ProuFX Review Is Proufx.com A Legit Or Scam Broker

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ProuFX Review: Is Proufx.com A Legit Or Scam Broker?

Proufx.com Review: this is the website of a Forex broker that claims to be located in the United Kingdom. Is ProuFX a safe brokerage? Read the following details as we place details about this broker in the spotlight.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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ProuFX uses a telephone number that is registered in the United Kingdom. Forex trading in this region is under the watch of the Financial Conduct Authority (FCA). All brokers operating in this region are to be regulated by this authority. When we checked the online register there was no mention of the brokerage being licensed.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of ProuFX

ProuFX offers clients many trading instruments and gives solid leverages. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

ProuFX Trading platform

The trading platform supported by Prou FX is not disclosed and no demo accounts are offered. However, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are currency pairs, and CFDs on indices, commodities, stocks, precious metals, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:100 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are 3 pips on the EUR/USD pair.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on ProuFX

The means of making deposits and withdrawals with this broker are VISA, MasterCard, and Bank Wire Transfer. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required to trade with ProuFX is $250 which is within the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees are not stated but the broker mentions that it reserves the right to impose them at any time.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is ProuFX Licensed?

No. ProuFX is not a properly licensed and registered broker. The Financial Conduct Authority (FCA) does not permit it to trade in the UK.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

The means of contacting the broker or its customer service are, via phone: +442038076527 or e-mail: [email protected]

Conclusion

ProuFX is not properly licensed and thus gets a low rating. The trading conditions are not encouraging and MetaTrader platforms are not supported. It, however, offers many trading assets and good leverages.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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