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Scam Alert: Profiforex is an Unregulated FX Broker

2022-10-18 Brokersview

Financial losses are part of the investment markets, and investors are typically willing to accept some degree of market risk. However, no one wants to be abandoned by their broker. Moreover, the ever-growing brokerage element makes it difficult for newcomers to identify scam brokers from legit ones. This piece attempts to drive your attention to stay alert of a dishonest broker - Profiforex

 

Profiforex - A Quick Overview

Profiforex (https://profiforex.com/) is an offshore company based in Belize. The company claims to have been in the business for over a decade. Besides allowing clients to trade themselves across multiple financial markets such as forex, commodities, stocks, indices, and cryptocurrencies, the company encourages them to use its investment services. While clients have access to the company's custom-built proprietary trading app, a third-party MT4 trading platform is also available at their disposal. The company employs a variable spread charging policy, whereas the available leverage is up to 1:500. The minimum deposit to start is $1, and the broker accepts deposits via multiple payment methods.  

Is Profiforex Regulated?

No, Profirforex is not regulated. The broker hasn't listed any information about its license or regulatory status on its official website. Since it is a Belize-based broker, according to the website, we searched the Belize FSC for the trading name Profiforex and the company name Tim Group Inc but found no matches.


Clients Feedback

Proforex is one of the poorly rated brokerage firms. Clients blame the broker for a variety of reasons, including withdrawal problems, price manipulation, account closures and poor customer support. However, the exit problem seems to be the most prevalent. Clients claim that the broker has been delaying withdrawal requests and never releasing funds. People on Brokersview and several other independent reviewer platforms have reported that the company is a fraudulent agency.


What makes Profiforex A Scam Broker?

First, poor customer feedback reflects concerns about the company.

Also, the internet is full of bad reviews about brokers. Various independent reviewers have flagged it as a dangerous entity and advised customers to stay away from it.

Best of all, it is not regulated or even registered. The company does not talk about the security of your funds or financial compensation plans.

 

How does Profiforex Scam Clients?

As soon as clients sign up with the broker, it starts taking follow-ups via phone and email. According to clients, the company pushes them to make a small investment and double their equity by claiming bonuses on their initial deposits. Then it keeps asking them to add more funds to avoid becoming liquidated due to increased market volatility. 

However, clients blame the company for being very good at turning its back after receiving enough funding. The broker doesn't care about clients anymore and stops answering their queries. The worst part is that if you initiate a withdrawal request, the broker keeps it delayed for no reason or blocks access to your trading account, besides never releasing your funds. 


Bottom line

We believe calling attention to questionable brokers helps clients avoid losing their hard-earned money to scam brokers like Profiforex. However, we strongly suggest you must do your preparation before signing up with a broker and always try to go for a regulated entity since it reduces the risk of being scammed to some extent. 

If you have trouble with a broker, you can contact Service@BrokersView.com.

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