provides Virtual Private Server (VPS) services, which offer traders enhanced trading performance and uninterrupted connectivity.

User Exposure on WikiFX

On WikiFX website, you can see that some users have reported scams. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Customer Support

Below are the details about the customer service.

Languages: English, Chinese, Japanese, Korean, Spanish, Thai, Vietnamese.

Service Hours: 24/7

Contact Form

Email: en.support@dooprime.com

Phone: +44 11 3733 5199

Social media: Facebook, Instagram, LinkedIn, twitter

Conclusion

To wrap up, Doo Prime is a well-established brokerage firm with certain pros and downsides. Positively, reputable authorities' oversight of Doo Prime inspires confidence in its financial standards and investor protection.

However, even though Doo Prime has competitive spreads, traders should compare them to other brokers to get the best pricing. Without a Cent account demo account, new traders may have fewer chances to practise and learn the platform.

FAQs

Is Doo Prime legit?

Yes, Doo Prime is regulated by FSA (Offshore), FINRA, LFSA, VFSC (Offshore), and ASIC.

What is the minimum deposit required to open an account with Doo Prime?

The minimum deposit required to open an account with Doo Prime is $100.

What is the maximum leverage available at Doo Prime?

The maximum leverage offered by this broker is up to 1:1000.

What are the available trading platforms at Doo Prime?

MetaTrader 4 (MT4), MetaTrader 5 (MT5), Doo Prime Intrade, and TradingView.

What assets can be traded on Doo Prime?

Forex currency pairs, contracts for difference (CFDs) on various financial instruments, indices, and cryptocurrencies.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors.