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Prior Capital Broker Review 2020 – Fundamentals: PRIORFX (now named as Prior Capital) broker is an online trading platform that started its working in 2002. It is headquartered in London. Further, the company is a market leader in providing top services in trading products like crypto, shares, indices, commodities, and many more. The minimum deposit amount is $250 to start real trading on the account, and the leverage can go up to 1:400.
The organization has won several awards and recognitions for its exceptional service and customer support. Further, some of the best features of the broker are free demo services, top regulations, and low fees.
The article shall help you get the complete details about the PRIORFX broker review.
PRIORFX Broker Review
Regulations
Prior Capital is a regulated and licensed broker and is entirely safe for trade. The list of bodies under which PRIORFX regulates is – UK’s financial conduct authority (FCA), CySEC (Cyprus Securities & Exchange Commission), and IFSC (International Financial Service Commission).
Further, these regulatory bodies have a strict guideline and regulations set which want their licensed brokers to follow them. The broker has licenses from all tier 1, 2, & 3 bodies. They also have no negative balance protection system, guaranteed stop loss, and account insurances for their clients.
Thus, in total, the Prior Capital broker is utterly safe to execute a trade, and the trader’s funds are safe and secure with them.
Assets
There are many financial assets available for trading on PRIORFX. The range includes stocks, indices, commodities, ETFs, Cryptocurrencies, and foreign currencies. In total, there are more than 1500 instruments available for all the traders. The assets are segregated as 20+ global indexes, 50+ currency pairs, and more than 1000+ share derivatives.
Remember, there are no actual shares for buying and selling with the broker. Instead, the complex future derivatives are available. There are no fees for purchasing & selling any asset with the broker, and the process is smooth and straight forward.
Account Types
There are three user account types with the Prior Capital broker. The accounts are named as basic, standard, and pro-type, and vary in feature and requirement levels of the users. For example, there is no commission on basic and standard accounts, while the pro one has some commission charges. However, the spread charges are very tight in pro and loose or wide in other types.
Further, the leverage also increases to 1:200 in pro-type, while it is 1:30 in other types. There are several other benefits with pro-type, and it is suitable for professional clients.
Customer Service
The PRIORFX broker customer support team is considerable. The assistants are genuine, polite, and intelligent to resolve the clients’ queries. The team is very responsive, and the average connection time was less than a minute. All the mates on consumer support are working hard so that no user faces any issue.
Further, support is multi-lingual and includes languages like English, French, Russian, and Chinese. It is available 24 hours a day, Monday to Friday. One can contact them via email, live chat, or telephone.
A trader can also contact them through the contact form page or can resolve their common queries with their FAQ page.
Platforms & Tools
Prior Capital offers a variety of research tools for users to do fundamental and technical analysis. A trader shall be able to stream live news, its interpretation, screen stocks, price examination, read market sentiments, and many more. Some of the tools are economic calendars, educational resources, trade recommendations, etc.
The tools are easy to understand, and all the users would be able to make better trading decisions with them.
There are two platforms, namely ‘xTrader’ and Meta Trader4, available with the broker for assisting selling and purchasing of different assets. These platforms help users by providing an easy and smooth interface. Some other features of these platforms are the presence of one-click trading, Robo trading, charts, nine-time frame patterns, indicators, and signals.
Also, the platforms are accessible through mobile, desktop, and web.
Educational Material
The educational portal of PRIORFX is commendable and has a range of offerings for its clients. The material is very well organized and categorized at different levels. For instance, the beginners who want to start with trading can opt for the primary section. There are, in total, four subsections in the educational portal.
These portals offer users with courses, seminars, webinars, E-books, guides, video tutorials, and many more. Further, they also have Youtube & Linkedin channels to provide trading masterclasses, tips, and techniques.
Fees and Commissions
Prior Capital charges no amount for executing a trade in any form. The main revenues are from spreads, and the average price is lower than the industry costs. But it depends upon the kind of account you are using.
Also, there are charges for depositing your money. If you add your funds with any of the methods, except cards, then you shall be charged around 2%. For bank cards, it is free.
Further, the minimum deposit amount is 250 dollars.
The Bottom Line
Prior Capital (former PriorFX) has a high minimum deposit amount, i.e. $250 but it should not be a major deciding factor for any user. Prior Capital is a multi-regulated broker and market leader in the trading industry. The high deposit ensures that only serious traders who really want to make money from the market log into their site.
And, if you are really concerned about the quality of services they provide, then check their demo service here and then start real trading.
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