ProFxTrades Review Is Profxtrades.com A Legit Broker

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ProFxTrades Review – is it scam or trade?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $5 000 N/A N/A

ProFxTrades claims to be a US-based broker that offers trading in over 100 assets, including stocks, ETFs, Forex and.cryptocurrencies like Bitcoin, Ethereum, Ripple, Dash, Litecoin and Monero. Unfortunately, a number of things are not right with this broker, and the most important ones will be highlighted below.

ProFxTrades Advantages

ProFxTrades Disadvantages

False claims of regulation

The broker claims to be based in Los Angeslis, USA, and to be regulated by the International Forex Regulatory Body (IFRB). First of all, US forex brokers must be regulated by the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC). Second, there is no such organization as the IFRB.

We have to stress that companies that present such purposefully misleading information should be avoided at all costs.

The company behind the brand blacklisted many regulators

According to the information in ProFxTrades’ Terms and Conditions, the broker is a trademark of Affort Projects S.A., a company regaistered offshore (Seychelles), which operates on behalf of Finance Group Corp. (FGC).

Click on the image to view full size.

This FGC and some of its brands has been blacklisted by several financial regulators. The Financial Conduct Authority (FCA) in the UK has blacklisted Affort Projects S.A. and FGC with regards to its brand BinaryMate. The Financial Markets Authority (FMA) of New Zealand has warned against Finance Group Corp and its brands 24StartTrade and BinaryCent. The French regulator Autorité des marchés financiers (AMF) has also blacklisted BinaryCent, and the Cyprus Securities and Exchange Commission (CySEC) has flagged LiteOptions, another binary options brand associated with FCG. Other brands associated with the same con-artists are RaceOption, DaxBase, binary options robot Ackman Capital, and others.

Considering how many regulators have flagged brokerage brands associated with Finance Group Corp. (FGC), as well as the negative reviews from users we got on most reviews of these entities, it is pretty obvious that this company runs some sort of serial investment scam. Therefore, we strongly advise our readers against doing business with ProFxTrades, as well as any of the other brands mentioned above.

Zero clarity on trading conditions & platform

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As we mentioned in the beginning, the offer of ProFxTrades is utterly unclear. The broker has only disclosed some minimum investment amounts ($5k according to the Terms and Conditions and $250 as per the information in the FAQ section). So, potential clients of the broker are unaware of the trading costs, the maximum leverage levels available, minimum trade sizes, etc.

It is even not clear which trading platform ProFxTrades uses. The broker does not offer demo accounts, and we couldn’t log into any platform even after registering a live account (without depositing any money). We only got access to some strange platform, where trading is not enabled.

Click on the image to view full size.

That being said, most brokers offer trading on the ever-popular MetaTrder4 (MT4) platform, as it is preferred by the majority of traders.

High initial deposit, only Bitcoin accepted

When we tried to deposit, the only method available turned out to be Bitcoin, although the broker claims to support payments via PayPal, bank wire transfer, Skrill, Western Union and Moneygram. This is possibly due to the fact that Visa and MasterCard took measures to combat unregulated forex brokerages by classifying all forex transactions as high risk.

Click to view larger.

Furthermore, according to the broker’s Terms and Conditions, the minimum investment required by clients of ProFxTrades is $5 000, which is excessive. Most brokers require $100 – $250 as a start, including legitimate and reliable ones.

We should also not that withdrawals by ban wire with this broker are charged $50, which is also quite high.

Conclusion

ProFxTrades is yet another brand related to the of Finance Group Corp. (FGC), which has become notorious in the online trading world. Overall, it is pretty obvious that all binary, forex and crypto brokers under its wing are professional scammers – most of them are flagged by one or several financial regulators.

Unfortunately, the financial markets are plagued with fraudsters trying to rip off investors in every possible way. So, the only way to stay safe is to deal only with well-established and regulated brokers, and always check carefully whether the companies are (really) licensed.

Here is a summary of our review on ProFxTrades:

Pros Cons
None False claims of regulation
The company behind the brand blacklisted many regulators
Zero clarity on trading conditions & platform
High initial deposit
Only Bitcoin accepted
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

ProFxTrades Review – 5 things you should know about profxtrades.com

Beware! ProFxTrades is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

ProFxTrade claims to be a broker from Los Angeles, the United States, offering forex pairs and CFDs on over 100 assets, including crypto coins like Bitcoin, Ethereum, Ripple, Dash, Monero and Litecoin on a web based trading platform.

As it turned out, however, the companies behind ProFxTrade are based offshore and what is worse, they already have been flagged by a number of financial regulators as potential scammers. So if you are considering depositing your funds with ProFxTrade, be sure to read the following lines.

ProFxTrades regulation & safety of funds

Let us start with the Los Angeles address ProFxTrade claims to be headquartered at. We checked it on Google maps and it turned out to be fake, which was not a surprise, as ProFxTrade is actually run by several offshore companies.

The company that owns the broker is FGC – Finance Group Corp., which is based on the small Pacific atoll of Vanuatu. FGC, however has authorized another offshore company to run the broker – Affort Projects S.A., which on its part is registered on the Seychelles in the Indian Ocean.

Finally, all payments are said to be processed by yet another company – Suomen Kerran LP, which seems to be registered in the UK.

On top of that FGC – Finance Group Corp. and Affort Projects S.A. h ave already been blacklisted for running scam broker websites by a number of regulators.

The Financial Conduct Authority (FCA) in the UK has flagged Affort Projects S.A. for running the scam website binarymate.com; The Financial Markets Authority of New Zealand has warned about 24startrade.com and BinaryCent.com, also run by FGC – Finance Group Corp. and Affort Projects S.A., while Autorité des Marchés Financiers (AMF) in France has blacklisted FGC – Finance Group Corp. and Affort Projects S.A. for running videforex.com and raceoption.com.

Obviously here we are dealing with professional scammers so our best advise is to trade only with brokers licensed and authorized by a reputable institution such as the FCA in the UK or t he Cyprus Securities and Exchange Commission (CySEC).

ProFxTrades deposit/withdrawal methods and fees

Although in its presentation ProFxTrades says to accept payments with e-wallets like PayPal and Skrill, when we proceeded with our registration, the only available payment method turned out to be a Bitcoin wallet. That is very typical for a scam broker, because bitcoin payments are more or less anonymous and can not be reversed. (If you are scammed and you have payed with VISA or MasterCard for example you can file for a charge back.)

Here we should mention as well a couple of highly unusual withdraw conditions, we came across in the ProFxTrade Terms and Conditions. F or example they say you will be allowed to request a withdraw only after you have met some minimum trade volume requirement – and that is even without a trading bonus.

Be aware that such minimum trade volume requirements that go with all trading bonuses as well are a favorite pretext that scammers usually use to cancel your withdraw requests.

Also ProFxTrade offers some kind of a managed account, called Fixed income account, which basically represents another scam technique. Most brokers, even legit once, are market makers, which means they make money, whenever traders lose. So if a market maker offers a managed account, this is an obvious conflict of interest.

Otherwise the minimum deposit requirement with ProFxTrade is 250 USD, which is more or less what most other brokers would require.

How does the scam work?

Scammers use an elaborate network of websites and call centers to run their clandestine operations. But how they hunt for new victims? That is usually done through a robo scam website like Bitcoin Profit and Brexit Trader, where the potential investor will be lured by a promise of fast and easy cash in return of a tiny investment – and certainly you will be assured, your profits are guaranteed. And if you get hooked and do register by leaving your e-mail and phone, in a minute you will be transferred to the web page of unregulated, offshore broker, where finally you will have to deposit about 250 USD as a start.

Be aware that your initial trades will happen to be so successful, that in just a few days the money in your account will seem to have doubled. That however will all be fake. Scammers will simply be manipulating your account so that latter you will be more easily convinced to deposit more. And that is exactly what your senior account manager will suggest – if you want to see some real money you will surely have to deposit at least 10 000 USD.

And most people do not realize they have been robbed until the day they decide to withdraw some of their funds. Than, all of a sudden it turns out they can not withdraw anything because of some minimum trade volume requirement, possibly linked to a trading bonus.

The excuse might certainly be different, but in the end it will all come to the same – scammers will not pay a single dollar back

What to do if scammed?

The only plausible step you can take in case you have been scammed is to file for a charge back with your credit card company. And fortunately, both VISA and MasterCard will allow you to do that within 540 days.

Be aware that some scammers might even try to steal money directly form your bank account. So if for any reason you have told them your credit card number or online banking password, immediately change the password and block your credit card.

And do not trust the so called recovery agencies. They will not recover your funds, but will simply collect some fees in advance, basically leaving you with even less cash.

TopedgeFX.com

Honest Trading Product | Reviews

Forex Reviews Ι Stocks and CFDs Brokers

When you want to trade Forex, Stocks, Futures, Cryptocurrencies, Bonds or CFDs, there’s always a broker or an exchange where you can open an account to facilitate your trading.

In fact, since trading became popular on the internet, hundreds of brokers have sprang up and they all masquerade as “the best brokers” to trade with on the internet.

Some of the features they use to lure traders include:

  1. Education capabilities
  2. Market research and analysis including weekly trade ideas
  3. AI software for trading
  4. High leverage and tight spreads
  5. Deposit bonuses
  6. Cutting-edge trading platform

Because there are literally hundreds of brokers on the internet offering the same exact thing, one may ask:

How do we choose the best broker and avoid the bad ones?

To answer that question, we’ve selected 3 brokers that we think have at least met industry standards.

These brokers are ranked according to features, level of customer support, regulations, reputation and many other factors.

On the other hand, we leave traders to decide which brokers they want to choose. Usually, one trader’s style is different from another trader’s strategy.

The two traders cannot be satisfied by one broker due to their varying trading styles and needs in general.

The list of the best brokers to trade with

As we’ve said previously, we’ll rank brokers based on their capabilities and most of these parameters are looked at in favor of the client.

So we’ll also look at how they handle customer funds, structure of their business, whether or not they’re regulated and also length of time that they’ve stayed in operation.

On top of that, we usually update this list to reflect any changes or actions that may have been taken against any broker by their respective regulatory authorities.

We’re only listing brokers that are regulated by financial organizations listed below:

Some of the financial regulators above are made up for independently governed agencies while others are operated by the Central bank of the country where the financial regulator is based at.

Our Ratings: 80/100

Withdrawal time: Under 24 hrs

MT4 and MT5: Yes

Minimum Deposit: $100

Support: Very Good

Our Ratings: 75/100

Regulated: FCA 19776 IBC 2020

Withdrawal time: Under 2 hrs

MT4 and MT5: Yes

Minimum Deposit: $50

Support: Very Good

Our Ratings: 75/100

Assets: Forex, Stocks, Options, Crypto

Withdrawal time: Under 2 hrs

Minimum Deposit: $10

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About Topedgefx.com

Our reviews are honest and truthful. We expose investment wackadoodles on the internet. On the other hand, when a trading product or service is good, we let you know.

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