Prima Capital Forex broker review — Everything you need to know

Prima Capital is a forex and CFDs broker that is relatively young in the online financial industry. It offers two account types, access to popular forex markets, and advanced trading platforms. Below is a brief analysis of its features and services, such as safety, trading costs, profit withdrawals, and so on.

Prima Capital Overview of the website

Prima Capital offers a simple yet modern website, which is responsive and easy to use. The navigation is simple, but the website requires some time to load, which needs improvement. The website does not directly list payment options and processing time details, which is a downside for this broker. The visuals are simplistic, and there are no unnecessary media and colors, crowding users’ view.

The website does not provide built-in live chat, which is a drawback for traders as they can not access instant support. There are no other languages supported, only English, which is also a minor drawback.

Prima Capital Safety and Licenses

Prima Capital is an unlicensed broker, meaning it is not overseen by any forex broker regulator anywhere, which is a critical security flaw for this broker. It is registered offshore in Saint Lucia and is not regulated there. Unlicensed brokers are extremely risky because most of them are scams, and there is no outsider who oversees their ethical practices towards their clients. As a result, this broker is very risky to conduct trading operations with.

As an unlicensed broker, we can not confirm that it keeps traders’ funds in segregated bank accounts, meaning client money and operational capital of the broker might be on the same accounts, which is a major safety flaw. The official site does not clearly state any negative balance protection policy in its trading conditions or disclosures, so the broker does not offer negative balance protection. This makes it even more risky for beginner traders.

Overall, this broker is not safe and might be a scam.

Prima Capital Accounts Reviewed

Prima Capital offers two trading accounts, Prima Classic and Prima VIP. The spreads are lower on VIP, but commissions are charged, while the classic has spreads but zero commissions. Let’s analyze the trading conditions for each below.

Prima Capital Classic Account

The classic account is just a standard forex trading account that has zero commission but slightly expensive spreads:

• Minimum deposit – 50 USD
• Maximum leverage – 1:500
• Spreads – From 1.2 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

Prima Capital VIP Account

This account comes with zero spreads and commissions, which are competitive, and traders can negotiate even better conditions depending on the trading volume:

• Minimum deposit – 10,000 USD
• Maximum leverage – 1:500
• Spreads – 0 pips
• Commissions – 7 USD per Lot (Negotiable depending on the volume)
• Minimum lot size – 0.01 lots

Overall, trading conditions seem on par with other brokers in the sector, but safety is very questionable.

Deposit and withdrawal options at Prima Capital

When it comes to payment methods, some sources claim it includes:

• Bank transfer
• Credit/debit cards
• Skrill / Neteller e-wallets
• Local payment methods

We can not verify that the broker accepts all of the above-listed options. Prima Capital also fails to list deposit and withdrawal processing times, if it allows withdrawals at all. We could not clarify details regarding payment commissions on both deposits and withdrawals.

Overall, the broker is extremely unreliable and shady about payments, which is yet another major red flag for its reliability and legitimacy.

Prima Capital Assets — What can you trade?

The broker is a multi-asset forex broker as it claims to enable traders to access forex pairs, commodities, indices, and cryptos. The lack of stocks is a minor drawback here. Most of the instruments are CFDs, enabling quick buy and sell execution. Leverage is high enough to control large blot sizes, but there is no negative balance protection, which makes it very risky.

Trading platforms of Prima Capital

The broker supports an advanced MT5 trading platform, which enables custom indicators and Expert Advisors. There are no details given on whether the broker allows traders to use automated trading systems or EAs.

Mobile trading is available via the MT5 mobile app, accessible on all mobile devices, no matter the operating system.

Education at Prima Capital

The broker lacks structured educational resources like webinars, trading courses, or articles. There are no market analysis tools offered, either, which is a downside. However, the lack of educational resources is a minor drawback when compared to the lack of a license and basic safety features.

Prima Capital Customer Support

The broker only offers email and phone support options, which are disclosed on its concur us page. There is no live chat available, which is a major drawback and makes it a lengthy and costly process to contact the broker and resolve any issues. This makes it inconvenient to trade with this broker, in addition to nonexistent licenses and safety features. The website, as well as support options, are only available in the English language, which is also another letdown by this broker.

Prima Capital bonuses and promotions

Prima Capital does not offer any bonuses. There are no welcome or deposit bonuses available. There are no trading competitions or any other promotional events accessible either. This is disadvantageous for the broker and for its traders as well, if it has any. Many young brokers offer benefits and promotions to attract new traders, and Prima Capital needs to also introduce licenses to make itself truly attractive.

Is Prima Capital your broker? Final verdict

Prima Capital offers access to MT5, competitive leverage, and basic trading accounts with a low minimum deposit requirement. On paper, trading conditions appear competitive for forex traders. However, the absence of regulation, unclear payment transparency, lack of negative balance protection, and limited customer support significantly outweigh its benefits. The broker does not provide sufficient safety guarantees or operational transparency expected from a reliable broker.

Overall, Prima Capital should be considered a highly risky offshore broker, and we recommend that traders stay away from its platforms.

FAQs on Prima Capital broker

Where is Prima Capital based?

Prima Capital is registered offshore in Saint Lucia and operates as a business company, not as a broker.

Can you withdraw from Prima Capita?

The minimum deposit required to open a Classic account is 50 USD, and 10,000 USD for the VIP account.