Proton Capital Markets

Proton Capital Markets is a rather dashing name for a broker, and it arguably achieves the effect it strives to foster in those that read it. Does this broker live up to its name, or is it just another addition to the pack.

Let’s make it clear that Proton Capital Markets has nowhere indicated a regulation or a license of any kind. The only thing we are left to work with are two addresses, one in the UK and the other in New Zealand, and a Certificate of Incorporation from Saint Vincent and the Grenadines' Financial Services Authority. Let's clear thing up.

First of all in the UK the FCA oversees all brokers and assures that they operate under the governing laws. Meanwhile, in New Zealand it’s the The Financial Markets Authority (FMA) that acts as financial watchdog. We checked with both the FCA and FMA registers and found no mention of Proton Capital Markets.

Second, yes the certificate of incorporation from St. Vincent and Grenadines is actual

…but the Financial Services Authority has stated that is does not issue licenses for Forex:

Thus we have to conclude that this broker is UNREGULATED, and as such presents a risk to anyone who invest in it.

We urge traders to trade with FCA regulated brokers, 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.

If one wishes to trade in New Zealand be sure that the broker is regulated by FMA, and that is is registered with the Financial Service Providers Register (FSPR) and the Financial Services Complaints (FSCL). The FMA’s main duty includes the enforcement of the law when actions call for it, while also requiring a minimum operational capital of 1 million dollars from all registered brokerages.

The broker has capped the leverage at 1:400. The spread of the EUR/USD currency pair is 1.3 pips which is favorable.

The trading assets are Forex Pairs, Commodities, Indices and Crypto. However on the trading platform we were given only currency pairs and gold.

The only language that is made available is English.

PROTON CAPITAL MARKETS LOGIN

The inclusion of an MT4 should excite any user, yet here its delivery is plain and simply bad.

METATRADER 4

As one of the leading platforms in the world, MetaTrader 4’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro.

A hindrance we discovered along the way is that after our registration we were not given a chance to choose between a live and demo account; the MT4 launched by itself in demo mode. And furthermore, the platform bears the same emblem of the broker but is named differently:

It’s these types of elements that give away the illegitimacy of the broker.

But what is more disturbing is that the broker has the right to close any open position after 90 days of inactivity. Furthermore, hedging positions are eligible for a fee of 0.1% of the total deal plus hedge position. Mind you, this is per day, and on top of that Proton Capital Markets can close any hedged position after 21 days of its opening, without notice:

The MT4 we launched was a desktop one. Traders can access it from their Apple and Android devices.

PROTON CAPITAL MARKETS MINIMUM DEPOSIT

We cannot tell you a minimum deposit amount, because we were unable to find it on Proto Capital Markets website.

Funds can be deposited only by means of Wire Transfer. This is what we gathered from the Deposit Funds section of the personal dashboard.

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. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

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

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

PROTON CAPITAL MARKETS WITHDRAWAL TIME AND FEE

Unsurprisingly, the minimum withdrawal amount info is not available anywhere. The same thing can be said for the processing times.

However, in the T/C the company claims that they do not charge any withdrawal fees.

ADDITIONAL FEES AND TAXES

Proton Capital Markets has a bunch of very ludicrous fees that make no sense, and are contradictory to one another.

The broker claims the right to drain an account of any funds if a trader has not logged in for a week, or has never deposited. Furthermore, the clause states that a trader who is not active for more than a month after he or she initially opened the account will be charged with £70 ($88).

You can clearly see the logical conflict in the clause. How can you remove the funds of someone if he/she has never deposited before?

The dormant account fee of $50 per 3 months, is activated after 3 month of inactivity:

Last but not least the broker has sneaked in a minimum trading volume requirement prior to a withdrawal. It has craftly disguised the clause behind senseless phrases.

The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in Proton Capital Markets’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a chargeback, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

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

The illegitimacy of Proton Capital Markets is evident. Take a look at the oddities that are passed as fees. If that’s not enough, consider the missing regulation/license… Don’t invest here!