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Worked example

PU Prime logoPractising on PU Prime's numbers

This is an exercise sheet, not a review. We are going to take three things that PU Prime publishes — a spread, a ladder of account types and a list of licences — and turn each of them into something you can do arithmetic with. By the end you should be able to repeat the whole exercise on any firm you come across, which is the actual skill being taught.

The figures we are working from

Nothing below is our estimate. Where a firm has not published something, or we could not read it on a source we trust, the box says so instead of guessing — a habit worth copying when you build your own broker notes.

1.3Published EUR/USD spread, pips
not verifiedMinimum to open, USD
2015Trading since
Mahe, SeychellesHead office
up to 1:1000Retail leverage cap
4Licence lines on file

Exercise one — turn the spread into money

The spread is the gap between the price you can buy at and the price you can sell at, and you pay it the instant you enter. PU Prime publishes 1.3 pips on EUR/USD. On its own that number means nothing. Here is how it becomes money.

1Fix what one pip is worthOn a one standard lot EUR/USD position — 100,000 units — a one-pip move is worth $10. That is a property of the contract size, not of PU Prime, and it holds wherever you trade.
2Multiply the spread by the pip value1.3 pips × $10 a pip = $13.00. That is what it costs to open and close one standard lot here, before any commission the account may also charge.
3Scale it down to a size you should actually tradeA beginner has no business trading a standard lot. At 0.01 lots — a micro — every figure divides by a hundred: the same round turn costs $0.13. Small enough to practise with, large enough to be real.
4Ask what the cost buys youA $500 float would be entirely consumed by 38 standard-lot round turns at this spread and nothing else. That is the number that should change how often you click.
Compare this broker's 1.3 pip EUR/USD figure against the "from" number in its own advertising.

Now do it without us

Take the spread of any other firm on the practice index, run the same four steps, and write both figures down — per lot and per micro. When you can do that in your head you have stopped shopping on marketing copy and started shopping on cost. The pip value calculator will check your working on pairs where the pip is not a flat ten dollars.

Exercise two — read the account ladder

Account tiers are a pricing structure dressed as a status ladder. PU Prime offers 4 rungs. Read them as a question — what does each rung ask of me, and what does it give back? — rather than as a set of prizes to climb towards.

  1. StandardThe entry rung. Whatever the published spread applies to, it is almost always this one — so this is the rung your arithmetic above describes.
  2. PrimeA higher rung usually trades a tighter spread for a commission, a larger deposit, or a status test. Convert both pricing models to money per lot before you decide either is cheaper.
  3. ECNA higher rung usually trades a tighter spread for a commission, a larger deposit, or a status test. Convert both pricing models to money per lot before you decide either is cheaper.
  4. CentA higher rung usually trades a tighter spread for a commission, a larger deposit, or a status test. Convert both pricing models to money per lot before you decide either is cheaper.

Account names as published: Standard, Prime, ECN, Cent. Platforms listed: MT4, MT5, PU Prime App, PU Web Trader.

Exercise three — what this licence list means for you

A long licence list is not automatically a good sign. What matters to a beginner is a narrower question: which entity would hold my money, and who supervises that entity? Those are often not the same as the impressive name at the top of the list. Here are PU Prime's lines, each with a plain reading.

RegulatorEntity on the registerNumberWhat that means for a beginner
FSA Seychelles · SeychellesPU Prime Limited (reg. 8426654-1)SD050an offshore registration: a company exists and pays a fee, but expect little practical recourse from that entity
FSC Mauritius · MauritiusPU Prime LtdGB23202672an offshore registration: a company exists and pays a fee, but expect little practical recourse from that entity
FSCA · South AfricaPU Prime (Pty) LtdFSP 52218a mid-tier regulator: real supervision and a register, usually with a smaller or capped compensation scheme
ASIC · AustraliaPU Prime Trading Pty Ltd (ABN 63 151 613 839; formerly Admirals AU Pty Ltd, formerly Admiral Markets Pty Ltd)410681a top-tier regulator: compensation scheme, capital rules and a public register you can search yourself
How to use that table

1 of these line is top-tier — held by PU Prime Trading Pty Ltd (ABN 63 151 613 839; formerly Admirals AU Pty Ltd, formerly Admiral Markets Pty Ltd). If you are onboarded to a different entity than those, the protections attached to the top-tier line are not yours, however prominently the regulator's initials appear in the marketing. 2 lines are offshore registrations; treat those as a company address rather than as supervision.

The record behind these numbers

What we could not verify

The following are unconfirmed and are deliberately left blank rather than estimated: founded; hq; minDeposit; maxLeverage; spreadEurusd; segregatedFunds; negativeBalanceProtection; publiclyListed; PU Prime LLC jurisdiction and registration number; accountTypes (names taken from secondary sources); headquarters; negative balance protection; minDeposit — varies by account type: USD 20 (Cent), USD 50 (Standard), USD 1,000 (Prime), USD 10,000 (ECN); no single figure.; spreadEurusd — 1.3 pips is the 'From' figure on the Standard/Cent accounts, not a measured average and not explicitly labelled EURUSD; Prime/ECN advertise 'From 0.0 pips' (raw/commission).; segregatedFunds — the FSA Client Service Agreement contains no client-funds segregation clause and instead pledges client security to the broker (clause 12); marketing pages claim fund protection, but the legal document does not state segregation. Left null.; publiclyListed — no exchange listing, ticker or investor-relations page could be found for PU Prime; a private-company 'false' could not be sourced to a primary page. Left null.; hq — the FSA entity's registered address (Mahe, Seychelles) was used; the group's regulation page also lists registered addresses in Ebene (Mauritius), Cape Town (South Africa) and Dubai (UAE) for its other entities.; founded — 2015 is the broker's own 'regulated since 2015' statement on its regulation page, not an independently registry-verified date.; legalEntities sourceUrls on puprime.com return HTTP 403 to plain curl (bot protection) but load via other fetch paths; none listed as dead.. Confidence in this file overall: medium. When you build your own notes on a firm, keep a list like this one — the gaps are more useful than the figures, because they tell you what to go and check.

All worked examplesSize a trade with these figures

Run the same exercise on another firm

AAAFxSpread not verified — used here for its account ladder.Practise →ACY SecuritiesSpread not verified — used here for its account ladder.Practise →Admirals (Admiral Markets)0.5 pips published, $5.00 per standard lot.Practise →ADSSSpread not verified — used here for its account ladder.Practise →AETOS Capital GroupSpread not verified — used here for its account ladder.Practise →Alchemy Markets (Malta)Spread not verified — used here for its account ladder.Practise →

pipdojo.com does not rank brokers, does not award badges and does not tell you where to open an account. This page exists so the arithmetic you learn in the curriculum has real numbers to bite on.