ProperFly Limited (proper-fx.com) is a fraudulent brokerage website. The domain was registered on August 1, 2024, and primarily offers trading services for financial derivatives such as forex, precious metals, oil, indices, and cryptocurrencies, possibly violating legal regulations in local jurisdictions.
Company Background and Regulatory Status
According to the publicly available information on proper-fx.com, the brokerage company entity is “ProperFly Limited,” headquartered in New York, USA, and claims to be one of the top 50 financial services companies in the United States. Additionally, the broker claims to be regulated by the Financial Crimes Enforcement Network (FinCEN) and the National Futures Association (NFA) with MSB ID: 31000263262302 and NFA ID: 0561418 respectively.
However, the legal documents showcased on its website, such as the privacy policy, risk warnings, and disclaimers, are overly simplistic and lack sufficient transparency, raising doubts about its legitimacy.
Upon investigation, it was found that the MSB ID: 31000263262302 listed on the FinCEN website actually corresponds to a company named “SMART GLOBAL.” In addition, there is no company with NFA ID: 0561418 in the NFA's database.
Moreover, the company states on its homepage that its headquarters are in New York, but the "About us" section claims the headquarters are in Denver, which is contradictory.
Therefore, ProperFly Limited (proper-fx.com) is essentially an unregulated and non-existent fraudulent brokerage platform.
Trading Products
ProperFly Limited offers a variety of financial derivative trading services, including forex, precious metals, oil, indices, and cryptocurrencies.
- Forex: The platform offers trading on dozens of forex currency pairs such as EUR/USD, USD/CAD, GBP/USD, and USD/JPY.
- Precious Metals: Primarily offers spot trading of gold (XAUUSD) and silver (XAGUSD).
- Oil: Provides trading of US Oil (UsOIL).
- Indices: Tradeable indices include Nikkei 225 (N225), Germany 30 (GER30), S&P 500 (US500), among others.
- Cryptocurrencies: Covers major digital currency pairs such as Bitcoin (BTC/USD), Ether (ETH/USD), Ripple (XRP/USD), and more.
Account Opening Process
The account opening process at ProperFly Limited is straightforward. Users need to visit the website, click the “Open Account” button, fill in basic information like name and email address, set a password, upload identification documents, and submit the form to complete the registration.
Trading Account Information
The website of ProperFly Limited provides only basic information about spreads, trading leverage, and contract sizes, but fails to disclose important details about account types, trading commissions, minimum/maximum trade sizes, maximum positions/orders, margin call/stop-out levels, and minimum price increments.
- Base Currency: USD
- Spreads: Floating spreads starting from 1 pip
- Trading Leverage: 1:100
- Contract Size: 1 lot = 100,000 currency units
Trading Platform and Deposit/Withdrawal
ProperFly Limited claims to offer the MT5 trading platform, supporting both desktop and mobile trading applications. However, the MT5 platform does not list this broker. Additionally, the broker's website does not clearly state its supported deposit/withdrawal methods, related fees, or minimum deposit/withdrawal amounts.
Conclusion
Traderknows warns investors that ProperFly Limited (proper-fx.com) is an unregulated and non-existent fraudulent brokerage website. The only available contact method is via email.
Investors are advised to choose brokers with transparent information, stringent regulation, and good reputation to avoid potential financial losses.
