ProFxTrade

How many scammer brokers have we reviewed so far? The count is high enough for us to be able to immediately sniff out an irregularity. Well, for this addition we have ProFxTrade, a broker operated by Affort Projects S.A which is said to be based in Seychelles. Read on to find out the truth.

Let’s get one thing out of the way first. In Seychelles, the Seychelles Financial Services Authority regulates financial brokers. Thus any broker name or holding company found on its official website is licensed. Well neither Affort Projects S.A nor ProFxTrade were found in the database, which leaves us with the fact that ProFxTrade is not regulated by the Seychelles Financial Services Authority.

Next we have an address in Vanuatu that we found in the Terms and Conditions. The small text claims that a parent company by the name of Finance Group Corp holds a financial services license. We searched the Vanuatu Financial Services Commission and found no trace of a Finance Group Corp.

Interestingly, the broker gives a third address, this one in the United States putting this broker in the hands of the NFA and CFTC. These two license issuers are the most severe in the world and require a net capital of $20 million minimum for brokers to be regulated; the main reason only a handful of brokers remain in operations in the USA. And it’s safe to say that ProFxTrade in NOT one of them.

Furthermore, New Zealand’s FMA regulatory body has issued an official warning against Finance Group Corp.

So in conclusion, ProFxTrade is obviously NOT regulated and as such is a risk to every investment made with it.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

We could not get a leverage or a spread value for one simple reason: there is no trading platform, and even if there was there is no information given about it.

Since there is not platform to trade on, we are left with what the website claims, and seeing as the broker is unregulated, it can claim whatever it wants. Nevertheless, it seems that the broker claims contradicting things. On the one hand there is a chart with cryptocurrencies on the Home Page, while on the About Us page the broker claims to be trading with Forex Pairs, ETFs, Stocks, and also claims to be a binary trader (Digital Options). Whatever the case is, rest assured that ProFxTrade cannot be trusted.

The only language is English.

PROFXTRADE LOGIN

ProFxTrade falls in that sub-category of unregulated brokers that have no trading platform, and only aim at receiving deposits from clients that are unaware of its intentions. We went through the website and found no info on a platform for trade, only promises of assets and easy profit. This is quite typical. Furthermore, the broker’s dashboard is of no help. There is no way to access a trader. The dashboard is there to propel the illusion.

There are commissions attached to opening a crypto position. The fee varies between 1%-5$ of the transaction sum.

PROFXTRADE MINIMUM DEPOSIT

The only way to deposit is via bitcoin, and the minimum deposit is $1, which is 0.0001 bitcoin approximately. This information we got from the dashboard. The FAQ and the T/Cs claim that there are other payment methods, but the dashboard offers only one. Furthermore, the FAQ says that the minimum deposit is $250. This confusion is common with shady brokers.

As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

PROFXTRADE WITHDRAWAL TIME AND FEES

According to the Terms and Conditions the minimum withdrawal is $50. The dashboard cannot confirm this for one must make a deposit first, and as we have seen this is something that we do not condone.

The following clause states that all no-bonus deposits must be turned over once in order to be withdrawn.

If a client wishes to withdrawal prior to meeting said condition he or she will be charged with a 20% processing fee in addition to any other processing fee.

There is a general confusion surrounding the bonus turnover volume that must be met. What we mean by that is that the Terms and Conditions give us multiple clauses that all claim different things. For one, the following clause claims that the deposits funds plus the bonus must be turned over three times.

However, further down in the T/Cs, there is a clause stating that if a withdrawal occurs before a 20x turnover has been completed then the bonus will be canceled, all trading losses will come from the original deposit, and profits made when using the bonus can be canceled by ProFxTrade.

It’s these types of confusing material that fraudulent brokers depend on to trick users.

ProFxTrade is also the sole determinant of a withdrawal method. It alone can decide which method of withdrawal a client can use:

The Terms and Conditions claim that all withdrawal requests are processed within an hour.

International Wire Transfer withdrawals are charged with $50 each.

ADDITIONAL FEES AND TAXES

There is a fee of $10 that occurs if a client has failed to trade at least once a month. This fee continues to be charged until the client starts trading again (at least once per month)

ProFxTrade will try to postpone any withdrawal request. he most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

ProFxTrade is not to be trusted. All the evidence works against it: the lack of a proper regulation, a confusing set of clauses, a missing trading platform etc. Stay away from this one!