ProudMarket
ProudMarket Details
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Is ProudMarket (proud-market.com) worth your investment, or is the old saying true that the higher the pride the mightier the fall? Read on to find out.
Let’s get one thing out of the way. ProudMarket offers absolutely no insight on any type of regulation or license. The website is simply devoid of such details. We are left with no choice but to deem this one UNLICENSED, and a direct risk to any trader wishing to invest in it.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
This is one of the most lackluster brokers we’ve reviewed so far. Mainly because our failed attempt at registering left us with the info from the website, which is extremely limited. So please bear with us; from now on to the end of the review we will base all our writing on the information gathered from the website, and not from a client portal.
Based on our research, ProudMarket has no leverage and spread values. We scoured the website and found nothing. The same is applied to the trading instruments. The website simply does not offer any. And, as we shall see, the trading platform is of no help.
The default and only language at ProudMarket is English.
PROUDMARKET LOGIN
The other reason we did not find any leverage and spread value, plus any actual trading assets is because the website has no trading platform, or at least none within our reach (multiple failed registration attempts)
So we are sad to say that this section will be short and to the point, and the end point here is that there is nothing else to add.
PROUDMARKET MINIMUM DEPOSIT
The minimum deposit is $250.
The methods for funding have been shown to be Credit/Debit cards, Prepaid cards, and Wire Transfer.
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
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 software 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 software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
PROUDMARKET WITHDRAWAL TIME AND FEES
There is no minimum withdrawal amount indicated.
Processing times are said to be between 3-5 working days. However, clients will only be able to withdraw funds after a 14 day period has past prior to the last deposit.
There are no withdrawal fees.
ADDITIONAL FEES AND TAXES
There is a trading volume requirement that needs to be fulfilled in order to request a withdrawal. The volume is bonus amount divided by 3 in lots. For example if you get $300 bonus, you will be required to trade 100 lots before be allowed to withdraw any funds from you account:
If traders are actually successful in registering, and are bold enough to deposit, we assure you that 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
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 company can easily refute any claims you might have against them.
We are positive that this firm 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 entity where the law is integrated in every aspect of their operations.
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, be sure to cancel your credit card as soon as possible, because the people behind the scam will not delay, and draining every cent from it.
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
ProudMarket cannot be taken seriously, for there is nothing indicative of an actual broker, be it legit or illicit. Don’t waste your time here!
ProudMarket compared to other brands
Brand
Rating
Bonus
Min Deposit
Company
Country
ProudMarket
-
$250
N/A
ForexTime
Copy trading
$10
United Kingdom, Cyprus, South Africa, Mauritius
OctaFX
50% Bonus
$50
Cyprus, Saint Vincent and the Grenadines