ProForexTrade Review: Is This a Legitimate Forex Broker?

ProForexTrade is the perfect example of what scam operations look like. This company calls itself the best trading platform in the industry. However, you can disregard everything that this company says. The people behind ProForexTrade do not care about anything else other than stealing people’s funds. 

Moreover, you can tell that these people do not intend to stay in the market for a long time. They only take out on year registrations for their website. At one point, they may decide not to renew the license. At that point, you will lose all your money because they will not give it back.

You can tell that these are not professionals handling your money. For that reason, ProForexTrade is not among the best legitimate forex brokers in the market. You are better off investing in companies that have been in the market longer. 

Ensure you do enough research before investing in a company. The market is full of companies like ProForexTrade. They come to the market promising things they cannot deliver. All they care about is getting their hands on your money. Many people have already lost their money to such companies. Do not be one of them.

Proforextrade.com Review

At first glance, Proforextrade.com looks like a professional platform. The website is aesthetically pleasing and well organized. However, we are sure that this is just a scheme to attract investors. The services on this website do not match the look. 

Moreover, this is one of the most secretive companies in the market. They do not even tell the public the platform that they provide. We already know of many companies that do not have an actual platform that allows traders to execute trades. We suspect that ProForexTrade is yet another one of these companies. Do not invest your money until you are sure that there is a working platform.

Further, you can see the company trying to oversell the services they offer. At one point, they promise clients 80% profit. There is no way forex brokers should promise you any returns. Every trading operation is completely in your hands. Consequently, your profits depend on your own success.

In terms of customer support, this company has two main channels to reach them. First, you can give the support team a call at +1 (917) 410-6352. Additionally, you can email them at support@proforextrade.com. However, this does not mean that the company will respond to any of your queries. Most scam operations block the numbers of their victims.

ProForexTrade Account Types

There are four main account types to choose from on proforextrade.com. These include the Starter, Basic, Pro, and Executive accounts. These accounts are different depending on the investment you make. 

The Starter plan accepts a minimum deposit of $250. This assures you of a 10% deposit bonus. Additionally, there is no training, no free signals, and you only get a junior broker. Further, you do not get any risk-free trades.

The Basic plan comes with a 12.5% deposit bonus. This plan accepts a minimum deposit of $2,000. Additionally, this plan gives you three risk-free trades and preliminary training. Further, this account gives you free trade signals and a senior broker.

The Pro account accepts a minimum deposit of $5,000. It subjects clients to a 15% deposit bonus. Additionally, you get five risk-free trades and basic training. Further, the account gives you free expert signals and a professional broker.

The final account is the Executive plan. This accepts a minimum deposit of $10,000 and gives clients a 20% deposit bonus. Additionally, it gives clients ten risk-free trades and full training. Further, clients get premium signals and executive broker analysts.

Interestingly, the company does not detail the trading conditions. For example, there is no mention of the spreads or leverage they offer.

Founders and Physical Address

You should never invest in any company that conceals the identities of the people behind the operations. Nine out of ten times, such companies end up being scams. They hide their identities to ensure the law does not track them down.

ProForexTrade does exactly this. Proforextrade.com does not introduce us to any of the team members. They want you to invest your hard-earned cash without knowing who they are. Moreover, they want you to take their trading without any idea what their trading history looks like. This is a recipe for disaster.

You should never take financial advice from unknown individuals on the Internet. At the very least, such people should present you with their trading results. That will allow you to see whether their approach fits your portfolio.

Furthermore, it is impossible to track these people down. They are giving their address 83 Wall Street, New York City, 114109. However, on the home page, they give their address as Hinds Building, Kingstown, St. Vincent and the Grenadines. This is not a legal way to run a business.

ProForexTrade Regulation and Fund Safety

You should always check to ensure you are investing in a regulated company. Regulatory bodies are there to protect investors from losing their money to scammers. They ensure that companies have segregated accounts in a Tier-1 bank. Moreso, they oversee company operations to ensure they are within legal confinements.

ProForexTrade is a company registered in St. Vincent and the Grenadines. Unfortunately, this jurisdiction does not have a reliable forex regulator. That is why it is a prime location for scammers in the forex space. Therefore, this company is offering financial services without regulations.

That means that ProForexTrade cannot assure you of your funds’ safety. Moreover, these people do not tell us the software and hardware they use to protect their systems. This means that their systems may be vulnerable to a hacking attack. This means that unauthorized parties can easily access and steal your funds.

Customer Testimonials

Some fraudulent operations post a few fake testimonials on their website to convince you that they are legit. They want you to see that they have customers already making money from them. 

One of such companies is ProForexTrade. They have three customer testimonials on the website. As expected, all these three testimonials are praising the company for its services. However, you can tell that these testimonials are fake.

For starters, the company is using stock images to represent its customers. These are not real people who are using ProForexTrade. This is just a marketing tool for these people. You should not trust a company that fabricates such information. 

Final Verdict

ProForexTrade is the product of liars and scammers. The people behind this company have no intention to serve your investment needs. All they care about is getting their hands on their money. Do not send them your money or you will regret it.

Moreover, this is an illegal operation. These people are offering financial services without regulations. That is a criminal offense in most countries. They chose to operate from a jurisdiction with lax laws for a reason.

Do yourself a favor and ignore this terrible company. Invest only in the best legitimate forex brokers in the market for your peace of mind. Only such companies can provide you with a safe trading environment.

 

Tags: ProForexTrade Scam Review, Proforextrade.com Review