Doo Prime Review ☑️South Africa Edition (Updated 2024)

 

Doo Prime advertises no hidden fees and fast direct execution across trades. Doo Prime offers three retail trading accounts catered to different South Africans, and they can expect spreads from 0.0 pips and competitive commissions.

 

🛡️Regulated and trusted by the FSA, FSC, and VFSC.
🛡️1052 New Traders chose this broker in the last 90 days.
🛡️Available for South African Traders 🇿🇦

 

 

At a Glance

🔎 Broker	🥇Doo Prime
Company Information
📅Year Founded	2016
🧑🏻‍💻Amount of staff	136+
👩‍💻Amount of active traders	Over 400,000
🌐Publicly Traded (Listed Company)	No
Regulation and Security
🛡️Regulation	FSA, FSC, ASIC, FCA
🌎Country of regulation	Seychelles, Mauritius, Vanuatu
💻Account Segregation	Yes
🪫Negative balance protection	Yes
🔋Investor Protection Schemes	Yes
Account Types and Features
➕Accounts	Standard, VIP, Swap-Free
💳Institutional Accounts	Yes
👨‍💼Managed Accounts	Not available
📇Minor account currencies	EUR/USD, GBP/USD
💰Minimum Deposit	$0
Trading Conditions
🕞Average deposit/withdrawal processing time	Typically within 24 hours
🪙Fund Withdrawal Fee	No Fees
📊Spreads from	0.1 pips (variable)
💸Commissions	0% commission fees at all times
💱Number of base currencies supported	22+
🚀Swap Fees	Applicable for non-swap-free accounts
📈Leverage	Up to 1:500
📏Margin requirements	$2000
☪️Islamic account (swap-free)	Yes
💻Demo Account	Yes
⌛Order Execution Time	Typically fast execution
📆VPS Hosting	Yes
Trading Instruments
🧾CFDs-Total Offered	Over 300
🗠CFD Stock Indices	Yes
⚖️CFD Commodities	Yes
📜CFD Shares	Yes
Deposits and Withdrawals
💳Deposit Options	Credit/debit cards, wire transfer, e-wallets (Neteller, Skrill)
💵Withdrawal Options	Credit/debit cards, wire transfer, e-wallets (Neteller, Skrill)
Trading Platforms and Tools
💻Trading Platforms	MT4, MT5
👩‍💻OS Compatibility	Windows, Mac, Android, iOS
🖥️Forex trading tools	Technical analysis tools, charting packages, economic calendar
Customer Support
🗣️Live chat availability	Yes
📱Customer Support email address	en.sales@dooprime.com
📞Customer Support Contact Number	+60 3 2782 7788
👾Social media Platforms	Facebook, Twitter, LinkedIn
🗣️Languages supported on Website	English, Chinese, Indonesian, Vietnamese, Thai
Educational Resources and Support
🖺Forex course	No
🧏‍♀️Webinars	Occasional webinars
📚Educational Resources	Articles, market analysis
Partnerships and Programs
🪪Affiliate program?	Yes
👨‍🏫Amount of partners	37 000+
📋IB Program	Yes
📌Sponsorships	Yes
🪙Rebate program	Yes
👉Open Account	Open Account

 

Doo Prime Review – Analysis of Brokers’ Main Features

1. ☑️Spider Chart
2. ☑️Overview
3. ☑️Regulation and Safety of Funds
4. ☑️Doo Prime Account Types and Features
5. ☑️Doo Prime Account Registration
6. ☑️Doo Prime Trading Platforms
7. ☑️Range of Markets
8. ☑️Fees and Spreads
9. ☑️Doo Prime Deposit and Withdrawals
10. ☑️Education and Research
11. ☑️Broker Comparison
12. ☑️Doo Prime Bonuses and Promotions
13. ☑️Doo Prime Affiliate Program
14. ☑️Awards and Recognition
15. ☑️Customer Support
16. ☑️Current Partnerships
17. ☑️Social Responsibility
18. ☑️Customer Reviews
19. ☑️Pros and Cons
20. ☑️Our Findings
21. ☑️Conclusion
22. ☑️Frequently Asked Questions
23. ☑️References

 

Doo Prime Spider Chart

 

 

Criteria

• Regulatory Standing: 4/5
• Financial Stability: 4/5
• Trading Platform Quality: 4/5
• Customer Support: 3.5/5
• Educational Resources: 3/5
• Trading Conditions: 4/5
• Withdrawal Speed: 3/5

 

Overview

 

 

Our assessment of Doo Prime reveals an emphasis on practical services tailored for diverse traders, including those in South Africa. While established in 2014, their focus on accessibility and localised services sets them apart for South African traders.

Doo Prime prioritises convenient financial transactions. South African traders often face challenges with international finance, but Doo Prime’s local options, including AO Pay for transactions in ZAR, address this.

 

This can reduce currency conversion and international fees, streamlining trading for both new and seasoned traders.

The broker’s 24/7 English customer support is vital in South Africa. With English used extensively in business, this round-the-clock service provides real-time support for South African traders, invaluable in volatile markets or time-sensitive trades.

 

Doo Prime complements South Africa’s economic landscape. In Africa’s most industrialised economy, traders often diversify portfolios to hedge against local volatility.

Doo Prime’s 10,000+ instruments, including Forex, indices, commodities, and ETFs, enable adequate diversification and risk management. This broad range appeals to traders navigating challenges like income inequality, allowing them to access global markets and manage local economic risks.

 

We aim to delve deeper than surface-level insights, exploring how Doo Prime’s local payment methods, dedicated support, and extensive instruments specifically meet South African traders’ needs.

We’ll examine how these features align with local expectations and assess their implications for traders considering Doo Prime.

 

What is Doo Prime’s history in the broker industry?

Doo Prime (Global) was established in 2014. The broker has developed quickly, increasing its products and platform reach globally. Doo Prime has built a reputation for innovation and customer-centric trading solutions.

 

How transparent are Doo Prime’s operations?

Doo Prime is devoted to openness, and its website contains complete information regarding its trading conditions, fee structures, and regulatory monitoring. This dedication is further supported by the NDD model, which minimises conflicts of interest.

 

Regulation and Safety of Funds

 

 

Regulation and the safety of client funds are some of the first critical considerations when you choose a broker, especially for traders in South Africa’s dynamic economic landscape.

As South Africa boasts the most industrialised economy in Africa, its traders are often susceptible to the risks involved when dealing with unregulated or loosely overseen brokers.

 

Our analysis of Doo Prime focuses on how their regulatory setup and fund protection measures affect South African traders, given that the broker isn’t directly regulated by the Financial Services Conduct Authority (FSCA), South Africa’s primary financial markets watchdog.

Doo Prime is not regulated by South Africa’s Financial Services Conduct Authority (FSCA). This means local traders wouldn’t have the same level of recourse and domestic consumer protection usually provided under the FSCA’s regulatory framework.

 

Instead, Doo Prime operates under a patchwork of global regulations spanning different jurisdictions, each with its degree of oversight and standards. Doo Prime’s global regulations are listed in the table below.

This regulatory structure presents potential benefits and drawbacks for South African traders. The upside is that less stringent regulations offer more flexible trading conditions, including higher leverage and lower barriers to entry.

 

However, traders are more likely to conduct their own due diligence and thoroughly understand the scope and dependability of these regulatory safeguards.

For instance, while South Africans can access diverse global markets through Doo Prime, they must also be mindful that any disputes or issues might need to be resolved under foreign jurisdictions.

 

Doo Prime Global Regulations

 

Does Doo Prime provide traders with any insurance?

No. However, although Doo Prime isn’t a member of a compensation fund, it provides Professional Indemnity Insurance (PII) to address operational risks. This insurance provides an extra layer of security for consumers.

 

How do tiered rules affect Doo Prime’s global operations?

Tiered rules let Doo Prime operate under different regulatory bodies, meeting the demands of different traders and providing flexible degrees of scrutiny.

 

Doo Prime Account Types and Features

 

 

Doo Prime offers account types tailored to different trading styles and preferences. Traders can select from CENT, STP, ECN, Swap-Free, and Demo accounts.

Each account type has its own unique features, trading conditions, and level of flexibility. This diverse selection accommodates various trading strategies, making Doo Prime suitable for both novice and experienced traders in South Africa.

 

Here’s a comprehensive side-by-side of the accounts that Doo Prime offers South Africans:

 

 

CENT Account

 

• Platform Availability: Available on MetaTrader 4 (MT4), MetaTrader 5 (MT5), Doo Prime InTrade, and TradingView.
• Trading Instruments: Includes Forex, precious metals, and commodities.
• Minimum Deposit: Starts from 0 USD, providing easy access to live trading.
• Spreads: Spreads start from 1 pip, which is competitive in the market.
• Maximum Opening Positions: Up to 1500 orders, offering flexibility for different trading strategies.
• Additional Features: Hedging, Expert Advisors (EAs), and a stop-out level of 30%, which are essential for managing risk in volatile markets.

 

The CENT account is a great starting point for most traders because it lets them minimise their financial risk.

This account type uses US Cents as its base currency, which we believe is ideal for beginners and those transitioning from a demo account to live trading.

The CENT account allows trading in micro-lots (0.01 lots), which is advantageous for South African traders who prefer smaller initial investments due to exchange rate fluctuations between the South African Rand (ZAR) and the US Dollar (USD).

 

STP Account

 

• Platform Availability: Available on MT4, MT5, Doo Prime InTrade, and TradingView.
• Trading Instruments: Covers securities, futures, Forex, metals, commodities, and indices.
• The Minimum Deposit is 1 USD, making it accessible to a broad audience, including those who want to start with less capital.
• Order Execution: Market execution with no dealing desk intervention.
• Spreads and Fees: Spreads from 1 pip with no transaction fees, providing cost-effective trading conditions.
• Additional Features: Includes hedging, EAs, and supports stop-limit orders at 50 points.

 

The Straight Through Processing (STP) account provides direct market access without dealing desk intervention. This account type supports securities, futures, currency pairs, metals, commodities, and stock indices.

The STP account’s direct access to liquidity providers can benefit South African traders by enabling more transparent and faster trade executions to navigate the South African market.

 

ECN Account

 

• Platform Availability: Compatible with MT4, MT5, Doo Prime InTrade, and TradingView.
• Trading Instruments: This account is similar to the STP account and offers securities, futures, Forex, metals, commodities, and indices.
• Minimum Deposit: 100 USD, which is relatively moderate and accessible.
• Spreads and Fees: Spreads starting from 0.0 pips but with applicable transaction fees.
• Additional Features: High leverage options, hedging, EAs, and a high maximum lot size for significant market exposure.

 

The Electronic Communication Network (ECN) account prioritises ultra-tight spreads and high-frequency trading. This account type provides direct access to the interbank market, generally ensuring the tightest spreads starting from 0.0 pips, although it comes with transaction fees.

The ECN account’s structure is likely for South African traders focusing on scalping or high-volume trading strategies.

 

Swap Free Accounts

 

• Account Availability: Available on CENT, STP, and ECN accounts.
• No Overnight Interest: Completely free from overnight interest charges, providing a compliant trading environment for Muslim traders.
• Flexible Trading Options: Traders can benefit from low spreads starting as low as 0.1 pips and access over 10,000 trading instruments without incurring additional swap fees.

 

Because 1.5% of South Africa’s population identifies as Muslim, Doo Prime’s provision of an Islamic Account will benefit many traders in South Africa.

The Swap-Free account ensures that their trading activities align with their religious beliefs without sacrificing the competitive features available to other account types.

 

Demo Account

 

• Platform Availability: MT4 and MT5 are available for STP and ECN account types.
• Leverage: Up to 1:1000, which helps in replicating high-leverage trading scenarios.
• Duration: The account remains active if the user logs in within a 60-day window; otherwise, it becomes inactive.
• Setup: Simple setup process involving registration, selecting leverage and base currency, and defining initial virtual balance.

 

The Demo Account serves as a bridge for South Africans to transition from theoretical knowledge to practical application. With the country’s educational reforms and the increase in tertiary education enrollment, a Demo Account is a valuable tool for new traders.

 

 

Doo Prime Account Registration

Opening an account with Doo Prime is designed to be user-friendly, ensuring traders can get started without unnecessary hassles.

For traders based in South Africa, understanding the details of this process, from choosing the right account type to verifying their identity, can make their onboarding experience with Doo Prime seamless.

 

 

Account Registration Process

To begin with Doo Prime, you’ll need to complete an online form, select your trading platform, and decide on the type of account that best suits your goals. South Africans should consider factors like platform usability and the range of available tools before making these decisions.

 

Steps to Register:

• Go to the Doo Prime website and find the “Register” button.
• Enter your contact information and create a strong password.
• Check your email for a verification code and enter it to complete registration.
• The website supports English, which should help make the process smoother for many South Africans.

 

Opening a Live Account

Once registered, you can open a live account. You must choose an account type (CENT, STP, ECN, or Swap-Free) and a leverage ratio. Traders should consider how currency conversions (e.g., ZAR to USD) can impact account funding.

 

Steps to Open a Live Account:

• Access the Client Portal Dashboard and click on “Live Accounts.”
• Select the account type that fits your trading style.
• Choose your preferred leverage ratio.
• Confirm your choices to finalise the setup.

 

Account Approval and Changes

Doo Prime reserves the right to approve or decline account applications, which is a standard practice among brokers. In the event of a declined application, South African traders can provide additional documentation or clarification.

 

Identity Verification and Compliance

To comply with regulations, all traders need to verify their identity. To do this, you must upload documents like a passport or ID. South Africans should ensure these documents are clear and meet the requirements to prevent delays.

 

How to Verify Your Profile:

• Go to your profile in the Client Portal and find the “Upload File” option.
• In the “Identity Verification” section, choose the document type and country of issue (select South Africa).
• Upload high-quality images of your documents (both front and back), making sure they follow the file size and format guidelines.
• Complete any remaining information in your profile.
• This verification step is crucial for compliance and maintaining a secure trading environment.

 

Base Currency and Currency Conversion

During setup, traders select a base currency for their account. South Africans should be aware that ZAR is not currently offered.

Any ZAR deposits will be converted to the chosen base currency (like USD), and withdrawals will be converted back to ZAR. When planning your transactions, it’s a good idea to factor in potential conversion fees.

 

Critical Points for South Africans:

• Deposits and withdrawals will be processed in the selected base currency, not ZAR.
• Paying attention to exchange rates can help manage costs when dealing with currency conversions.

 

Deleting a Doo Prime Account

Should you wish to close your account, you can send an email request to the support team. The email should include your details, ID number, and the reason for cancellation. This provides a structured way to handle account closures efficiently and securely.

 

Does Doo Prime provide Islamic accounts?

Yes, Doo Prime offers swap-free Islamic accounts for the CENT, STP, and ECN account types. These accounts follow Islamic financial principles by eliminating overnight interest charges.

 

How do I change my account type on Doo Prime?

To change your account type, use the Client Portal to contact Doo Prime’s customer support team. They’ll walk you through the procedure based on your requirements.

 

Doo Prime Trading Platforms

 

 

South Africa’s economy is rapidly evolving, and with a growing interest in digital finance, access to global markets has become more important than ever. Trading platforms serve as gateways, and Doo Prime offers a couple of options that could be of interest to South African traders.

Let’s take a closer look, considering the unique context of South Africa’s market.

 

Doo Prime InTrade

InTrade is Doo Prime’s trading platform, built with customisation and user-friendliness in mind. For South African traders who want flexibility, InTrade offers tools that let them tailor their trading environment.

We appreciate the platform’s integration of market news and an economic calendar. Given how global economic events can impact South Africa’s commodities exports, such as gold and platinum, staying on top of market-moving news is vital.

This feature empowers South African traders to adapt their strategies to local and global market trends.

 

Doo Prime TradingView

TradingView is a well-known platform recognised for its sophisticated charting tools and interactive community features.

Doo Prime’s integration with TradingView allows traders to directly execute trades from charts, which is especially useful for South African traders who employ price action strategies.

In a market like South Africa, where technical analysis is widely used, accessing TradingView’s vast library of indicators and a community providing market insights can be a distinct advantage.

 

 

Doo Prime Web API – FIX API 4.4

The Web API utilizing the FIX API 4.4 standard stands out for its ability to provide direct market access and swift execution speeds. This is especially attractive for institutional traders and those employing algorithmic trading strategies.

South African traders who manage multiple accounts or are developing their trading algorithms will appreciate the high level of customisation and control offered by the FIX API, features often absent from typical trading platforms.

Local fluctuations can impact trading in South Africa, and the ability to swiftly access global liquidity pools is a major advantage.

 

Doo Prime Social and Copy Trading

Doo Prime’s social and copy trading platform provides a way for traders to observe and mirror the strategies of their more experienced counterparts. This is appealing in South Africa, where collaborative learning and community-based trading are commonplace.

The platform allows traders to experience a variety of trading styles without the need for in-depth technical analysis or extensive market research.

 

 

Doo Prime FOLLOW ME

Doo Prime offers a social trading platform that connects traders to exchange ideas and even copy each other’s trades. This is a great way for new South African traders to learn and grow, especially considering the vibrant trading community.

Plus, with multiple languages supported, it’s easy for everyone to get involved, regardless of their first language.

 

Doo Prime Outrade

Outrade is another interesting feature. It combines trading and data analytics into one platform, making it a tool worth considering for traders who rely on data to make decisions.

Understanding the numbers can be crucial in a market like South Africa, where gold and platinum can greatly impact the economy. Outrade can help traders spot trends and risks, making more informed decisions possible.

 

Doo Prime CopyTrading

For South African traders with busy schedules, Doo Prime’s copy trading feature can be a benefit. It lets you automatically follow the trades of successful traders, taking the guesswork out of the equation.

This is perfect if you want to stay invested but lack time for in-depth market research. It’s also a useful tool for anyone looking to diversify their portfolio.

 

 

MetaTrader 4

We’ve found that MetaTrader 4 (MT4) maintains its popularity due to its straightforward design, consistent performance, and widespread adoption, especially regarding automated trading strategies.

South Africans who are already well-versed in MT4 can expect a smooth transition, eliminating the need for a steep learning curve when they start trading with Doo Prime.

In addition, its modest system requirements and intuitive interface make it accessible to a broad spectrum of South African traders.

 

MetaTrader 5

Doo Prime’s MT5 is designed for traders who demand a more comprehensive toolkit, including additional order types and in-depth market analysis features.

For South African traders who prioritise detailed analysis and enhanced functionality, MT5 is an ideal option, especially combined with Doo Prime’s competitive trading conditions.

Furthermore, Doo Prime is well-suited for those interested in analysing economic data that influence both local and international markets.

 

 

Doo Prime PAMM Solutions

PAMM, which stands for Percentage Allocation Management Module, is like a master key for seasoned traders managing multiple accounts simultaneously.

In South Africa, where asset managers and pro traders often handle funds for a diverse clientele who favour the managed account approach, Doo Prime’s solutions can be a lifesaver.

Doo Prime PAMM isn’t just about managing multiple accounts; it’s about doing so in a way that’s clear, organised, and meets regulatory expectations. It’s a tool that can add a layer of professionalism and trust to the relationship between traders and their clients.

 

Doo Prime Gold-I MAM

The Gold-I MAM is a sophisticated multi-account management tool that lets traders oversee multiple accounts using personalised settings.

This platform is perfect for South African traders or fund managers who require advanced allocation methods and performance tracking to manage varied client portfolios effectively.

 

Recapping Doo Prime’s Trading Platforms for South Africans

To help South African traders make informed decisions about the trading platforms available through Doo Prime, we’ve summarised the essential features of each platform in the table below.

 

This table highlights each platform’s capabilities and how these features specifically benefit traders based in South Africa.

Platform	Key Features	Benefits for South Africans
🏦Doo Prime InTrade	Customisable interface, integrated news and calendar, and a wide range of indicators	Personalised trading setups and timely market updates
👓Doo Prime TradingView	Advanced charting, social integration, direct trade execution from charts	Community insights, effective technical analysis
💻Web API – FIX API 4.4	Direct market access, custom API integration, access to global liquidity pools	Ideal for institutional and high-frequency trading
🗣️Social and Copy Trading	Follow experienced traders, automated trading, risk management tools	Low-barrier entry, guided trading, risk management
👉Doo Prime FOLLOWME	Community engagement, multilingual support, flexible copy trading options	Engages traders, supports English, varied strategies
☑️Doo Prime Outrade	Data-driven insights, risk management, portfolio analysis	In-depth strategy development, local and global analysis
🔎Doo Prime CopyTrading	Ease of use, access to various strategies, efficient diversification	Convenient for busy traders, strategy variety
📌MetaTrader 4 (MT4)	User-friendly, supports EAs, low resource requirements	Familiar platform, suited for beginners and experienced traders
➡️MetaTrader 5 (MT5)	Expanded tools, integrated economic calendar, deeper market analysis	Advanced tools for seasoned traders, better analysis depth
📜Doo Prime PAMM Solutions	Managed account services, transparent allocation, performance monitoring	Suitable for fund managers, builds client trust
🪙Gold-I MAM	Advanced allocation, real-time monitoring, customisable settings	Optimises multi-client account management for local professionals

 

How does TradingView integrate with Doo Prime?

Doo Prime integrates TradingView to provide advanced charting tools and social trading features. Traders can use TradingView to analyse markets visually and execute trades directly from the charts.

 

Does Doo Prime provide mobile trading options?

Yes, all platforms offered by Doo Prime, including MetaTrader 4, MetaTrader 5, and InTrade, have mobile apps for iOS and Android. This lets South African traders monitor and execute trades on the go.

 

Range of Markets

 

 

South Africa’s economic connections with the rest of the world are crucial to its prosperity. It is one of the most developed economies in Africa.

South Africa is part of the BRICS group of nations, which includes Brazil, Russia, India, and China, some of its biggest trading partners. It also maintains important trade links with the United States, the European Union, and various African countries.

 

This diversity in trade partners affects many sectors, from mining and agriculture to manufacturing and services. Therefore, it is critical for South African traders to be able to participate in global markets.

 

How Doo Prime fits into this:

• Access to Commodities Markets: South Africa’s status as a major producer of precious metals aligns with Doo Prime’s commodities offerings. South African traders can use the platform to hedge against or speculate on price movements in these commodities, reacting to global market trends impacting local mining and exports.
• Exposure to Emerging Markets and Currency Pairs: South Africa’s economic ties to other emerging markets as part of BRICS make Doo Prime’s wide range of currency pairs relevant. South African traders can use these pairs for forex trading that reflects regional and global economic shifts.
• Stock Indices and ETFs: Given South Africa’s trade links to the US and EU, Doo Prime’s access to global indices and ETFs is attractive for portfolio diversification. Traders can leverage these to benefit from economic movements in those markets, which could indirectly impact South Africa.
• Energy and Agricultural Markets: South Africa’s dependence on energy imports and its agricultural exports make Doo Prime’s energy and agricultural commodities offerings useful. Traders can use these to manage price risks in these sectors.
• Securities and Equities: Doo Prime’s platform provides access to a wide range of US and Hong Kong stocks and equities CFDs, a significant advantage for South African traders. This access allows greater diversification beyond the JSE, ensuring opportunities with globally recognised companies like Apple, Tesla, and Tencent Holdings.
• Futures Trading through Doo Prime can be valuable for South Africans. These instruments can manage risk (hedging) or capitalise on market movements in different economies, including established and emerging markets.

 

An Overview of Available Assets and Their Relevance to South Africa

 

 

Let’s explore the diverse range of assets you can engage with and how they connect with the South African economic landscape:

• Forex: Major pairs like EUR/USD, alongside those closely tied to the Rand, such as USD/ZAR, GBP/ZAR, and USD/CNY.
• Precious Metals: Gold and Silver Spot CFDs (XAUUSD.s, XAGUSD.s) and Gold Futures CFDs (GC).
• Commodities: Key energy resources like US West Texas Oil and UK Brent Oil Spot CFDs (XTIUSD.s, XBRUSD.s), alongside Natural Gas (XNGUSD.s).
• Stock Indices: Major global benchmarks such as the US SPX 500 (SP500), US Tech 100 (NAS100), and Germany’s DAX 30 (GER30).
• Futures: Popular index futures like E-Mini S&P 500 (ES) and E-Mini NASDAQ 100 (NQ), in addition to commodities like Gold Futures (GC).
• Futures: Popular index futures like E-Mini S&P 500 (ES), E-Mini NASDAQ 100 (NQ), as well as commodity futures like Gold (GC) and Soybeans (ZS).
• Securities: Access to Single Stock Futures and Contracts for Difference (CFDs) on stocks like Apple, Alibaba, and Tesla offers exposure to globally recognised companies.

 

 

South African Rand (ZAR) and its Relationship with Other Instruments

Because South Africa’s economy relies heavily on exports, a few global factors influence the South African Rand (ZAR). Let’s explore some key correlations we’ve observed:

• USD/ZAR and Gold (XAU/USD): South Africa is a major gold exporter, so we often see the ZAR strengthen against the US dollar when gold prices increase. On the other hand, if gold prices drop, the ZAR tends to weaken.
• USD/ZAR and Brent Crude Oil (XBR/USD): South Africa imports a large portion of its oil, so when oil prices rise, the ZAR typically weakens. This inverse relationship is something to remember, especially for those involved in energy hedging or forex trading.
• EUR/ZAR and European Indices (DAX 30, FTSE 100): The EUR/ZAR pair is affected by trade and investment relationships between South Africa and the European Union. These connections can also create potential opportunities in correlated instruments.
• USD/ZAR and S&P 500 (SP500): The ZAR can be influenced by risk sentiment driven by US equity markets. When the market moves ” risk-off,” investors seek safer assets, which can lead to ZAR depreciation as capital flows out of South Africa.

 

Leverage and Margin

 

 

 

When we discuss leverage and margin requirements, the focus needs to go beyond potential returns. South African traders must understand how to use these tools strategically to manage risk and optimise trading opportunities.

Considering the economic volatility in South Africa, with fluctuations in the Rand and the influence of commodities like gold and energy, understanding leverage becomes even more important.

Instead of viewing leverage only as a way to increase position sizes, South African traders can use it strategically. With high leverage available on Forex with Doo Prime, traders can implement a more nuanced approach to their trades.

 

Understanding margin isn’t just about meeting the minimum requirement; it’s about strategically maintaining margin levels to avoid forced liquidation:

• Adaptive Margin Strategies: Given Doo Prime’s varying margin requirements across different asset classes, traders can adopt adaptive margin strategies that align with market conditions. For example, when the Rand is weak, keeping a higher margin level in forex positions could prevent a margin call during sudden market movements. Conversely, traders might opt for lower margin reserves in steadier times to free up capital for other trades.
• Real-Time Margin Monitoring: For South African traders, who might also be managing positions in local markets or across different asset classes (like equities or commodities), it is crucial to use real-time margin monitoring tools available on platforms like MT4, MT5, and Doo Prime InTrade. This helps ensure that leverage is optimised without exposing oneself to unnecessary risk.

 

Doo Prime Trading Hours

Doo Prime’s server time is essential for understanding when South African traders can access various markets. The server operates under two configurations based on Daylight Saving Time (DST):

• During DST: GMT+3
• Outside DST: GMT+2

 

 

By aligning these with global market times and South African Standard Time (SAST), we can help South African traders navigate optimal trading windows across different asset classes. Here are the different trading hours South Africans can expect:

 

How can I diversify my portfolio with Doo Prime?

Traders can diversify their portfolios on Doo Prime by accessing various markets, including Forex, stocks, commodities, indices, and futures. This variety allows for risk management through diversification.

What is the spread variation for different markets on Doo Prime?

Spreads at Doo Prime vary by market type and account, starting from 0.0 pips for ECN forex pairs. Spreads for stocks, indices, and commodities are also competitive, catering to different trading strategies.

 

Fees and Spreads

Broker fees aren’t just numbers on a screen; they directly impact your trading strategy and bottom line. South Africans must be aware of how Doo Prime’s fee structure aligns with trading goals and the local market.

 

 

Doo Prime Spreads and Commissions

 

Doo Prime keeps its spread and commission setup simple, but the details matter when you’re trying to optimise your trades:

• CENT Account: The 1 pip spread on EUR/USD is appealing for smaller trades. Zero commissions also make it a good option if you’re cost-conscious and trade in lower volumes.
• STP Account: Starting from 1 pip, the spreads are competitive. The absence of commissions is a plus, especially if you prefer to avoid per-trade fees.
• ECN Account: Spreads from 0.0 pips sound attractive, but the commission structure needs careful consideration. The minimum commissions are not published.

 

Doo Prime Deposit and Withdrawal Fees

One of the appealing aspects of Doo Prime is that it does not charge any internal fees for deposits or withdrawals. However, South African traders could still face fees from their banks.

 

Doo Prime Inactivity Fees

While Doo Prime doesn’t impose inactivity fees, they reserve the right to close your account if it remains dormant for three consecutive months. In such a scenario, they will communicate this decision to the client using their last known email address and service address.

Any positive balance remaining in the account will be transferred to the trader’s bank account.

 

Doo Prime Overnight Fees, Rollovers, or Swaps

You’ll usually encounter a swap or rollover fee charge when you keep a trade open overnight. This fee exists because of the interest rate differences between the two currencies in your trade, and it’s charged for each day you hold the position.

• The swap rate charged varies according to the instrument being traded and whether you’re long or short. For example, holding a long EUR/USD position will have a different swap fee than a short position on the same pair.
• South Africa’s economic climate has high inflation and interest rates, meaning the cost of holding positions overnight can noticeably affect your trading profits. Since swap fees are linked to interest rate differences, traders in South Africa must monitor these charges. Trades involving pairs like USD/ZAR or EUR/ZAR, where the interest rate gap tends to be larger, can lead to higher fees.
• The South African economy is dynamic, with the South African Reserve Bank making regular interest rate adjustments to manage inflation and maintain economic stability. These rate changes can directly influence swap fees, highlighting that South African traders stay updated on local and global interest rate developments.

 

 

Dividend Handling Fees

 

Trading stock and index CFDs can incur dividend handling fees. The 1% handling applies when a trader holds a CFD on a stock or index that pays dividends over the ex-dividend date. These fees are deducted from any dividend amounts credited to the trader’s account.

• When they apply: Dividend handling fees apply when holding a CFD position in a dividend-paying asset over the ex-dividend date.
• Relevance to South African traders: South African traders who trade international stocks pay dividend handling fees that can impact net returns, especially with currency conversion fees, if the account’s base currency is not the South African Rand (ZAR). This applies when trading on indices like the S&P 500 or FTSE 100 or stocks like Apple or Microsoft.

 

Currency Conversion Fees on ZAR

Currency conversion fees can impact South African traders due to the volatility of the South African Rand (ZAR). When trading Doo Prime, these fees apply whenever transactions involve currencies other than your account’s base currency.

 

Are there any currency conversion fees at Doo Prime?

Yes, currency conversion fees apply if traders deposit or withdraw in ZAR, which differs from their account’s base currency (currently only USD). This fee is determined by the payment method and currency exchange rate.

 

Does Doo Prime offer fee rebates or discounts?

No, Doo Prime doesn’t currently offer fee rebates for individual clients. Rebates are only available for Introducing Brokers (IBs) under specific conditions.

 

Doo Prime Deposits and Withdrawals

 

 

Multiple deposit methods are offered, which is ideal for traders from different regions, including South Africa. The ability to deposit in ZAR can be beneficial for South African traders to eliminate currency conversion fees at the deposit stage.

We’ll examine the available deposit methods, including Bank Wire, Credit/Debit Cards, and various e-wallets or payment gateways, and break down the process for each, with a focus on South African traders.

 

➡️Method	💸Deposit Options	💴Withdrawal Options
➰Bank Wire Transfer	USD, EUR, GBP; 2-5 business days; possible third-party fees	Same currencies; 2-5 business days; may require extra verification
💳Credit/Debit Card	ZAR, USD, EUR; Instant to a few minutes; supports local methods like AO Pay	1-5 business days; match card details; security verifications
🛍️e-Wallets/Payment Gateways	ZAR (AO Pay), USD, EUR; Instant or a few minutes; e.g., Epay, FasaPay	1-2 business days; requires e-Wallet account verification

 

Doo Prime Deposits

How to Deposit using Bank Wire Step by Step

• Log in to your account and go to the “Deposit” section.
• Choose “Bank Wire Transfer” from the list of deposit options.
• Choose the currency for your deposit. For South African traders, it is typically USD; however, ZAR deposits will be converted.
• Provide your bank details and ensure they match your account information.
• The system will display the broker’s bank account details. Write these down or take a screenshot.
• Go to your banking platform and initiate a transfer to the broker’s account using the details.
• Include your account number or reference ID in the bank transfer to ensure it is credited correctly.
• Submit proof of transfer (like a bank statement or transaction receipt) via the platform if requested.
• Depending on bank processing times, you should wait 2-5 business days for the funds to reflect in your account.

 

How to Deposit using Credit or Debit Card Step by Step

• Log in to your account and go to the “Deposit” section.
• Choose “Credit/Debit Card” from the list of options.
• Select your deposit currency. ZAR is often available for South African traders when using local payment methods like AO Pay.
• Enter your card details, such as the card number, expiry date, CVV, and name on the card. Ensure all information matches your account.
• Enter the amount you want to deposit and confirm the transaction.
• Your bank will prompt a 3D Secure or OTP (One-Time Password) verification step, which you must complete.
• Once verified, the funds will be credited to your account instantly or within a few minutes.
• Check your account balance to confirm that the deposit has been processed.

 

How to Deposit using e-Wallets or Payment Gateways Step by Step

• After logging into your account, go to the “Deposit” area.
• Select “e-Wallets” or the specific gateway you want to use, like AO Pay for ZAR deposits.
• Choose ZAR as your currency.
• Enter the amount you want to deposit and log in to your e-wallet to authorise the transaction.
• Some e-wallets require additional authentication steps, like logging in via a secure link or inputting an OTP.
• Confirm the transaction on both the e-wallet platform and Doo Prime to initiate the deposit.
• Funds are credited almost instantly, but depending on the e-wallet service, it can take a few minutes.

 

Doo Prime Withdrawals

How to Withdraw using Bank Wire Step by Step

• Log in to your account and go to the “Withdrawal” section.
• Choose “Bank Wire Transfer” from the list.
• Choose the currency for withdrawal. Conversion fees will apply if your trading account is in USD or EUR, but you need ZAR.
• Enter your bank account details (they must match the original deposit account to comply with AML regulations).
• Indicate the withdrawal amount and confirm the request.
• For security purposes, you might need to provide additional documentation, such as proof of identity or bank ownership.
• Submit the request and wait 2-5 business days for the funds to reach your bank account, depending on the processing times and the bank’s international transfer protocols.

 

How to Withdraw using Credit or Debit Cards Step by Step

• Log in to your account and go to the “Withdrawal” tab.
• Select “Credit/Debit Card” as your withdrawal method.
• Your card details must match those used for the original deposit. Some regions and banks tend to have restrictions on this.
• Enter the withdrawal amount and consider any potential card processing fees or limits your bank sets.
• Confirm the withdrawal request. Your bank could require additional verification, such as an OTP or a confirmation call.
• The withdrawal will be processed, and funds are typically credited back to your card within 1-5 business days.
• Monitor your card statement to ensure the funds are credited correctly if there are discrepancies, contact support.

 

How to Withdraw using e-Wallets or Payment Gateways Step by Step

• Log in to your account and go to the “Withdrawal” section.
• Choose the e-wallet or payment gateway you want to use. Ensure that this matches the same option used for the deposit.
• Select the currency for withdrawal. South African traders who deposited in ZAR using methods like AO Pay should choose the same to avoid additional fees.
• Enter the amount and authorise the transaction. You might need to log in to your e-wallet or provide a code for verification.
• Confirm the withdrawal request and wait for processing. Depending on the provider, e-wallets usually credit funds within 1-2 business days.

 

Are there any restrictions on the frequency of withdrawals at Doo Prime?

No, there are no specific restrictions on the frequency of withdrawals with Doo Prime.

 

How does Doo Prime ensure secure transactions for deposits and withdrawals?

Doo Prime uses SSL encryption and secure payment gateways to protect all deposit and withdrawal transactions.

 

Education and Research

 

 

Knowledge is power in most things, especially when you navigate dynamic, complex, and volatile online markets.

Doo Prime recognises this and provides educational resources for traders of all levels. We believe that this is valuable for South African traders who navigate a market with its own unique set of challenges and opportunities.

Economic fluctuations and regulatory changes in South Africa can significantly impact trading, so access to solid educational resources is key.

 

Doo Prime Trading Reports

Doo Prime offers regular trading reports that can help traders stay updated on market trends and their trading activity. These reports include valuable insights into monthly trading volumes, providing a good sense of the market’s overall movement. For South African traders, who are often influenced by local and international market factors, these reports can help keep them updated on global trading conditions.

 

The fact that traders can access these reports directly from their trading platforms is a plus, and it also allows for customisation and focuses on specific needs:

• Monthly updates: Traders receive regular updates on trading volumes and activity.
• Downloadable reports: Reports can be downloaded from the platform for in-depth analysis.
• Customisable views: Traders can tailor the reports to focus on specific trading periods or instruments.

 

Doo Prime VPS

From our perspective, a Virtual Private Server (VPS) is a valuable asset for South Africans who grapple with frequent internet instability and load-shedding (when this occurs or should occur in the future). A VPS provides a dedicated, secure trading environment unaffected by local disruptions.

The VPS from Doo Prime that we examined uses Equinix data centers. These are well-regarded for their robust infrastructure and low-latency connections. This translates to potentially reduced slippage and faster trade execution, key factors in active trading strategies in South Africa.

 

Doo Prime’s VPS is hosted in Equinix data centers, advantageous for minimising slippage and accelerating order execution.

The service also supports automated trading systems and Expert Advisors (EAs) on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), allowing you to run algorithms 24/7 without depending on local resources.

 

Here are the key VPS features from Doo Prime:

• Low Latency: Located in Equinix data centres with direct connections to major liquidity providers, facilitating rapid trade executions.
• Conditional Free Access: This is provided freely if you maintain a minimum deposit of $5,000, making it a cost-effective option to scale trading activities.
• 24/7 Uptime: Ensures trading isn’t interrupted by local power failures or internet downtime, critical for South African traders in volatile markets or engaging in high-frequency trading.

 

 

Doo Prime Blog

The Doo Prime Blog is a valuable tool that offers insights into market trends, economic developments, and company updates.

We believe that access to timely and relevant information is important for South African traders who navigate a unique economic and regulatory landscape.

 

The blog addresses many topics that help traders make more informed decisions in a market influenced by local and global factors.

• Doo Prime’s blog regularly offers market analysis and updates on global financial events that can influence trading strategies. The blog has recently featured posts on the influence of US Federal Reserve policies, shifts in commodity prices, and geopolitical developments—all of which can significantly impact South African markets, given the country’s reliance on commodities like gold and platinum.
• The blog also functions as a dependable source for updates on trading conditions, including changes in trading hours or adjustments related to public holidays and economic events.
• South Africa’s economy is often influenced by external factors such as currency fluctuations, trade policies, and the economic stability of its trading partners. Doo Prime’s blog offers detailed analyses of economic indicators from major economies, such as GDP growth rates, inflation figures, and employment data, which can have a ripple effect on South African financial markets.
• The blog serves as a hub for educational content for traders to refine their strategies or deepen their understanding of market mechanisms. Articles discussing technical analysis, risk management, and trading psychology offer value for South African traders new to trading or to improve their skills.
• Doo Prime’s blog features promotions and trading campaigns that can interest South African traders, especially those looking for cost-effective ways to enhance their trading activities.
• The blog occasionally addresses regulatory updates from various jurisdictions where Doo Prime operates. For South African traders, staying informed about these changes helps assess the broker’s credibility and ensures they are trading within a compliant and secure environment.

 

Does Doo Prime offer a VPS service for traders using automated strategies?

Yes, Doo Prime offers a VPS service for traders who need a reliable and secure trading connection, especially for automated strategies. A minimum deposit of $5,000 is required to access the VPS service.

 

Does Doo Prime provide any third-party analytical tools?

Yes, Doo Prime integrates TradingView, which offers advanced charting and analytical tools. These tools are useful for traders looking to perform in-depth technical analysis.

 

Doo Prime Broker Comparison

 

Doo Prime vs. Tickmill vs XM

 

Doo Prime Bonuses and Promotions

 

 

We believe that bonuses and promotions can offer traders additional capital for exploring various strategies or managing risk effectively. However, Doo Prime does not have any active bonuses for South Africans.

Despite this, they seem to offer promotions and bonuses quite often, with the most recent 25% deposit bonus ending in May.

 

Doo Prime Affiliate Programs

Partnering with a brokerage can provide South Africans a strategic avenue to expand their reach or generate income from their online platforms.

Doo Prime has both Affiliate and Introducing Broker (IB) programs for partners in South Africa. South Africa is characterised by a growing digital economy and an active online community, and these programs offer a structured opportunity to earn income while playing a role in broadening financial market access.

With over 60% of South Africa’s population now connected to the internet, opportunities in affiliate marketing are becoming more significant.

 

 

What Partnerships Does Doo Prime Offer? (Affiliate and IB)

Doo Prime has two partnership models: the Introducing Broker (IB) program and the CPA Affiliate program. Each model has unique structures, commission plans, and target demographics, letting potential partners align their choices with their unique strengths and objectives.

 

Introducing Broker (IB) Program

The Introducing Broker program is for those who can bring new clients to Doo Prime and earn commissions based on those clients’ trading volumes.

This program has attracted over 37,000 IBs, with a cumulative rebate payout of $116 million. In 2023, the program saw an influx of 16,540 new IBs, indicating its appeal.

• The IB program has multiple rebate levels and revenue-sharing options. For South African IBs, the potential to earn commissions in real-time can be a significant advantage.
• By using Doo Prime’s state-of-the-art trading platforms and resources, IBs have the tools they need to attract clients who are keen on advanced trading functionalities.
• Operating under the oversight of reputable regulatory bodies helps provide a safer trading environment.

 

Doo Prime CPA Affiliate

The CPA (Cost Per Acquisition) Affiliate program is tailored to those with a substantial online presence—digital marketers, website owners, and influencers alike.

The program offers a generous payout of up to $800 per referral, and importantly, there’s no upper limit on potential earnings. This can appeal to South African affiliates capable of generating high traffic volumes.

• The high CPA payouts attract interest from affiliates based in South Africa, where the increasing number of internet users and a growing digital marketing sector make this kind of program a natural fit.
• The program equips affiliates with marketing resources, including banners, eBooks, and targeted campaigns. In South Africa, access to tools for localisation and targeted messaging can enhance conversion rates.
• The program offers regular monthly payments, which aids in cash flow management. The lack of a cap on potential earnings is also a significant draw, incentivising those who can consistently refer new clients.

 

Which Partnerships Will Suit South Africans?

When we think about which of Doo Prime’s partnerships would be a good fit for people in South Africa, there are a few key things to consider. We need to look at the local economy, how active people are online, and the overall market.

• Introducing Broker (IB) Program:
  • This makes the most sense for South Africans already working in finance, like trading coaches, financial educators, and community leaders.
  • The ability to earn commissions immediately and the ability to customise how much you earn based on referrals can create a reliable source of income.
• CPA Affiliate Program:
  • This program is ideal for South Africans with a keen interest in digital entrepreneurship, such as bloggers, social media influencers, and SEO specialists.
  • Many internet users in South Africa are on social media, so using Doo Prime’s CPA program is a good way to make money from online traffic.
  • There’s no limit on the commission you can earn, which is ideal for South African digital marketers who want to grow their business in a market that’s more focused on online interactions.

 

How Can South Africans Partner with Doo Prime?

If you partner with Doo Prime, the onboarding process is streamlined, regardless of your experience level or preferred business model.

Here’s how you can partner with Doo Prime:

• Prospective partners start by registering on Doo Prime’s platform.
• IBs will need to submit an IB application.
• Affiliates can directly register through the affiliate program portal.
• Once registered and approved, partners receive unique referrals or IB links.
• These links track referrals and ensure accurate commission payments.
• South African partners can also access marketing materials like banners, eBooks, and campaign content.
• Anyone who needs extra support can use Doo Prime’s dedicated account managers and training.

 

How can I join the Doo Prime Affiliate Program?

To join the Doo Prime Affiliate Program, potential South African affiliates need to register on the Doo Prime website, submit an application, and get approval. Once approved, they receive a unique referral link to start promoting.

 

What commission structure does Doo Prime offer to affiliates?

Doo Prime offers both CPA and revenue-sharing commission structures to affiliates. The CPA model provides up to $800 per referral, while revenue sharing depends on trading volume.

 

Doo Prime Awards and Recognition

While we couldn’t find any awards that Doo Prime has specifically won in South Africa in the past year, we did find that they were nominated for a few awards for their services in Africa overall.

 

 

Here’s a look at the 2023 and 2024 awards (and nominations) for Doo Prime:

• Doo Prime’s recognition in the “Best CFD Broker in Asia 2024” category suggests they offer diverse trading options and robust infrastructure. This benefits South African traders who want a broker with a strong track record in international markets.
• The “Best Price Execution Award 2024” win highlights Doo Prime’s focus on minimal slippage and optimal trade execution speeds. This means faster, more reliable trades in volatile markets.
• Doo Prime’s “Most Reliable Broker Award 2024” win indicates a commitment to stability and trustworthiness. In South Africa, where economic fluctuations can impact trading, this emphasis on reliability is a significant advantage.
• Being recognised with the “Best Trading Speed Award 2024” for their exceptional execution speed will appeal to South African traders who require quick execution, especially in high-frequency trading scenarios.
• The “Prime Brokerage Excellence Award 2024” suggests Doo Prime offers comprehensive brokerage services and access to various financial instruments. This is an attractive feature for South African traders seeking diversified trading opportunities.
• Winning the “Excellence in Customer Satisfaction Award 2024” underscores Doo Prime’s dedication to high-quality customer service. South African traders appreciate the 24/7 multilingual support, including English, for effective trade management across different time zones.
• Beyond the awards won, Doo Prime’s nominations also provide insights. The “Best Forex Broker in Africa 2023” nomination acknowledges their efforts to cater to the Forex trading community within the African continent. For South African traders, this suggests that Doo Prime is recognised as a strong choice among Forex brokers in the region.
• Similarly, the “Best CFD Broker in Africa 2023” nomination underscores Doo Prime’s competence in offering comprehensive CFD trading services across Africa. For South African traders interested in reliable CFD trading, this nomination reinforces the broker’s credibility and service offerings.

 

Customer Support

 

 

 

Customer Support

📞Customer Support	Doo Prime Customer Support
⏰Operating Hours	24/7
🗣️Support Languages	Multilingual
🎙️Live Chat	Yes
📧Email Address	Yes
☎️Telephonic Support	Yes, but not in South Africa
🔣The overall quality of Doo Prime Support	4/5

 

How can I contact Doo Prime customer support?

Doo Prime customer support is available 24/7 via live chat, email, and phone. Traders can choose their preferred method of contact based on urgency and convenience.

 

What languages are supported by Doo Prime customer service?

Doo Prime offers multilingual support in English,  Chinese, Korean, Vietnamese, Thai, and several other languages. However, we didn’t see any other official South African languages listed on the options.

 

Doo Prime Current Partnerships

 

 

Doo Prime seems to be focused on building an enriched trading experience by working with partners who can directly improve what users get. They seem to want to offer more tools, market access, and special features matching traders’ needs, even in South Africa.

• Manchester United: Doo Prime has teamed up with Manchester United, which is a smart move to boost their name globally. For traders in South Africa, who love football, this partnership adds to Doo Prime’s reputation and connects with something important in their culture.
• FOLLOWME: By including FOLLOWME, Doo Prime lets you copy trades from others. This could help South African traders who are just starting their trading journey or want to join a trading community.
• TradingView: Partnering with TradingView means they have powerful charting tools built right in. This is handy for traders in South Africa who need strong technical analysis to deal with local and global markets.
• Trading Central: Working with Trading Central, Doo Prime gives you access to research and analysis tools, which can be important for South African traders who want insights they can use, especially in a market that changes quickly and can be unpredictable.

 

Social Responsibility

 

 

We’ve seen that Doo Prime’s approach to corporate social responsibility (CSR) is currently focused on international initiatives. While there’s no dedicated program for South Africa, their global efforts provide insight into potential future engagement.

• Charity Collaboration in Malaysia: Doo Prime’s parent company partnered with a Malaysian association supporting children with disabilities. This indicates a commitment to sustainable charitable work, although it doesn’t directly benefit South Africa.
• Global Crisis Relief: Doo Prime has provided financial aid for earthquake relief in Morocco and flood relief in Greece. This shows a willingness to respond to global crises and could suggest potential support in the future for South African challenges such as climate change and economic inequality.
• Scholarship Programs: Doo Group’s support for education through scholarships at King’s College London highlights a commitment to talent development. Though not directly available to South African students, it underscores potential opportunities for similar initiatives to nurture local talent.

 

Customer Reviews

 

 

• “Doo Prime’s asset selection is excellent. Their spreads are competitive, and their execution speed is fast. However, their customer support can be slow to respond to complex queries.” Reviewed: Ben Thompson, United Kingdom

 

• “I appreciate Doo Prime’s educational resources. Their webinars are informative, and their articles are well-written. However, their platform could be more user-friendly for beginners.” Reviewed: Emily Wong, Singapore

 

• “Doo Prime’s regulation gives me peace of mind. Their spreads are tight, and their execution speed is fast. However, their customer support can be slow to respond to complex queries.” Reviewed: David Chen, China

 

Pros and Cons

 

Our Findings

Overall, we believe that Doo Prime is a viable option for those who want a broker with a diversified range of instruments, robust platforms, and localised payment solutions tailored to South Africans. However, the absence of FSCA regulation and the potential for hidden costs require due diligence.

 

 

Conclusion

Our in-depth experience with Doo Prime reveals a broker with strengths and areas that require some consideration for South African traders.

The impressive selection of trading instruments is a definite plus. For South African traders to diversify their portfolios and hedge against the country’s volatile economic landscape, Doo Prime offers many opportunities.

 

Their platform options, including MetaTrader 4 and 5, TradingView, and the proprietary InTrade, cater to different trading preferences and styles.

We value the Equinix data center-backed VPS solution, ensuring uninterrupted trade execution even amidst the frequent challenges that South Africans face.

 

Doo Prime’s dedication to accessibility for South African traders, which includes support for local payment methods like AO Pay and ZAR deposits, is a standout feature.

Doo Prime’s 24/7 multilingual customer support, especially English availability, is invaluable. In the often volatile South African market, immediate and dependable support is a necessity that traders often hold in high regard.

 

However, there are some drawbacks. Some might be concerned about South Africa’s FSCA’s lack of regulation. This means traders won’t have the same level of protection provided by locally regulated brokers.

It places greater responsibility on the individual to understand the terms and implications of global regulations on their trading activities.

While there are competitive trading conditions, such as tight spreads on ECN accounts, traders must be mindful of commission fees, which can impact profitability for smaller volume trades. Based on our observations and feedback from other traders, Doo Prime has a lot to offer.

 

Frequently Asked Questions

 

Can I deposit and withdraw in ZAR using Doo Prime?

Yes, Doo Prime accepts ZAR deposits and withdrawals using local payment options such as AO Pay. This lets South African traders avoid currency conversion costs during the deposit step, but the base account currency must still be converted, which incurs fees.

 

What are the trading costs for South Africans on Doo Prime?

Trading fees on Doo Prime vary by account type, and spreads start from 0.0 pips on the ECN account with an additional commission fee. South African traders should choose an account type based on their trading style and weigh the expenses of narrower spreads vs commission-based trading.

 

Is there a Doo Prime demo account available to South African traders?

Yes, Doo Prime has a demo account where South African traders can trade using virtual funds up to 700,000 USD on platforms like MetaTrader 4 and MetaTrader 5.

 

What account types are accessible for South Africans on Doo Prime?

Doo Prime offers CENT, STP, ECN, Swap-Free, and Demo accounts that are geared to different trading requirements. Each account type offers unique features and benefits for South African traders.

 

How does Doo Prime handle withdrawals from South African traders?

Withdrawals can be made using bank transfers, credit/debit cards, or e-wallets such as AO Pay (for ZAR transactions) and are normally handled within one to five business days. To comply with AML requirements, ensure that withdrawal methods are consistent with the initial deposit methods.

 

Does Doo Prime charge swap fees to South African traders?

Yes. Swap fees apply to most accounts except the Islamic (Swap-Free) account. These overnight costs vary according to the asset class and the trader’s long or short position.

 

References

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FSA Seychelles

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