ProfiForex is this a scam? Review and Customers Reviews

ProfiForex – is another “dark horse” in the trading world. Registered in Belize in 2010, Forex broker now operates internationally and serves users around the world.

How reliable is it and is it possible to trade with it? Or is ProfiForex a scam? As always, let’s take everything apart and draw our own conclusions.

 

Terms of trading with ProfiForex

ProfiForex offers 2 types of accounts:

• Cent (“micro account”, as the broker called it) for beginner traders with a minimum deposit of 1 dollar, the minimum deal size of 0.01 lots (1 lot = 1000 USD), the simultaneous opening of up to 200 orders, leverage from 1:10 to 1:500, customization and the ability to decline swaps (the option is set during account creation).
• Dollar (standard) for experienced market participants with the minimum deposit of 5 dollars, the minimum deal size of 0.01 lots (1 lot = 100 000 USD), simultaneous opening of up to 300 orders, leverage from 1:10 to 1:500, customization and possibility to refuse swaps.

Open in USD (American dollar), AUD (Australian dollar), CAD (Canadian dollar), CHF (Swiss franc), CNY (Chinese yuan), EUR (euro), GBP (British pound), ILS (Israeli shekel), IDR (Indonesian real), JPY (Japanese Yen), MYR (Malaysian Real), THB (Thai Real), VND (Vietnamese Real), NZD (New Zealand Dollar), RUB (Russian Ruble), UAH (Ukrainian Hryvnia), XMR (Monero), BTC (Bitcoin), BCH (Bitcoin Cache), DASH, ETH (Ether), LTC (Lightcoin).

As for the leverage, let us also note that on deposits over $2000, its upper limit may be reduced to 1:100 and on deposits over $500 – to 1:50. There are about 60 assets, of which more than 40 are currency pairs, all the rest are indices and metals, Cryptocurrencies. Trading on forex is done on weekdays (schedule depends on currency pair), indices – daily (for some assets with a break on Saturdays). Spreads can be floating (from 0.1 pt.) and fixed (then it is much higher and starts at 2 pips – for USD/JPY).

There is autocopying of transactions and investing in PAMM (trader’s trust management of your funds placed on the allocated accounts, when all his actions are duplicated on your assets and you earn/losses with the earnings/losses of this trader). Analytics are offered to help: indicators MT4 (ADX, MACD, the index of the trading channel, Bolinger strips, Stochastic, RSI etc.), graphical objects and economic calendar. And training materials. Support is provided by e-mail, via chat on the website profiforex.org/ in Telegram and the feedback form in your personal cabinet. There is a FAQ only in the English version. There are no account and transaction fees – the company earns on spreads.

 

ProfiForex platform

ProfiTrader works with two terminal models: MetaTrader 4 and Mobius Trader 7. Both are represented by versions for PC, smartphones and tablets, offline (for download) agents and online (web) formats:

• MetaTrader 4 (MT4) is used by almost all brokers known to us. It is a platform with a user-friendly interface, a large number of options (9 timeframes, 30-plus indicators, 24 analytics objects, all types of charts and assets, configuration of sound and push notifications, scaling and scrolling charts, exporting quotes, etc.) and high performance.
• Mobius Trader 7 – development by Mobius Soft Ltd. Supports only currency pairs and has no mobile application for Android (only for iOS), otherwise the functionality is quite decent: online and offline modes, one-click deals (without requesting quotes), all types of orders and 9 major timeframes, interactive charts

Verification on the platforms is optional: you don’t have to prove your identity before making a deposit. However, the provider may make a request for documentation (a notarized copy of your passport).

Broker quotes

In total, as we have already mentioned, the list of assets of ProfiForex includes about 40 currency pairs: AUD/CAD, AUD/CHF, EUR/CAD, CAD/CHF, EUR/JPY, EUR/NOK, EUR/SEK, GBP/AUD, GBP/NZD, etc. The liquidity providers announced by the broker are the prime banks and international investment companies: Deutsche bank, CitiBank, Goldman Sashs, JP Morgan Chase, UBS and HSBC.

 

Demo account profiforex.org

To practice skills and strategy, as well as to test platforms, opening a demo account (training account) in dollars is available in the ProfiForex personal cabinet. To do this, press the appropriate button in the section “My accounts” on the website profiforex.org, and then select “Create”. The account will appear in the list of available accounts. You will be available balance in $5000 (currency, of course, conditional and has no monetary value). There is no time limit for using the demo, but if the balance is zeroed, you will have to open another one. You can have any number of training accounts, even working at the same time.

 

Mobile application

The broker does not have its own mobile application – it works with the versions for narrow-format devices of MT4 terminals (for Android, iOS) and Mobius Trader 7 (only for iOS). The functionality of mobile is the same as that of the desktop. The account is the same. Respectively, the login to the account is carried out using the login and password you already have (created when registering on the site).

 

Bonuses at ProfiForex

ProfiForex bonus program is a cash-back on account replenishment and affiliate programs. Let’s talk in detail about each direction.

Cashback on top-up

Each time you deposit funds on your ProfiForex trading balance in your personal cabinet, you can choose the amount of cashback – 0%, 50%, 100%, 200% or 500%. The bonus will be automatically credited to your account. Cashback increases the maximum leverage. For example, if it is established at 1:500, it will be 1:3000 (500 plus 500% from this size, or 2500 – it turns out 3000); if 1:100, it will be 1:600 (100 plus 500% from this size, or 500). When withdrawing funds earned with the bonus, the withdrawal amount multiplied by 5 is deducted from your balance. This is how the broker reimburses his expenses. You are free to refuse to participate in the action when margin call exceeds 10%, and everything will go back to normal.

Affiliate programs

ProfiForex has several affiliate programs:

• Regional officeо. You act as a dealer and work in an office where you talk to potential clients. And you earn 30% from their spreads.
• Internet Partner. You attract new users to the broker’s resources by placing advertisements and banners with a link to them (all provided). And you get remuneration: a percentage of each transaction of referrals (people who have clicked on your link).
• White Label. You are provided with the software and all the necessary tools (marketing support, support team, servers, etc.), but you work as a broker under your brand name and transfer a part of your earnings to ProfiForex.

 

Deposit and withdrawal

Deposit and withdrawal of funds to the account opened with ProfiForex is carried out with the help of:

• Bank cards of MasterCard, VISA systems.
• Cryptocurrencies Ethereum, StableCoins, Bitcoin, Bitcoin Cash, Litecoin, Dash
• Electronic wallets/systems PayPal, Perfect Money, Neteller, Skrill, WebMoney, QIWI, Yandex.Money.
• International and domestic bank transfers UnionPay.
• Mobile payments.

The commission, we are promised, is zero. Transaction processing time depends on the selected method. Withdrawal method and details must be the same as the ones used when depositing – this is a security requirement. The company will process your withdrawal requests within 2 working days. By the way, such transactions are already subject to interest charges. Important point: if you select bank wire transfer as a withdrawal method, the transaction will be made in dollars, and then converted to another usd. The fee, of course, will be paid by you.

 

Complaints against ProfiForex

Comments on the site profiforex.org are relatively few. But most of them are of a negative nature. Users complain about deception on the part of the broker: “draining” the balance, ignoring requests for payment or simply serious delays in processing the request.

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ProfiForex broker regulator

ProfiForex is managed by TIM Group Inc. registered in Belize. To begin with, this jurisdiction has little control over the financial activities of operators. In addition, when searching through special aggregators of information about the legal entity we found that the company has an inactive registration status. That is, the broker is frankly offshore. And given the lack of direct communication with it by phone, there are serious risks for traders.

Profiforex.org User Agreement

ProfiForex User Agreement (Client Agreement) defines the order of work of the company with clients, their mutual rights and obligations. Let’s study some provisions for example. So, item 3.6 says that all trading operations with the additional functionality – that is, provided within the terminal, but not conditioned by the company’s tariffs (this includes, for example, trading of advisors) – are performed by you at your own risk. The provider is not responsible for them.

The company, as well as the client, can change the opening/closing prices of orders according to Dukascopy, Swiss Forex Bank quotations. If you have more than $1000 on your account, the broker has the right to set the Margin call at 80% and Stop out at 60%. At its own discretion, the service provider has the right to refuse your withdrawal by a particular payment system (clause 6.2).

Cancellation of the results of closed orders is possible:

• At execution on the mark resulting from a software failure.
• When closing an order in less than 1 minute after opening.
• If the dealer made a mistake (billing the wrong price).
• If there are two opposite trades on the same currency pair within 5 minutes.
• When opening a deal at the moment of a sharp price movement.

If you open a deal (we are talking about pending orders) 15 minutes before the close of the exchange or later, the price you set may subsequently be changed (clause 8.4).

The difference between bank quotes and ProfiForex quotes is 1 hour 59 minutes 59 seconds. Time of consideration of client complaints – up to 10 working days (item 11.2). And when examining disputable moments connected with quotations, the information received from the server log shall be considered paramount (clause 11.3).

 

Is ProfiForex a scam?

As we found out, ProfiForex – offshore (unlicensed and unregistered) broker. Moreover: the jurisdiction of the company and the place of legal dispute resolution specified in the user agreement is Belize. This jurisdiction is not trusted by traders, because it does not provide proper control over financial transactions of legal entities.

Thus, cooperating with ProfiForex, you have absolutely no guarantees. And in case of problems with payments you will not be able to prove anything. This is confirmed by the few, but mostly negative feedbacks about the provider. We can’t claim categorically that ProfiForex is a scam, but there are too many facts suggesting that this is true.

 

Conclusion

I ProfiForex has its own advantages: open information about trading conditions and liquidity providers, small minimum deposits (1 and 5 dollars for cent and dollar accounts respectively), customizable leverage, bonus on deposit (can be refused) and the ability to open an unlimited number of demo accounts.

And yet, the broker, we believe, does not provide the client with any security guarantees. After all, it is not regulated by anyone (it works, as they say, underground), it is impossible to contact it directly (by phone), the key legal documentation is presented only in English and is available for viewing only at the registration stage. And if you believe the reviews online, the company has not paid many traders their winnings. In general, the final impression of the provider leaves much to be desired.