Prime Codex-Overview of Minimum Deposit, Leverage, Spreads

Prime Codex Information

Prime Codex, founded on March 12, 2021, is a brokerage firm registered in Saint Vincent and the Grenadines. It offers trading services for Forex, Metals, and US Stocks through its platform, which supports MetaTrader 5 (MT5). The company provides three account types: Standard Account (for beginners), ECN Account (for experienced traders), and US Stock Account (also for beginners). Prime Codex operates with up to 1:500 leverage for Forex and Metals accounts and 1:10 leverage for US Stocks. However, it is important to note that Prime Codex is unregulated, which may pose risks for traders.

Pros & Cons

Is Prime Codex Legit?

Prime Codex is an unregulated brokerage firm even if it claims to be regulated. It common financial service license issued by National Futures Association (NFA), with a license number of 0554233, is unauthorized. Traders should take care while engaging with this platform.

What Can I Trade on Prime Codex?

Prime Codex offers 3 trading instruments: Forex, Metals, and US Stocks.

Account Types

Prime Codex provides a demo account where traders can practice trading without losing real funds.

Prime Codex offers 3 types of live accounts: Standard Account, ECN Account, and US Stock Account.

Standard Account: Suitable for beginners, with no commission, spread starting from 1.0, and a minimum deposit of $1.

ECN Account: Suitable for experienced traders, with a commission of $7, spread starting from 0.0, and a minimum deposit of $100. This account offers raw spreads and swap fees enabled.

US Stock Account: Suitable for beginners, with no commission, spread starting from 1.0, and a minimum deposit of $10.

Leverage

The maximum leverage offered by Prime Codex is 1:500 for ECN and STP accounts and 1:10 for US stock accounts, providing traders with the opportunity to amplify their positions and potentially maximize their return on investment.

Fees

Commissions: Zero commissions for Standard and U.S. stock accounts, and $7 per lot for ECN accounts.

Spread:

Standard Account: The spread starts from 1.0 pips. This means that when you trade using this account, the minimum spread you will encounter is 1.0 pips.

This is a common spread for standard accounts designed for beginners.

ECN Account: The spread starts from 0.0 pips, which indicates raw spreads. Raw spreads mean that the platform does not add any additional markup to the spread; instead, it passes through the actual market spread.

This is beneficial for experienced traders who want to trade with minimal added costs

US Stocks Account: Typically, US stocks have variable spreads depending on the stock's liquidity and volatility. Since no explicit number is provided, we can only infer that the spreads are generally low compared to other financial instruments like forex or commodities.

Swap:

Swap fees are enabled for Standard Accounts and ECN Accounts. U.S. stock accounts do not have swap fees enabled.

Trading Platform

Prime Codex supports trading using MT5. MT5 (MetaTrader 5) is a multi-asset financial trading platform developed by MetaQuotes. It supports the trading of many financial products such as forex, stocks, futures, CFDs, and more.

Deposit and Withdrawal

Prime Codex offers two withdrawal methods: cryptocurrency withdrawal and credit card withdrawal.