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ProbusFX Review - Is it scam or safe?

ProbusFX Review - is www.probusfx.com scam or good forex broker?

RATING: 2.9 / 0 REVIEWS ProbusFX
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Trading Accounts

 

Account type Min. deposit Min. trade size Maximum leverage Spreads & Commission
Classic $200 0.01 1:100 1.1 pips
Standard $500  0.01 1:100 0.1 pips + $4.5/lot
Premium   0.01 1:100 0.1 pips + $1.8/lot

 

ProbusFX offers three account types, depending on the client’s initial deposit. All accounts and offer variable spreads with leverage up to 1:100 and micro tradeable lots. The Classic account, which is commission-free offers only currency pairs and precious metals for trade, while the other two also provide indices and energies CFDs. Keep in mind that FIX API Connection is available only on Premium accounts.


The Company. Security of Funds

 

Company

Country

Regulation

Aspide Financial Limited

Cyprus

CySEC

 

ProbusFX is a pure Straight Through Processing (STP) forex broker that supports both MetaTrader 4 and MetaTrader 5 platforms. It offers online trading in over 40 currency pairs, as well as CFDs on precious metals, energies and indices. The company that operates the ProbusFX brand, Aspide Financial Limited, is allegedly a part of Lebanon based investor group. It is regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

Cyprus is one of the most popular forex destinations worldwide and there are some iportant reasons for that. First of all, Cyprus is a jurisdiction with strong regulations and more importantly strict customer protection rules.


Cypriot Investment Firms (CIFs) are required to report their transactions to the local financial watchdog, CySEC, on a regular basis. Besides, CIFs must hold at least €730 000 as a proof of their financial stability and keep client funds in segregated accounts, separated from company’s operational funds.

Furthermore, CySEC applies a compensation scheme, which can cover a maximum of 20,000 EUR per person in the event of broker insolvency.

In addition, under the MiFID regulations every CySEC-regulated investment company is entitled to offer its services to citizens of all EEA countries.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum deposit required to open an account with ProbusFX is $200, which is average. Yet, other Cypriot brokerages require less – for example, one can open an account with XM by depositing just $5.

 

Spreads & Commissions

ProbusFX offers variable spreads, averaged to 1.1 pips for the EUR/USD pair on commission-free accounts, which is a good offer. Spreads on the other two accounts are lower, but commission fees apply.

 

For more information, check out the real-time spreads of more than 10 major brokers at our dedicated page.

 

Leverage

The maximum leverage level offered by ProbusFX is 1:100, and the default level is 1:50, which is in line with the latest guidelines from CySEC. In order to protect traders from the involved in margin trading, the regulator has proposed the default leverage to be set at 1:50.

 

Still, many Cyprus-based brokers offer considerably higher leverage levels: for example, XM offers leverage up to 1:888.

 

Trading Platforms

 

This broker supports the most widely used forex trading platform MetaTrader4 (MT4), as well as its successor, MT5. 

 

Despite being launched more than 10 years ago, The MT4 is still the preferred by most traders, mainly because its robust charting and custom-made indicators and Expert Advisers. Besides, it is easy to use and yet reliable.

 

The main advantage of MetaTrader 5 over its predecessor (MT4) is the fact that it enables traders to execute trades on different financial markets (including stock markets) through a single account. In addition, MT5's execution is faster and after the hedging option was added to it last year, among other enhancements, it gained popularity both among forex traders and brokers.

 

Methods of Payment

 

We could not find information about the payment methods supported by ProbusFX. We suppose it uses at least bank wire transfer and payments via debit/credit cards.

 

Conclusion

 

ProbusFX is a relatively new Cypriot FX and CFD brokerage that is duly regulated and supports two trading platforms. There is no client feedback yet, but ProbusFX claims to be a STP broker, and offers competitive spreads. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros

Cons

Well-regulated 

Limited payment methods

MT4 & MT5 available

Relatively new broker, no client feedback yet

Competitive spreads

 

Pure STP broker

 

                                                               

Latest news about ProbusFX
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Traders` reviews for ProbusFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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