ProFx 700 is another forex broker that plays fast and loose as regards to the information it provides. In the review below, we take an in-depth look at the features profx700.com allegedly offers. This review basically answer the questions: is ProFx 700 legit? Is ProFx 700 reliable? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about ProForex 700.
Table of Contents
ProFx Trading Platform
Although the website looks professional and well-designed, it feels empty as necessary and required information isn’t provided. At first glance we discover claims by this broker that it supports that the MT4 trading platform alongside other trading platforms. But after going through the registration process we could not find the promised MT4 trading platform.
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Pro FX700 Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
Earlier on another page profx700.com advertises the promise of possessing different account types but we could not find further information as regards to them.
Profx700 Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
This broker claims that users may deposit via Visa, MasterCard and Wire transfer. The currencies for the wire transfer are USD, EUR, GBP.
This broker claims not to have any withdrawal fees.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal
Is ProFx700 Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
This broker claims it is licensed by the FCA (Financial Conduct Authority) in UK. After a search of the their database, we could not find anything related to this broker.
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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Conclusion
In fact-checking this broker, we found that many of its claims were either or false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we certainly lead to loss of your funds.