MC Prime, a Southeast Asia-based subsidiary of Magic Compass Group, has established itself as a player in the online Contract for Difference (CFD) market under CySEC regulation. Traders can access four types of products through the MT5 platform and its web interface.
Pros and Cons
Is MC Prime Legit?
MC Prime is under regulation of the Cyprus Securities and Exchange Commission (CySEC), holding the license type: Straight Through Processing (STP) and license number: 396/21. The license institution belongs to RED MARS Capital LTD.
What Can I Trade on MC Prime?
On MC Prime, you have access to several asset classes:
- Commodities: Trade popular commodities such as Gold, Silver, and Energies.
- Indices: Access a variety of global stock indices, including major ones like the U.S. Tech 100 Index and the S&P 500.
- Cryptocurrencies: Engage in cryptocurrency trading with options including Bitcoin, Ethereum, Litecoin, and others.
- Forex: Participate in the global forex market with access to popular currency pairs.
Account Type
MC Prime offers Standard, Basic, RAW and US Cent accounts. Accept the RAW account, the other accounts all require the minimum deposits of $50, which is acceptable and rather lower. Standard Accounts and RAW Accounts are calculated in US dollars. Cent Accounts are calculated in US cents. Standard Accounts offer adjustable leverage up to 1000x. RAW Accounts and Cent Accounts only offer 200x leverage. (Cryptocurrencies only offer 50x leverage).
Besides, it provides demo account tofamiliarize yourself with their trading platform and conditions without the risk of losing real money.
Besides, the procedures to open an account of MC Prime is simple. Entering email or phone and password can finish the process.
MC Prime Fees
- Spread: The spread varies based on the account type. For most accounts, the spread starts from 0.2 pips, while the RAW Account offers spreads from 0.0 pips.
- Commission: There are no commissions for the Standard, Basic, and US Cent Accounts. The RAW Account incurs a commission of $3.5 per lot.
- Overnight Fee: An overnight fee is charged for positions held overnight, and there is a 0.08% fee for opening positions in digital currencies.
Trading Platform
MC Prime offers MT5 trading platform and MC Prime web trading. MT5 supports multi-market trading, automated trading and more. Besides, through MC Prime web, users can confidently trade popular products such as BTC/USDT. It also encrypts all information and data on the platform to ensure security.
Deposit and Withdrawal
MC Prime accepts bank transfer STICPAY, Transafe, NETELLER and Skrill to make a deposit and withdrawal.
- Fireblocks or Bank Card: Deposits made through Fireblocks or Bank cards can be credited instantaneously or within 30 minutes.
- KYC Verification: Deposits are accepted after completing KYC (Know Your Customer) verification. Available payment methods include Fireblocks, Bank cards, and local payment options.
- Additional Payment Methods: MC Prime also supports deposits via STICPAY, Transafe, NETELLER, and Skrill.
- Fees: For withdrawals under $50, a fee of $3 is charged. If the users trading volume is less than 50% of the deposit amount, a 10% fee of the withdrawal amount is applied.
- Fireblocks Processing: Withdrawals via Fireblocks are processed and credited within 1 business day.
Customer Service
MC Prime supports 24/7 multilingual customer service via online messaging and email. Through social media, you also can learn about and contact them.
The Bottom Line
MC Prime is the leading provider of forex CFDs in Mauritius regulated by CySEC. It offers four types of accounts with the acceptable minimum deposits. It also offers MT5 and web terminal for their traders. In a word, it is especially suitable for beginners due to a rather safe environment and an easy trade process.
FAQs
Is it safe to trade with MC Prime?
Yes. It is regulated well and offers regular trading environment for their traders.
How long does KYC verification take?
KYC verification time is 1 working day.
What security measures does MC Prime have in place to protect my funds and personal information?
MC Prime holds client funds in segregated client trust accounts at tier-one banks.
At MC Prime, are there any regional restrictions for traders?
Yes. It does not provides services for the residents of United States of America, Canada, Israel and the Islamic Republic of Iran.
