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ProudMarket Review - is it scam or safe?

ProudMarket review - is proudmarket.com scam or safe forex broker?

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

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  ProudMarket is a CFD brokerage which does not disclose corporate information. It states on its website that it is regulated by the Vanuatu authorities. Read the whole review to find out the benefits and disadvantages in dealing with this brokerage!

 Disadvantages

 

Lack of credible regulation 

 

As was mentioned above, the brokerage does not state on its website the company behind it, nor even give a contact address. However, we do read that it is supposedly regulated by the Vanuatu Financial Services Commission. We must underline that the VFSC is not among the most prestigious and trust-worthy regulators in the world and being registered by them isn’t much of a trust creator, still it is better than nothing.  After checking with the online registry of the Vanuatu authorities, we can, however, confirm that Proud Markets is not in fact regulated by the VFSC. 
 

Putting that aside, even if it had been licensed by the VFSC, the regulatory framework of the Vanuatu authorities falls short when compared to the standards of respectable agencies such as FCA or Cysec. Furthermore, the lack of credible regulation compels us to state all the risks potential clients of Proud Markets are exposed to. We have no guarantee of the segregation of accounts i.e. we do not know whether the brokerage handles the money of their clients separately from their own, which greatly increases the chance for fraud. Clients also do not participate in a compensatory mechanism, such as the Financial Services Compensation scheme (FSCS), where by the traders losses may be covered in the unlikely case of the brokerage’s bankruptcy. All this, and much more, inclinces us to recommend interested traders search for better and safer trading conditions. Here is a list of our forex brokers who are in fact regulated by the FCA and have with them all of the outlined benefits.

 

>>List of FCA-regulated forex brokers<< 

 

No MetaTrader 4/5 available

The brokerage does not provide the MetaTrader 4 trading platform and the MetaTrader 5 which we always consider a dire disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. We were able to easily register for a demo account. Here is a list of forex brokers that support the MT4 trading platform:

 

>>List of MT4 forex brokers<<

 

Withdrawal fee and bonus conditions

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. In the case of ProudMarket we found that there is a withdrawal fee of $30 for all payment methods which is quite unfavorable. Furthermore, the brokerage offers a bonus promotion which, however, is tied with a nasty trading turnover requirement. In the case of this brokerage traders have to achieve a trading turnover of three times the bonus amount in lots which is quite high and excessive in our view.

 

Advantages

 

Wide range of trading options

The website states that the brokerage offers a wide variety of trading products. Potential clients of ProudMarket may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We must state that without access to the trading platform we cannot be sure if traders with the brokerage do in fact have at their disposal such financial instruments. We may only relay the information presented on the website. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<

 

Low spreads

We could see a spread of 0.6 pips which is quite favorable, especially compared to the industry average of a pip and a half.  We remind readers that the spread is among the most crucial factors in Forex trading since the lower it is, the higher the probability the client will yield a profit. Here is a list of low-spread forex brokers:

 >>List of low-spread forex brokers<<

 

Generous leverage 

 

Leverage is a two-sided issue and is always problematic deciding whether a brokerage’s leverage should be seen as an advantage or a negative. On the one hand, it allows traders the possibility of significantly higher profits than would be if they traded with no leverage whatsoever, but in contrast to that – if the market trend leads to losses, leverage will increase the losses. ProudMarket provides the clients with a leverage of 1:200 which is reasonable and does extend some freedom in the trader’s dealings.

Conclusion

 

ProudMarket is an unregulated brokerage in Vanuatu which does offer favorable trading conditions. However, setting aside the attractive spread and generous leverage - the broker falls short when it comes to the safety of the clients funds. Without proper regulation we just cannot confirm the security of the client's funds and that is what most of all inclines us to recommend traders look into better trading options to which we have linked throughout the review.

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Traders` reviews for ProudMarket

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

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