Note: ProFX's official website: https://www.myprotradingfx.com/ is currently inaccessible normally.
ProFX Information
Established in 1996, ProFX operates as an unregulated trading platform based in Saint Vincent and the Grenadines. The platform asserts its provision of a variety of market instruments, such as Currency, Stocks, Indices, Commodities, and Cryptocurrency, with the trading conducted on the MT5 platform. Notably, ProFX offers a leverage of 1:300 for currency trading. Furthermore, ProFX does not mandate a minimum deposit for users.
Is ProFX Legit？
ProFX has not been regulated by any authorities, which means it is impossible for it to provide you with even baseline protections. Also, the official website is unfunctional. Currently, ProFX doesn't provide customer support channels other than social media. Please take careful consideration before dealing with this platform.
Pros & Cons
Pros
Wide Range of Market Instruments: ProFX offers traders with multiple market instruments including Currency, Stocks, Indices, Commodities, Cryptocurrency.
Cons
Unfunctional Website: The platform often faces issues with an unavailable website.
Lack of Transparency: Important information such as spread wasn't provided by ProFX.
Unregulation: Regulatory concerns also loom over ProFX as an unregulated platform, lacking oversight and exposing users to risks.
Limited Customer Support Channels: Another drawback lies in the limited customer support channels.
Market Instruments
ProFX claims to offer a range of market instruments, including:
Currency: Involves trading currency pairs in the Forex market.
Stocks: Represents ownership shares in individual companies.
Indices: Tracks the performance of a group of stocks, such as the S&P 500.
Commodities: Includes physical goods like oil and gold.
Cryptocurrency: Involves digital currencies such as Bitcoin.
Leverage
ProFX offers a leverage of 1:300 on Currency Trading. It allows traders to control a larger position size with a smaller amount of capital. However, it is essential to be careful while considering to choose high leverage ratios, as higher leverage may bring more losses.
Trading Platform
ProFX offers MetaTrader 5 (MT5) as its trading platform. MT5 features a user-friendly interface, advanced charting tools, and a wide range of technical indicators. It supports various order types and allows for seamless trading of multiple asset classes, including currencies, stocks, and commodities. But consider that this broker is unregulated, although it supports MT5, we don't advise you choose it to trade.
Conclusion
In conclusion, ProFX is not a good choice to trade. It is advisable for traders to opt for brokers that offer transparent trading conditions and prioritize user protection. What's more, make sure that you choose a regulated broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
