ProfiForex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ProfiForex Review.
ProfiForex offers its clients two basic standard account types: Micro and Standard. All the transactions on micro account are made in cents. Operating with small amounts of money and less risk is ideal for those who are just making their first steps in forex trading. Standard account allows trading in greater volumes and is suitable for regular and experienced traders.
In addition, swap-free (Islamic) accounts are offered to those clients who are not willing to earn interest for religious reasons. Extra commission applies for this swap-free service.
Besides, ProfiForex provides PAMM system for customers who prefer their accounts to be managed by experienced traders (managers). On the other hand, such professional traders have the opportunity to generate additional income.
The Company. Security of Funds
Operating since 2010, ProfiForex is an offshore STP broker offering trading in currency pairs, CFDs, as well as precious metals through the popular MetaTrader 4.
ProfiForex is the trading name Profiforex Corp., a company based in the Seychelles, where forex broker regulation is not mandatory. As a result, FX brokers based in these Islands don’t face any of the strict requirements UK or US-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; companies registered in the Seychelles are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.
Offshore zones are attractive destinations for emerging forex brokers because of the looser regulation, if any, and the less costly registration procedure. If you, however intend to invest a large amount of funds, we advise you to select among FCA-regulated brokerages, US or Swiss ones, where the respective financial watchdogs are always on alert and your money will be safe and protected.
Minimum Initial Deposit
The minimal sum required to open an account with ProfiForex is just $1, a symbolically low amount, which is reasonable, considering the lack of regulation. In comparison, ForexBrokerInc, an offshore based in the Marshall Islands, demands $100 from its clients as a start.
Average Spreads & Commissions
This broker offers both fixed and variable spreads, accessible on both account types. Fixed spreads amount to 2 pips on EUR/USD and involve no commission fees. Such fixed spread is considered average for the forex market. In comparison, LiteForex also offers fixed spreads amounting to 2,0 pips on EUR/USD.
Variable spreads, on the other hand, amount to an average of 0.7 or 0.4 on EUR/USD and involve a commission of 0.3/0.6 pips round turn respectively. So basically, variable spread trading costs amount to around 1 pip, commission included, which is a relatively low value on the forex market. In comparison, ForexBrokerInc offers variable spreads from 1.0 pips on its commission-free accounts.
For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage rates at ProfiForex are high, reaching 1:500. In comparison, SVG-based OctaFX and ForexBrokerInc both offer the same maximum leverage ratios, while LiteForex offers even higher ones, reaching 1:1000. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
We advise traders to exercise caution when using higher leverage levels, for they may not only multiply their earnings on a small deposit, but also lead to heavy losses in excess of the initial investments made.
MT4 trading platform and the Web terminal, developed by Mobius-Trader 5.
MetaTrader 4 is the preferred choice of most trading professionals. This platform offers all a trader needs: a number of technical indicators, advanced charting package, extensive back-testing environment and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Here is a list of more forex brokers offering MT4 platform.
This broker offers a deposit bonus from 50% to 500%, which you can receive to unlimited number of accounts.
Methods of Payment
The following payment modes are available to clients of ProfiForex: Credit/debit cards (Visa, MasterCard), Skrill, Bitoin, Okpay, Webmoney, PerfectMoney, Neteller, RBK Money, LiqPay, W1, Yandex Money, QiWi, UnionPay, Boleto and Mobile.
PayPal is not available at the moment.
The accepted currencies are: EURO, GBP and USD.
ProfiForex provides competitive conditions for trading in various currency pairs and CFDs on the popular MT4. However, this broker is not regulated.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
ProfiForex Review Conclusion
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