Review Is Proud Market A Scam

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ProudMarket review – 5 things you should know about

Beware! ProudMarket 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.

ProudMarket is an offshore Forex brokerage registered in Vanuatu. It provides a web-based trading platform, not the MT4 trading platform. The spread is below the industry average of a pip and a half and quite favorable for traders amounting to only 0.6 pips.

ProudMarket regulation & safety of funds

On the brokers website the name of the company nor its registered address is nowhere to be found. Such a lack of corporate information is troubling and should immediately raise red flags. However, going through the terms and conditions of the broker we did stumble upon a mention of Vanuatu. Here is a screenshot:

We remind readers that the VFSC does give financial dealer licenses to Forex brokerages, however, the regulatory oversight and financial mechanisms for compensation cannot compare with renowned European agencies such as FCA or CySEC. Nonetheless, a Vanuatu license is certainly better than nothing. The commission supports a website where you may download a pdf file with a list of all the licensees. However, upon reviewing the list we may safely conclude that the brokerage does not in fact have a financial dealer license from the Vanuatu authorities and we have to point out a worrying aspect of the broker. Without the name of the company, nor a registered address and a contact number we are in fact dealing with an anonymous website which answers to no authority. Such a situation is troublesome in Forex trading and is best avoided. All in all, we fear that due to the lack of credible regulation potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

ProudMarket trading software

As was stated above, the brokerage does not provide the MetaTrader 4 platform – a big disadvantage since it is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Instead, there is a web-based trading platform and we were able to register for a demo account and get a look at it. Here is a screenshot:

The selection of trading products available for clients is quite impressive and includes CFDs on precious metals, indices, as well as crypto currencies which we highly value as an advantage for potential clients of the broker. The spread on EUR/USD is just 0.6 pips, however, we cannot be sure whether the broker doesn’t charge a commission as well which will affect the cost of trading. The required minimum deposit on the other hand is $250 which is quite advantageous since new traders needn’t risk a large sum to begin trading with a live account.

ProudMarket deposit/withdrawal methods and fees

Potential clients of the brokerage it appears may deposit or withdraw only via bank wire and the standard Visa and Mastercard which is quite unfortunate since we view the availability of diverse payment methods as a huge advantage.

In the terms and conditions we did come upon provisions worth noting. Here is a screenshot:

Even though the provision is quite strangely worded it appears to be a withdrawal fee of $30 which is excessive in our view and not in favor for traders. Furthermore, Proud Market offers a bonus promotion and as is standard in Forex it ties it with trading requirements for eligible withdrawal.

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In the case of Proud Market the trading volume requirement is three times the bonus amount in lots which is an extremely large sum and quite difficult to achieve which is precisely the reason it is such.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

The Financial Services and Markets Authority (FSMA) warns the public against the activities of, a company that offers investment services. is not allowed to provide investment services in or from Belgium.

Moreover, according to the information available to the FSMA, it could be a so-called ‘boiler room’ fraud. More information on this form of fraud is available in the general warning published by the FSMA on 7 June 2020.

The FSMA therefore strongly advises against responding to any offer of financial services made by and against transferring money to any account number it might mention. uses the website (today inactive), www.proud‑ and the following contact details:

Address: Switzerland/United Kingdom
Email: [email protected], [email protected], [email protected], [email protected], [email protected]
Tel.: +442035140809, +442038084696, +442038084622, +441223790292, +442038083779

Would you like to enquire more generally as to whether a transaction being proposed complies with the financial legislation? Please use the search function on the FSMA website. You can also contact the FSMA directly via the consumer contact form. Review

In our opinion, Markets.comis a brand name used by Safecap Investments Ltd, is currently one of the best brokers around today for trading and investing in Forex and CFDs. Throughout this review we will tell you the reasons why we consider to be among the best brokers at this time. Nevertheless, we can already tell you that our opinion is based on these three factors: 1. They do not charge any commissions 2. It is a trustworthy broker 3. The opinions made by its clients towards it are very favorable. It is hardly surprising, therefore, that it is one of the most famous brokers of 2020 (CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money).

Throughout this analysis we will see the reasons which explain why we consider this broker to be among the best available on the market in 2020. To this end, we will investigate such important aspects for investors as the cost of trading, commissions, available trading platforms as well as how safe investors’ money is.

Tabla de contenidos

No Commissions and Low Spreads

The online brokers which have appeared in the last few years stand out due to their low commissions. Before these online brokers, it was only banks that offered trading services, making investing very costly and something reserved for the rich. However, now there is a new generation of brokers that not only offer low commissions, but do not charge any commission for trading, and is one of these.

In general, traditional brokers charge a commission per trade. For example, if you would like to invest in Forex and you choose to go long on the Euro, you would have to pay a 10 euro commission, and another 10 euros when you close your position. It’s not a great deal of money, but when making a large number of trades, it is sure to eat into your profits. For this reason, a broker like which, remember, does not charge any commission, is a far better solution for trading with Forex and CFDs, since you will save a lot of money by doing so.

Another consideration is that trading is not free, and brokers need to cover their operating costs as well as to try to make some profit. This cost for traders takes the form of spreads. A spread is the difference in price between what an asset is bought and sold for. That is to say, if a broker’s client wishes to trade CFDs on currency pairs, he or she will see that there is a difference between the price paid to buy and the price at the moment of sale. As an example, as can be seen in the image below, the median price differential at for the Euro/Dollar currency pair is 2.2 pips. This means that the price will be, for example, 1.1003 and 1.1001 for buying and selling respectively. What traders need to look for is the lowest price differential, in order not to lose too much of their profit margin. In the case of, the spreads are very competitive, as can be seen in the images below, for Forex and CFDs.


As you can see in the table above, the price spreads are very tight, and none of the usual currency pairs has a spread of more than 4 pips.

CFDs on the Stock Market

As far as indexes are concerned, the spreads depend on the country of origin of the stock selection you are investing in. For example, the S&P500, which is an index for the United States, and which is also the index most invested in, is the cheapest of them all in terms of spreads. The spreads are the lowest due to the enormous liquidity available in the market.

Some Comments About Spreads

Let’s start with the spreads on the Forex market: 2 pips for the Euro/Dollar currency pair is very competitive, and among the lowest on the market. You should keep in mind that the spread can vary due to market conditions, but, as a general rule, it is very reasonable. As far as CFD spreads are concerned, we would like to emphasize how low they are when using the Markets WebTrader platform, which is’s proprietary trading platform. A spread of 0.6 dollars in CFDs on an index like the S&P500 is a hard thing to beat in 2020.

Is reliable? Is it a Scam?

In order to determine how safe and reliable a broker is, one should look at the regulatory bodies which oversee it. In general, brokers are overseen by the bodies of their respective countries. In this particular case, we are dealing with a Cypriot broker, belonging to Safecap, which is overseen by CySEC. Up until now it has meticulously complied to regulation – it only allows a leverage of 1:30 by default. Moreover, it has some types of accounts which limit the amount of possible loss for deposited funds. The reliability of is augmented by another factor as well, it is also overseen by the FSB. While the reliability of any broker can never be entirely guaranteed, it seems reasonable to say that this particular broker is reliable

Opinions and Comments

In our opinion, we are dealing with one of the best brokers available in English at the moment. It does not charge any commissions, the spreads are among the lowest and it is overseen by some of the most prestigious regulatory bodies in the world.

Apart from that, from reading opinions by other traders and clients, we have found them to be mostly positive. Let’s be honest, there will always be negative opinions, but this is something that happens for everything, especially in the world of investing and trading. Not even the best singer in the world or the best movie in history have been able to please everyone at once, the same thing happens with brokers. Nevertheless, it seems clear that the majority of comments that can be read about are favorable. What’s more, if you keep in mind the fact that those people who spend the time required to post a comment are usually those who have had a negative experience, to see that the majority of comments are favorable is a very good sign indeed.

Demo Account offers two types of accounts, depending on the type of client.

For novices who would like to begin to trade without investing any real money, offers a demo account to start out with in the world of investing. This is a very useful tool. If you have no experience in trading, you will be able to see how news items are able to influence the price of currencies, stock shares, indexes and all underlying assets. In this way, you will be able to come up with your own trading strategy so that once you start trading with real money, you will be able to do it well. Moreover, if you have never traded CFDs, the demo account will be useful to you for learning how the trading platform works without putting any capital at risk. You can download the demo account by clicking here .

Before making our final commentary in which we will summarize our opinions about, we would like to do a short visual recap of some of the most positive, but also of some of the negative considerations which entered into our evaluation.


  • Very competitive spreads
  • No commissions for buying or selling
  • Two available trading platforms, one of which is MetaTrader 4
  • High-quality trading tools
  • Customer service in English
  • It is a broker with a lot of experience


  • PayPal is not available as a payment option

Conclusion and Official Website

Keeping in mind that does not charge any commissions, that its spreads count among the lowest anywhere in 2020, that the information of the website is available in Spanish, that you are able to trade in all the possible assets, that the regulation to which it is subject is very strict, that the services offered are of the highest quality, and that the opinions and comments made by experienced traders are generally favorable, we would like to give this broker a 5 star rating. We think it is one of the best options around on the market at the moment for those people looking for an online broker.

Finally, if you would like to receive more information or open a real money account, the best thing you can do is to visit the official website and follow the indicated steps. You can do this by clicking on the button below (CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money).

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