Updated on February 8, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding ProFxPremium due to the issues we've identified.
Is ProFxPremium Scam or Legit Broker? ▲
Engaging with ProFxPremium for financial trading is strongly discouraged due to its unregulated status and dubious operational background. Our thorough investigation reveals that ProFxPremium lacks any form of reputable authorization, casting a shadow over its legitimacy. The absence of a regulated license raises severe concerns about the safety of trading with this entity. Moreover, the broker has attracted negative attention, being implicated in fraudulent activities. Our findings indicate that ProFxPremium's operational base is unclear, with potential discrepancies in the location from which it administers its services. Such obscurity is a common trait among fraudulent entities, further supporting our recommendation to steer clear of ProFxPremium.
ProFxPremium emerges as an offshore broker, under the ownership and operation of Black Parrot Limited, situated in the Marshall Islands. The broker claims to offer Forex and CFD trading services, with administrative functions purportedly managed by Blonde Bear OU, located in Tallinn, Estonia. However, a glaring concern is the complete lack of regulatory oversight for both mentioned entities. This absence of authorization has led to Black Parrot Ltd facing bans from numerous European regulatory authorities, including those in Norway, Poland, Netherlands, Denmark, and Italy. The broker's association with offshore zones, specifically the Marshall Islands, is troubling as such jurisdictions are notorious for their lenient regulatory environments. These environments often attract entities seeking to bypass stringent regulatory requirements, thereby posing significant risks to investors. Furthermore, a stark warning from Spain's CNMV explicitly states that ProFxPremium is not authorized to provide investment services, reinforcing the broker's untrustworthy status. Given these alarming indicators, we advocate for traders to opt for brokers holding licenses from reputable regulatory bodies, such as the UK’s Financial Conduct Authority or the Australian Securities and Investments Commission, to ensure the safety of their investments.
In conclusion, after an exhaustive review, it is evident that ProFxPremium should be avoided by investors and traders alike. The broker's unregulated status, coupled with its association with entities that have been banned by numerous regulatory bodies, paints a concerning picture of its operations. The risk to client funds is significantly heightened when dealing with offshore brokers like ProFxPremium, which do not offer the necessary safeguards. Traders are urged to seek alternatives among well-regulated brokers in jurisdictions known for their strict regulatory frameworks. Choosing a broker licensed by reputable authorities ensures a higher level of protection for traders' investments. Based on our comprehensive evaluation and the red flags identified, we strongly advise against engaging with ProFxPremium and similar offshore entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
ProFxPremium Review 2024
