Prime Funder is a brokerage firm that offers traders the opportunity to engage in the financial markets through a variety of trading services. Traders can choose from accounts like Cuenta Slim, Cuenta Six Pack, and Cuenta Fat. The broker offers 3 trading platforms, including the user-friendly Status Webtrader, the mobile-friendly Mobile Trader, and the popular MT4 software, which provides advanced tools and features for technical analysis. However, detailed information about certain aspects such as spreads and tradable assets are not available. Payment methods are limited to credit cards and the PayTrio payment portal. It is important to note that Prime Funder operates without regulation, which may raise concerns about investor protection and oversight. Additionally, traders should be aware of the limited deposit and withdrawal options, as well as the associated fees for withdrawals. Evaluating these aspects is crucial when considering Prime Funder as a potential brokerage option.
Is Prime Funder legit or a scam？
Prime Funder is currently operating without any valid regulation, which is a crucial aspect to consider when choosing a broker. Regulated brokers are subject to stringent rules and oversight by reputable regulatory bodies, which helps protect the interests of clients and maintain the integrity of the financial markets.
It is important to be aware that Prime Funder currently operates without valid regulation. This lack of regulation raises concerns regarding the level of oversight, protection, and transparency available to clients. When considering a brokerage firm, it is advisable to choose a regulated broker that operates under the supervision of reputable regulatory authorities, as this helps ensure a relatively higher level of safety and integrity in the provision of financial services.
Pros and Cons
Prime Funder offers three levels of account, providing traders with the flexibility to choose the account that suits their individual trading preferences. However, it is important to consider certain drawbacks associated with Prime Funder. One notable concern is that the broker is not regulated, which may raise questions about the level of oversight and investor protection. Additionally, there are limited options available for depositing and withdrawing funds, potentially restricting the convenience and accessibility of transactions. Furthermore, fees are charged for withdrawals, which can impact the overall profitability for traders. These cons highlight important factors to consider when evaluating Prime Funder as a potential broker.
Market Instruments
Prime Funder is a broker that provides financial trading instruments. One of the primary market instruments offered by Prime Funder is Forex, which stands for foreign exchange. This instrument enables traders to speculate on the fluctuations in currency pairs, including major currencies like the US dollar, euro, British pound, and Japanese yen.
In addition to Forex, Prime Funder also offers Contracts for Difference (CFDs) as another prominent market instrument. CFDs, which stands for Contracts for Difference, encompass a wide range of trading instruments offered by Prime Funder, including Forex, stocks, indices, and commodities. CFDs allow traders to speculate on the price movements of various financial assets without owning the underlying asset itself. By trading CFDs, investors can take advantage of both rising and falling markets.
Account Types
Prime Funder offers a distinctive range of tiered trading accounts, catering to the diverse needs and preferences of investors. These three account types, namely Cuenta Slim, Cuenta Six Pack, and Cuenta Fat, provide varying features that align with different trading styles and experience levels.
The Cuenta Slim account is designed for traders who prefer a more streamlined approach. With this account, investors can access a basic set of features and tools to execute their trades.
For traders seeking a more comprehensive offering, the Cuenta Six Pack account provides an enhanced trading experience. This account type offers a broader range of features, it caters to traders who desire a more robust and well-rounded trading environment.
The Cuenta Fat account represents the highest tier of trading accounts offered by PrimeFunder. This account type is tailored for experienced and professional traders who require extensive features and personalized services.
How to open an account？
Opening an account with Prime Funder typically involves the following steps:
1: Visit the Prime Funders official website
2: Click on “Create Account” button on the website's homepage. Click on it to proceed with the account opening process.
3: You will be directed to a registration form where you need to provide the necessary details. This typically includes personal information such as your full name, email address, contact number, and country of residence.
4. Then, you need to select the account type you wish to open, agree to the terms and conditions, and set a password for your account.
5. Once the submit is approved, your account will be registered successfully.
Leverage
Prime Funder offers different leverage levels based on the trading account type. The leverage refers to the ratio of borrowed funds to the trader's own capital, allowing traders to control larger positions in the market with a smaller initial investment. However, it's important to note that leverage can amplify both profits and losses, and traders should exercise caution when using leverage.
For the Slim Account, the minimum deposit requirement is $2,50, and the maximum leverage offered by Prime Funder is 1:30. This means that traders can control positions up to 30 times their own capital. For example, with a $1,000 investment, traders can potentially open positions worth up to $30,000.
In the case of the Six Pack Account, the maximum leverage remains the same at 1:30. This account requires a higher minimum deposit of $2,500, providing traders with access to a wider range of trading instruments.
The Fat Account, which requires a minimum deposit of $10,000, also offers a maximum leverage of 1:30. This account type provides traders with an even larger selection of trading instruments, further diversifying their trading opportunities.
Traders should carefully consider their risk tolerance, trading strategies, and financial goals when utilizing leverage. It is important to remember that while leverage can amplify potential profits, it also amplifies potential losses, and traders should exercise proper risk management techniques when trading with leverage.
Spreads & Commissions (Trading Fees)
Prime Funder's website does not explicitly provide information regarding the spreads they offer. However, upon registering on their online trading platform, we observed that the spread for the EURUSD currency pair is 3 pips. It is important to note that spread values can vary across different trading instruments and market conditions, so it is advisable to refer to the specific spreads displayed on the trading platform.
Regarding the discrepancy between the leverage displayed on their platform (1:100) and the leverage mentioned on their website (1:30), it is recommended to contact Prime Funder directly for clarification. They will be able to provide accurate information regarding the leverage options available to traders on their platform.
Trading Platform
Prime Funder claims to offer three different types of trading platforms on its website - Status Webtrader, Mobile Trader, and MT4 software.
MT4 software, short for MetaTrader 4, is a widely-used financial trading platform. The MT4 platform offers a range of features and tools designed to facilitate efficient and convenient trading. With the MT4 platform, traders can access real-time market data, including price quotes, charts, and news updates. The platform supports various order types, allowing traders to execute market orders, limit orders, and stop orders based on their trading strategies. The platform also offers a wide range of technical analysis tools, such as indicators and charting capabilities. Traders can apply these tools to analyze market trends, identify potential trading opportunities, and make informed trading decisions.
Status Webtrader is a web-based trading platform that can be accessed directly through a web browser. This web-based platform appears visually appealing. However, upon closer examination of the platform, you will discover that it lacks many of the essential functionalities required for trading. The only actions you can perform on this platform are buying and selling assets.
Deposit & Withdrawal
There are two primary methods available for depositing funds into your trading account with Prime Funder: credit card and the payment portal known as PayTrio.
Regarding withdrawals, it is important to note that certain fees are associated with the process. For credit card withdrawals, a fee of $35 will be charged. Wire transfers incur a withdrawal fee of $50, while other withdrawal methods carry a fee of $25. It is worth mentioning that an additional withdrawal fee of 10% will apply if you have not met the trading turnover requirement of 200 lots. This fee will be calculated based on the requested withdrawal amount.
Conclusion
In conclusion, Prime Funder offers 3 types of accounts and trading platforms, providing flexibility for traders to choose according to their preferences. However, it is notable to consider the disadvantages associated with Prime Funder, including the lack of regulation, limited deposit and withdrawal options, and the presence of withdrawal fees. These factors may raise concerns about the level of oversight and client protection. Traders should carefully evaluate these drawbacks when considering Prime Funder as a potential brokerage option.
FAQs
Q: What is the regulatory status of Prime Funder？
A: Prime Funder is currently not regulated.
Q: What are the available trading platforms offered by Prime Funder？
A: Prime Funder provides traders with the choice of trading on the Status Webtrader, Mobile Trader, and MT4 software platforms.
Q: Are there different types of trading accounts available？
A: Yes, Prime Funder offers various account types, including Cuenta Slim, Cuenta Six Pack, and Cuenta Fat.
Q: What is the minimum deposit requirement to open an account with Prime Funder？
A: The exact minimum deposit requirement is $250.
Q: What payment methods are accepted for depositing and withdrawing funds？
A: Prime Funder accepts credit card payments and offers the PayTrio payment portal for depositing and withdrawing funds.
