In this PU Prime review, we want to tell you about a Forex/CFD broker with a fairly solid track record in the market. The company invites users to join its audience of over 600,000 traders and offers access to 1,000+ trading instruments. It also promises complete safety for client funds and transactions, guaranteed by oversight from several regulators. Despite these attractive conditions, we would recommend refraining from working with this company. The reasons are explained below.
Key Features
- Company Name: PU Prime Ltd, Finzero Cap Ltd
- Website: https://www.puprime.com/
- Available Contacts: [email protected]; +248 4373 105
- Foundation: 2024
- Services: Forex/CFD trading
- License: FSA of Seychelles (SFSA)
- Initial Deposit: from $20
From Sign-Up to Payout
The official website of PU Prime is designed in a style that has become customary for regulated brokers. Visitors will find numerous pages with useful information, as well as a list of the company’s advantages. At first glance, both the design and content appear satisfactory. However, upon closer inspection, the website contains several significant shortcomings. For example:
- We could not find the broker’s financial reports. Perhaps the Seychelles regulator does not require their publication. However, most regulated companies share their financial reports, at least to improve their reputation. It seems the owners of PU Prime consider this unnecessary.
- The company proudly boasts of 60+ awards received from well-known business publications and during industry events. However, upon checking the list provided on the “About” page, more than half of these awards could not be verified in official records. The reason remains unclear: either the records are incomplete, or the company has chosen to exaggerate its success.
- Company representatives claim to have 25 offices worldwide with over 1,500 employees. Unfortunately, the firm does not provide addresses or contact details for these locations. This approach seems highly questionable, appearing as unsubstantiated claims that cannot be verified.
- An examination of PU Prime’s social media groups and channels reveals that most have been inactive for at least six months. It is unclear whether the company lacks the time to post updates or has simply lost interest in social media as a source of new users. This is not surprising: since 2020, the number of followers across various platforms totals just a few thousand (the most successful is YouTube, with 11.2k subscribers). Compared to its claimed audience of 600,000+ traders, this is a drop in the ocean.
Overall, the PU Prime website is certainly better than those of many scam brokers. However, the impression remains mixed, and visitors may find that some of their questions remain unanswered.
Our Trading Experience With PU Prime
Officially registered companies usually do not face issues with trading software, and PU Prime is no exception. The broker offers traders access to the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are available in desktop, mobile, and web versions. They need no introduction, as their strengths, weaknesses, and features are well-known to almost every trader.
For those unfamiliar with the platforms, the broker provides brief descriptions and the opportunity to use a demo account with parameters similar to real Standard accounts.
We were also interested in the broker’s proprietary programs — a web trader and a mobile application. However, we were unable to test them. While the company advertises its browser-based trading software on its website, access to it is not available in the personal account. The mobile application can be downloaded from the App Store and Google Play, but for unknown reasons, connecting either a real or demo account was impossible.
PU Prime’s trading conditions also raise several questions:
- The maximum leverage stated for account types is 1:1000. While we understand that the SFSA does not impose strict limits like the FCA (UK), ASIC (Australia), or CySEC (Cyprus), the broker could assess traders’ risks and attempt to limit them, especially for beginners.
- For some reason, the data in the personal account and the terminal do not match the information provided on the official website. For instance, the Standard account is advertised with leverage up to 1:1000, but when opening the account, traders can select a maximum of only 1:500.
- Even data on the official website is inconsistent. For the same Standard accounts, the general account description page states that spreads start at 1.3 pips, while the “Spreads, Costs & Swaps” page lists a minimum of 1.5 pips. While the difference is small, it could be critical for certain strategies, such as scalping or HFT.
- For many assets, even on ECN accounts, the broker displays not only trading commissions but also spreads higher than the minimum price difference. This suggests that the company artificially sets prices in the order book rather than forming them based on client orders. How reliable, then, are its claims about using ECN technology?
Note! The broker does not specify which ECN network it operates in. This is possible if it uses its own network, but in that case, we would like to know who its main liquidity providers are. The PU Prime website does not provide verified information on this, either.
Such a situation seems, at the very least, questionable. Of course, one could attempt to clarify these issues with customer support, but the presence of problems on the website and in trading conditions already feels like a pattern.
We would like to highlight a couple of additional facts:
- The company mentions a compensation fund for clients. It turns out this refers to compensation provided through the broker’s membership in The Financial Commission. While this organization may offer compensation to clients, it has yet to earn traders’ trust.
- Company representatives claim that client funds are insured and even provide a copy of the insurance certificate. However, we would like to see details about the insurance contract that can be verified. The provided certificate lacks such details, and the PU Prime company address listed in the certificate does not match the current address.
The Reality Check
PU Prime broker claims to hold licenses from several regulators. The current version of the official website mentions two companies:
- PU Prime LTD, registered in Seychelles.
- Finzero Cap Ltd, registered in Cyprus.
A search in the registries of both countries yields positive results — both companies are officially registered, and the addresses and registration numbers match those listed on the website.
When checking the licenses, however, a rather strange picture emerges. The Seychelles company is indeed listed in the FSA of Seychelles registry and holds a Securities Dealer license.
As for the Cypriot company, it does not have a CySEC license. Furthermore, a deeper dive into the platform’s data revealed several interesting facts. For example, among the official license holders for MetaQuotes software is PU Prime LTD. However, its address is listed as Mauritius, which coincidentally matches the address found on the certificate for the insurance policy we mentioned earlier.
It seems that the broker was officially registered in the Republic of Mauritius and then changed its registration to Seychelles. The reasons behind this shift have not been explained. Perhaps the owners of the project wanted to save on regulatory fees or felt that the increasingly stringent requirements of the Mauritian regulator were no longer suitable for them.
It is also interesting to note a review of the broker on Investing.com. Here, two licenses are mentioned — SFSA and FSCA (South Africa). However, there is no mention of the South African company on the website, and PU Prime is not listed in the South African regulator’s registry. Does this mean the broker chose not to renew its license with a reputable organization? We have not been informed about the reasons.
The situation remains ambiguous. On the one hand, the company does have an offshore regulator’s license and operates within the law. On the other hand, the shifting of registration locations and regulatory bodies seems rather suspicious. Moreover, the statement about multiple licenses currently posted on the website has proven to be false.
How Long Has PU Prime Been in the Game?
In most reviews available online, authors claim that the company was founded in 2020. However, the broker does not address this question in its own information. To clarify, we used the whois service, which provides the domain registration date.
According to the service, the domain puprime.com was registered on July 30, 2019. Based on this, we can say that the company has significant market experience. These details are also confirmed by web archive snapshots. Notably, the website’s content is continuously updated. Against this backdrop, the issues we’ve discussed above seem quite strange.
Extra Fraud Indicators
Given the broker’s time in the market, one would expect a significant number of PU Prime reviews to appear. And indeed, this is the case; for example, Trustpilot hosts 790 posts about the company. The overall rating is relatively high — 4.2, and 72% of reviewers recommend this platform.
What is concerning, however, is the relatively high percentage of negative comments — 23%. The primary complaints from users are about account blocks without warning (former clients even mention their account numbers). The company’s staff responds that the issues have been addressed and funds have been sent to traders. However, we have yet to see confirmation of this.
A similar situation occurs on thematic forums. Most reviews are positive, but some experts rightly point out that an offshore license does not impose strict restrictions on the broker’s activities. As a result, clients face excessive risks, and many lose all their capital in the first few trades.
Is PU Prime the Right Fit?
The impression left by this broker is hard to categorize. We’ve shown in our PU Prime review that the broker is officially registered and operates under the offshore Seychelles license. However, there are several significant problems with the website and trading conditions that undermine trust in the company. The change in regulators and the large number of negative reviews online do not help improve its reputation. In general, it can’t be called a scam, but we would advise against funding accounts opened with this firm.
I hadn’t logged into my PU Prime account for over two weeks. When I tried to continue trading, I was greeted with an unpleasant surprise: login was impossible due to the account being blocked. Moreover, customer support refused to restore access and said my funds would be fully refunded. It’s the fourth day, and I’m still waiting for the withdrawal. I wouldn’t recommend working with this broker; I’m not the first person in this situation.
Horrible trading conditions! At first, it seemed like PU Prime was a quick way to make money. However, when it came to actual trading, things were not as rosy. First, the terminal sometimes lags, which is critical when you use market dynamics and leverage of 1:1000. As a result, instead of the expected profit, I lost half my deposit. At least they withdrew the remaining funds.
I didn’t want to say anything bad about PU Prime, but losing most of my deposit forced me to speak up. My “account manager” provided trading advice. Of the 7 trades, I had to close 6 at a loss. This is the kind of “professional help” newbies get here. I wouldn’t recommend it!