Profiforex Review (2023)

Is Profiforex a scam or legit broker?

It is not safe to trade with Profiforex, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

Profiforex is an offshore-incorporated broker that is based in the Seychelles. As a result, there is no mandatory to be authorized in order to deliver financial services, therefore Profiforex broker is not a registered by any Forex industry authority.

Yet, the broker claims on its website about performed client’s protection along with the transparency through the segregation of the accounts, STP technology and regulated liquidity providers. However, since there is no any respected authority that oversees if the above stated truly takes place within the company operations or not, there is no a particular trust to that claim.

The Profiforex offering consistency of the attractive bonus programs, like 500% deposit bonus, as well as the good value for spreads (Check brokers that offer the lowest forex spreads) and multiple support to the beginners along with the trading signals (also can check the list of Brokers for Beginners).

Seems to be attractive enough, yet with our opinion, the bonus is over than high and the offering is too sweet to just attract.

That is also confirmed by the numerous complaints and the traders’ reviews that show a negative experience with the money withdrawals and other trading issues alike changing of the profitable traders and database numbers.

Even if this is false statements, the overall negative response puts loads of question marks to the broker’s offering.

Conclusion

Generally, we do not advise to incorporate or engage with an offshore company due to the high risk of money solvency, of course, the company may be trusted but the risk is a way higher comparing to the regulated brokers.

Therefore, it is a much better idea to choose the broker that holds a reputable license from ASIC or FINMA, thus the operation of the broker will be aligned according to the strictest rules in order to perform the best possible investment opportunity to the client.