Profx-Group review – 5 things you should know about profx-group.com

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Beware! Profx-Group is an offshore broker! Your investment may be at risk.

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One look at Profx-Group and we knew. It was as if though we were able to foresee the conclusion to this review, a verdict that is actually easy to anticipate, even for those more novice users. Profx-Group is a collage of ambiguous pics all representing some stylistic symbol of the FX industry. When looking a the skeleton of the site, we notice that Profx-Group uses the most common of all brokerage website interfaces. We have seen hundreds like it in the past; it tries to hide this by including the aforementioned pictures. Please read the review before attempting to do something that you will ultimately regret.

The account creation form was in the same style as the template, if that makes sense, while the resulting user area turned out to be a web trader, again a common one used by hundreds of unregulated brokers.

At least we could gather some detailed trading conditions. First of all, we have the EUR/USD cost of trade at 4 pips, a spread too high to be of any worth to traders. The leverage is capped at 1:200. The trading platform reveals the following available financial instruments: forex currency pairs, indices, ETFs, bonds, stocks, cryptocurrencies, and commodities.

The site of the broker is available in English only.

PROFX-GROUP REGULATION AND SAFETY OF FUNDS

The main address line of the company puts the broker in UK territory. For any broker to operate there legally, it must hold a license from the FCA. Otherwise, the company is working illegally in what is one of the biggest, and thus most regulated, financial centers in the world.
It was not surprising that the FCA holds no evidence that it regulates the firm. Nor does Profx-Group claim anywhere to be a holder of an FCA license. Thus the broker is not regulated in the UK. If it is operating from there, it is doing so completely without the permission of the relevant authorities.

The main train of thought that the terms and conditions convey is that Profx-Group is available only to users whose local jurisdictions allow the usage of the broker. This might seem obvious, but you won’t believe how many rookie traders fall for this simple rhetoric. This is by far the simplest way a broker can say that it has no regulation, without really proclaiming it.

It goes without saying that Profx-Group is NOT LICENSED, and is, therefore, a risk to all traders and their investments.

There is absolutely no reason for investing in an unregulated broker. You would be further expanding the scammer brokerage industry by funding these fraudsters. Instead, we encourage our readers to find a broker that is regulated by either the  FCA or CySEC or any other legit license issuer. These agencies make sure that their brokers treat their customers with respect and handle their details and money with care and security. Moreover, the FCA and CySEC offer compensation schemes applicable to all users of licensed brokers (by the FCA or CySEC). CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

PROFX-GROUP TRADING SOFTWARE

When compared to other trading terminals used by unregulated brokers, this one obviously stands out as one of the best ones. However, when put against other legit trading software, one cannot take this one as seriously as the others.

Time frames, pending orders, live TV, live news, price alerts, and chart customization options are the main features of this web trader. There is nothing more here for users.

PROFX-GROUP DEPOSIT/WITHDRAW METHODS AND FEES

Let us reveal what we found out in the user area concerning deposits and withdrawals. The deposit area was unavailable for some reason, however, the withdrawal one was open. There we learn that the payment methods are credit cards, wire transfers, and a BTC wallet.

According to the website, the minimum deposit requirement is $500. The client agreement reveals that the minimum withdrawal amount for bank transfer is $500 and $100 for credit cards. There might be fees; the broker has mentioned them very vaguely.

One cannot fully trust the website of an unregulated broker with the payment conditions. So be sure to be skeptical, not only with Profx-Group but with other unlicensed brokers as well.

To conclude, today’s broker is your exemplary unlicensed broker. It is a risk to all investors and to all personal data provided.

How does the scam work?

The way the scam works is so simple, it’s baffling. All it takes are a couple of steps.

The first one is concerned with captivating users. This is achieved through a heap of marketing material scattered throughout the online space. Ads promising money and all the luxury that comes with it are very popular with the scams we are concerned with.

Step yo is actually falling for these scams, which seems to happen more often than some might think. These ads will usually redirect you to either the broker/investment site or to an intermediary website. Welcome to the scam.

Next is the crucial step of signing up. These sites will ask you to provide a phone number or an email address. Through them they will contact you and try to sell their services, i.e will ask you to invest an initial sum.

Once the first deposit has gone through (if it has), the user has already fallen victim. The next and final step is to invest a second, third, fourth time, and so on until the client realizes she has been defrauded. These latter deposits happen with the guidance of account managers (some fake brokers might allocate different names to them) who are experts in the art of conversation and conviction.

The scam perpetrates so long as the user remains invested. Once she realizes she has been scammed, the first thing to do is to ask for a withdraw. That is when the scammers will deny the request, a move accompanied by false promises and lies, or will shut down the account or the entire site and discontinue any communications with the user.

What to do if scammed?

Filling for a chargeback is the best and surest way to get your money back. MasterCard and VISA have a chargeback period of 540 days. However, not everyone deposits through a credit or debit card.

Money lost through a bank transfer is harder to retrieve but not impossible. We encourage users to contact their bank and ask them for help. What’s also very important is to change your bank account user name and password!

Unfortunately, cryptocurrency investments cannot be reimbursed, unless the culprits decide to give them back!

Finally, never trust any of the recovery agents or agencies, whose promise of a quick remuneration sounds too good to be true. Here the scam lies in that they will only do so if the client pays them an upfront commission. After this is paid, these individuals will disappear, never to be heard from again.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-31

Reviewed Broker

Profx-Group

Broker Rating

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