PROFX Markets: customer reviews and frequently asked questions answers

PROFX Markets: review and feedback

PROFX Markets is a broker with extensive experience and favorable conditions offered to its clients. Despite the small number of reviews, it is important to understand how beneficial it is to cooperate with this intermediary, how fund withdrawals are processed, and what conditions are provided. In this review, we will provide detailed information about PROFX Markets and conduct an expert analysis.

Basic information and company status

The official PROFX Markets website may seem attractive at first glance, but there is not much information on it. Although the design is well thought out and all sections are present, many of them are either empty or filled with standard content. For example, we could not find precise information about the registration location of PROFX Markets. The addresses provided turned out to be invalid, as confirmed when trying to locate them on a map.

The situation with the phone numbers is no better: the contacts listed on the website turned out to be incorrect, making attempts to contact support futile. The “About Us” page states that the company has been in the market for 11 years, but the main page boasts over 20 years of experience. This inconsistency implies that the information on the website may have been added without much attention to detail, and PROFX Markets may not actually have the claimed experience. The domain was registered just last year, indicating the broker’s recent appearance. There are no reviews about the company before this date, indicating its short period of existence.

All the above facts indicate that dealing with PROFX Markets may be risky. Additional checks only reinforce the notion that the company is not a reliable partner.

PROFX Markets Licenses

Without providing details on registration, the founders claim that the company is regulated by the Australian Securities and Investments Commission ASIC. However, a check in the regulator’s database refutes this claim.

No other licenses are mentioned on the website, although it is known that the company offers its services in the Russian market. This means that the organizers should have obtained permission from the Central Bank of Russia. However, as one might guess, scammers do not have such permission.

The absence of a license implies a lack of protection for traders’ rights in Russia. Additionally, without confirmed registration, it is unknown in which jurisdiction PROFX Markets operates and how disputes are resolved.

Trading with PROFX Markets

To start trading with PROFX Markets, clients are offered to register by providing detailed information about themselves. After that, they can either practice on a demo account or open one of the real accounts:

• “Micro” ($50).
• “Mini” ($100).
• “Standard” ($250).
• “Pro” ($500).
• “VIP” ($2000).
• “Business” ($15000).

The differences between the accounts are insignificant, except for the initial deposit. Spreads range from 2 to 0.2 points. Possible assets for trading include currencies, indices, stocks, metals, and other commodities. There is also the option to trade cryptocurrency. Two platforms are available for trading: Webtrader and MetaTrader 5. The company offers a 100% bonus for each deposit.

Additional details about the conditions are not provided, as the necessary documents regulating the broker’s activities are missing. By registering on the website, the client is effectively uninformed about their rights and obligations.

Trader reviews about PROFX Markets

PROFX Markets has been in the market for only a few months and is not actively promoted, which explains the small number of reviews about working with the company.

So far, the company has not been blacklisted by the Central Bank, indicating that it continues its operations. In case of new reviews confirming a negative experience with PROFX Markets, we will definitely publish them.

The essence of PROFX Markets fraud

Scammers actively seek victims by making cold calls. During the conversation, they describe in detail the advantages of trading with PROFX Markets, emphasizing promises of guaranteed earnings. They persuade to invest a large sum, claiming that it will increase the chances of making a big profit. Those who agree are promised to sign a contract, but no client eventually receives it, as the signature is postponed under various pretexts.

Since the broker is not licensed, the trades are not sent to the market. Administrators manually manipulate quotes, changing them at their discretion. As a result, clients massively lose funds, but they are told it is due to market volatility or temporary setbacks. Often, scammers demand a larger deposit to “play through” the initial deposit.

Neither the deposit nor the profit from PROFX Markets is withdrawn. In reality, there is no way to withdraw money, as all funds are immediately sent to offshore zones, leaving only virtual numbers in traders’ accounts. According to reviews, all withdrawal requests are simply ignored.

Final assessment of PROFX Markets

PROFX Markets is not trustworthy and has a minimal rating. The company lacks documents confirming its legal existence and the presence of licenses. Client reviews only complain about primitive scams by PROFX Markets. We strongly recommend avoiding this company.