ProFxTrades Review: ProFx Trades is the name of a broker that claims to be based in the United States of America. Is profxtrades.com a legit broker or a scam?
The address provided on the website of this broker is:
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47 Countrylane Ave, Los Angeles, CA 97446, United States.
It mentions that it is one of the fastest growing online trading brands and has been voted the best mobile trading platform. ProFxTrades was created in 2015 and claims to have more than 1 million members.
Testimonies of people who claim to have used this broker are published on the page. Clients are promised a trading portfolio of over 100 assets as well as 100% payout on withdrawal.
Trading Platform Used by ProFxTrades
Pro FxTrades does not state on its website what trading platform it uses. A little research also turned up nothing on this, it only mentions that it utilizes a “secured platform”. This means that the broker does not offer MetaTrader 4.
This platform would have been a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
It is only stated that the trading plan covers hourly, weekly, monthly and/or yearly plans. The members of ProFxTrades are said to be able to use stocks, forex currencies, ETFs (Exchange Trading Funds and Digital options.
Digital currencies mentioned on the page includes: Bitcoin, Ethereum, Exchange Union, Monero, Digital Dash, Litecoin, and others.
Spreads and Leverages are not mentioned on ProFx Trades (ProFxTrades); this is not positive. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods on ProFxTrades
Deposit is said to be instant and allowed on ProFxTrade in “your preferred payment method”. While withdrawal is also said to occur instantly and “processed within 1 hour of request via Card, Bitcoin, PayPal, Bank Transfer etc.”.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for ProFxTrades and this is a good sign.
Minimum deposits are not stated clearly however and digging revealed that it is somewhere between $250 and $5000. Withdrawal charges and fees are not also stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is ProFxTrades Licensed?
No! Although the page claims that the broker is regulated by “the International Forex Regulatory Body (IFRB)”. This is a lie as we found that such regulatory body does not even exist. Then all US based brokers are under the jurisdiction of the NFA (National Futures Association).
ProFxTrades later claims to be owned by Affort Projects S.A. This company has an address in Seychelles under the FGC (Finance Group Corp). First, this is an offshore location. Secondly, FGC has been blacklisted by the FCA in the past and traders have been warned to avoid them.
To reach a customer care agent of this broker, clients are to call: +13053060304 or send an email to firstname.lastname@example.org
ProFxTrades is clearly a broker that does not own a license. Information found on its page have been proven to not be trustworthy. It is on a blacklist already making it an illegal business and most of the information characteristic of a legit broker are lacking.
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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website