Matador Prime Review
Matador Prime Review
MatadorPrime provides a single type of account – a general one, offering online trading with leverage up to 1:100, variable spreads and the option to use micro tradeable lots on the standard MetaTrader 4 platform. The broker claims to offer ECN/STP execution.
The Company. Security of Funds
Matador Prime LLC
Sterling Gent Trading Ltd.
MatadorPrime is a global online forex broker and asset management firm with offices in Bulgaria, Spain, and the US. Besides online trading in currency pairs and commodity and indices CFDs, the brokerage offers corporate bonds, equity stocks and it looks like it focuses on its portfolio management and investment services.
It has a license from Bulgaria’s Financial Services Commission (FSC), the country’s financial regulatory entity in charge of forex licenses and supervision of regulated entities.
FSC has a set of capital and other requirements to investment intermediaries, like most reputable European regulators, such as capital amount requirements and structure, requirements to the members of managerial and supervisory bodies, AML procedures, etc.
The required capital for a Financial Supervision Commission license is BGN 250,000 (around 125,000 EUR) for the brokerage license. For a full license, which allows operators to deal on their own account (as market makers), there is a capital requirement of BGN 1,500,000 (000 (around 750,000 EUR).
Besides, regulated entities are members of Bulgaria’s Investor Compensation Fund, which covers up to 90% of the due sum in case the company goes bankrupt, but not more than BGN 40 000 (around EUR 20 000).
As Bulgaria is part of the European Union, brokers licensed by the FSC can operate throughout the EU, thanks to the passporting rules of MiFID.
What is more, the company operates an offshore unit – Matador Prime and Sterling Gent Trading Ltd. have entered a Joint venture, and the latter is registered on the British Virgin Islands. The offshore subsidiary of the broker offers spread averaged 0.8 pips with volume-based commission, leverage up to 1:400. In addition to MT4, it supports its proprietary Flatbook Exchange derivatives Peer to Peer trading platform, as well as automated trading with ZuluTrade.
Although the offerings of the offshore unit of this broker seem more attractive (on the matadorprime.com website), we would recommend you to sign up with the EU-regulated MatadorPrime, because of all the risks associated with trading with an offshore broker.
Minimum Initial Deposit
In order to open an account with MatadorPrime, one has to deposit $200, which average for the industry. In comparison, other brokers licensed in Bulgaria, such as BullBrokers and Trading212 demand $100 from its clients as a start.
Spreads & Commissions
MatadorPrime does not charge commission for forex trading, however the typical spreads for the EUR/USD pair amount to 1.8 pips, which is above the average, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. By comparison, Trading212’s typical spread on EUR/USD is just 0.9 pips and it also does not charge commission fees.
Speaking of costs associated with trading, we find it quite unusual that this broker charges 15 EUR annually for opening and maintaining an on-line trading account.
The maximum leverage offered by this broker is: 1:100, which is standard, yet most brokers provide higher levels. Trading212, for instance, offers leverage up to 1:200.
Like most forex brokers, MatadorPrime supports the MetaTrader 4 platform. Easy to use and yet equipped with advanced charting tools and a number of built-in technical analysis tools, MT4 holds the title “most popular fore trading platform” for more than 10 years now.
Besides, it offers a wide range of Expert Advisors (EAs) and extensive back-testing environment. Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Methods of Payment
MatadorPrime account deposits and withdrawals can be performed by the following payment modes: bank wire transfer, credit/debit cards, as well as e-wallets: Skrill, Neteller, FasaPay and China UnionPay.
MatadorPrime is a forex and CFD broker and asset management firm that is regulated in the EU and supports the good old MT4 platform. Unfortunatelly, we find its spreads too high, and it looks like online forex is not its core business.
Matador Prime Review Conclusion
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