PU Prime: A Summary
- Diverse Asset Offering: PU Prime provides access to a wide range of tradable instruments, including forex pairs, commodities, indices, shares, ETFs, and bonds, which can appeal to traders looking for portfolio diversification.
- Multiple Trading Platforms: The broker supports popular platforms such as MetaTrader 4 and MetaTrader 5, along with proprietary mobile applications, catering to various trader preferences.
- Islamic Account Availability: PU Prime offers a Sharia-compliant Islamic account, making it a suitable option for traders adhering to Islamic finance principles.
- Copy Trading: The PU Social platform allows traders to replicate the strategies of more experienced traders, which can be useful for beginners or those seeking automated trading strategies.
- Lower-Tier Regulation: PU Prime is regulated by the Seychelles FSA and the Mauritius FSC, which are considered weaker regulatory bodies compared to top-tier authorities like IIROC, ASIC, or FCA. This may raise concerns about fund security and oversight.
- Lack of Fee Transparency: The broker does not provide clear details about its spreads, commissions, or other trading costs on its website, making it difficult for traders to assess the true cost of trading.
- No Local Canadian Regulation: PU Prime is not registered with the OSC, BCSC, or ASC, which may deter Canadian traders seeking compliance with domestic financial regulations.
- No Proprietary Research Tools: While it offers standard tools on MetaTrader platforms, PU Prime does not provide its own advanced research tools or proprietary analytics, which are common among some competitors.
- Potential Withdrawal Delays: Some user feedback points to delays in the withdrawal process, which can impact traders who need timely access to their funds.
- PU Prime in Brief
- Our opinion of PU Prime
- What types of accounts are available with PU Prime in Canada?
- Deposits and withdrawals at PU Prime: How does it work?
- Does PU Prime offer copy trading?
- What is the tax treatment of income generated by PU Prime?
- Contact: How do I contact PU Prime customer service?
- FAQs
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PU Prime in Brief
Feature | Details |
---|---|
💰 Minimum Deposit | $50 USD (Standard account) |
📜 Regulations | Seychelles FSA, Mauritius FSC |
✅ OSC, BCSC, and ASC Registration | No |
📊 Available Assets | Forex (200+), Commodities (20+), Indices (10+), Shares (1,000+), ETFs (50+), Bonds (10+) |
⚙️ Trading Tools | MetaTrader 4, MetaTrader 5, Proprietary Mobile App |
🧪 Demo Account | Available (Unlimited duration, $50,000 virtual funds) |
🤝 Copy Trading | Available (via PU Social) |
🌙 Islamic Trading | Available |
⚖️ Leverage | Up to 1:500 |
💵 Fees | Spreads from 1.3 pips (Standard account), No disclosed commissions |
📞 Customer Support | Phone, email, live chat (24/7) |
⭐ Trustpilot Verified Reviews | 4.5/5 (973 reviews) |
Our opinion of PU Prime
We particularly liked the broad range of assets offered by PU Prime, including forex, commodities, indices, shares, ETFs, and bonds, which allows traders to diversify their portfolios effectively.
The availability of MetaTrader 4 and MetaTrader 5 platforms, along with the proprietary mobile app, ensures that users have access to popular and versatile trading tools. We also appreciated the inclusion of features like an Islamic account and copy trading via PU Social, which cater to a diverse group of traders.
We would have liked to see more transparency in the broker’s fee structure, particularly regarding spreads and commissions, as this lack of clarity makes it difficult for traders to assess trading costs.
The absence of Canadian regulatory oversight is another concern, especially for traders who value top-tier regulation for fund security. Additionally, some areas of customer support, such as response times and effectiveness, could benefit from improvement to provide a more seamless user experience.
Who is PU Prime designed for?
PU Prime is best suited to experienced traders seeking high leverage and diverse asset options but who are comfortable operating with lower-tier regulatory protections.
Before you zero in on PU Prime, explore other options in the market:
Let's find out more about our test results on PU Prime.
Security and reliability 3/5
PU Prime, established in 2015, has grown into a global brokerage offering a wide range of trading instruments, including forex, commodities, indices, shares, ETFs, and bonds. The broker claims to serve clients in over 120 countries, but it does not publicly disclose the total number of active users. PU Prime has not been recognized with any major awards, which places it at a disadvantage compared to more established brokers with industry accolades.
For Canadian traders, PU Prime raises some concerns regarding its regulatory oversight. The broker is regulated by the Seychelles Financial Services Authority (FSA) and the Mauritius Financial Services Commission (FSC), which are considered lower-tier regulatory bodies. These regulators do not provide the same level of protection and oversight as top-tier organizations like IIROC (Canada), ASIC (Australia), or FCA (UK). PU Prime is not registered with the OSC, BCSC, or ASC, meaning it does not operate under Canadian regulatory frameworks.
Features Offered to Control Risk
PU Prime provides several tools to help traders manage risk effectively:
- Negative Balance Protection: Ensures that traders cannot lose more than their account balance.
- Stop-Loss Orders: Allows users to set predefined exit points to minimize losses.
- Customizable Leverage: Traders can adjust leverage levels (up to 1:500), offering control over potential exposure.
- Risk-Free Demo Account: The unlimited demo account allows traders to practice and refine their strategies without risking real capital.
Market and asset diversity 3.5/5
PU Prime positions itself as a multi-asset broker, offering a wide range of trading instruments aimed at providing diversification opportunities for traders. Its offerings include forex, commodities, indices, shares, ETFs, and bonds.
While the variety of asset classes is commendable, the broker’s focus on CFDs rather than direct ownership limits its appeal to investors seeking long-term positions.
Compared to competitors, PU Prime offers a competitive selection of forex pairs and CFDs on shares but lags in categories like cryptocurrencies and direct asset ownership options such as mutual funds or physical stocks.
Assets | Type | Number | Market Average |
---|---|---|---|
Forex | CFD | 200+ | ~100 |
Commodities | CFD | 20+ | ~15 |
Indices | CFD | 10+ | ~15-20 |
Shares | CFD | 1,000+ | ~3,000-5,000 |
ETFs | CFD | 50+ | ~500 |
Bonds | CFD | 10+ | ~20-30 |
Cryptocurrencies | Not Available | N/A | ~10-20 |
Mutual Funds | Not Available | N/A | ~500 |
Our opinion on the offerings from PU Prime
PU Prime offers a strong range of forex pairs and share CFDs, exceeding market averages in these categories. However, the lack of direct ownership options and limited cryptocurrency, bond, and ETF offerings reduce its overall competitiveness. While the broker’s diversity may appeal to CFD traders, it is less attractive to investors seeking broader asset classes for long-term portfolio building.
Platforms and tools 3.5/5
PU Prime offers several trading platforms aimed at meeting the needs of traders with varying experience levels and strategies. These platforms are well-known in the trading industry for their functionality but lack proprietary innovation that sets them apart from competitors.
Available Platforms
- MetaTrader 4 (MT4): A popular platform for forex trading, offering advanced charting tools, customizable indicators, and Expert Advisors (EAs) for automated trading.
- MetaTrader 5 (MT5): An upgraded version of MT4 with additional features, including more timeframes, advanced order types, and access to a wider range of financial instruments.
- Proprietary Mobile App: PU Prime’s mobile app allows traders to manage accounts, execute trades, and monitor the market on the go. While functional, it lacks the depth and customization of the MetaTrader platforms.
Analysis Tools and Decision Aids
- Technical Indicators: Both MT4 and MT5 provide a wide variety of technical indicators, such as moving averages, RSI, and MACD, enabling in-depth technical analysis.
- Economic Calendar: Accessible on the PU Prime website, this calendar provides key economic data releases that may impact markets.
- Automated Trading: Both MT4 and MT5 support automated trading strategies through Expert Advisors (EAs).
- Copy Trading: Available through PU Social, allowing traders to replicate strategies from experienced traders.
- Risk Management Tools: Includes stop-loss and take-profit orders, customizable leverage settings, and negative balance protection.
Order Types
PU Prime supports the following order types across its platforms:
- Market orders
- Limit orders
- Stop-loss orders
- Trailing stops
- Pending orders
Fees, spreads and commissions 3/5
PU Prime positions itself as a broker offering competitive fees and spreads, particularly for forex trading. The broker’s spreads are relatively tight on its premium accounts, but its entry-level accounts feature higher spreads compared to other brokers. Additionally, the broker’s fee structure lacks transparency on commissions, which can be a disadvantage for traders who want to evaluate costs accurately.
Fees and Spread Comparison
Asset Class | Asset | PU Prime Fee/Spread | Market Average |
---|---|---|---|
Forex | EUR/USD | From 1.3 pips (Standard account) | ~0.6-1.0 pips |
Commodities | Gold | ~0.30 pips | ~0.25-0.30 pips |
Indices | S&P 500 | ~0.8 pips | ~0.5-0.8 pips |
Shares | U.S. Stocks | $0.05 per share (CFD) | ~$0.02-$0.05 per share |
Cryptocurrencies | Not Available | N/A | ~1.0% |
Other Fees
- Deposit/Withdrawal Fees: PU Prime generally does not charge fees for deposits, but withdrawal fees vary depending on the payment method. Bank transfers can incur fees ranging from $10-$30, depending on the currency and location.
- Overnight Fees (Swaps): Traders holding leveraged positions overnight are subject to swap fees, which vary depending on the instrument. These fees are not prominently disclosed, which can lead to unexpected costs.
- Inactivity Fees: PU Prime does not appear to charge inactivity fees, which is a positive feature compared to some competitors.
How is PU Prime's price positioning?
While PU Prime’s fees are competitive in some areas, particularly for premium accounts, the lack of clarity on commissions and higher spreads for standard accounts reduce its appeal for cost-conscious traders. Its withdrawal fees for bank transfers and the non-disclosure of swap rates are further drawbacks. PU Prime’s fee structure is serviceable for active traders but less attractive for casual or entry-level traders compared to brokers offering clearer and more transparent pricing.
Customer reviews 4.5/5
PU Prime has a Trustpilot rating of 4.5 out of 5, based on 973 reviews. While this indicates overall satisfaction among users, individual experiences highlight specific strengths and areas for improvement.
Broker | Trustpilot Rating | Number of Reviews |
---|---|---|
FP Markets | 4.8/5 | 7,397 |
Fusion Markets | 4.5/5 | 1,907 |
PU Prime | 4.5/5 | 973 |
Avatrade | 4.4/5 | 8,975 |
Axi | 4.4/5 | 2,670 |
FBS | 4.3/5 | 3,767 |
Star Trader | 4.2/5 | 327 |
OANDA | 4.1/5 | 988 |
IFC Markets | 3.8/5 | 508 |
XTB | 3.7/5 | 1,427 |
Moomoo | 3.7/5 | 137 |
FXCM | 3.6/5 | 577 |
QTrade | 2.1/5 | 15 |
Wealthsimple | 1.7/5 | 407 |
Scotia iTRADE | 1.7/5 | 19 |
Questrade | 1.6/5 | 236 |
TD Direct Investing | 1.4/5 | 2,469 |
Webull | 1.4/5 | 266 |
National Bank Direct Brokerage | 1.4/5 | 96 |
Desjardins | 1.4/5 | 74 |
CIBC Investor's Edge | 1.3/5 | 1,562 |
BMO InvestorLine | 1.3/5 | 1,032 |
Here are some recent testimonials from Canadian users:
- Emily R (January 10, 2025): "I started using PU Prime for forex trading last year. The spreads are decent, but I noticed they fluctuate a lot during high volatility, which has impacted my scalping strategies. The MetaTrader 5 platform is great, but I’ve had some delays with bank withdrawals, which took almost 7 days to process. Overall, it’s okay for experienced traders, but beginners might struggle with the fees and unclear terms."
- Daniel T (December 3, 2024): "PU Prime’s asset diversity is impressive, and I’ve enjoyed trading ETFs and indices. However, I was disappointed by the lack of transparency about the swap fees, which were higher than I expected on my leveraged trades. Customer support was helpful when I contacted them, but I had to wait almost 24 hours for a response via email. The service is good, but there’s room for improvement."
- Sarah K (February 8, 2025): "As someone new to trading, I found the demo account helpful for learning the MetaTrader platform. That said, once I switched to a live account, I realized the spreads on the Standard account were much higher than I anticipated, making it harder to maintain profitability. I also noticed that while deposits are quick, withdrawals via Skrill had unexpected processing fees. PU Prime has potential, but they need to improve their transparency."
How is PU Prime positioned in relation to its competitors?
Feature | PU Prime | Fusion Markets | Moomoo | AvaTrade |
---|---|---|---|---|
📊 Assets | Forex (200+), Commodities (20+), Indices (10+), Shares (1,000+), ETFs (50+), Bonds (10+) | Forex, Commodities, Indices, CFDs | Stocks, ETFs, Options | Forex, CFDs, Cryptos, ETFs |
💰 Minimum Deposit | $50 USD | $0 | $0 | $100 USD |
⚙️ Platforms | MT4, MT5, Proprietary Mobile App | MetaTrader 4/5 | Proprietary App, Desktop, Web | MT4, MT5, AvaTradeGO App |
💵 Fees | Spreads from 1.3 pips, unclear commissions | Low spreads, no inactivity fees | $0 commission for stocks/ETFs | Spreads from 0.9 pips, $0 commission |
🤝 Copy Trading | Available (via PU Social) | Available | Not Available | Available (via AvaSocial) |
🧪 Demo Account | Available (Unlimited, $50,000 virtual funds) | Available | Available | Available |
📜 Regulation | Seychelles FSA, Mauritius FSC | ASIC | FINRA, SEC, OSC, BCSC, ASC | ASIC, Central Bank of Ireland, FSCA |
Conclusion of our review on PU Prime
During our test, the broker demonstrated solid offerings in terms of asset diversity and trading platform options, with support for popular platforms like MetaTrader 4 and MetaTrader 5.
Its low minimum deposit requirement makes it accessible to a wide range of traders, and the availability of copy trading through PU Social adds value for beginners seeking automated strategies. The unlimited demo account is another advantage, providing a risk-free environment for strategy testing.
However, the broker's regulatory oversight from lower-tier authorities like the Seychelles FSA and Mauritius FSC raises questions about fund security compared to more strictly regulated brokers. Additionally, the lack of transparency in its fee structure, particularly regarding commissions and swap rates, could lead to unexpected costs for traders.
While the broker provides a reasonable service for active CFD and forex traders, it falls short in areas like regulatory confidence and fee clarity, which could deter risk-averse users or those seeking a cost-effective solution.
Before opening an account with PU Prime, compare the best brokers in Canada.
What types of accounts are available with PU Prime in Canada?
PU Prime offers multiple account types tailored to different trading needs, including Standard, Prime, Islamic, and Cent accounts. These accounts vary in terms of minimum deposits, spreads, commissions, and access to features. Below is a summary table comparing the key characteristics of each account type.
Feature | Standard Account | Prime Account | Cent Account | Islamic Account | Demo Account |
---|---|---|---|---|---|
💰 Minimum Deposit | $50 USD | $1,000 USD | $20 USD | Same as Standard/Prime | N/A |
⚖️ Spreads | From 1.3 pips | From 0.0 pips | From 1.5 pips | From 1.3 pips or 0.0 pips | Simulated spreads |
💵 Commission | None | $3.50 per lot per side | None | None, but swap-free | None |
⚙️ Platforms | MT4, MT5 | MT4, MT5 | MT4, MT5 | MT4, MT5 | MT4, MT5 |
🌍 Market Access | Forex, Commodities, Indices, Shares, ETFs, Bonds | Same as Standard | Limited to smaller trades | Same as Standard/Prime | All assets |
🧪 Demo Account | N/A | N/A | N/A | N/A | Unlimited duration, $50,000 virtual funds |
🌙 Islamic Account | Available | Available | Not Available | N/A | N/A |
Standard Account
The Standard Account is designed for beginner and intermediate traders who prefer commission-free trading with slightly higher spreads. With a low minimum deposit of $50 USD, this account provides access to all of PU Prime’s tradable assets, including forex, commodities, indices, shares, ETFs, and bonds. It operates on the MetaTrader 4 and MetaTrader 5 platforms, offering a wide range of tools for analysis and trading.
Prime Account
The Prime Account caters to experienced traders seeking tighter spreads and lower trading costs. This account features spreads starting from 0.0 pips, making it suitable for high-volume trading. However, it requires a higher minimum deposit of $1,000 USD and charges a $3.50 commission per lot per side. Like the Standard Account, it supports MetaTrader 4 and MetaTrader 5 and provides access to the same range of assets.
Cent Account
The Cent Account is aimed at beginners or those who want to trade smaller volumes with reduced risk. With a minimum deposit of just $20 USD, it is an accessible option for learning and testing strategies in live markets. Spreads start from 1.5 pips, and no commissions are charged. This account is also supported on MetaTrader platforms but may have limitations on maximum trade sizes.
Islamic Account
PU Prime offers an Islamic Account for traders adhering to Sharia law. This account is available for both Standard and Prime account types and operates as a swap-free account, meaning no interest is charged on overnight positions. Spreads and commissions remain the same as the chosen account type, ensuring compliance with Islamic finance principles.
Demo Account
The Demo Account is an excellent option for new traders or those testing strategies without financial risk. It includes $50,000 in virtual funds and offers unlimited usage, providing access to all of PU Prime’s platforms and tradable assets. This account mirrors real market conditions, making it a valuable tool for both beginners and experienced traders to practice and refine their trading skills.
Deposits and withdrawals at PU Prime: How does it work?
Method | Currencies | Timeframe | Associated Fees |
---|---|---|---|
💳 Credit/Debit Card | USD, EUR, GBP, AUD, CAD | Instant for deposits | Free for deposits; withdrawal fees vary |
🔄 Bank Transfer | USD, EUR, GBP, AUD, CAD | 1-3 business days | Free for deposits; $10-$30 for withdrawals |
📱 E-wallets | Skrill, Neteller, PayPal | Instant for deposits | Free for deposits; ~1% withdrawal fee |
🔗 Cryptocurrencies | BTC, ETH | Up to 24 hours | Free for deposits; blockchain fees apply |
PU Prime offers a variety of deposit and withdrawal methods, including bank transfers, credit/debit cards, e-wallets, and cryptocurrencies, ensuring flexibility for traders. The inclusion of crypto as a payment option is a modern feature not all competitors provide, which can appeal to traders familiar with digital currencies.
Deposits are generally free and processed quickly, but withdrawal fees, especially for bank transfers and e-wallets, are higher than those charged by some competitors who offer free or flat-fee withdrawals.
Additionally, while the broker advertises quick processing times for withdrawals, user feedback has occasionally reported delays, which can be a disadvantage compared to brokers with more consistent withdrawal processing.
Overall, PU Prime’s payment system is functional and diverse but could improve by eliminating withdrawal fees and ensuring faster, more reliable processing to better compete in a market where cost and convenience are key.
Does PU Prime offer copy trading?
PU Prime offers copy trading through its proprietary platform, PU Social, which is integrated into its trading ecosystem. This feature allows traders to replicate the strategies of experienced professionals automatically, making it an appealing option for beginners or those seeking a hands-off trading approach.
Software/Platforms Used
- PU Social: A proprietary platform designed for copy trading. It is user-friendly and accessible through both desktop and mobile devices.
- MetaTrader 4/5 Signal Service: For traders using MetaTrader platforms, PU Prime integrates MetaTrader’s Signals service, enabling automated trade copying.
Number of Traders to Copy
PU Social provides access to a variety of strategy providers, with detailed performance metrics available for each trader. Users can review trading history, risk levels, and profitability before choosing a provider to follow. While the exact number of traders available is not disclosed, PU Prime claims to offer a broad selection of strategies from global traders.
Additional Fees
- Subscription Fees: PU Social may require subscription fees to follow specific strategy providers, which are determined by the individual traders offering their strategies.
- Spread and Commission Costs: Trades executed via copy trading are subject to the same spreads and commissions as regular trades on PU Prime.
- Performance Fees: Some strategy providers may charge performance fees based on profits generated for followers.
Copy Trading Features
- Customizable Risk Management: Users can adjust trade sizes, stop-loss levels, and overall exposure to suit their risk tolerance.
- Detailed Performance Metrics: PU Social provides comprehensive data on traders’ performance, including win rates, drawdowns, and trading history.
- Automation: Once subscribed to a provider, trades are executed automatically in real time, requiring minimal manual intervention.
- Transparency: Users can monitor their account’s performance and manage subscriptions directly within the platform.
What is the tax treatment of income generated by PU Prime?
Income generated through trading with PU Prime is subject to taxation under Canada’s tax laws, as administered by the Canada Revenue Agency (CRA). The taxation of trading income depends on how the CRA categorizes your activity, either as capital gains or business income.
Capital Gains
If your trading is considered investment-focused—such as holding assets for longer periods—the profits from selling these assets are categorized as capital gains.
- Taxable Amount: Only 50% of capital gains are taxable at your marginal tax rate. For example, if you generate $10,000 in capital gains, only $5,000 will be added to your taxable income.
- Offsetting Losses: Capital losses can be used to offset capital gains, reducing your taxable amount. Unused losses can be carried forward to future tax years or backward to offset previous gains.
Business Income
If you engage in frequent and active trading, the CRA may classify your earnings as business income, subjecting them to full taxation.
- Taxable Amount: 100% of profits are taxable at your marginal tax rate.
- Deductible Expenses: Expenses directly related to trading (e.g., commissions, platform fees, withdrawal charges, and margin interest) can be deducted from your income to reduce your tax liability.
- This classification typically applies to day traders or those whose trading activity resembles a business.
How to declare your trading income
- Capital Gains Declaration:
- Report capital gains and losses on Schedule 3 – Capital Gains (or Losses) of your T1 General income tax return.
- Provide details of the cost of acquisition, sale price, and any expenses incurred, such as trading fees.
- Business Income Declaration:
- Report business income on Form T2125 – Statement of Business or Professional Activities.
- Include all income and deduct eligible expenses to calculate your taxable income.
- Foreign Income Reporting:
- Since PU Prime is regulated outside Canada, any income in foreign currencies (e.g., USD) must be converted into CAD using the Bank of Canada exchange rate at the time of the transaction.
- If your total foreign holdings exceed $100,000 at any point in the year, you must file Form T1135 – Foreign Income Verification Statement.
Points to remember while filing your taxes
Contact: How do I contact PU Prime customer service?
Type of Request | Means of Contact | Opening Hours |
---|---|---|
📂 Open an Account | Email: [email protected] Live Chat: Available on website | 24/7 |
💵 Make a Withdrawal | Email: [email protected] Contact Form: Available on website | Mon-Fri: 9:00 AM - 6:00 PM (AEST) |
🛠️ Contact Technical Support | Email: [email protected] Phone: +1-800-123-4567 (example) | 24/7 |
🚨 Make a Complaint | Email: [email protected] Contact Form: Available on website | Mon-Fri: 9:00 AM - 6:00 PM (AEST) |
📱 General Inquiries | Social Media: Twitter (@PUPrime), Facebook (@PUPrimeOfficial) | 24/7 |
❓ Other Requests | Email: [email protected] Live Chat: Available on website | 24/7 |