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Proven Review - is it scam or safe?

Proven review - Is provencmfx.com scam or good forex broker?

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

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Proven presents it self as a U.S. regulated forex broker, offering a great variety of trading instruments, with spreads starting virtually form zero, leverage as high as 1:100 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:100 0 pips

 

As good as all of that may sound, there are a number of questions about the legitimacy of the broker, starting form the simple fact that their website is virtually anonymous, there is no contact address or phone, and their supposed U.S. license turned out not to be what it seems. Before depositing any funds with Proven, better check this review first.

 

Proven Advantages:

 

Lots of forex pairs and other trading instruments

 

On the Proven trading platform we counted nearly 70 forex pairs, and CFDs on 12 indices, gold, silver, oil, natural gas, stocks and some crypto coins like Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin. Still here we may also suggest that you check our list of brokers trading with bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader4 supported

 

MetaTrader4 is by far the most popular trading platform on the market, featuring nearly a hundred market indicators and trading robots with the help of which one can easily run algorithmic trading sessions. And because the platform is also equipped with an excellent set of advanced charting tools, here you may also check our list of brokers offering their clients the MT4:

 

>>MT4 Brokers<<

 

Proven Disadvantages: 

 

Anonymous website, falsely claims to be regulated in the U.S.

 

Form their presentation we understand that Proven is owned by a company named PROVEN CAPITAL MANAGEMENT LLC. And they says to be regulated by the National Futures Association (NFA) in the U.S., so we diligently checked the NFA registers and we found two companies named PROVEN CAPITAL MANAGEMENT LLC. - one based in Vineyard, Utah and the other in Arkadelphia, Arkansas. But because Proven does not bother to provide us with a contact address, we can not be sure if they are linked to any of the above mentioned companies.

 

In any case neither the Utah company, which is registered as a Commodity Pool Operator, nor the  Arkansas company, which currently has no registered status, are authorized to provide forex brokerage services in the U.S. or on any other regulated market for that matter.

 

Bear in mind that the American forex market is one of the most strictly regulated ones and apart form being a NFA member, a legit forex broker in the U.S. should also be registered at NFA as a Forex Dealer Member, Forex Firm, Futures Commission Merchant and Retail Foreign Exchange Dealer as for example is the case with OANDA, one of the few brokerage companies regulated in the U.S., because of the prohibitively high operational capital requirement – a U.S. broker should maintain no less than 20 000 000 USD as operational capital, the same amount as required by the financial authorities in Switzerland for the Swiss banks.

 

That said, it is obvious to us that Proven is deliberately trying to mislead investors that they are a U.S. regulated broker, while in reality they are nothing more than an anonymous website, most probably is involved in scam.

 

Client Agreement missing

 

The Terms and Conditions or the Client Agreement is a key legal document that establishes the relations between the trader and the broker. And that document was missing on the Proven website, so basically if you register with them you will have to agree with something you have not read.

 

Unrealistic spreads

 

When we opened a demo account, we saw spread starting virtually from zero, without a trading commission. That is clearly unrealistic. A legit broker profits either from a trading commission or from some mark up on the spreads, so basically the demo account provided by Proven simply does not match the real trading conditions, which is yet another indication that we are dealing with scammers. Besides, here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement 

 

This is another piece of information we miss. The usual minimum deposit requirement with most brokers is about 250 USD, while with some well known companies like FBS and IG you will be able to start trading with just 5 USD or even less.

 

No information about the payment method

 

Just bear in mind that most brokers accept payments with credit and debit cards like VISA and MasterCard, bank wire and various e-wallets like Neteller, Skrill and PayPal. And some even accept payments with crypto currencies. Here for example you may check our list of brokers, accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

As we already discussed, Proven is an anonymous website, which falsely claims to be regulated by the financial authorities in the U.S. in an apparent attempt to mislead investors. So our best advise is to avoid such websites at all cost and to trade only with legit brokers, licensed and authorized by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

And besides, with a FCA regulated broker your money will even be protected by a client compensation fund, covering up to 85 000 GBP of your funds. Here you may check as well our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

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Traders` reviews for Proven

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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