Reason to avoid: Offshore license
Listed Date: January 15, 2019
Top 3 Regulated Forex Brokers
Beware ProFxPremium is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Black Parrot Limited/Blonde Bear OU
- Registration/license: Marshall Island/Estonia
- Registration/license requirement: USD 2,000
ProFxPremium is an offshore Forex and CFDs broker. The company is owned and operated by Black Parrot Limited, based in the Marshall Island. According to the terms and conditions, IT & Finance administration services are done by Blonde Bear OU, based in Tallinn, Estonia. However, none of the mentioned companies is regulated by financial authorities. Moreover, Black Parrot Ltd has been banned by numerous regulators throughout Europe (Norway, Poland, Netherlands, Denmark, and Italy). We have also reviewed some brokers (Trade111, TradeX1, TradeDAX, TradesPrime) that should be avoided and those are owned/operated by either Black Parrot Ltd, or Estonian Blonde Bear OU.
This time it is a warning from Spain’s regulator CNMV:
“BLACK PARROT LTD www.profxpremium.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions.”
Obviously, ProFxPremium seems to be just one of those scam companies and there is enough information to prove that. We advise traders to choose from UK, Australian or other well-regulated brokers, where their funds will be protected. For example, the license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Check the list of the FCA-regulated brokers here.