ProFX Markets is a Forex broker with headquarters in the United Kingdom. At the first glance, everything seems just fine, but there is one thing that concerns me — too many negative comments from clients. That’s why I decided to dedicate some time and inspect how ProFX Markets does business. We will see whether those negative comments are justified or not.
Let’s start with the landing page because I did have some mixed feelings about it. The design is fine. Nothing extraordinary or eye-catching. There is way too much information and if you want to find something, it will take a lot of time. Also, some links are not working at all, so it will redirect you to the first page of the website. This is a problem if you ask me because interruptions like those shouldn’t happen. It’s unacceptable to trade on a website that has those kinds of issues.
But if we set all those things aside and move to accounts, another problem appears. Clients can choose between five different accounts and an interesting thing is that the minimum deposit amount is the same for each account. As a matter of fact, it’s quite questionable since the only thing they wrote is that the minimum opening deposit is 100. But we have no idea about the currency. I will assume they are talking about US dollars since that’s the currency they used to describe commissions.
If you want to see more about the accounts, there is an option to access each one of them in the main menu. But, once you do that you will realize that the same sentence describes all of them: “Designed for traders elementary in Forex Market, the Pro Account accommodates the experienced retail traders.” So, if you want to know what the differences are, you need to compare account details.
That comparison is another objection we have. There is not an option to open one page and see all accounts side by side. Yes, this doesn’t seem like a big deal, but it is when you try to find out what makes those accounts different. You need to write down all those details in order to compare.
For example, Pro Winner Account spreads are starting from 1.2 pip and the maximum leverage is 1:500. Pro Professional Account is completely the same, which means they just added one account twice and changed the name, to make the offer more appealing. The next one is the Pro Market Account, and guess what? It’s the same as the previous two, but with one detail — commissions are a little bit different. The same thing is with Pro Honor and Pro Trader Accounts, everything is the same except commissions.
If you think that’s all when it comes to our criticism, you are wrong, unfortunately. If you decide to open an account at ProFX Market, read everything carefully. When you see Account Details it’s written there are no commissions. But, when you read more closely the description of an account, you will see that with each one of them you need to pay some fees. As we said, that’s the only thing that makes the difference.
But, don’t think that’s the only problem here. Slowly, we came to the biggest one. When you try to open one of those accounts, you won’t be able to do it. Each time when you click on the Open Demo (or Live) Account, it will redirect you to nonexistent page and show an error. So, even if you like the offer, it’s impossible to use it.
Platform and Execution SCORE: 90%
The platform this broker uses is MetaTrader 5 and it’s available for both computers and mobile phones. I won’t spend too much time talking about MT5, because it’s one of the best platforms you can find. So, ProFX Market made an excellent choice and so far, this is the only good thing about this broker.
Withdrawal Speed SCORE: 10%
As much as I would like to discuss deposit and withdrawal speed, that’s an impossible task. There is not a single thing about that. Since ProFX Market doesn’t offer transparency, when I tried to visit Terms and Conditions, it redirected me to the landing page. So, there is not a single chance to find out about deposits or withdrawals. The only thing I can tell is that this broker accepts Skrill, Neteller, WebMoney, and Credit Cards. Of course, that information is not enough but it’s all I could get.
Support and Assistance SCORE: 15%
Moving on to one of the most important parts of each broker, customer support. Providing proper support is mandatory, especially when you do business like ProFX Market. Since it’s impossible to find out crucial information, the only thing I could do is ask their customer representatives for some information.
There isn’t a Live Chat option, but you can use the phone number, email, and Skype or online form on the website. I decided to use the form and ask some questions about the account (how to open one) and withdrawals.
Well, it’s been a couple of days and I did not receive a reply. I cannot say that surprised me, honestly. There is nothing good in the way ProFX Market does its business, so it would be strange if the customer support is flawless.
Education and Tools SCORE: 10%
This broker takes special pride in its education center. Well, I do not see why because there isn’t a single educational article on the website. The only option is Demo Account, but you cannot open it, so it’s in vain.
Also, I have to reflect on the structure of sentences and grammatical errors this broker makes. Even if there is an Education Center, I cannot see how someone can teach us anything, if they fail to create one decent sentence on the website. So, the ten years of experience this broker claims to have is clearly one big lie.
It doesn’t take a lot of effort to see we are dealing with a scam broker. There is no license, half of the links are not working, and you cannot count on support either. So, the only thing we can say after this ProFX Market review is to stay away from this place. This is not a broker that will provide you with good terms and trading conditions. Even if you manage to open an account and deposit, it’s most likely you will lose all your money.