ProofFX is an offshore-based forex broker with a total of three account types to trade. The trading platform MetaTrader and web-based are provided, and leverage of 1:100 given. The official website also mentions the investment plan of $10000 that gives Return On Investment of $145519 after a year. Such promotions are meant to attract many clients. Apart from this, we have other concerns about ProofFX. In this ProofFX review, we will consider all the positive and negatives of this broker. So, stay tuned and read the full ProofFX review here.
One of the advantages of ProofFX is its provided trading platform MetaTrader. The MetaTrader is well known to traders, and it is trustworthy. Also, several features are enclosed in it to help traders. It also features a third-party web-based trading platform managed by Sharkcatcher LTD. However, the name of this company is quite fishy.
The owner of the brand ProofFX is DT-IT Group LTD, and it’s headquarter is situated in Saint Vincent and the Grenadines. Also, the broker is not regulated by any of the financial regulators across the world. Such unregulated brokers are banned in a regulated market like Australia.
The unregulated brokers carry a high risk of scam and investment lost in them could not be recovered. We always tell our readers to trade with regulated brokers from financial regulators such as FCA of UK and CySEC of Cyprus.
The terms and conditions of ProofFX are unusual, and most of the time not acceptable. The withdrawal is subject to trading volume and cannot be withdrawn before it. It also asks traders to provide the rights to withdraw any amount of many at any time. It means ProofFX can debit from traders account without permission.
The broker is also involved in most controversial trading practices of providing bonuses. These bonuses are so controversial that many regulated markets have banned them entirely. The broker also acts as a market maker and gives clients an investment plan that makes money more than double in the given time frame.
The minimum required deposit is $2500 for a basic account. This amount is enormous than most brokers charge. Also, the trading instruments offered are not reasonable and limited. Also, payment methods are restricted. It also charges much commission on the withdrawals.
Is ProofFX scam or legit?
The broker is situated in offshore without proper license and registration. Trading condition is not good. Also, the initial investment is enormous. We can say that the broker here is a potential Australian trading scam.