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ProofFX Review – is it scam or safe?
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ProofFX is an offshore broker offering three account types with leverage of up to 1:100 and a choice between MetaTrader4 and a web based platform.
|Account type||Min. deposit||Max. leverage||Spread s|
|Micro Account||$2500||1:100||0,3 pips + $30/lot|
|Standard Account||$25 000||1:100||n/a|
|Premium Account||$50 000||1:100||n/a|
From their presentation we also understand they offer some kind of managed accounts with 6 or 12 month business plans, promising that with a 10 000 USD investment you will get 145 519 USD in return. See for your self:
Just bear in mind that you should be especially wary when you see promotions like this. On top of that the broker is not regulated, so if you are considering depositing your finds with them better read this review first.
The single advantage we managed to come up with about ProofFX is their trading platform. MetaTrader4 is probably the best known trading solution on the market. It features over 50 integrated market indicators and some customizable trading robots or Expert Advisors, as they are called, with which you may run automated trading sessions.
On top of that MT4 has an excellent set of advanced charting tools so here you may check our list of brokers, supporting the platform as well:
ProofFX says to be owned and operated by DT-IT Group LTD, an offshore company based on St. Vincent and Grenadines. Neither the company nor the broker however are licensed to operate on regulated markets like the European Union or Australia for example. So basically by targeting European customer ProofFX is breaking the law.
And bear in mind that trading with unregulated brokers is extremely risky, because they are completely unaccountable for the way they handle your money. And what is worse, if such a broker decides to scam you and keep your funds for themselves, there is virtually no way you can file a legal action against them, because their offshore companies are more or less anonymous.
So our best advise in such cases is to trade only with brokers, regulated by well known institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
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What is more, with a FCA broker your funds will even be insured for up to 85 000 GBP. Here you may check our list of brokers, regulated there:
Unusual withdraw conditions
In its Terms and Conditions ProofFX says that your right to withdraw the funds in your account depends on a certain trade volume requirement. And here we are not even talking about a trading bonus. See for your self:
ProofFX reserves the right to make deposits on your behalf
This literally means that by signing their Terms and Conditions, you agree to let ProofFX to unilaterally debit your bank account. We rarely see such a blatant attempt to directly steal your money:
You may wonder why we count trading bonuses as a disadvantage and yet the answer is quite simple. All trading bonuses come with a minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests.
As we already noted ProofFX offer some sort of 6 to 12 month business plans and we find that quite disturbing as well.
The problem is that ProofFX as almost all other brokers, legit ones including, usually act as market makers, which means that they make money whenever traders lose. And if you let a market maker manage your account, this is called a conflict of interest.
High minimum deposit requirement
For their opening account ProofFX wants 2500 USD, which is at least 10 times the amount most brokers would usually require. And some big names like FBS and IG will let you start trading with virtually 5 USD or even less.
Few trading instruments
Although ProofFX says to be offering more than 100 assets, when we checked their trading platform with a demo account we saw just 28 currency pairs with few minor or exotic ones like USDZAR, USDSGD, USDHKD, as well as CFDs on a couple of indices, gold, silver, platinum, palladium and oil. No stocks or crypto assets were available, so here you may check our list of brokers, trading with bitcoin CFDs:
ProofFX is a law credibility, offshore broker, which according to our expertise most probably is involved in scam. So here we will repeat our usual advise to trade only with brokers holding legit licenses from respectable institutions 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).
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for ProofFX
Not possible to withdraw any money. I am invested 10000&.no even 1 & withdraw!! Do not believe ProofFX.
Randomly debited my account without any notice other than awaiting bonuses
ProofFX worse swindler known
Withdrawing from ProofFX is a nighmare and not sure if possible. Every attempt to withdraw requires you to pay them a fee either lawyer handling fee(related to fraud check), transaction fee (10% of withdraw fund value)for every transferring amount to your Creditcard, Western Union, Bank wire(not sure if this is possible) or cheque etc. If a withdrawal process using say type WU transfer fails, you loose the fees you paid and they want you to pay again for next type of withdrawal process attempt which is totally unfair and unacceptable for a client since you have paid for a transfer and it has failed in their side
Most interesting point here is that even if you have fund in the ProofFX account, you need to make the 10% deposit again to the prooFX account to make any withdrawal. They will deny using your money from the proofFX account fund.
They also have some kind of insurance in trading and you can recover your lost traded money on the condition that you NOT proofFX pay 15% of lost sum. They will not tell you clearly who is supposed to pay this until you loose after which its your choice. The bigger the trading sum the bigger the out-of-pocket expense will be on you.
Summary is that, I had invested a lot of money into this account and have experienced all the above problems and have not been able to withdraw any money from my earned trades. So my sincere advice to all small or large traders is that do not waste your hard earned money by investing in this company. Its will be one-way payment trend not your way. And you cannot do anything about it.
Prooffx.com Review: Is ProofFX A Scam Forex Broker Or Legit?
ProofFX Review: this is the name of a Forex and CFD broker that is located in the offshore region of St. Vincent and the Grenadines. Is Prooffx.com a legit Forex broker or a scam?
The location of the brokerage gives us immediate concern as we have found that the address has been used by many other brokers that turned out to be scams. Citizens of Japan, USA, Israel, Iran, Sudan, North Korea and Belgium are restricted from using the service.
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It says it is created “for a new generation”. It promises a simple innovative investment technology for everyone. The broker claims to have 172,000+ registered customers. We find that it claims to be under the strictest regulations. Also, clients are promised an easy, simple and profitable investment.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
ProofFX Trading Platform
It is mentioned that ProofFX trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: Forex currency pairs and CFDs on indices, gold, silver, platinum, palladium and oil. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:100 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are placed at an average of 0.3 pips and $30 per lot.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on ProofFX
The means of making payments and withdrawals with this broker are: MasterCard, Visa and Bank Wire Transfer. We do not find it encouraging that this broker does not offer popular e-Wallets.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $2500 which is higher than the obtainable average of $100 – $250 among brokers. Withdrawal of funds is determined by trading volumes that are set by the broker. They also state in their terms and conditions that traders are to give the broker permission to deposit funds in their account and thus run it to some degree.
Trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is ProofFX Licensed?
No. ProofFX is not a duly licensed broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
As we have discovered that ProofFX is not a licensed broker, it would be unwise to trade with them. Its withdrawal fees and “administrative” ones are also red flags along with the bonus. Trading bonuses from unregulated brokers are always bad signs.
The spreads are quite high when the commission attached is considered. Further we found that the MT4 trading platform shown on the demo account is from another financial institution that is not theirs.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
In this review, we will describe why ProofFX is a scam that you should avoid at all cost !
Scammed By ProofFX ? Start the process to get your funds back TODAY !
Is ProofFX Legit?
Looking at ProofFX website, it shows that they are owned by DT-IT Group Ltd. DT-IT Group Ltd is located in Saint Vincent and the Grenadines, a well-known offshore zone and a preferred location for shady brokerage. ProofFX is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why ProofFX is a dangerous broker to deal with.
Are Funds Safe with ProofFX ?
With such lack of information and ProofFX being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is ProofFX is withholding vital information to users.
ProofFX could go bankrupt from one day to another since there are no banking information about this broker.
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ProofFX Review: our Conclusion!
ProofFX is an unregulated broker to avoid at all cost. If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.
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