ProofFX (Prooffx.com) is another Forex broker scam trying to entice users to sign up to their fake platform. Proof FX is enticing users to sign up using over the moon claims and promises. Investors are promised a 90% profit of the investment deposited. This looks to be a real place to make money? It isn’t! Members are ruing signing up with this broker. Read this honest PROOFFX review for more.
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After receiving over twenty email complaints from members of ProofFX, we knew something was amiss. Why would members be complaining of a chance to make 90% profit margins? Scam artists will use over the moon claims and promises to entice investors to sign up. Unsuspecting investors will sign up without giving this a second thought. And this is where most newbie investors go wrong. They sign up with an online platform without doing due diligence.
Reading reviews is one way of knowing what to expect with any trading platform. Thanks to our years of trading experience, we know how to spot scams from a mile away. To find out what ProofFX is up to, read this entire review. By exposing what these scam artists are doing, we will be protecting the good Forex trading name. Below is why signing up with ProofFX is a risky move.
DT-IT Group Ltd Company claims to be behind this brokerage firm. Is this a legit company? To add salt to injury, they claim this company is based in St. Vincent and the Grenadines. Whoever signs up with this broker is dealing with an offshore broker. Offshore brokers should not be trusted with funds; they tend to shut down shop at any time.
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Who are the people running this website? Why don’t we get the actual names of founding members? Anonymity associated with ProofFX is enough to stop anyone signing up with this broker. Why would an investor deposit funds to an unknown third party? Dealing with anonymous platforms usually ends up in investors crying foul. Recovering funds from anonymous brokers is next to impossible. Stay away from this broker or lose your entire deposits.
Being an offshore broker, we highly doubt this broker has any legitimate trading licenses. Notice ProofFX is not posting any details regarding registration? Contacting leading regulatory bodies confirmed Proof FX is not licensed. ASIC, CySEC, FCA, and NFA have never licensed this broker; we are dealing with a quack.
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Why have they failed to post any details regarding client agreement status? A real broker will post details regarding their licensing for members to confirm. Proof FX is hiding vital information from members. Their homepage lacks details regarding information on legal documents. One can safely deduct Proof FX has no license details. Stay away from this lame broker since your funds are not insured. Once they have their fill, they will close this platform without issuing any warning.
ProofFX is using MT4 trading platform to access trading commodities. In order to check how well their platform works, we decided to download their MT4 trading platform. And this is where we encountered our first problem. Their MT4 Platform is not compatible with most devices. Installation was slow and set up process stalled at around 20%. Their MT4 platform is not compatible with mobile and tablet devices. Traders who like to trade on the go are at a huge disadvantage with this platform.
Another shocking issue with this platform is how their platform lacks proper security features. Any unstable platform will be an easy target for hackers looking for credit card information. Hackers will also go for identity details and use them to ask for loans. These hackers will use your credit card details to buy goods online. In short, you bank account balance will be at risk thanks to trading with an unstable platform. To avoid all these, stay away from this broker and deal with credible platforms.
ProofFX is furnishing users with three different account types to choose from. Accounts are named Silver, Gold, and platinum. What we noticed immediately was the high minimum required deposit. For silver account holders, they are required to part with $2,500 to start trading. And this is the basic of accounts. Industry set acceptable minimum deposit stands at $250. Any broker asking for more has a hidden agenda. Why insist on such a high amount to newbie investors?
Another perturbing issue is in regards to how account features are similar to each other. Why would an investor deposit $50,000 and get the same advantages as one who deposits $2,500? Why are some account types limited to trading Crypto Currencies? We noticed accounts come with 24/7 communication which is a big lie. Most members are complaining of not having proper communication with account managers.
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When it comes to depositing funds, this broker has this area well covered. Funding accounts is easy and quick. With depositing channels being easily accessible, anyone anywhere can deposit funds with this broker. Depository channels include MasterCard and Visa. Before depositing funds, you should know their platform lacks DDoS and SSL encryption. When making deposits, hackers can gain access to transaction process and steal all your bank balance. Beware of unsecured platforms.
Withdrawing funds is what makes Proof FX a real scam. Members have been trying to withdraw their funds, but to no avail. Whoever signs up with this broker is likely to get into same problems. Scam artists will do or say anything to make sure you deposit funds with them. And this is what Proof FX is doing with their 90% guarantee profit making statement. After making deposits, withdrawing funds will never happen.
How can funds be safe from a broker who is based offshore? Security of funds is not safe with a broker who lacks valid licensing and registration documents. Did you know this broker fails to post details regarding where they bank funds? Is it possible users are depositing funds straight to owner’s bank account? These are some of the hard questions you need answers to before signing up. Dealing with this broker will lead to more harm than good. Stay away from Proof FX.
When it comes to segregation of accounts, this is not being followed. Pooling of funds in one account is against set regulations and rules. And yet, ProofFX is merging assets in one account. As it turns out, Proof FX does not insure funds deposited by members.
Without a doubt, ProofFX is a scam waiting to pounce on unsuspecting online investors.
Adding this scam to our scam blacklist will protect our readers from falling into this trap.
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Wishing traders a lucrative and safe trading experience.
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