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Is PROUD MARKET a scam broker?
The PROUD MARKET is an offshore forex broker allegedly based in the UK. It provides seven variety of accounts and six types of investment plans. It claims to be dealing with forex, cryptos, indices, stocks, and commodities. Let us understand what this broker is up to and its credibility.
About PROUD MARKET:
The broker is claiming that it resides in the UK. Unfortunately, there is an absence of official address and only the UK based telephone number is present on its website. This gives us the clue on the dubious nature of the PROUD MARKET. The website is designed in an attractive way but lacks several important information. The account types are Basic, Silver, Gold, Platinum, VIP Basic, VIP, and VIP Premium. The minimum deposit for each account is Euro 250, 2500, 10000, 25000, 50000, 100000, and 250000 respectively. The important parameters relating to the trading environment like leverages, spreads, trade sizes are suspiciously missing from the website. On the PROUD MARKET’s site, we can find the names and a short description of the investment plans provided by this broker. The six investment plans are Family Plan, VIP Plan, Training for Beginners, Secondary Income Plan, Retirement Plan, and Vacation Plan. But, how to avail of these plans and their benefits, installments, etc is also missing. Sadly, many traders get attracted to the flashy website and false promises of the scam brokers.
After a thorough analysis of the PROUD MARKET’s website, we were unable to find any licensing for this scam broker. Taking into consideration of scam broker’s UK based nature, we decided to turn our research to the UK’s local financial regulatory authority FCA. On checking with FCA it was found that there is no mention of PROUD MARKET in its database. From this, we can surely say that PROUD MARKET is an unlicensed and unregulated scam broker. There are very few deposit methods are associated with PROUD MARKET. These methods are bank wire transfer, and credit cards only. The withdrawal method is tedious and there is absolutely no mention about it. There are several complaints about the refusal of withdrawals. Sadly, there is no demo account available so no one can see the actual trading environment of PROUD MARKET.
Is PROUD MARKET scam or Legit?
It is very easy to determine the answer to the above question. The anonymous, unlicensed and unregulated nature of the PROUD MARKET makes it difficult for traders to trade with them. The opaque terms and conditions, an unprecedented trading environment, lack of security of trader’s funds make it worse. The absence of a demo account is the red flag. For the safety and security of the trader’s funds, we can eagerly say to our readers that, please stay away from this scam broker.