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ProfiForex has been offering online trading services since 2010. It is an offshore broker using STP technology. Among the assets are currency, CFDs and precious metals.
Company. Fund security
ProfiForex is a trade name of Profiforex Corp. - a company located in the Seychelles where regulation of the Forex broker is optional. As a result, brokers based on these islands do not face the strict requirements that are imposed on UK or US companies. It is not necessary to conduct regular audits, keep clients 'funds in separate accounts (although ProfiForex claims that they keep clients' money in segregated accounts), have a certain minimum capital that proves financial stability.
Offshore zones are an attractive destination for new brokers due to more loyal regulation and less expensive registration procedure. If, however, you intend to invest heavily, we recommend that you choose among brokers regulated by the FCA or US regulators, where there are more guarantees that your money will be safe and protected.
Trading conditions
ProfiForex offers its clients two main standard account types: Micro and Standard. All transactions in a micro account are made in cents. Working with small amounts and less risk is ideal for those who are just taking their first steps in the foreign exchange market. The standard account allows trading large volumes and is suitable for experienced traders.
In addition, Islamic accounts are provided to those clients who do not wish to receive interest for religious reasons. There is an additional commission for this free service.
ProfiForex also provides a PAMM system for clients who prefer to have their accounts managed by experienced traders (managers). On the other hand, such professional traders have the opportunity to generate additional income.
Minimum initial deposit
The minimum amount required to open an account with ProfiForex is only $ 1. Given the lack of a license from the regulator, this amount seems quite reasonable.
Spreads and commissions
This broker offers both fixed and floating, available on both types of accounts. Fixed spreads are 2 pips on EUR / USD and do not include commissions. This fixed spread is considered the average for Forex.
On the other hand, variable spreads average 0.7 or 0.4 per EUR / USD and include a fee of 0.3 / 0.6 pips. So basically, trading with a variable spread is about 1 pip including fees, which is a relatively low cost in the foreign exchange market.
Leverage
The maximum leverage rates in ProfiForex reach 1: 500. We advise traders to exercise caution when using higher leverage levels, as they can not only increase profits on a small deposit, but also increase losses.
Trading platforms
MT4 platform available. It needs no introduction, all professional traders have long been familiar with this program, which is by far the most popular in the world. She achieved this title thanks to an intuitive interface, useful functions that allow you to effectively trade. By the way, its closest competitor is the next generation MT5.
Promotions
This broker offers a 50% to 500% deposit bonus that you can get on an unlimited number of accounts.
Support service
The customer support service works around the clock. A trader can write his question in live chat or by mail. However, the broker does not offer a phone number for communication.
Ways of payment
The following payment methods are available to ProfiForex clients: credit / debit cards (Visa, MasterCard), Skrill, Bitoin, Okpay, Webmoney, PerfectMoney, Neteller, RBK Money, LiqPay, W1, Yandex Money, QiWi, UnionPay, Boleto and Mobile
PayPal is not available at this time.
Accepted currencies: EURO, GBP and USD.
Pros:
MT4; low minimum deposit; bonuses.
Minuses:
not regulated.
PROFIFOREX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
PROFIFOREX profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. PROFIFOREX received a score of 1 of 5 on our resource.