It appears that PRCBroker offers a single account type with fixed spreads, leverage up to 1:100, no commission fees, and the chance to trade in micro lots for better risk management.
Actually, there is very little information on trading accounts and conditions on PRCBroker’s website. We installed its demo MetaTrader 4 platform, but could not get it running. It requires log in credentials, but when you click on the “open demo account”, nothing happens. Actually the situation is the same if you try to open live trading account. That being said, maybe PRCBroker is inactive.
The Company. Security of Funds
Performance Ronnaru Company Ltd
PRCBroker is a forex and CFD broker that supports both MetaTrader 4 and MetaTrader 5 platforms. The brand is operated by Performance Ronnaru Company Ltd., a company which is licensed by the Cyprus Securities and Exchange Comission (CySEC).
Cyprus is one of the most popular forex broker jurisdictions worldwide. CySEC applies certain rules and requirements to Cyprus Investment Firms, yet supervision is not as strict as in the UK. Cypriot brokerages must hold at least €730 000, keep customer funds in segregated accounts, and regularly report to the commission, among other requirements they have to meet.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000, If the company is in default.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.
Minimum Initial Deposit
Unfortunately, there is no information about the minimum amount one has to deposit in order to open an account with this broker. Usually, forex brokers require their clients to make an initial investment of around $200. Of course, there are many who require less or nothing at all.
Average Spreads & Commissions
According to the real-time quotes on the broker’s website, it offers a fixed spread of 2 pips for the EUR/USD pair. In fact, most fixed-spread brokers offer similar spreads, and charge no commission fees. Yet, there are other CySEC-regulated brokers who provide better and whose trading conditions are transparent – for example, you may check out easyMarkets. You may also compare the spreads provided by some of the world’s leading brokers at our dedicated page.
PRCBroker offers leverage up to 1:100, which is a low ratio, yet it is in line with the latest measures proposed by CySEC. Nonetheless, most Cypriot brokers still offer high maximum leverage ratios – easyMarkets offers leverage up to 1:400. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
The MT4 is preferred by most traders, because it is user-friendly and yet reliable and equipped with professional trading tools. It supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package.
The main advantage of MetaTrader 5 over its predecessor (MT4) is the fact that it enables traders to execute trades on different financial markets (including stock markets) through a single account. In addition, MT5’s execution is faster and after the hedging option was added to it last year, among other enhancements, it gained popularity both among forex traders and brokers.
Methods of Payment
We could not find any information about the payment methods supported by PRCBroker. The broker must offer at least Credit/debit card payments and bank wire trans, that is, if it is active.
PRCBroker holds a CySEC license and that is its only big advantage. Otherwise, the information on trading conditions and accounts on its website is limited, which may be sign of a lack of transparency.
PRCBroker Review Conclusion
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