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Is ProuFX a scam broker?
ProuFX is an unregulated forex broker offering the following trading instruments which include stocks, currency pairs and indices. The website looks to be promising, but when you dig deeper, you can see the contacts page only has a UK phone number listed and there is no information about the company’s whereabouts and its licensing info. This is clear proof that this broker is not genuine. Let’s look into this Forex broker and what it offers to its customers and whether it is totally a scam broker or whether there is any genuineness left.
The website of ProuFX is pretty much decent with all the bells and whistles that you could expect from a forex broker website including some basic company information, tutorials, charts and assessments etc.
ProuFX offers investors with four different trading accounts to choose from including Classic, Silver, Gold and Premium. There is no information about the minimum deposit to be made for any of the accounts.
Without this information, we don’t see signing up for an account blindly. And the website says that every account type is entitled to a personal account manager and leverage offered is 1:100. Customers are also allowed to access the educational tools, economic calendar the there is no deposit fee. The minimum trade size is 0.01 and it comes with a floating spread.
The brokerage firm offers its customers with an online trading platform called Online FX Trader, but there is no demo account provided to allow customers to test the platform before investing their money on the platform. Even though some unregulated brokers do offer a legitimate MT4 trading platform, we cannot see that in this case.
Is ProuFX Legit or Scam
The first thing we check to see if a broker is legit or real is to check their license. But there is no license nor company name provided here, which leads to a suspicion that ProuFX is indeed a scam website.
We often recommend our users to opt for only regulated brokers when you go with unregulated brokerage firms, you won’t have a hold or a chance to voice your grievances or get your money back. Investing your hard-earned money with an unregulated and a scam broker is like throwing your money in the garbage bin. Based on our review of the website and its offerings, we can conclude ProuFX is a SCAM broker. Better stay away from them.