Traderprofx is a forex broker that was registered on February 16, 2021, in Saint Vincent and the Grenadines. It primarily offers financial trading services, including forex, stocks, indices, and commodities to investors. Its headquarters location is unknown. The broker's official website supports multiple languages, including English, Portuguese, French, German, Italian, Spanish, and Japanese. It does not offer its services to unauthorized or potentially law-violating countries and regions, including Cambodia, Canada, Cuba, Ghana, Iran, India, Israel, Mongolia, Nigeria, North Korea, Panama, Pakistan, the Philippines, Saint Vincent and the Grenadines, Syria, Yemen, the United States, and others.
Company Background and Regulatory Status:
According to the information available on its website, Traderprofx is registered with the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) under the entity "Businesoft Limited," with a registered address at First Floor, First St. Vincent Bank Ltd. Building, James Street, Kingstown, Saint Vincent and the Grenadines, and a registration number of 26181. However, it's important to note that the SVGFSA does not regulate or license business companies (BC) engaged in forex trading or brokerage activities. Their regulatory scope is limited to ensuring that BCs comply with the obligations set out in the Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines. As a result, the forex trading and brokerage activities operated by this entity are unregulated.
Account Opening:
To open an account with Traderprofx, you need to visit their official website, click on "Open Account," and register by providing your name, personal email, phone number, nationality, and set a login password. Once you submit this information, your account will be created. After successful account creation, users need to undergo KYC verification by uploading identity verification documents and proof of address documents, which can be sent via fax, scanning, or email. Only after the approval of these verification documents can you fund your account and start trading.
Account Types:
Traderprofx offers five different types of real trading accounts: TRADERPROFX Standard, TRADERPROFX Plus, TRADERPROFX Gold, TRADERPROFX Expert, and TRADERPROFX Platinum. However, specific details regarding spreads, trading commissions, margin levels, stop-loss levels, minimum trade sizes, and other crucial trading information are not clearly disclosed.
TRADERPROFX Standard account requires a minimum deposit of $250 and offers a maximum trading leverage of 1:100.
TRADERPROFX Plus account requires a minimum deposit of $5,000 and offers a maximum trading leverage of 1:200.
TRADERPROFX Gold account requires a minimum deposit of $25,000 and offers a maximum trading leverage of 1:400.
TRADERPROFX Expert account requires a minimum deposit of $100,000 and offers a maximum trading leverage of 1:400.
TRADERPROFX Platinum account has an unknown minimum deposit requirement and offers a maximum trading leverage of 1:600.
Trading Platform:
Traderprofx provides users with a proprietary trading platform that is only available through the web.
Deposits and Withdrawals:
Information about deposit methods is not provided, and for withdrawals, users can use bank wire transfer, credit cards, e-wallets, or other unspecified methods.
Customer Support:
Traderprofx offers customer support through phone at +44 1788221280 and email at support@traderprofx.com. Users can also contact the broker through the online contact form on their website.
Summary:
Traderknows advises investors that Traderprofx is an unregulated forex broker. The information provided on its website regarding account types lacks clarity and specific details about spreads, trading commissions, margin levels, stop-loss levels, minimum trade sizes, and other essential trading information. Additionally, the broker uses a proprietary trading platform that is only available through the web. Currently, this broker is marked as "suspected fraud" on Traderknows.
