de | cn | ru

ProfiForex Review - Is it scam or safe?

ProfiForex Review - Is it scam or safe?

RATING: 1.2 / 3 REVIEWS ForexBrokerz ProfiForex
ProfiForex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Micro/Cent  $1  0.01 1:500 Fixed, 2 pips on EUR/USD
Variable, 0.7 on EUR/USD + commission 0.3 pips round turn
Standard $5  0.01  1:500 Fixed, 2 pips on EUR/USD
Variable, 0.7 on EUR/USD + commission 0.3 pips round turn

 

ProfiForex offers its clients two basic standard account types: Micro and Standard. All the transactions on micro account are made in cents. Operating with small amounts of money and less risk is ideal for those who are just making their first steps in forex trading. Standard account allows trading in greater volumes and is suitable for regular and experienced traders.


In addition, swap-free (Islamic) accounts are offered to those clients who are not willing to earn interest for religious reasons. Extra commission applies for this swap-free service.


Besides, ProfiForex provides PAMM system for customers who prefer their accounts to be managed by experienced traders (managers). On the other hand, such professional traders have the opportunity to generate additional income.


The Company. Security of Funds


Operating since 2010, ProfiForex is an offshore STP broker offering trading in currency pairs, CFDs, as well as precious metals through the popular MetaTrader 4.


ProfiForex is the trading name Profiforex Corp., a company based in the Seychelles, where forex broker regulation is not mandatory. As a result, FX brokers based in these Islands don’t face any of the strict requirements UK or US-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; companies registered in the Seychelles are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.


Offshore zones are attractive destinations for emerging forex brokers because of the looser regulation, if any, and the less costly registration procedure. If you, however intend to invest a large amount of funds, we advise you to select among FCA-regulated brokerages, US or Swiss ones, where the respective financial watchdogs are always on alert and your money will be safe and protected.


Trading Conditions


Minimum Initial Deposit

The minimal sum required to open an account with ProfiForex is just $1, a symbolically low amount, which is reasonable, considering the lack of regulation. In comparison, ForexBrokerInc, an offshore based in the Marshall Islands, demands $100 from its clients as a start.


Average Spreads & Commissions

This broker offers both fixed and variable spreads, accessible on both account types. Fixed spreads amount to 2 pips on EUR/USD and involve no commission fees. Such fixed spread is considered average for the forex market. In comparison, LiteForex also offers fixed spreads amounting to 2,0 pips on EUR/USD.


Variable spreads, on the other hand, amount to an average of 0.7 or 0.4 on EUR/USD and involve a commission of 0.3/0.6 pips round turn respectively. So basically, variable spread trading costs amount to around 1 pip, commission included, which is a relatively low value on the forex market. In comparison, ForexBrokerInc offers variable spreads from 1.0 pips on its commission-free accounts.


For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

The maximum leverage rates at ProfiForex are high, reaching 1:500. In comparison, SVG-based OctaFX and ForexBrokerInc both offer the same maximum leverage ratios, while LiteForex offers even higher ones, reaching 1:1000. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here


We advise traders to exercise caution when using higher leverage levels, for they may not only multiply their earnings on a small deposit, but also lead to heavy losses in excess of the initial investments made.


Trading Platforms


MT4 trading platform and the Web terminal, developed by Mobius-Trader 5.


MetaTrader 4 is the preferred choice of most trading professionals. This platform offers all a trader needs: a number of technical indicators, advanced charting package, extensive back-testing environment and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Here is a list of more forex brokers offering MT4 platform.


Promotions
This broker offers a deposit bonus from 50% to 500%, which you can receive to unlimited number of accounts.


Methods of Payment


The following payment modes are available to clients of ProfiForex: Credit/debit cards (Visa, MasterCard), Skrill, Bitoin, Okpay, Webmoney, PerfectMoney, Neteller, RBK Money, LiqPay, W1, Yandex Money, QiWi, UnionPay, Boleto and Mobile.
PayPal is not available at the moment.


The accepted currencies are: EURO, GBP and USD.


Conclusion


ProfiForex provides competitive conditions for trading in various currency pairs and CFDs on the popular MT4. However, this broker is not regulated. Here are, in a nutshell, the advantages and disadvantages of this offshore broker:

 

Pros Cons
MT4 available  No regulation
High leverage levels offered   
Low initial deposit required  
Bonuses available  

 

Latest news about ProfiForex
No news about ProfiForex. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for ProfiForex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

SCAM - waiting for a withdrawal for 9 months now

Never ever use ProfiForex for trading Forex!
This company is not registered anywhere and you will never get your money back.
I'm waiting for a withdraw of $ 5,000 for 9 months now.
And they keep using excuses (Read: lying) about everything.
Deposit your money and it will be gone forever

Stapper 05/15/2019

Reliable Broker

There is a difference between a regulated broker and reliable broker. Profiforex in my opinion is reliable. I am yet to find a platform that is so fast and where there are no suspicious activities. My stop orders are executed promptly, making this platform to be the best choice if you are concerned about slippages. Now I see why many traders choose Profiforex. The only thing I don’t like is that there is no copy trader system and I hope they add it soon.

Jason 06/05/2017

Awesome Broker with fast services

I want everyone to be aware that Profiforex has very low spreads and fast execution. This is one of the best offshore brokers I have traded with.

Anthonio Brighton 05/03/2017
de | cn | ru