ProFxTrades is an unlicrnsed Forex, CFD and Digital Options broker that is a trademark of Affort Projects S.A., a company registered offshore (Seychelles), which operates on behalf of Finance Group Corp. (FGC). ProFxTrades is claiming legitimacy from United States, thus provided contact as follows; 47 Countrylane Ave, Los Angeles, CA 97446, United States. Their telephone number is +13053060304 and Email contact is firstname.lastname@example.org.
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- 1 Is ProFXTrades Safe?
- 2 Unknown Trading Platform
- 3 Relatively high minimum deposit
- 4 Anonymous payment method
- 5 EURUSD Spread not stated
- 6 ProFXTRades Breakdown
- 7 Do not donate to this fraud!
- 8 ProFxTrades bears no US License
- 9 Our best advise for you
- 10 ProFxTrades Review Conclusion
Is ProFXTrades Safe?
Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
ProFxTrades has a trust score of less than 50% which shows High risk. This means they are not regulated by any top tier licensing agency like CFTC in United States, CySEC in Europe or the UK FCA, and you should never involve with this broker as they are 100% fraud.
Unknown Trading Platform
When we want to see which Forex platform a broker is offering, we usually subscribe for a free demo or open a live account to see.
In order to make it difficult for the Forex Broker Expert to see their platform, ProFXTrade did not provide a demo facility. However, we opened an unfunded live account and saw that they are offering a minimalistic platform with no ability to conduct trades.
That being said, most brokers offer trading on the ever-popular MetaTrder4 (MT4) platform, as it is preferred by the majority of traders.
Relatively high minimum deposit
New investors of ProFXTrades are required to deposit a minimum of $5000 to start trading, 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.
Anonymous payment method
They advertised PayPal, bank wire transfer, Skrill, Western Union and Moneygram as their preferred payment methods but when you want to donate money to them, you will find out that Bitcoin is the only option there. You will not see a link to actual PayPal or credit card website.
What these scam professionals have done is make it easier to fill their pockets with your cash. After depositing funds with this broker, it’s the last you will hear from them. Stay away from this broker as they simply want you to make deposits. What a pity!
Withdrawing funds with this platform is next to impossible. With no guarantees your money is safe, users have a huge problem trying to withdraw funds. When asked why withdrawing is an issue, we have never heard any response. Stay away from this crappy broker as they are simply out to steal your hard earned cash.
EURUSD Spread not stated
SwissCFD is an offshore broker, offering only one type of account on a strange platform. Minimum investment amounts ($5k according to the Terms and Conditions and $250 as per the information in the FAQ section). The basic EURUSD spreads was not stated for us to compare it with the best Forex brokers.
Location: ?? United States
Minimum deposit: $5000
Assets: Forex. CFD, Indices, Oil & Gas, Precious Metals, Crypto
Support MT4: Not Available
License: Unlicensed ( Fraud!)
Over 200 underlying assets are available for trading including; stocks, ETFs, Forex and cryptocurrencies like Bitcoin, Ethereum, Ripple, Dash, Litecoin and Monero but they are not transparent.
What about the names of the founding members of this brokerage firm? There has to be a few people who gathered and created this platform. How about the name of the CEO or CFO of their mother company? A good reason why these names are missing is because scammers don’t want to be known. They are operating a false brokerage firm under pretense. There’s more to this website than what meets the eye. Stay away from any anonymous broker or online investment firm.
Do not donate to this fraud!
Have you asked yourself how they handle funds deposited by members? Which banking institutions do they use to store funds deposited by members? Lack of this vital information is proof we are dealing with a scam outfit. What else is wrong with ProFxTrades?
Did you know members are depositing funds straight to owner’s blockchain account? Another shocking issue we found is in regards to segregation of accounts. ProFxTrades is guilty of failing to insure funds deposited by members. In case of insolvency, don’t expect any compensation from this platform.
ProFxTrades bears no US License
When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate US broker is by checking for a valid license and the quality of the license. In order to be a legitimate US based broker, you have to be licensed by the U.S. Commodity Futures Trading Commission and registered by the National Futures Association.
ProFxTrades is not a licensed broker. Affort Projects S.A. and Finance Group Corp. (FGC) are also blacklisted companies.
This FGC and some of its brands has been blacklisted by several financial regulators.
Blacklisted Broker – ProFxTrades
If you want to try genuine cryptocurrency trading, start on a free demo with a regulated broker. In trading you can make, but also lose money, so be careful if you decide to invest real money.
Our best advise for you
After going through evidence we gathered, we can strongly claim ProFxTrades is a scam. Stay away from this broker and resist from joining their bogus platform. Mark all their emails as Spam and don’t give out your address or contact information to them.
ProFxTrades Review Conclusion
Protecting our readers is of utmost importance, adding this platform to our scam blacklist is enough. Stay clear from any broker who shares similar characteristics.