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ProuFX Review: Is Proufx.com A Legit Or Scam Broker?
Proufx.com Review: this is the website of a Forex broker that claims to be located in the United Kingdom. Is ProuFX a safe brokerage? Read the following details as we place details about this broker in the spotlight.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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ProuFX uses a telephone number that is registered in the United Kingdom. Forex trading in this region is under the watch of the Financial Conduct Authority (FCA). All brokers operating in this region are to be regulated by this authority. When we checked the online register there was no mention of the brokerage being licensed.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of ProuFX
ProuFX offers clients many trading instruments and gives solid leverages. 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.
ProuFX Trading platform
The trading platform supported by Prou FX is not disclosed and no demo accounts are offered. However, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
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These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come 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 currency pairs, and CFDs on indices, commodities, stocks, precious metals, and cryptocurrencies. 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.
The maximum leverage offered to clients is 1:100 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are 3 pips on the EUR/USD pair.
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 ProuFX
The means of making deposits and withdrawals with this broker are VISA, MasterCard, and Bank Wire Transfer. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with ProuFX is $250 which is within the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees are not stated but the broker mentions that it reserves the right to impose them at any time.
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 ProuFX Licensed?
No. ProuFX is not a properly licensed and registered broker. The Financial Conduct Authority (FCA) does not permit it to trade in the UK.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Support
The means of contacting the broker or its customer service are, via phone: +442038076527 or e-mail: [email protected]
Conclusion
ProuFX is not properly licensed and thus gets a low rating. The trading conditions are not encouraging and MetaTrader platforms are not supported. It, however, offers many trading assets and good leverages.
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Fortrade
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
ProuFX Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
| Trading account | Min. deposit | Max. leverage | Spread |
| Classic | $250 | 1:100 | 3 pips, fixed |
| Silver | N/A | 1:100 | N/A |
| Gold | N/A | 1:100 | N/A |
| Premium | N/A | 1:100 | N/A |
ProuFX offers four types, but demo ones are not available. What is worse, the broker does not hold a legit license, and is actually anonymous.
Nonetheless, there are still a few supposed advantages of ProuFX, and we will start off with them. So, if you are going to skim through this review, be sure to check out at least the first point of the Disadvantages section below.
ProuFX Advantages
Huge selection of assets, solid leverage
it seems that ProuFX’s offer is quite broad in terms of tradeable assets – there are many currency pairs, as well as CFDs on indices, commodities, stocks, precious metals and cryptocurrencies available for trade. Still, considering that this broker is not a regulated financial services provider, you’d better check out the below link, if you are one of the many investors drawn to cryptocurrencies.
Furthermore, ProuFX provides solid leverage ratios – up to 1:100. Keep in mind, however, that using high leverage also has downside to it, and if you are not experienced in trading, you could lose your investments in a matter of seconds.
ProuFX Disadvantages
No company name, no license
ProuFX mentions nothing about license, nor financial regulation. What is worse, its website does not feature even the name of the company operating the brand. There is only a contact number in the UK, however we didn’t find ProuFX in the online register of the local Financial Conduct Authority (FCA).
So, we may safely conclude that this broker is unregulated and anonymous, which is one of the worst scenarios in the online trading world. Doing business with unregulated broker is hazardous, and investing with an anonymous one basically means throwing your money in the trash.
Possibly related to a scam broker
We should also note that some sources suggest ProuFX is another brand of the people behind UproFX. This is actually probable, as the two brokers have similar trading accounts, conditions, and use the same platform. The problem is that UproFX appears to be a brutal scam (considering the number of negative user comments to our review), so you’d better stay away from both brokerage brands.
MetaTrader not available, no free testing
Instead of the industry-leading MetaTarder4 (MT4) or MetaTrader5, ProuFX offers its clients trading on a browser-based lightweight platform called Online FX Trader. It is easy to use, but lacks many of the advanced features the MT4 has, such as advanced charting, automated trading via Expert Advisors, a lot of customization options, and more.
Furthermore, ProuFX does not offer free testing service, which is a significant disadvantage. All decent forex brokers provide free demo accounts which shows that they are transparent about their services and pricing.
Spreads at ProuFX appear to be fixed and quite high. For example, the benchmark EUR/USD spread is 3 pips – very high level, when compared with the contemporary offers by other brokers.
Click on the image to zoom in.
That being said variable spreads are generally lower than fixed ones. Feel free to check our spread comparison page,
Conclusion
Considering the lack of adequate company information and regulation, ProuFX is clearly not legitimate and not regulated broker. As such, it is not allowed to operate on heavily regulated markets like the USA, EU, Canada or Japan. Nonetheless, the broker seems to target mainly European investors, considering the languages its website supports – English, Spanish, and German.
All in all, traders should direct themselves to better trading options to which we have linked throughout this review. Otherwise, they risk to fall victim to the numerous fraudsters operating on the forex market.
Here is a summary of the present review of ProuFX:
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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. Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments. 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 ProuFXSpreadSlippageRequotesPrice feedPlatformDeposit/WithdrawCustomer serviceSummaryRiped offIn my opinion this company is a scam do not trust any one you speek to they ask you to invest more money for better returns and when you try to withdraw well good luck it dose not happen DO NOT GET SUCKED IN TO THIS I am one of the lucky ones I didn’t loose much I clicked on in time ProuFX is a ScamProufx is a scam and they will take all your money. You will also have given an organised criminal gang a copy of your passport or driving license, your credit or debit card details and your bank account details. Your whole life will be affected. Also you should know that all these people who claim they can get your money back are also criminals and will scam you again. If you have been a victim of Proufx please complain to the President of Estonia Kersti Kaljulaid she has a twitter account and you can go to the presidential site and send her a message. You probably won’t see any money but if enough people complain some of these criminals might go to prison. ProuFX Review: Is Proufx.com A Legit Or Scam Broker?After doing some research, we found out that a lot of traders are reporting ProuFX and writting bad reviews about it. It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about ProuFX. What do regulators say about ProuFX ?This is the most important thing you need to know about a broker before using it. Is ProuFX regulated ? Is it an offshore company ? Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission). An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it. ProuFX is an unregulated broker. They can be contacted by phone at this number : +442038076527 or you can send an email to [email protected] / [email protected] You should definitely avoid any unregulated or offshore broker and ProuFX is one of them. Have you been Scammed by ProuFX ?Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you. Our team of experts is available 24/7 in order to help you recovering your hard-earned money. Chargeback is the solutionAs we said before, the good news is that there is a solution and it’s called a Chargeback. Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end. Using a chargeback service like MyChargeBack may be the only way to build a correct Chargeback case in order to get your money back as fast as possible. Get your money back NOW !Fill out the form below and get a FREE consultation today Best Binary Options Brokers 2020:
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