Bold Prime Broker Review 2024: Everything You Need To Know

Bold Prime Overviews

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Bold Prime is a relatively new broker, with WikiFX classifying them as operating between 2 and 5 years. They are an online forex CFD broker, and the information they give states that clients are also able to trade stocks, commodities, indices, and options. They are considered somewhat safe as they are regulated by two authorities, namely the Australian Securities and Investments Commission (ASIC) and the Financial Services Commission (FSC). They also have a high trust score from clients, as seen on TrustPilot.

Facts About Bold Prime

Pros and Cons

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Is Bold Prime Safe? Broker Regulations

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Bold Prime is regulated and authorized by two authorities. This is important as it establishes trust and is one way of ensuring oversight of the Company. Essentially, these two authorities oversee Bold Prime and its entities in their operating regions.

This makes the Company safer and more reliable as clients can ensure that regulatory authorities prohibit brokers from committing fraud and other malpractice forms. This entity has the representative number;

• 01300520

The first entity, Bold Prime (AU) PTY Ltd, is regulated by the Australian Securities and Investments Commission (ASIC). Then the second entity, Bold Prime, which is under OPTIM Investments Limited, is authorized and regulated by the Financial Services Commission of Mauritius (FSC) and has the license number;

• GB20025993

 

 

Another way you can determine whether or not a broker is safe and legitimate is by looking at if they have won any awards. Bold Prim received the award for;

• Best Forex Technology Provider (MENA region)

This award was given to them at the Wiki Finance Dubai Expo 2022. Awards are a good indication of how a broker operates and how they treat their clients, but the one thing to note here is that Bold Prime only has one award, while other brokers and ones we have done reviews for (like ZFX) have won multiple awards regarding all aspects of their business.

Lastly, we can also look at customer reviews of the broker, which is a good indication of what you, as a client, can expect if you sign up with them. Trustpilot is a great site to see reviews of a broker, and Bold Prime has a rating of 4.1 out of a possible 5 stars from over 120 reviews. This is not bad, considering this broker is still relatively young.

What Can I Trade with Bold Prime?

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Compared to other brokers that operate on a global level, Bold Prime does not seem to have a securities list that is large or even compared to most other brokers. At this point, it should be noted that most international brokers will typically trade CFDs in the form of forex, stocks, crypto, indices, commodities, ETFs, etc.

However, Bold Prime only seems to have the option to trade forex and stocks. It would help to remember that other brokers may be “stock” brokers, meaning you would buy and sell actual shares and not trade in CFDs, but this is not the case with stocks with Bold Prime (they are CFDs).

 

 

The thing is, when you head to the stocks section of their site, they detail that you will be able to trade options, indices, shares, and commodities. No other information is given besides this, like what assets are available and such. But let’s break down what they offer for a better overview.

Forex

Bold Prime has over 27 different currency pairs to trade and offers a raw spread that starts as low as 0.0 pips. They claim to have no requotes with the best possible prices and no restrictions, offering maximum leverage of 2000:1. At this point, you should know that based on the various account types that Bold Prime offer, they state that over 300 and 450 currency pairs are available to trade, but we will discuss this later.

 

 

Stocks

Moving to the stocks section, we find that Bold Prime offers pretty much the same features as that of their forex instruments in that the leverage is also up to 2000:1, and the spread is as low as 0.0 pips. However, they don’t state what instruments these are for, and in this section (as we stated), they also claim to have Options, Indices, and Commodities available. Still, no more information is given about these assets.

 

How to Trade with Bold Prime?

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There are only three ways in which you will be able to trade with Bold Prime if you choose to sign up with them, and these are namely;

• MetaTrader 4
• MetaTrader 5
• Web Terminal

This is not bad due to the fact that MT4 and MT5 are regarded as the gold standard in trading software and are used by 90% of brokers worldwide, and they have been doing so since 2005 (when MetaTrader was released).

When you head to the MetaTrader section of the Bold Prime site, there are some points to note. The first is that the platform features state that leverage can only go up to 1000:1, but Bold Prime, in their securities section, claim leverage can go up to 2000:1.

The next point to be aware of is that they show MT4 and MT5 are available for iOS, Windows, and Android. This is common; however, when you scroll down to download their licensed version of the software, the only options you are allowed are MT4 and MT5 for Windows, with no iOS or Android options available.

 

 

We don’t know if the software is available for other platforms and speaking to support, they say you would need to open an account and ask for a download link.

Lastly, the web terminal platform is available only if you open an account and log into the client area. There is no explanation as to why Bold Prime don’t include this on their page of how clients will be able to trade with the broker.

 

 

It would help if you understand that other brokers usually offer MT4 and MT5, but some offer more platforms in the way of proprietary software and even their own mobile trading apps, all of which Bold Prime does not offer. This could just be because they are a relatively new broker and are in the process of establishing themselves, so this is something to be aware of.

How Can I Open Bold Prime Account? A Simple Tutorial

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Opening an account with Bold Prime (as you would expect) is very similar to other online brokers, which makes the process quite straightforward. You will need to head to their website and click on the “open account” button. It should be noted that their demo accounts are separate from their live accounts, and if you would like to open this, you will follow the same process but rather, but instead of “opening an account,” you will choose to open a demo account.

 

 

Clicking on the open account button will take you to their registration details page, where you will need to input your personal details, including;

• Your title
• Name
• Last name
• Birthday
• Phone number
• Email address
• Password

You will also need to agree to and accept multiple agreements that cover data protection, their policies, and more. Before you do anything, we suggest you carefully read through all their “terms and conditions.”.

 

 

Once this is done, you will receive a prompt stating you need to input the pin that was sent to your Email address.

 

 

Inputting the pin will register your account and take you to the client area, where you will find notable features and functions that we will discuss throughout this review.

Bold Prime Charts and Analysis

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Charts and analysis refer to what resources and trading educational material the broker offers. This can come in the form of many things, such as economic calendars, a blog, financial news, market outlook, videos, tutorials, etc.

Well-established brokers have great resources when it comes to charts and analysis, and these resources are not only available to their clients but to everyone. Looking beyond the functions and features that MetaTrader has to offer (because we have covered this in detail in other articles and broker reviews), we find that Bold Prime only offers one trading educational resource in the way of their “trading school.”.

 

 

The course consists of 14 sections with sub-sections, and users can expect to learn everything from technical analysis to fundamental analysis. The course also has a quiz, and by completing the course, you can earn loyalty points which you can spend to get Bold Prime Merchandise.

Going through the first section of the course is free, and you do not have to have a Bold Prime account. However, if you wish to study through the entire course, you will need to register at the end of section 1.

 

 

It would help to understand that Bold Prime also has an economic calendar, but this is only available once you open an account and which can be found in the client area.

 

 

Even though other brokers may have more in terms of resources, one thing that most reputable brokers have is a FAQ or help section. This is not the case with Bold Prime, and even though it might not be a deal breaker, it does show that they are lacking in the charts and analysis department compared to other brokers.

Bold Prime Account Types

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There are 4 accounts that you can choose to open when signing up with Bold Prime, and they are;

• Cent account
• Standard account
• Prime raw account
• Prime platinum account

The Cent accounts have a maximum leverage of 2000:1 with spreads from 0.1 pips and 0.07 USD per lot. You can trade as little as 0.01 lots, and a minimum deposit of 15 USD for this account is required. The standard account is the same in terms of leverage, lots, and minimum deposit as that of the Cent account, but their spreads start at 1.8 pips and have no commission.

The Prim raw account has a commission of 7 USD per lot, and you can trade as few as 0.01 lots. However, the minimum deposit is 150 USD, and the spreads are as low as 0.2 pips. Lastly, the Prime Platinum account has a minimum deposit of 400 USD with a commission per lot of 7 USD, but the spread is super low, starting at 0.1 pips.

The stop-out level for all accounts is 50%, and then they also apparently have index CFD trading on all accounts. We stated that they listed their number of forex assets in the “tradable assets” section as 27. This is because their website it clearly states this, as indicated by the screenshot. However, when looking at the account types, you can see that depending on the account type, you are perhaps able to trade over 300 or 450 forex pairs depending. We asked their support staff about this, but they did not respond.

 

 

Do I Have Negative Balance Protection with This Broker?

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Negative balance protection is a policy that many international brokers offer clients. This essentially means that the broker will cover your account and any negative losses past zero, effectively closing any or all positions and bringing your balance back to zero.

This is a great policy for brokers to have; however, some do not, and this means that the client is responsible for paying back the broker in order for them to clear their account. Brokers such as ZFX offer negative balance protection, and this policy is something that new traders and, in fact, all traders should look for in a broker.

There is no information or indication that Bold Prime offers negative balance protection. In fact, if you read through their “client agreement” (which we stated that you do before you signed up), you will see that not only do they not offer negative balance protection, but they have the right to withdraw (supplement) funds from any of your other accounts to cover any losses that you may incur.

This is not a great policy to have, and on this fact alone, we do not really recommend Bold Prime as a broker you should signup with when many other more reliable and safe brokers offer negative balance protection.

Bold Prime Deposits and Withdrawals

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In order to trade, you will need to deposit funds into your account once you have registered. However, you will first need to verify your account and then choose to open one of the live accounts before you can do so. At this point, when writing this review, Bold Prime has still not verified our account, and as such, we are not able to tell you what deposit and withdrawal methods they offer.

Nowhere on their website do they give any details on deposits or withdrawals; this information is usually easy to find when looking up other reputable online brokers. The only information we could find is in the meta description of the Company when a Google result is given. This states that you are able to deposit funds via internet banking from your local bank.

We also searched their client agreement, and the only information we could find on deposits and withdrawals was this;

“Procedures of depositing and withdrawal to/from trading accounts are performed during working hours of the Company’s Department of Payments (from 2:00 AM to 10:00 AM GMT 0 on weekdays.”

“DEPOSIT/WITHDRAWAL FUNDS”

• 1 The Client has the right to deposit his trading account and withdraw funds only using the payment systems available in the Members Area. 13.2 The actual payment of services is deemed to be the moment when all appropriate funds are credited to the Company’s account.”

Support Service for Customer

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Customer support is another aspect of a broker that should not be overlooked if you are planning to sign up with them. Bold Prime, in this case, has a “contact us” page as well as a live chat service that can be accessed directly from their website.

Heading to the contact page, you will be able to find two support Email addresses you can contact 24 hours a day, 7 days a week. These Email addresses are;

• support@boldprime.com
• sales@boldprime.com

 

 

They also list their social media accounts in this section, and although these are not traditional forms of support, you may be able to contact Bold Prime through them. Here they are;

• Facebook
• Instagram
• Twitter
• Telegram

Lastly, as we stated, you are able to use their live chat feature, which is directly accessible from their website.

It should be noted here that other brokers usually offer more in terms of customer support via a help desk, FAQ section, and telephonic support.

Prohibited Countries: Where Can I Not Trade with this Broker?

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Brokers usually list which countries they are allowed and not allowed to operate in. This means that depending on where their entities are based and what licenses they hold if you live in a specific region, you may or may not be allowed to open an account and trade with them.

Once again, Bold Prime does not offer any information on this, but if you sign up with them, there will be a drop-down list of applicable countries, and if yours is not on there, then you, unfortunately, won’t be able to open an account.

We can also include countries that are typically not allowed to trade with online brokers because of laws, regulations, and sanctions depending. The USA is usually a country that is not allowed to have residents open an account with international brokers because of the regulations imposed by the Securities Exchange Commission (SEC). Then there are blacklisted countries that have sanctions against them for several reasons, including Russia, China, North Korea, etc. Residents from these countries will typically not be able to open an account with an international broker like Bold Prime.

Special Offers for Customers

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Bold Prime offer 3 “special promotions” that run continuously. The first is their affiliate program which is based on tiers and where the affiliates get paid a specific amount per lot depending on how many clients they refer to Bold Prime. The tiers are;

• Basic
• Advanced
• Pro
• Master

The payout per lot ranges from 3 USD for the basic all the way to 9 USD for the master tier. The respective clients you will need to bring in to receive these lot payouts range from as little as 5 clients for the basic tier to the master tier, which will require you to have over 200 clients. This affiliate program is also referred to as their IB (Introducing Broker) program.

 

 

Next Bold Prime offers a loyalty program for its clients where trading, participating in competitions, and completing specific criteria (like the trading school) will earn you points. The loyalty program has three tiers;

• Bronze
• Silver
• Gold

Depending on how many loyalty points you earn, you will move into the next tier and can use those loyalty points to purchase various gifts that include everything from apparel to smartphones, laptops, and smartwatches.

 

 

The last special promotion they offer is their 30 USD welcome bonus which will be automatically credited to your account when you signup. The only catch is that you need to open a Bold Prime account to be applicable for the bonus.

Bold Prime Review Conclusion: Reputable Broker with Easy-to-use Platform

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Although the broker may be safe and regulated, we suggest you opt for another broker that easily outshines Bold Prime in many areas. One such broker is ZFX (we highly rate this broker).

PIPPENGUIN

Bold Prime is a relatively new broker and is regulated by two commissions that are namely ASIC and the FSC. Being regulated by two authorities gives the broker credit, and they also have a high trust score on TrustPilot. However, this broker lacks many features and functions that other brokers who have been around for almost the same amount of time have. This includes trading resources, a larger assets list, and a few more that we discussed in this review.

Although the broker may be safe and regulated, we suggest you opt for another broker that easily outshines Bold Prime in many areas. One such broker is ZFX (we highly rate this broker).

Summary and Key Takeaways

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The key takeaways to consider regarding Bold Prime is that they offer forex and stocks in the form of CFDs but also state that you can trade options, indices, and commodities. There are 4 different account types to choose from Cent, Standard Raw, and Platinum, and they all work on Bold Prime’s licensed MT4 and MT5 software.

Bold Prime does not have a lot when it comes to resources, and information about the broker is quite difficult to come by, with some information from the site and support being contradictory.

FAQs

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Where is Bold Prime located?

Bold Prime (Au) Pty Ltd is located at 12 Woniora Rd Hurstville NSW 2220, while their Mauritius offices are located at 3rd Floor Manor House, 30 St George Street Port Louis.

How do I become an IB partner with Bold Prime?

To become a Bold Prime IB partner, you will need to register and open a trading account, and then in the client area, you will have the option to “request IB.”. You will then need to follow the appropriate steps to apply for the program.

How do I withdraw funds from Bold Prime?

According to the Bold Prime Client Agreement, you will need to withdraw funds using a bank wire transfer if the payment systems used to deposit the funds are unavailable to you.

How do I deposit funds in Bold Prime?

You will be able to deposit funds using internet banking according to the information Bold Prime has disclosed. Depending on your region, there may be other methods available, but you will need to register, open a live account and view all the possible methods there are.