ProofFX

Is ProofFX worth your attention, or is the proof against it? Read the review to see what we found out.

ProofFX indicates that it is operated by DT-IT Group Ltd, which is located in St. Vincent and the Grenadines (SVG). Readers should be aware that SVG does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Which leads us to conclude that ProofFX is UNREGULATED.

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.

The leverage is 1:100 which is surprisingly low for an offshore broker, while the EUR/USD spread is 3 pips, and this is typical of scammer brokers.

The trading instruments as seen on the platform are Forex Pairs, Commodities, Stocks, Indices, and Crypto.

The website is available in English, Russian, Arabic and French.

PROOFFX LOGIN

There are two traders here: the MT4 and a lackluster webtrader.

PROOFFX WEBTRADER

This web based trader gives sufficient options for optimizing charts and the overall look and interface of the platform, but it cannot compare to the MT4. For one, there are no pending positions and no EAs. All in all this is one very passable trader.

The spread on this one is 3 pips, while the leverage is 1:100. Should we even comment on the ridiculous spread value? At least there are no commissions…

METATARDER 4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.

However, at ProofFX the MT4 does not belong to them, same as in TrustFX. Here the MT4 is owned by another company named SharkCatcher

This means that anything we say next about the MT4 will not apply to ProofFX, so we will conclude this section by saying that this move of what is essentially infringement, is becoming more and more popular with illegitimate brokers.

PROOFFX MINIMUM DEPOSIT

The minimum deposit is $50.

If, for what ever reason, one wishes to deposit, he or she will be happy to know that there are many funding methods: Pay2Bee, Certus, PaymentCenter, MasterPay, VoguePay, Interkassa, EcoPay, EcoPayVoucher, Cryptonator, EccomPay, AsTech. As diverse as these are, there is no mention of Credit/Debit cards or a Wire Transfer method.

Not to mention that all signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

PROOFFX WITHDRAWAL TIME AND FEES

The minimum withdrawal is $50. In order to withdraw, a user sends a Withdrawal Request after which he/she gets a small confirmation notification and nothing else to suggest that the withdrawal is on its way to be processed. There are no methods to choose from, and no other information of any kind.

The Terms and Conditions claim that if clients have not received their money two days prior to the submitted withdrawal request, then they are to contact the support team. From this we can deduce that withdrawals are processed between 1 to 2 days.

The broker claims that there are no withdrawal commissions.

ADDITIONAL FEES AND TAXES

In order to withdraw a bonus a client must complete a specific turnover on his trading account. The volume requirement is equal to the bonus * the bonus leverage. The bonus leverage is 35, and for bonuses that are more than 50% of the deposit, the leverage is increased to 40.

After 30 days of inactivity, a $50 monthly  fee will be issued. If a trader continues to be inactive for more than 3 months, his/her account will be closed and transferred to the archives, probably meaning that ProofFX wont return the deposits the client has made.

We are sure that once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

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 most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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

ProofFX is quite shady, and not at all worth any investment. All that you will experience here is financial loss and nervous breakdowns.