ProfitFX Trading Platform
The platform claims to offer the MT4 Trading Platform. Leverage is limited to 1:200.
Types of ProfitFX accounts
This section of the review will explore different account types that a broker may have. We examine the account and its deposit and leverage. This gives you a better idea of how a broker might operate.
We discovered that the broker offers 3 types of accounts.
ProfitFX Deposit and Withdrawal Options
Because the ultimate goal of trading is to make a profit, withdrawals and deposits are the most important transactions. This section will examine these options to ensure everything is in order.
Neteller, Skrill VISA, MasterCard, and bank transfer
Keep in mind that bonus promotions may also have withdrawal restrictions. To be eligible for withdrawal, some brokers are fraudulent and require traders to trade at a certain volume. This is done to prevent traders from withdrawing.
Is ProfitFX licensed?
Another important aspect is licensing. We can trust that a broker licensed will not do anything fraudulent. This part of the review begins with checking the name attached to the broker. We then run this name through different regulatory bodies to determine if it regulates brokerages.
We had to verify the broker’s license status by checking several regulatory agencies. We checked the ASIC in Australia, the FCA in the UK and CySEC in Cyprus. We didn’t find any license information for this broker at the end of our search.
Find out if a regulatory body has licensed a broker. Traders should verify regulatory bodies like the FCA in the UK and ASIC in Australia. CySEC is Cyprus. BaFin in Germany. CONSOB in Italy.
You can read our reviews on GrandeFX trading, Cache Coin and AximTrade to get a better idea of the work of brokers (both licensed or unlicensed).
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Licensed in the UK (FCA), Dubai (DFSA), St Vincent and the Grenadines and Cyprus(Cysec), Cayman Islands
Worldwide Acceptance of Traders
Minimum Trade Deposit $100
Licensed in the UK (FCA), Australia (ASIC), Belarus (1NBRB), and Canada (2IROC).
Worldwide Acceptance of Traders
Minimum Trade Deposit $100
Licenced in Australia (ASIC) & Cyprus (Cysec).
Worldwide Acceptance of Traders
Minimum Trade Deposit $100WordPress Pricing Table Plugin
Conclusion
We found many claims made by this broker to be false or unsubstantiated. We are unable to confirm their location. There is also a lack transparency when depositing funds as well as a confusing and unexplained withdrawal process. We do not recommend that you invest with this broker. Any attempts to do so will result in the loss of your funds.
