PRCBroker Review 2024
Website: www.prcbroker.com
Min. Deposit: US$ 10000
Leverage: 1:30 | 1:100
Trading Platforms: MT4, MT5
Regulation: CySEC, VFSC
Headquarters: Cyprus
Founded: 2014
Regulatory Licenses:
- Performance Ronnaru Company Ltd (Cyprus) - authorized by CySEC (Cyprus) license no 253/14
- Performance Ronnaru Capital LtdVanuatu) - authorized by VFSC (Vanuatu) license no 14788
Updated on January 12, 2024
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In formulating our review, we comprehensively examine and test the forex broker's offerings, comparing them against a broad range of criteria. This process includes an analysis of the broker's regulatory status, fees, spreads, platforms, and overall trading conditions. Our evaluation is based on direct experience, extensive market research, and comparison with over 1000 brokers to ensure an accurate and fair assessment.
PRCBroker is an esteemed Forex trading Broker established in 2014 in Cyprus, dedicated to serving corporate and business clients with trading opportunities in a variety of financial instruments such as Forex, CFDs, Metals, Oil, and Stocks. Operating under the regulatory umbrella of the Cyprus Securities and Exchange Commission (CySEC) and also holding a license from the Vanuatu Financial Services Commission (VFSC), PRCBroker has built a reputation for providing reliable services. Its offering is geared primarily towards institutional clients and professional traders, leveraging popular trading platforms like MetaTrader 4 and MetaTrader 5 to facilitate effective trading.
Pros
Offers MetaTrader 4 and MetaTrader 5, widely recognized for efficient trade execution
Provides competitive rates and spreads for business clients
Ensures fast and secure trading conditions
Cons
Trading conditions may vary by entity
Services mainly tailored for institutional clients, possibly limiting retail traders
Lacks 24/7 customer support
Does not provide an education section on its website for client learning
Is PRCBroker Safe or a Scam? ▲
PRCBroker stands as a reliable and secure trading platform, adhering to stringent regulations set forth by CySEC. This compliance ensures a high level of safety and confidence for traders opting for PRCBroker. The presence of an offshore entity in its operational model does not detract from its legitimacy or the protective measures it offers its clients, such as segregated accounts and negative balance protection. Therefore, PRCBroker is not a scam but a trustworthy broker with a reliability score of 7.9 out of 10.
Leverage serves as a critical tool in the forex market, enabling traders to participate with a relatively small amount of capital. However, it's essential to have a thorough understanding of leverage and its potential risks and rewards. PRCBroker offers leverage in compliance with regulatory standards set by CySEC for European traders, capped at a maximum of 1:30 for major currency pairs. International traders can access higher leverage levels, up to a maximum of 1:100, in accordance with VFSC regulations. This flexibility allows traders to select leverage levels that best suit their trading strategy and risk tolerance.
Account Types
In our extensive review of PRCBroker, we identified that traders under the European entity have the choice between Premium and VIP account types. Fund managers have the additional option of the King Mam account tailored for their needs. Traders operating through offshore entities are advised to undertake detailed investigations to uncover the account types accessible to them. The diversity in account types caters to a broad range of trading strategies and preferences, ensuring traders can select the option that best aligns with their trading goals.
How to Open PRCBroker Live Account?
Creating an account with PRCBroker is a straightforward process. Our experience revealed that account setup could be completed quickly, primarily catering to Corporate Trading and Institutional Clients. Prospective traders should navigate to the 'Register Account' section and follow the outlined steps for account creation:
Navigate to the 'Register Account' page.
Fill in the required personal information (Name, email, phone number, etc.).
Submit documentation for verification of personal data (proof of residence, ID, etc.).
Complete an electronic quiz to confirm your trading experience.
Upon successful verification and activation of your account, you can proceed with depositing funds to start trading.
Trading Instruments
PRCBroker provides its clients with the opportunity to engage in trading across more than 28 currency pairs within the Forex market. Additionally, clients can trade Precious Metals, Crude Oil, and CFDs on Commodities. The Forex market stands out among these offerings due to its global recognition, high liquidity, and competitive spreads. It's important for traders to note that the availability of trading instruments may vary depending on the specific entity they are trading under, thus advising comprehensive research to confirm the range of available trading options. The selection of trading instruments at PRCBroker receives a score of 3.5 out of 5, highlighting a solid range but also noting the absence of many popular asset classes that traders might seek.
PRCBroker Fees
PRCBroker's fee structure is crafted to offer competitive pricing across its trading instruments. Nonetheless, potential traders should be aware of potential charges for deposits and withdrawals, which may vary by funding method and the country of registration. Furthermore, trading fees can also differ based on the specific entity, emphasizing the need for thorough research to determine the applicable options and associated costs. The fee structure at PRCBroker achieves an average score of 3.9 out of 5 when benchmarked against a comprehensive analysis of 1000 brokers, indicating a competitive yet average ranking in the context of overall fees applied.
In our evaluation, PRCBroker's spreads are identified as tight and variable, with an example of an average spread of 2 pips on the EUR/USD currency pair. This spread is slightly above the industry average. However, the broker ensures competitive spreads across major currency pairs and other popular trading instruments. It is crucial for traders to acknowledge that trading conditions, including spreads, may vary across different entities. Therefore, detailed research is recommended to fully understand the spread conditions applicable to your trading entity. PRCBroker's spreads are given an average score of 3.9 out of 5, reflecting a balanced offering that combines competitive spreads for several instruments with higher-than-average spreads for others.
PRCBroker offers a selection of funding methods for its clients to deposit funds into their trading accounts, including bank wire transfers, credit/debit cards, and online payment systems like Skrill and Neteller. It's crucial to note that the requirements and limitations for each funding method might vary depending on the financial institution and your country of residence.
Pros
Low fees and various accountbased currencies
Cons
Specific requirements and limitations may vary
PRCBroker's approach to funding methods received a commendable rating of 4.0 out of 5. The broker's minimum deposit for a Premium account stands at $10,000, which is relatively high and might deter beginners. For Vip accounts, the minimum deposit skyrockets to $100,000, considerably higher than the industry standard of $500 for most brokers.
The withdrawal process at PRCBroker is designed to be straightforward and swift, allowing traders fast access to their funds. However, the speed at which withdrawals are processed can vary depending on the chosen payment provider and might take several days to reflect in your account.
Traders within the European entity are provided the opportunity to trade using the highly renowned MetaTrader 4 and MetaTrader 5 trading platforms by PRCBroker. These platforms are accessible via desktop, web, and mobile devices, ensuring that traders can stay connected to the markets and manage trades conveniently from any location.
The MetaTrader platforms are celebrated for their user-friendly interface, extensive features, and the capability to automate trading strategies, earning the trust of traders and enabling them to engage in trading at their preferred pace.
PRCBroker's trading platform offering is rated favorably at 4.3 out of 5 when compared to over 1000 other brokers. The provision of the popular MT4 and MT5 platforms is a significant advantage.
Upon examination, PRCBroker provides traders with a suite of trading tools that include advanced charting capabilities with multiple chart types, a variety of timeframes, an economic calendar, and a vast array of technical indicators. Additionally, the MT4 and MT5 platforms support automated trading via Expert Advisors (EAs) and algorithmic trading strategies.
Another significant feature is the integration of a Multi Account Manager (MAM) system, which facilitates fund managers in executing bulk orders across an unlimited number of accounts with efficiency.
PRCBroker's customer support is operational 24/5 through Email, Phone, and Fax. The broker boasts a team of experienced trading specialists prepared to assist clients with technical issues, general inquiries, and operational concerns.
The quality of customer support at PRCBroker is graded at 3.9 out of 5 based on our testing, which revealed fast and knowledgeable responses, and ease of contact during working days.
It was observed that PRCBroker lacks a designated section on its website for educational materials, seminars, and webinars. This absence is seen as a shortcoming since educational resources are crucial for the development and enhancement of traders’ skills. The only educational resources provided are an Economic calendar and Forex news, which may not suffice for those seeking extensive educational support.
However, given that the broker's focus is primarily on institutional trading, the provision of quality research and tools is deemed more valuable in this context, as the offerings are not designed for beginner traders.
PRCBroker's education offerings are rated at 3.0 out of 5 based on our research. Traders seeking comprehensive educational materials are advised to look towards established and reputable brokers.
In summary, PRCBroker is a commendable Forex trading company that grants access to a variety of financial products for corporate and business clients. Established in Cyprus and regulated by CySEC, along with an additional license from VFSC, the broker ensures a reliable trading environment with international access.
The availability of popular and widely-used MetaTrader 4 and MetaTrader 5 trading platforms, along with a solid range of tools, guarantees accessibility and convenience across different devices. Nonetheless, it's pertinent to note the broker's high minimum deposit and the absence of a dedicated section for educational materials, making it less suitable for beginner traders.
Overall, PRCBroker offers a secure trading platform and competitive trading conditions. However, as every trader has unique needs, it's crucial to assess if PRCBroker aligns with your specific trading goals and preferences.
Based on our findings and financial expert opinions, PRCBroker is recommended for:
Traders from Europe
International trading
CFD and currency trading
Traders who prefer the MT4 and MT5 platforms
Institutional trading
Professional traders
STP/NDD execution
Competitive pricing
EA/Auto trading
Superior trading tools
