Is Profiforex Scam or Legit Broker?

It is not safe to trade with Profiforex, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company we found that there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

About Profiforex
🗺️ Registered inSeychelles
🗺️ Type of LicenseOffshore License
🛡️ Is Profiforex safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerIC Markets - licensed by ASIC in Australia

What is Profiforex?

Profiforex is an offshore-incorporated broker that is based in Seychelles. As a result, there is no mandatory to be authorized in order to deliver financial services, therefore Profiforex broker is not registered by any Forex industry authority.

Yet, the broker claims on its website about client protection along with transparency through the segregation of the accounts, STP technology, and regulated liquidity providers. However, since there is no respected authority that oversees if the above-stated truly takes place within the company operations or not, the claim cannot be trusted.

  • Profiforex offers a range of attractive bonus programs, like a 500% deposit bonus, as well as good value for spreads (Check brokers that offer the lowest forex spreads) and multiple support to the beginners along with the trading signals (also can check the list of Brokers for Beginners).
  • The doubts about the company are also confirmed by the numerous complaints and the traders’ reviews that show a negative experience with the money withdrawals and other trading issues like changing the profitable traders and database numbers.

 

Profiforex Review

Overall Profitforex Ranking 

Our research revealed multiple issues in regard to Profiforex regulation and reliability, thus we do not rank positively Profiforex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • Profiforex Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingProfitforexAdmiral MarketsFP Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InvironmentTrading Platforms

Profitforex Alternative Brokers

Due to safety issues, we revealed with Profiforex, here we have come up with much better Alternatives to Profiforex with tight regulations and favorable trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

  • Dukascopy – Excellent for Shares, Futures Trading
  • FXTM – Good Instrument and CopyTrading
  • InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposit & Withdrawal

Profitforex offers many different payment methods including all major credit cards (including Visa and Mastercard), and e-wallets including Neteller, Yandex.Money and Perfect Money

To deposit or withdraw funds traders need to log in to their personal area. 

Profitforex Review Conclusion

Generally, we do not advise incorporating or engaging with an offshore company due to the high risk of money solvency, of course, the company may be trusted but the risk is way higher compared to the regulated brokers.

Therefore, it is a much better idea to choose a broker that holds a reputable license from ASIC or FINMA, thus the operation of the broker will be aligned according to the strictest rules in order to perform the best possible investment opportunity for the client.

  • Overall ranking and experience for Profitforex is Negative
Martinsta From Netherlands | | Wednesday, July 31, 2019

Non regulated company! Stay away from them because you will never see your money back. I’m waiting more than a year now for mu=y withdraw They lie and cheat about every thing. SCAM BROKER Stay away!

No news available.

Leave a Reply

Your email address will not be published.

* code