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ProFxTrades Review - is it scam or trade?

ProFxTrades Review - is profxtrades.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz ProFxTrades
ProFxTrades is an offshore broker. Your money is not safe.

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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

 

None.

 

 

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

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.

 

 

>> Choose some of the best MT4 brokers <<

 

 

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.

 

 

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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

 

Latest news about ProFxTrades
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Traders` reviews for ProFxTrades

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